Every 10-Q that System1, Inc. (SST) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, 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. reported sharply weaker results for the quarter ended June 30, 2026. Revenue fell to $30.2 million from $78.1 million, driven mainly by an 80% decline in Marketing segment revenue after reduced search monetization activity and termination of a Google arrangement; Products revenue also decreased. Adjusted gross profit declined to $25.5 million from $41.0 million, and Adjusted EBITDA to $1.9 million from $11.7 million.
For the first half of 2026, revenue was $67.4 million versus $152.6 million a year earlier and net loss attributable to System1 widened to $59.7 million, including $37.7 million of impairments on marketing trademarks. Operating cash flow was an outflow of $28.2 million, and cash and equivalents declined to $40.5 million.
Total debt carried was $291.8 million, roughly equal to total assets of $291.4 million, and total stockholders’ equity turned negative at $(53.0) million. Management disclosed substantial doubt about the company’s ability to continue as a going concern despite cost-reduction initiatives and a lender exchange agreement approved in July 2026 that will reduce and extend term debt while issuing new convertible preferred equity.
System1, Inc. (SST) filed its Q3 2025 10‑Q, reporting revenue of $61.6 million and a net loss of $22.0 million. Year to date, revenue was $214.2 million with a net loss of $63.4 million. Operating loss narrowed versus last year as costs declined alongside lower revenue.
Segment trends diverged: Marketing revenue fell to $39.1 million, while Products grew to $22.5 million, lifting Products’ adjusted gross profit. Cash and cash equivalents were $54.6 million, and the company had full availability on its $50.0 million revolving facility. The Term Loan had $265.1 million principal outstanding (carrying value $259.2 million) and matures in 2027.
Stockholders’ equity was $34.3 million, reflecting accumulated losses and non‑controlling interest. The company effected a 1‑for‑10 reverse stock split in June 2025. Key paid search partnerships remain in place with Google (through February 28, 2027 and September 30, 2027) and Microsoft (through December 31, 2026). Warrants moved to Level 3 fair value measurement after delisting.