What is System1, Inc.'s earnings per share (EPS)?

System1, Inc. (SSTPW) reported diluted earnings per share of $-8.32 for fiscal year 2025. This represents a 22.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

System1, Inc. Financials

SSTPW

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows System1, Inc. (SSTPW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI SSTPW FY2025 2026-04-22

Liquidity is being held together by financing as revenue contraction leaves a much thinner equity cushion under the business.

The cash balance rose to $86.9M in FY2025 from $63.6M in FY2024. Because operating cash flow remained -$4.1M while financing added $31.3M, that stronger liquidity came from the capital structure rather than from operations.

Even with revenue down to $266.1M, EBITDA was positive at $13.1M, which suggests the company has cut enough operating cost to keep the core platform above break-even before non-cash charges. The reported net loss of -$65.3M is therefore being driven less by day-to-day cash spending than by depreciation, amortization, and interest running through the income statement.

The balance-sheet buffer is thinner than the cash figure alone implies: the current ratio was only 1.0x and equity fell to $30.5M. Debt to equity reached 7.5x, so small operating shortfalls now sit on a much smaller owner-financed cushion, even though cash on hand looks more comfortable than a year earlier.

Financial Health Signals

Financial health score pending refresh

We are recalculating System1, Inc.'s peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Piotroski F-Score Partial

2/8

System1, Inc. passes 2 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Low Quality

0.06x

For every $1 of reported earnings, System1, Inc. generates $0.06 in operating cash flow (-$4.1M OCF vs -$65.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-2.3x

System1, Inc. earns $-2.3 in operating income for every $1 of interest expense (-$62.0M vs $27.6M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$266.1M

YoY-22.6%

System1, Inc. generated $266.1M in revenue in fiscal year 2025. This represents a decrease of 22.6% from the prior year.

EBITDA

$13.1M

YoY+254.1%

System1, Inc.'s EBITDA was $13.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 254.1% from the prior year.

Net Income

-$65.3M

YoY+12.5%

System1, Inc. reported -$65.3M in net income in fiscal year 2025. This represents an increase of 12.5% from the prior year.

EPS (Diluted)

$-8.32

YoY+22.5%

System1, Inc. earned $-8.32 per diluted share (EPS) in fiscal year 2025. This represents an increase of 22.5% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$4.2M

YoY+20.7%

System1, Inc. generated -$4.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 20.7% from the prior year.

Cash & Debt

$86.9M

YoY+36.6%

5Y CAGR+152.7%

System1, Inc. held $86.9M in cash against $228.4M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

37.7%

YoY-8.8pp

System1, Inc.'s gross margin was 37.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 8.8 percentage points from the prior year.

Operating Margin

-23.3%

YoY+2.4pp

System1, Inc.'s operating margin was -23.3% in fiscal year 2025, reflecting core business profitability. This is up 2.4 percentage points from the prior year.

Net Margin

-24.6%

YoY-2.8pp

System1, Inc.'s net profit margin was -24.6% in fiscal year 2025, showing the share of revenue converted to profit. This is down 2.8 percentage points from the prior year.

Return on Equity

-214.5%

YoY-121.5pp

System1, Inc.'s ROE was -214.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 121.5 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$557K

System1, Inc. spent $557K on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

$46K

YoY+48.4%

System1, Inc. invested $46K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 48.4% from the prior year.

