{"schema_version":"secwatch.filing_event.v1","accession":"0001805833-26-000027","form_type":"8-K","ticker":"SST","cik":"0001805833","company_name":"System1, Inc.","filed_at":"2026-05-12T20:27:38+00:00","discovered_at":"2026-05-12T20:29:00.301052+00:00","generated_at":"2026-05-12T20:30:01.319324+00:00","sec_items":["7.01","9.01"],"event_type":"other_material","sentiment":"negative","materiality_score":0.9,"calibrated_materiality_score":0.9,"confidence":"high","headline":"System1 Q1 2026 revenue $37.2M, down 50% YoY; net loss $47.1M","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001805833-26-000027","json":"https://secwatch.observer/filing/0001805833-26-000027.json","markdown":"https://secwatch.observer/filing/0001805833-26-000027.md","text":"https://secwatch.observer/filing/0001805833-26-000027.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1805833/000180583326000027/0001805833-26-000027-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1805833/000180583326000027/sst-20260512.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-12T20:30:01.319324+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"}