Q4 2025: Revenue $51.9M (-31% YoY), operating loss $17.4M, adjusted EBITDA $8.2M

System1, Inc.

Revenue $51.9M, down 31% from $75.6M in Q4 2024; net loss from continuing ops $17.8M.
Operating loss $17.4M vs $11.9M loss in Q4 2024; cost of revenues $30.6M.
Adjusted EBITDA $8.2M, down from $17.9M in Q4 2024; full-year adj EBITDA $41.9M.
Marketing Platform rev $80.1M, TAC $66.7M, return on TAC 120%.
Products rev $24.5M, sessions 590M, RPS $0.04.

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.