System1 Q4 revenue down 31% YoY to $51.9M; full-year revenue falls 23% to $266.1M

System1, Inc.

Full-year revenue $266.1M (-23% YoY); GAAP net loss improved 17% to $81.2M.
Q4 revenue $51.9M (-31% YoY); adjusted EBITDA $8.2M (-54% YoY).
Adjusted gross profit margin improved to 58% for FY (from 44%) and 67% in Q4 (from 59%).
Startpage daily active users 1.6M in Dec 2025 (+42% YoY); Mapquest sessions 36M (+24%).
Management evaluating balance sheet and capital structure optimization amid Q4 headwinds.

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