System1 WTS (SSTPW) Financials
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 5, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the SSTPW SEC filings page.
System1 Inc WTS (SSTPW) reported $266.1M in revenue for fiscal year 2025, down 22.6% from the prior fiscal year. This page shows its 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).
Shrinking sales are colliding with a thin equity cushion, while accounting losses remain far larger than reported cash outflows.
The business has become less able to absorb overhead: from FY2023 to FY2025, revenue fell33.8% while SG&A rose28.3% . Its operating margin therefore remained deeply negative, moving from-21.4% to-23.3% , despite lower interest expense.
Liabilities reached
Despite a net loss of
Financial Health Signals
We do not publish a peer-relative financial health score for System1 Inc WTS, because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. The signals and metrics below are current.
System1 Inc WTS 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.
System1 Inc WTS reported a net loss of $65.3M while operations used $4.1M of cash. With neither figure positive, the ratio between the two carries no quality signal.
System1 Inc WTS reported an operating loss of $62.0M against $27.6M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
System1 Inc WTS generated $30.2M in revenue in Q2 2026. This represents a decrease of 61.3% from the same quarter a year earlier. Against the prior quarter it is down 18.9%.
System1 Inc WTS reported a net loss of $12.6M in Q2 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
System1 Inc WTS earned -$1.54 per diluted share (EPS) in Q2 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Not reported for Q2 2026.
Cash & Balance Sheet
System1 Inc WTS held $40.5M in cash against $214.9M in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Margins & Returns
System1 Inc WTS's gross margin was 80.4% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 44.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 17.6 percentage points.
System1 Inc WTS's operating margin was -27.5% in Q2 2026, reflecting core business profitability. This is down 7.1 percentage points from the same quarter a year earlier.
System1 Inc WTS's net profit margin was -41.7% in Q2 2026, showing the share of revenue converted to profit. This is down 19.4 percentage points from the same quarter a year earlier.
Not reported for Q2 2026.
Capital Allocation
None of these metrics is reported for Q2 2026.
SSTPW Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $30.2M-61.3% | $37.2M-50.0% | $51.9M-31.3% | $61.6M-30.7% | $78.1M-17.4% | $74.5M-12.3% | $75.6M-21.4% | $88.8M+1.2% |
| Cost of Revenue | $5.9M-88.2% | $13.9M-69.9% | $30.6M-30.0% | $38.8M-39.3% | $50.2M-26.7% | $46.1M-30.5% | $43.8M-25.2% | $64.0M+26.5% |
| Gross Profit | $24.3M-13.0% | $23.4M-17.8% | $21.3M-33.0% | $22.7M-8.4% | $27.9M+7.0% | $28.4M+52.9% | $31.8M-15.3% | $24.8M-33.3% |
| SG&A Expenses | $14.5M-17.0% | $16.8M+1.3% | $18.6M+4.7% | $17.0M-3.0% | $17.5M-17.5% | $16.6M-16.8% | $17.8M+44.7% | $17.5M+48.0% |
| Operating Income | -$8.3Mn/m | -$51.0Mn/m | -$17.4Mn/m | -$15.6Mn/m | -$15.9Mn/m | -$13.1Mn/m | -$11.9Mn/m | -$21.8Mn/m |
| EBITDA | N/A | N/A | N/A | N/A | N/A | N/A | $8.3M+1165.8% | -$1.7Mn/m |
| Interest Expense | $7.1M0.0% | $6.6M-6.4% | $6.3M-18.8% | $7.1M-11.4% | $7.1M-9.6% | $7.1M-11.1% | $7.8M-35.1% | $8.0M-39.0% |
| Income Tax | -$75Kn/m | -$75Kn/m | -$398Kn/m | -$543K-192.8% | -$1.5Mn/m | -$387Kn/m | -$729Kn/m | $585Kn/m |
| Net Income | -$12.6Mn/m | -$47.1Mn/m | -$13.5Mn/m | -$18.5Mn/m | -$17.5Mn/m | -$15.9Mn/m | -$14.2Mn/m | -$23.6Mn/m |
| EPS (Basic) | -$1.54n/m | -$5.82n/m | -$1.65 | -$2.30n/m | -$2.23n/m | -$2.14 | -$0.19n/m | -$3.37 |
| EPS (Diluted) | -$1.54n/m | -$5.82n/m | -$1.65 | -$2.30n/m | -$2.23n/m | -$2.14 | -$0.19n/m | -$3.37 |
| Diluted Shares (Avg) | 8M+4.4% | 8M+8.8% | N/A | 8M+15.0% | 8M+12.7% | 7M | N/A | 7M |
Not reported in any period shown, so not listed: R&D Expenses.
