{"schema_version":"secwatch.filing_event.v1","accession":"0001805833-25-000013","form_type":"8-K","ticker":"SST","cik":"0001805833","company_name":"System1, Inc.","filed_at":"2025-11-05T23:59:59+00:00","discovered_at":"2026-05-14T18:02:40.522953+00:00","generated_at":"2026-05-17T00:22:31.277579+00:00","sec_items":["2.02","9.01"],"event_type":"earnings","sentiment":"negative","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"System1 Q3 revenue down 31% to $61.6M; net loss improves 28%; no Q4 guidance due to Google changes","bullets":["Revenue $61.6M (-31% YoY); GAAP net loss $22.0M (improved 28% YoY).","Adjusted gross profit margin rose to 59% (from 42%) as Products segment became majority of gross profit.","Adjusted EBITDA $9.9M (-4% YoY); operating expenses reduced via AI automation.","No Q4 guidance due to uncertainty from Google product changes and broader ad demand volatility.","Company pursuing recovery from a traffic partner for invalid traffic; independent verification supports claim."],"urls":{"canonical":"https://secwatch.observer/filing/0001805833-25-000013","json":"https://secwatch.observer/filing/0001805833-25-000013.json","markdown":"https://secwatch.observer/filing/0001805833-25-000013.md","text":"https://secwatch.observer/filing/0001805833-25-000013.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1805833/000180583325000013/0001805833-25-000013-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1805833/000180583325000013/sst-20251105.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-17T00:22:31.277579+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}