SSTPW Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$266.1M-22.6%	$343.9M-14.4%	$402.0M-34.3%	$612.2M-11.1%	$688.4M	N/A
Cost of Revenue	$165.7M-9.9%	$183.9M-23.7%	$240.9M-45.1%	$438.8M-15.8%	$521.1M	N/A
Gross Profit	$100.4M-37.3%	$160.1M-0.7%	$161.1M-7.1%	$173.4M+3.7%	$167.3M	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$69.7M-8.8%	$76.4M+40.7%	$54.3M+6.8%	$50.8M+41.9%	$35.8M	N/A
Operating Income	-$62.0M+30.0%	-$88.6M-3.0%	-$86.0M+81.2%	-$457.7M-1000.4%	$50.8M+6406.4%	-$806K
Interest Expense	$27.6M-12.7%	$31.6M-35.3%	$48.7M+54.2%	$31.6M+87.4%	$16.9M	N/A
Income Tax	-$2.9M-677.0%	-$370K+98.2%	-$20.4M+81.3%	-$108.7M-11362.2%	$965K	$0
Net Income	-$65.3M+12.5%	-$74.7M+67.1%	-$227.2M+31.2%	-$330.4M-1101.3%	$33.0M+210.3%	-$29.9M
EPS (Diluted)	$-8.32+22.5%	$-10.74-333.1%	$-2.48+33.0%	$-3.70	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$37.2M-28.3%	$51.9M-15.6%	$61.6M-21.2%	$78.1M+4.8%	$74.5M-1.4%	$75.6M-14.9%	$88.8M-6.1%	$94.6M
Cost of Revenue	$13.9M-54.7%	$30.6M-21.1%	$38.8M-22.7%	$50.2M+9.0%	$46.1M+407.9%	-$15.0M-123.4%	$64.0M-6.6%	$68.5M
Gross Profit	$23.4M+9.7%	$21.3M-6.3%	$22.7M-18.5%	$27.9M-1.9%	$28.4M-68.6%	$90.6M+264.7%	$24.8M-4.8%	$26.1M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$16.8M-10.0%	$18.6M+10.0%	$17.0M-3.2%	$17.5M+5.7%	$16.6M-6.9%	$17.8M+1.9%	$17.5M-17.7%	$21.2M
Operating Income	-$51.0M-192.6%	-$17.4M-12.1%	-$15.6M+2.1%	-$15.9M-21.2%	-$13.1M-10.3%	-$11.9M+45.4%	-$21.8M+25.0%	-$29.1M
Interest Expense	$6.6M+5.2%	$6.3M-10.6%	$7.1M-0.9%	$7.1M+0.4%	$7.1M-8.7%	$7.8M-2.4%	$8.0M+1.1%	$7.9M
Income Tax	-$75K+81.2%	-$398K+26.7%	-$543K+64.9%	-$1.5M-299.7%	-$387K+46.9%	-$729K-224.6%	$585K+428.7%	-$178K
Net Income	-$47.1M-249.1%	-$13.5M+27.2%	-$18.5M-6.0%	-$17.5M-9.9%	-$15.9M-12.2%	-$14.2M+40.0%	-$23.6M+10.5%	-$26.4M
EPS (Diluted)	$-5.82	N/A	$-2.30-3.1%	$-2.23-4.2%	$-2.14	N/A	$-3.37+11.3%	$-3.80

SSTPW Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$405.0M-11.8%	$459.1M-24.2%	$605.5M-47.8%	$1.2B+351.7%	$256.9M-50.5%	$518.6M
Current Assets	$149.5M+11.2%	$134.5M-33.4%	$202.0M+59.7%	$126.5M-13.2%	$145.8M+13739.3%	$1.1M
Cash & Equivalents	$86.9M+36.6%	$63.6M-53.0%	$135.3M+1419.9%	$8.9M-81.4%	$47.9M+5577.3%	$844K
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$57.3M-8.9%	$62.9M+12.2%	$56.1M-30.3%	$80.4M-10.8%	$90.2M	N/A
Goodwill	$82.4M0.0%	$82.4M0.0%	$82.4M0.0%	$82.4M+83.9%	$44.8M0.0%	$44.8M
Total Liabilities	$387.6M+3.6%	$374.1M-14.2%	$436.2M-36.8%	$689.8M+141.8%	$285.3M-52.4%	$599.9M
Current Liabilities	$146.4M+39.3%	$105.1M+21.6%	$86.4M-59.1%	$211.1M-23.7%	$276.6M+45011.2%	$613K
Long-Term Debt	$228.4M-10.5%	$255.1M-27.0%	$349.5M-15.7%	$414.5M	$0	N/A
Total Equity	$30.5M-62.0%	$80.3M-40.7%	$135.3M-65.5%	$392.0M+1480.3%	-$28.4M+65.1%	-$81.3M
Retained Earnings	-$847.7M-8.4%	-$782.3M-10.6%	-$707.7M-61.1%	-$439.3M	$0+100.0%	-$81.3M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$320.3M-20.9%	$405.0M+5.1%	$385.2M-10.3%	$429.2M+2.4%	$419.2M-8.7%	$459.1M-4.2%	$479.3M-6.3%	$511.3M
Current Assets	$111.7M-25.2%	$149.5M+28.2%	$116.6M-17.5%	$141.4M+23.8%	$114.2M-15.1%	$134.5M-0.5%	$135.2M-9.0%	$148.6M
Cash & Equivalents	$51.5M-40.7%	$86.9M+59.2%	$54.6M-14.2%	$63.6M+44.9%	$43.9M-31.0%	$63.6M-7.9%	$69.1M-8.7%	$75.7M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$53.3M-7.0%	$57.3M+5.4%	$54.4M-22.6%	$70.2M+13.7%	$61.8M-1.8%	$62.9M+9.2%	$57.6M-7.0%	$61.9M
Goodwill	$82.4M0.0%	$82.4M0.0%	$82.4M0.0%	$82.4M0.0%	$82.4M0.0%	$82.4M0.0%	$82.4M0.0%	$82.4M
Total Liabilities	$359.3M-7.3%	$387.6M+10.4%	$350.9M-6.6%	$375.8M+6.9%	$351.5M-6.1%	$374.1M-0.6%	$376.5M-1.5%	$382.1M
Current Liabilities	$125.9M-14.1%	$146.4M+43.4%	$102.1M-14.8%	$119.9M+33.7%	$89.7M-14.7%	$105.1M+6.0%	$99.2M-2.5%	$101.7M
Long-Term Debt	$221.6M-3.0%	$228.4M-2.9%	$235.1M-2.8%	$241.8M-2.7%	$248.5M-2.6%	$255.1M-1.6%	$259.2M-1.6%	$263.3M
Total Equity	-$15.4M-150.6%	$30.5M-28.6%	$42.7M-26.7%	$58.2M-13.4%	$67.2M-16.3%	$80.3M-11.1%	$90.3M-17.5%	$109.4M
Retained Earnings	-$894.7M-5.6%	-$847.7M-1.6%	-$834.2M-2.3%	-$815.7M-2.2%	-$798.2M-2.0%	-$782.3M-1.8%	-$768.2M-3.2%	-$744.6M