SSTPW Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $291.4M-32.1% | $320.3M-23.6% | $405.0M-11.8% | $385.2M-19.6% | $429.2M-16.1% | $419.2M-19.6% | $459.1M-24.2% | $479.3M-48.3% |
| Current Assets | $89.5M-36.7% | $111.7M-2.1% | $149.5M+11.2% | $116.6M-13.7% | $141.4M-4.9% | $114.2M-18.3% | $134.5M-33.4% | $135.2M+49.4% |
| Cash & Equivalents | $40.5M-36.4% | $51.5M+17.3% | $86.9M+36.6% | $54.6M-21.0% | $63.6M-15.9% | $43.9M-37.2% | $63.6M-53.0% | $69.1M+1323.7% |
| Short-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Accounts Receivable | $41.0M-41.6% | $53.3M-13.8% | $57.3M-8.9% | $54.4M-5.6% | $70.2M+13.4% | $61.8M+17.1% | $62.9M+12.2% | $57.6M-3.0% |
| Long-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Goodwill | $82.4M0.0% | $82.4M0.0% | $82.4M0.0% | $82.4M0.0% | $82.4M0.0% | $82.4M0.0% | $82.4M0.0% | $82.4M0.0% |
| Total Liabilities | $344.4M-8.4% | $359.3M+2.2% | $387.6M+3.6% | $350.9M-6.8% | $375.8M-1.6% | $351.5M-2.5% | $374.1M-14.2% | $376.5M-45.2% |
| Current Liabilities | $117.0M-2.4% | $125.9M+40.3% | $146.4M+39.3% | $102.1M+3.0% | $119.9M+17.9% | $89.7M+15.0% | $105.1M+21.6% | $99.2M-58.3% |
| Non-Current Liabilities | $227.4M-11.1% | $233.5M-10.8% | $241.1M-10.4% | $248.8M-10.3% | $255.9M-8.7% | $261.8M-7.4% | $269.0M-23.1% | $277.3M-38.3% |
| Long-Term Debt | $214.9M-11.1% | $221.6M-10.8% | $228.4M-10.5% | $235.1M-9.3% | $241.8M-8.2% | $248.5M-7.5% | $255.1M-23.7% | $259.2M-33.2% |
| Total Equity | -$26.7M-145.8% | -$15.4M-123.0% | $30.5M-62.0% | $42.7M-52.7% | $58.2M-46.8% | $67.2M-49.0% | $80.3M-40.7% | $90.3M-55.5% |
| Retained Earnings | -$907.3Mn/m | -$894.7Mn/m | -$847.7Mn/m | -$834.2Mn/m | -$815.7Mn/m | -$798.2Mn/m | -$782.3Mn/m | -$768.2Mn/m |
Not reported in any period shown, so not listed: Inventory.
SSTPW Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$2.0M-108.3% | -$26.1Mn/m | -$10.6M-1478.0% | -$2.1Mn/m | $24.5M+145.8% | -$15.9Mn/m | $772Kn/m | -$5Kn/m |
| Depreciation & Amortization | N/A | N/A | N/A | N/A | N/A | N/A | $20.2M+2.5% | $20.1M+2.8% |
| Stock-Based Compensation | $1.4M-70.2% | $1.3M-52.3% | N/A | $2.8M-25.1% | $4.5M+32.0% | $2.7M-33.2% | N/A | $3.8M-28.2% |
| Capital Expenditures | N/A | $0-100.0% | $0n/m | $0-100.0% | $0n/m | $46Kn/m | $0-100.0% | $31K-92.9% |
| Free Cash Flow | N/A | -$26.1Mn/m | -$10.6M-1478.0% | -$2.1Mn/m | $24.5M+145.8% | -$16.0Mn/m | $772Kn/m | -$36Kn/m |
| Investing Cash Flow | -$1.4Mn/m | -$2.2Mn/m | -$1.6Mn/m | -$2.0Mn/m | -$1.6Mn/m | -$1.5Mn/m | -$1.3M-100.6% | -$1.7Mn/m |
| Financing Cash Flow | -$7.5Mn/m | -$7.7Mn/m | $44.4Mn/m | -$5.0Mn/m | -$2.8Mn/m | -$5.3Mn/m | -$5.0Mn/m | -$5.0M-160.4% |
| Share Buybacks | N/A | $202Kn/m | N/A | N/A | N/A | $0 | N/A | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
SSTPW Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 80.4%+44.7pp | 62.8%+24.6pp | 41.0%-1.1pp | 36.9%+9.0pp | 35.7%+8.2pp | 38.2%+16.3pp | 42.1%+3.0pp | 28.0%-14.4pp |
| Operating Margin | -27.5%-7.1pp | -137.1% | -33.6%-17.8pp | -25.3%-0.7pp | -20.4%+10.4pp | -17.6%+12.8pp | -15.8%+4.1pp | -24.6%-0.8pp |
| Net Margin | -41.7%-19.4pp | -126.4% | -26.0%-7.2pp | -30.1%-3.5pp | -22.4%+5.5pp | -21.3%-8.9pp | -18.7%+10.0pp | -26.6% |
