---
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"
generated_at: "2026-05-15T14:58:21.305885+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 7.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001805833-26-000015
- JSON: https://secwatch.observer/filing/0001805833-26-000015.json
- Plain text: https://secwatch.observer/filing/0001805833-26-000015.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.