---
schema_version: "secwatch.filing_event.v1"
accession: "0001805833-25-000016"
form_type: "8-K"
ticker: "SST"
cik: "0001805833"
company_name: "System1, Inc."
filed_at: "2025-11-05T23:59:59+00:00"
generated_at: "2026-05-17T00:22:33.194555+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# System1 Q3 revenue down 31% YoY to $61.6M; adjusted EBITDA slips to $9.9M

## Summary
- Revenue $61.6M vs $88.8M YoY; net loss from continuing ops $22.0M vs $30.6M.
- Adjusted EBITDA $9.9M vs $10.3M YoY; operating loss narrowed to $15.6M from $21.8M.
- Marketing Platform Revenue $100.6M vs $130.2M YoY; Traffic Acquisition Cost $84.0M.
- Products GAAP Revenue grew 8.4% to $22.5M; sessions up 23.5% to 584.7M.

## SEC filing metadata
- accession: 0001805833-25-000016
- form_type: 8-K
- ticker: SST
- cik: 0001805833
- company_name: System1, Inc.
- filed_at: 2025-11-05T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1805833/000180583325000016/0001805833-25-000016-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1805833/000180583325000016/sst-20251105.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001805833-25-000016
- JSON: https://secwatch.observer/filing/0001805833-25-000016.json
- Plain text: https://secwatch.observer/filing/0001805833-25-000016.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.