Here are the 10-Q quarterly 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-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. (SST) reported third-quarter 2026 revenue of $25.951 million, down 58% from $61.561 million a year earlier, and a consolidated net loss of $61.476 million versus $22.003 million. Marketing revenue fell 79% to $8.252 million and Products revenue fell 21% to $17.699 million. The quarter included $51.522 million of goodwill impairment and $12.083 million of long-lived-asset impairment.
For the first nine months, revenue was $93.385 million versus $214.189 million, and operating activities used $26.163 million of cash versus providing $6.491 million a year earlier. At September 30, 2026, cash and equivalents were $12.417 million and net working capital was $6.2 million. Management concluded the position raised substantial doubt about continuing as a going concern for the following 12 months; it had begun cost cuts but could not conclude the plans were probable of mitigating the conditions.
The lender exchange reduced priority-term-loan principal to $150.0 million and extended maturity to January 14, 2031. It included issuance to lenders of 39,250 Series A Preferred Stock shares, which accrue cumulative dividends at 7.0% per annum. System1 notified the NYSE of voluntary delisting and intended to file Form 25 on or about November 23, 2026.
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.