SSTPW Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$4.1M+21.1%	-$5.3M+78.8%	-$24.7M-845.9%	$3.3M-94.5%	$60.7M+15172.0%	-$403K
Capital Expenditures	$46K+48.4%	$31K-98.7%	$2.4M-33.6%	$3.5M+7136.7%	$49K	N/A
Free Cash Flow	-$4.2M+20.7%	-$5.3M+80.5%	-$27.1M-11731.9%	-$229K-100.4%	$60.7M	N/A
Investing Cash Flow	-$6.7M-7.5%	-$6.3M-103.1%	$203.2M+144.8%	-$454.0M-6847.3%	-$6.5M+98.7%	-$517.5M
Financing Cash Flow	$31.3M+148.9%	-$64.0M+13.7%	-$74.1M-167.1%	-$27.7M+19.8%	-$34.6M-106.7%	$518.7M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$557K	$0	$0-100.0%	$510.5M	$0	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$26.1M-145.7%	-$10.6M-418.4%	-$2.1M-108.4%	$24.5M+253.6%	-$15.9M-2165.9%	$772K+15540.0%	-$5K-100.1%	$10.0M
Capital Expenditures	$0	$0	$0	$0-100.0%	$46K	$0-100.0%	$31K	$0
Free Cash Flow	-$26.1M-145.7%	-$10.6M-418.4%	-$2.1M-108.4%	$24.5M+253.1%	-$16.0M-2171.9%	$772K+2244.4%	-$36K-100.4%	$10.0M
Investing Cash Flow	-$2.2M-33.7%	-$1.6M+18.2%	-$2.0M-27.6%	-$1.6M-0.7%	-$1.5M-19.7%	-$1.3M+25.9%	-$1.7M-9.3%	-$1.6M
Financing Cash Flow	-$7.7M-117.4%	$44.4M+985.9%	-$5.0M-79.7%	-$2.8M+47.4%	-$5.3M-5.8%	-$5.0M+0.2%	-$5.0M+13.0%	-$5.8M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$202K	N/A	N/A	N/A	$0	N/A	N/A	N/A

