secwatch.observer — SEC 8-K summary
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Issuer:     System1, Inc. (SST)
CIK:        0001805833
Form:       8-K
Filed at:   2025-11-05T23:59:59+00:00
Accession:  0001805833-25-000016
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1805833/000180583325000016/0001805833-25-000016-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1805833/000180583325000016/sst-20251105.htm
  HTML page:      https://secwatch.observer/filing/0001805833-25-000016

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer