Symbols / SST $2.80 +7.28% System1, Inc.

Industrials • Specialty Business Services • United States • NYQ
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About

System1, Inc. provides omnichannel customer acquisition platform services through its proprietary responsive acquisition marketing platform in the United States and internationally. It operates in two segments: Owned and Operated Advertising, and Partner Network. The company engages in the provision of acquiring traffic to its owned and operated websites, as well as revenue-sharing arrangements and related services. It also operates MapQuest, a web-based navigation service that delivers turn-by-turn direction services to users; Info.com, a metasearch engine that consumers can use to search for relevant information; HowStuffWorks, a commercial website focused on helping people solve problems in their daily lives by using various types of digital media to easily breakdown and explain complex concepts, topics, terminology, and mechanisms; Startpage, a private search engine that allows users to browse and search the Internet in complete privacy; and CouponFollow, a coupon destinations for online shoppers, as well as ActiveBeat and Infospace. In addition, the company offers antivirus software solutions, which provide customers a single packaged solution that offers protection and reporting to the end users. The company is based in Los Angeles, California.

Fundamentals
Scroll to Statements
Market Cap 27.99M Enterprise Value 237.43M Income -65.34M Sales 266.13M Book/sh 3.77 Cash/sh 10.75
Dividend Yield — Payout 0.00% Employees 250 IPO — P/E — Forward P/E -0.35
PEG — P/S 0.11 P/B 0.74 P/C — EV/EBITDA 18.09 EV/Sales 0.89
Quick Ratio 0.98 Current Ratio 1.02 Debt/Eq 1806.80 LT Debt/Eq — EPS (ttm) -8.32 EPS next Y -7.92
EPS Growth — Revenue Growth -31.30% Earnings 2026-05-12 ROA -8.98% ROE -158.56% ROIC —
Gross Margin 2.87% Oper. Margin -33.59% Profit Margin -24.55% Shs Outstand 8.08M Shs Float 4.50M Short Float 39.04%
Short Ratio 0.25 Short Interest — 52W High 15.00 52W Low 1.35 Beta 1.56 Avg Volume 2.46M
Volume 782.99K Target Price $8.00 Recom None Prev Close $2.61 Price $2.80 Change 7.28%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$8.00
Mean price target
2. Current target
$2.80
Latest analyst target
3. DCF / Fair value
$63.34
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$2.80
Low
$8.00
High
$8.00
Mean
$8.00

