Welcome to our dedicated page for System1 SEC filings (Ticker: SST), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
System1, Inc. filings document the company’s operating results, supplemental financial information and material corporate events as a public customer acquisition marketing platform. Recent Form 8-K disclosures include quarterly and annual financial-result releases, Regulation FD exhibits, investor presentations, and reconciliations for non-GAAP measures such as adjusted gross profit and adjusted EBITDA.
The filing record also covers governance and capital-structure matters, including director changes, ownership-related transactions involving Class A common stock, and NYSE continued-listing compliance disclosures. These filings provide formal records of System1’s reported financial performance, board composition, securities matters and exchange-status communications.
System1, Inc. General Counsel & Secretary Daniel J. Weinrot reported a routine tax-related share disposition. When 670 restricted stock units (RSUs) vested, the company withheld 341 shares of Class A Common Stock at $2.26 per share to cover his tax withholding obligation.
After this non-market transaction, Weinrot directly holds 69,053 shares of Class A Common Stock, which include 54,510 unvested RSUs. The filing reflects compensation-related equity vesting rather than an open-market purchase or sale.
System1, Inc. furnished supplemental, unaudited results for the quarter and year ended December 31, 2025. Revenue was $51,940 thousand in the fourth quarter and $266,129 thousand for the year, reflecting a business that remains sizable but under earnings pressure.
The company reported a fourth-quarter net loss from continuing operations of $17,793 thousand and a full-year net loss from continuing operations of $81,193 thousand, driven by high operating costs and significant depreciation and amortization. Total depreciation and amortization reached $21,030 thousand in the quarter and $82,862 thousand for the year.
System1 also highlighted non‑GAAP performance. Adjusted EBITDA was $8,170 thousand in the fourth quarter and $41,859 thousand for 2025, showing positive earnings on this adjusted basis despite GAAP net losses. The filing further breaks out marketing platform and products metrics, including marketing platform revenue, traffic acquisition costs, user sessions, and revenue per session, to give more detail on how its advertising and subscription businesses performed.
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.
System1, Inc. reported weaker top-line results for 2025 but some improvement in profitability metrics. Full-year revenue fell 23% to $266.1 million, while gross profit slipped 1% to $100.4 million. Adjusted gross profit inched up 1% to $153.4 million, lifting adjusted gross margin to 58% from 44%.
GAAP net loss narrowed 17% to $81.2 million, and adjusted EBITDA rose 9% to $41.9 million. The fourth quarter was notably soft, with revenue down 31% to $51.9 million and adjusted EBITDA down 54% to $8.2 million, though adjusted gross margin improved to 67%. Management cited a challenging environment but emphasized platform resilience, continued investment in AI capabilities, and ongoing efforts to strengthen the balance sheet and optimize the capital structure.
System1, Inc. Chief Financial Officer Form 4 filing shows a routine share withholding tied to equity compensation. On 01/28/2026, 258 shares of Class A Common Stock were withheld at $4.18 per share to cover taxes on the vesting of 625 restricted stock units.
After this transaction, the CFO beneficially owns 119,906 shares of Class A Common Stock, which includes 53,352 unvested RSUs. This reflects standard tax settlement mechanics rather than an open‑market sale.
System1, Inc. reported an insider transaction by Chief People Officer Elizabeth Sestanovich. When 375 previously granted restricted stock units vested, the company withheld 211 shares of Class A Common Stock at $4.18 per share to cover her tax withholding obligation. After this tax-related share withholding, she beneficially owns 59,289 shares, which include 42,680 unvested RSUs.
System1, Inc. Chief Ad Operations Officer Brian Coppola reported a small share withholding tied to restricted stock units. On 01/28/2026, 231 shares of Class A common stock were withheld at $4.18 per share to cover taxes upon vesting of 469 RSUs. After this, he beneficially owned 66,229 shares, including 43,016 unvested RSUs, all held directly.
System1, Inc. officer Daniel J. Weinrot, General Counsel & Secretary, reported an automatic share withholding tied to equity compensation. On January 28, 2026, upon vesting of 375 restricted stock units (RSUs), the company withheld 211 shares of Class A common stock at $4.18 per share to cover tax obligations.
After this tax withholding, Weinrot beneficially owned 69,394 shares of Class A common stock in total, which the disclosure states includes 55,180 unvested RSUs. The filing characterizes the transaction with code F, indicating shares withheld for taxes rather than an open‑market sale.
System1, Inc. reported an insider equity transaction by its Chief Financial Officer, Tridivesh Kidambi. On 01/15/2026, 837 previously granted restricted stock units (RSUs) vested, and the company withheld 345 shares of Class A common stock at a price of $4.40 per share to cover the CFO's tax withholding obligation related to this vesting. This withholding is coded as an "F" transaction, indicating a tax-related share disposition rather than an open-market trade.
After this event, the CFO beneficially owned 120,164 shares of System1 Class A common stock on a direct basis, which includes 53,977 unvested RSUs that remain subject to future vesting conditions.
System1, Inc.'s Chief People Officer Elizabeth Sestanovich reported an automatic share withholding tied to restricted stock vesting. On 01/15/2026, 670 previously granted restricted stock units vested, and the company withheld 377 shares of Class A common stock at $4.40 per share to cover her tax withholding obligation rather than conducting an open-market sale. After this transaction, she beneficially owned 59,500 shares of Class A common stock, which includes 43,055 unvested restricted stock units. This reflects routine equity award administration rather than a discretionary stock sale.