SSTPW Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	37.7%-8.8pp	46.5%+6.5pp	40.1%+11.8pp	28.3%+4.0pp	24.3%	N/A
Operating Margin	-23.3%+2.4pp	-25.8%-4.4pp	-21.4%+53.4pp	-74.8%-82.1pp	7.4%	N/A
Net Margin	-24.6%-2.8pp	-21.7%+34.8pp	-56.5%-2.6pp	-54.0%-58.8pp	4.8%	N/A
Return on Equity	-214.5%-121.5pp	-93.0%+74.9pp	-168.0%-83.7pp	-84.3%	N/A	N/A
Return on Assets	-16.1%+0.1pp	-16.3%+21.3pp	-37.5%-9.1pp	-28.5%-41.3pp	12.8%+18.6pp	-5.8%
Current Ratio	1.02-0.3	1.28-1.1	2.34+1.7	0.60+0.1	0.53-1.2	1.72
Debt-to-Equity	7.50+4.3	3.18+0.6	2.58+1.5	1.06	N/A	N/A
FCF Margin	-1.6%-0.0pp	-1.5%+5.2pp	-6.7%-6.7pp	-0.0%-8.8pp	8.8%	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	62.8%+21.7pp	41.0%+4.1pp	36.9%+1.2pp	35.7%-2.4pp	38.2%-81.6pp	119.8%+91.8pp	28.0%+0.4pp	27.6%
Operating Margin	-137.1%-103.5pp	-33.6%-8.3pp	-25.3%-4.9pp	-20.4%-2.7pp	-17.6%-1.9pp	-15.8%+8.8pp	-24.6%+6.2pp	-30.8%
Net Margin	-126.4%-100.4pp	-26.0%+4.1pp	-30.1%-7.7pp	-22.4%-1.0pp	-21.3%-2.6pp	-18.7%+7.8pp	-26.6%+1.3pp	-27.9%
Return on Equity	N/A	-44.3%-0.9pp	-43.4%-13.4pp	-30.0%-6.4pp	-23.6%-6.0pp	-17.6%+8.5pp	-26.1%-2.0pp	-24.1%
Return on Assets	-14.7%-11.4pp	-3.3%+1.5pp	-4.8%-0.7pp	-4.1%-0.3pp	-3.8%-0.7pp	-3.1%+1.8pp	-4.9%+0.2pp	-5.2%
Current Ratio	0.89-0.1	1.02-0.1	1.14-0.0	1.18-0.1	1.270.0	1.28-0.1	1.36-0.1	1.46
Debt-to-Equity	N/A	7.50+2.0	5.51+1.4	4.15+0.5	3.70+0.5	3.18+0.1	3.05+0.5	2.56
FCF Margin	-70.2%-49.7pp	-20.5%-17.2pp	-3.3%-34.7pp	31.4%+52.8pp	-21.5%-22.5pp	1.0%+1.1pp	-0.0%-10.6pp	10.5%

Frequently Asked Questions

What is System1, Inc.'s annual revenue?

System1, Inc. (SSTPW) reported $266.1M in total revenue for fiscal year 2025. This represents a -22.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is System1, Inc.'s revenue growing?

System1, Inc. (SSTPW) revenue declined by 22.6% year-over-year, from $343.9M to $266.1M in fiscal year 2025.

Is System1, Inc. profitable?

No, System1, Inc. (SSTPW) reported a net income of -$65.3M in fiscal year 2025, with a net profit margin of -24.6%.

What is System1, Inc.'s EBITDA?

System1, Inc. (SSTPW) had EBITDA of $13.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does System1, Inc. have?

As of fiscal year 2025, System1, Inc. (SSTPW) had $86.9M in cash and equivalents against $228.4M in long-term debt.

What is System1, Inc.'s gross margin?

System1, Inc. (SSTPW) had a gross margin of 37.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is System1, Inc.'s operating margin?

System1, Inc. (SSTPW) had an operating margin of -23.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is System1, Inc.'s net profit margin?

System1, Inc. (SSTPW) had a net profit margin of -24.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is System1, Inc.'s return on equity (ROE)?

System1, Inc. (SSTPW) has a return on equity of -214.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is System1, Inc.'s free cash flow?

System1, Inc. (SSTPW) generated -$4.2M in free cash flow during fiscal year 2025. This represents a 20.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is System1, Inc.'s operating cash flow?

System1, Inc. (SSTPW) generated -$4.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are System1, Inc.'s total assets?

System1, Inc. (SSTPW) had $405.0M in total assets as of fiscal year 2025, including both current and long-term assets.

What are System1, Inc.'s capital expenditures?

System1, Inc. (SSTPW) invested $46K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does System1, Inc. buy back shares?

Yes, System1, Inc. (SSTPW) spent $557K on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

What is System1, Inc.'s current ratio?

System1, Inc. (SSTPW) had a current ratio of 1.02 as of fiscal year 2025, which is considered adequate.

What is System1, Inc.'s debt-to-equity ratio?

System1, Inc. (SSTPW) had a debt-to-equity ratio of 7.50 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is System1, Inc.'s return on assets (ROA)?

System1, Inc. (SSTPW) had a return on assets of -16.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is System1, Inc.'s cash runway?

Based on fiscal year 2025 data, System1, Inc. (SSTPW) had $86.9M in cash against an annual operating cash burn of $4.1M. This gives an estimated cash runway of approximately 251 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is System1, Inc.'s Piotroski F-Score?

System1, Inc. (SSTPW) has a Piotroski F-Score of 2 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are System1, Inc.'s earnings high quality?

System1, Inc. (SSTPW) has an earnings quality ratio of 0.06x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can System1, Inc. cover its interest payments?

System1, Inc. (SSTPW) has an interest coverage ratio of -2.3x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.