| Return on Equity | N/A | N/A | -44.3%-26.6pp | -43.4%-17.3pp | -30.0%-5.9pp | -23.6%-15.6pp | -17.6%+2.8pp | -26.1%+38.7pp |
| Return on Assets | -4.3%-0.3pp | -14.7%-10.9pp | -3.3%-0.3pp | -4.8%+0.1pp | -4.1%+1.1pp | -3.8%-1.8pp | -3.1%+1.5pp | -4.9%+9.3pp |
| Current Ratio | 0.77-0.4x | 0.89-0.4x | 1.02-0.3x | 1.14-0.2x | 1.18-0.3x | 1.27-0.5x | 1.28-1.1x | 1.36+1.0x |
| Debt-to-Equity | N/A | N/A | 7.50+4.3x | 5.51+2.6x | 4.15+1.7x | 3.70+1.7x | 3.18+0.7x | 2.87+1.0x |
| Liabilities-to-Equity | N/A | N/A | 12.72+8.1x | 8.22+4.1x | 6.46+3.0x | 5.23+2.5x | 4.66+1.4x | 4.17+0.8x |
| Asset Turnover | 0.10-0.1x | 0.12-0.1x | 0.130.0x | 0.160.0x | 0.180.0x | 0.180.0x | 0.160.0x | 0.19+0.1x |
| FCF Margin | N/A | -70.2%-48.7pp | -20.5%-21.5pp | -3.3%-3.3pp | 31.4%+20.8pp | -21.5%-2.6pp | 1.0%+21.0pp | 0.0%+8.7pp |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.
Where System1 Inc WTS Ranks
Frequently Asked Questions
System1 Inc WTS (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.
System1 Inc WTS (SSTPW) revenue declined by 22.6% year-over-year, from $343.9M to $266.1M in fiscal year 2025.
No, System1 Inc WTS (SSTPW) reported a net loss of $65.3M in fiscal year 2025, with a net profit margin of -24.6%.
System1 Inc WTS (SSTPW) had EBITDA of $13.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
As of fiscal year 2025, System1 Inc WTS (SSTPW) had $86.9M in cash and equivalents against $228.4M in long-term debt.
System1 Inc WTS (SSTPW) had a gross margin of 37.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
System1 Inc WTS (SSTPW) had an operating margin of -23.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
System1 Inc WTS (SSTPW) had a net profit margin of -24.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
System1 Inc WTS (SSTPW) has a return on equity of -214.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
System1 Inc WTS (SSTPW) recorded an outflow of $4.2M in free cash flow during fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. 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.
System1 Inc WTS (SSTPW) recorded an outflow of $4.1M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
System1 Inc WTS (SSTPW) had $405.0M in total assets as of fiscal year 2025, including both current and long-term assets.
System1 Inc WTS (SSTPW) invested $46K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
System1 Inc WTS (SSTPW) had a current ratio of 1.02 as of fiscal year 2025, which is considered adequate.
System1 Inc WTS (SSTPW) had a debt-to-equity ratio of 7.50 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
System1 Inc WTS (SSTPW) had a liabilities-to-equity ratio of 12.72 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
System1 Inc WTS (SSTPW) had a return on assets of -16.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
System1 Inc WTS (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.
System1 Inc WTS (SSTPW) reported a net loss of $65.3M while operations used $4.1M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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.
System1 Inc WTS (SSTPW) reported an operating loss of $62.0M against $27.6M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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.