secwatch.observer — SEC 8-K summary
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Issuer:     System1, Inc. (SST)
CIK:        0001805833
Form:       8-K
Filed at:   2026-05-12T20:27:38+00:00
Accession:  0001805833-26-000027
Event type: other_material
Sentiment:  negative
Materiality: 0.90
Item codes: 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1805833/000180583326000027/0001805833-26-000027-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1805833/000180583326000027/sst-20260512.htm
  HTML page:      https://secwatch.observer/filing/0001805833-26-000027

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