Here are the 10-K annual reports from System1, Inc. (SST) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow SST and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full SST filings page.
System1, Inc. files Amendment No. 1 to its 2025 annual report to add governance, compensation and ownership details that were originally expected in a later proxy statement.
The filing outlines a seven‑member board, with CEO Michael Blend also serving as chairman and five directors deemed independent under NYSE rules. It describes the audit, compensation, and nominating committees and their chairs, as well as meeting frequency and director attendance.
Executive pay data show 2025 total compensation of $3.47 million for President & COO Charles Ursini, $1.45 million for CFO Tridivesh Kidambi and $9.55 million for CouponFollow President Marc Mezzacca, largely driven by stock appreciation rights and CouponFollow earnout payments. The company reports a 2025 GAAP net loss of $81.2 million and details how “compensation actually paid” to named executives tracks changes in equity values. The amendment also discloses director retainers and RSU grants, major shareholders’ stakes, remaining shares available under equity plans and Deloitte audit fees of $1.73 million for 2025.
System1, Inc. files its annual report describing a data‑driven digital advertising and publishing business built around about 40 owned websites and an AI-powered customer acquisition platform. The company highlights a major August 2024 reorganization that moved operating assets into System1 Holdings, LLC and subsidiaries.
As of December 31, 2025, System1 reports $86.9 million in unrestricted cash and cash equivalents and net working capital of $3.0 million, against $50.0 million outstanding on its revolving facility maturing January 27, 2027 and substantial term debt maturing in 2027. Management concludes these conditions raise substantial doubt about its ability to continue as a going concern for the twelve months following the filing.
The company operates in a competitive, privacy‑sensitive digital advertising market and notes that 67% of 2025 revenue came from agreements with Google. System1 also discloses creditor litigation challenging its recent restructuring and asset transfers, alongside extensive risk factors spanning financing constraints, technology performance, data privacy regulation, and dependence on key partners.