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.

item 7.01item 9.01

Source: SEC EDGAR

accession 0001805833-26-000027

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