---
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"
generated_at: "2026-05-12T20:30:01.319324+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: other_material
- sentiment: negative
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 7.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001805833-26-000027
- JSON: https://secwatch.observer/filing/0001805833-26-000027.json
- Plain text: https://secwatch.observer/filing/0001805833-26-000027.txt

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