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.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

System1, Inc. reported full year 2025 results: revenue $266.1 million, net income $81.2 million.

Period: full year 2025
Revenue: $266.1 million
Net income: $81.2 million
Result: reported results

Exact text from the filing

Fiscal Year 2025 Financial Results: • Revenue Decreased 23% Over Prior Year to $266.1 million • Gross Profit Decreased 1% Over Prior Year to $100.4 million • Adjusted Gross Profit Increased 1% Over Prior Year to $153.4 million • Adjusted Gross Profit Margin Increased to 58% from 44% Year-Over-Year • GAAP Net Loss Decreased 17% Over Prior Year to $81.2 million • Adjusted EBITDA Increased 9% Over Prior Year to $41.9 million

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

System1, Inc. reported fourth quarter 2025 results: revenue $51.9 million, net income $17.8 million.

Period: fourth quarter 2025
Revenue: $51.9 million
Net income: $17.8 million
Result: reported results

Exact text from the filing

Fourth Quarter Financial Highlights: • Revenue Decreased 31% Over Prior Year to $51.9 million • Gross Profit Decreased 33% Over Prior Year to $21.3 million • Adjusted Gross Profit Decreased 22% Over Prior Year to $34.9 million • Adjusted Gross Profit Margin Increased to 67% from 59% Over Prior Year • GAAP Net Loss Decreased 1% Over Prior Year to $17.8 million • Adjusted EBITDA Decreased 54% Over Prior Year to $8.2 million

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System1, Inc. filing history →

Source: SEC EDGAR

accession 0001805833-26-000012

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