secwatch.observer — SEC 8-K summary
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Issuer:     System1, Inc. (SST)
CIK:        0001805833
Form:       8-K
Filed at:   2026-03-11T23:59:59+00:00
Accession:  0001805833-26-000015
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1805833/000180583326000015/0001805833-26-000015-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1805833/000180583326000015/sst-20260311.htm
  HTML page:      https://secwatch.observer/filing/0001805833-26-000015

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer