System1 Q1 2026 revenue $37.2M, down 50% YoY; net loss $47.1M

System1, Inc.

Revenue $37.2M vs $74.5M in Q1 2025; operating loss $51.0M includes $36.8M goodwill impairment.
Net loss $47.1M; adjusted EBITDA $2.7M vs $12.1M a year ago.
Marketing revenue $18.4M; Owned & Operated plunged to $6.8M from $35.7M YoY.
Active marketing partners fell to 56 from 149 in Q1 2025; sessions 653,681.
Products revenue $18.8M (up 27% YoY); RPS $0.03 unchanged.

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.