{"schema_version":"secwatch.filing_event.v1","accession":"0001805833-26-000012","form_type":"8-K","ticker":"SST","cik":"0001805833","company_name":"System1, Inc.","filed_at":"2026-03-11T23:59:59+00:00","discovered_at":"2026-05-14T18:02:36.246340+00:00","generated_at":"2026-05-15T14:57:51.567724+00:00","sec_items":["2.02","9.01"],"event_type":"earnings","sentiment":"negative","materiality_score":0.7,"calibrated_materiality_score":0.7,"confidence":"high","headline":"System1 Q4 revenue down 31% YoY to $51.9M; full-year revenue falls 23% to $266.1M","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001805833-26-000012","json":"https://secwatch.observer/filing/0001805833-26-000012.json","markdown":"https://secwatch.observer/filing/0001805833-26-000012.md","text":"https://secwatch.observer/filing/0001805833-26-000012.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1805833/000180583326000012/0001805833-26-000012-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1805833/000180583326000012/sst-20260311.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-15T14:57:51.567724+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"}