{"schema_version":"secwatch.filing_event.v1","accession":"0001805833-26-000015","form_type":"8-K","ticker":"SST","cik":"0001805833","company_name":"System1, Inc.","filed_at":"2026-03-11T23:59:59+00:00","discovered_at":"2026-05-14T18:02:36.246531+00:00","generated_at":"2026-05-15T14:58:21.305885+00:00","sec_items":["7.01","9.01"],"event_type":"earnings","sentiment":"negative","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"Q4 2025: Revenue $51.9M (-31% YoY), operating loss $17.4M, adjusted EBITDA $8.2M","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001805833-26-000015","json":"https://secwatch.observer/filing/0001805833-26-000015.json","markdown":"https://secwatch.observer/filing/0001805833-26-000015.md","text":"https://secwatch.observer/filing/0001805833-26-000015.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1805833/000180583326000015/0001805833-26-000015-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1805833/000180583326000015/sst-20260311.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-15T14:58:21.305885+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"}