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2025-08-08 main Benchmark Buy → Buy $10
News
RSS: Latest SST news
Insider Transactions
Filed Date Insider Relationship Transaction Shares Price Value SEC
2026-04-15 KIDAMBI TRIDIVESH Chief Financial Officer — 26,910 $2.11 $56,780
2025-08-22 CEE HOLDINGS TRUST Beneficial Owner of more than 10% of a Class of Security — 11,015 $7.32 $80,630
2025-08-21 CEE HOLDINGS TRUST Trustee — 31,735 $6.25 $206,983
2025-07-31 MARTIRE FRANK R. JR Director — 15,000 $0.00 $0
2025-07-31 NAIDU TARYN JOGI Director — 15,000 $0.00 $0
2025-07-31 KUMAR TANMAY Director — 15,000 $0.00 $0
2025-07-31 CASWELL RYAN R. Director — 15,000 $0.00 $0
2025-07-31 KAZERANI MOUJAN Director — 15,000 $0.00 $0
2025-07-31 HORN CAROLINE Director — 15,000 $0.00 $0
2025-07-31 CIVANTOS JOHN Director — 15,000 $0.00 $0
Financials
Statement View
Amounts in millions (2 decimals, no suffix) • EPS per share (2 decimals) • Trend = period evolution • YoY Growth = previous period %
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2021-12-31
Total Revenue
266.13
-22.62%
343.93
-14.44%
401.97
-41.61%
688.39
Operating Revenue
266.13
-22.62%
343.93
-14.44%
401.97
-41.61%
688.39
Cost Of Revenue
165.73
-31.68%
242.60
-2.47%
248.75
-52.27%
521.11
Reconciled Cost Of Revenue
165.73
-31.68%
242.60
+9.31%
221.94
-57.41%
521.11
Gross Profit
100.39
-0.92%
101.32
-33.87%
153.23
-8.40%
167.28
Operating Expense
162.44
-14.47%
189.92
-20.61%
239.22
+105.43%
116.44
Selling General And Administration
162.44
-14.47%
189.92
+18.10%
160.81
+56.80%
102.56
Selling And Marketing Expense
—
—
54.31
+51.64%
35.81
General And Administrative Expense
162.44
-14.47%
189.92
+18.10%
160.81
+56.80%
102.56
Salaries And Wages
92.75
-18.29%
113.51
+6.58%
106.50
+59.57%
66.75
Other Gand A
69.69
-8.80%
76.41
+40.70%
54.31
+51.64%
35.81
Total Expenses
328.17
-24.13%
432.53
-11.36%
487.96
-23.46%
637.56
Operating Income
-62.04
+29.98%
-88.60
-3.04%
-85.99
-269.17%
50.83
Total Operating Income As Reported
-62.04
+29.98%
-88.60
-3.04%
-85.99
-269.17%
50.83
EBITDA
26.35
+88.20%
14.00
-37.28%
22.32
-65.50%
64.72
Normalized EBITDA
26.07
+406.98%
-8.49
-144.20%
19.22
-70.30%
64.72
Reconciled Depreciation
82.86
+3.44%
80.11
-23.86%
105.21
+657.71%
13.88
EBIT
-56.51
+14.51%
-66.11
+20.24%
-82.88
-263.06%
50.83
Total Unusual Items
0.28
-98.78%
22.50
+624.48%
3.10
0.00
Total Unusual Items Excluding Goodwill
0.28
-98.78%
22.50
+624.48%
3.10
0.00
Special Income Charges
0.00
-100.00%
20.11
+1103.44%
-2.00
0.00
Other Special Charges
—
-20.11
-1103.44%
2.00
—
Impairment Of Capital Assets
—
—
0.00
0.00
Net Income
-65.34
+12.49%
-74.67
+67.14%
-227.22
-788.63%
33.00
Pretax Income
-84.07
+13.92%
-97.67
+25.80%
-131.63
-487.59%
33.96
Net Non Operating Interest Income Expense
-27.56
+12.69%
-31.56
+35.25%
-48.74
-188.94%
-16.87
Interest Expense Non Operating
27.56
-12.69%
31.56
-35.25%
48.74
+188.94%
16.87
Net Interest Income
-27.56
+12.69%
-31.56
+35.25%
-48.74
-188.94%
-16.87
Interest Expense
27.56
-12.69%
31.56
-35.25%
48.74
+188.94%
16.87
Other Income Expense
5.53
-75.43%
22.50
+624.48%
3.10
-90.96%
34.35
Other Non Operating Income Expenses
5.25
—
—
10.65
Gain On Sale Of Security
0.28
-88.47%
2.39
-53.30%
5.11
-78.44%
23.70
Tax Provision
-2.88
-677.03%
-0.37
+98.18%
-20.37
-2210.98%
0.96
Tax Rate For Calcs
0.00
+750.00%
0.00
-97.42%
0.00
+453.57%
0.00
Tax Effect Of Unusual Items
0.01
-89.61%
0.09
-81.30%
0.48
0.00
Net Income Including Noncontrolling Interests
-81.19
+16.55%
-97.30
+65.93%
-285.58
-965.51%
33.00
Net Income From Continuing Operation Net Minority Interest
-65.34
+12.49%
-74.67
-41.17%
-52.89
-260.30%
33.00
Net Income From Continuing And Discontinued Operation
-65.34
+12.49%
-74.67
+67.14%
-227.22
-788.63%
33.00
Net Income Continuous Operations
-81.19
+16.55%
-97.30
+12.55%
-111.26
-437.19%
33.00
Net Income Discontinuous Operations
—
0.00
+100.00%
-174.33
—
Minority Interests
15.85
-29.95%
22.62
-61.23%
58.36
0.00
Normalized Income
-65.61
+32.41%
-97.08
-74.86%
-55.52
-268.26%
33.00
Net Income Common Stockholders
-65.34
+12.49%
-74.67
+67.14%
-227.22
-788.63%
33.00
Diluted EPS
—
-10.14
+59.12%
-24.80
-714.04%
4.04
Basic EPS
—
-10.14
+59.12%
-24.80
-714.04%
4.04
Basic Average Shares
—
7.37
-19.46%
9.15
+11.94%
8.17
Diluted Average Shares
—
7.37
-19.46%
9.15
+11.94%
8.17
Diluted NI Availto Com Stockholders
-65.34
+12.49%
-74.67
+67.14%
-227.22
-788.63%
33.00
Depreciation Amortization Depletion Income Statement
—
80.11
+2.17%
78.40
+464.66%
13.88
Depreciation And Amortization In Income Statement
—
80.11
+2.17%
78.40
+464.66%
13.88
Line Item Trend 2025-12-31
Total Assets
404.97
Current Assets
149.48
Cash Cash Equivalents And Short Term Investments
86.89
Cash And Cash Equivalents
86.89
Cash Financial
—
Receivables
57.29
Accounts Receivable
57.29
Prepaid Assets
—
Restricted Cash
1.24
Assets Held For Sale Current
—
Other Current Assets
4.06
Total Non Current Assets
255.49
Net PPE
10.68
Gross PPE
13.33
Accumulated Depreciation
-2.65
Properties
0.00
Machinery Furniture Equipment
1.74
Other Properties
9.12
Leases
2.48
Goodwill And Other Intangible Assets
244.17
Goodwill
82.41
Other Intangible Assets
161.76
Other Non Current Assets
0.64
Total Liabilities Net Minority Interest
387.55
Current Liabilities
146.44
Payables And Accrued Expenses
51.29
Payables
22.02
Accounts Payable
22.02
Other Payable
—
Current Accrued Expenses
29.28
Pensionand Other Post Retirement Benefit Plans Current
—
Total Tax Payable
—
Current Debt And Capital Lease Obligation
78.14
Current Debt
76.72
Other Current Borrowings
76.72
Current Capital Lease Obligation
1.43
Current Deferred Liabilities
—
Current Deferred Revenue
—
Other Current Liabilities
17.00
Total Non Current Liabilities Net Minority Interest
241.12
Liabilities Heldfor Sale Non Current
—
Long Term Debt And Capital Lease Obligation
236.58
Long Term Debt
228.40
Long Term Capital Lease Obligation
8.18
Tradeand Other Payables Non Current
—
Non Current Deferred Liabilities
4.01
Non Current Deferred Taxes Liabilities
4.01
Other Non Current Liabilities
0.52
Stockholders Equity
30.47
Common Stock Equity
30.47
Capital Stock
0.00
Common Stock
0.00
Preferred Stock
—
Share Issued
8.22
Ordinary Shares Number
8.09
Treasury Shares Number
0.14
Additional Paid In Capital
878.86
Retained Earnings
-847.68
Gains Losses Not Affecting Retained Earnings
-0.16
Treasury Stock
0.56
Minority Interest
-13.05
Other Equity Adjustments
-0.16
Total Equity Gross Minority Interest
17.42
Total Capitalization
258.87
Working Capital
3.04
Invested Capital
335.58
Total Debt
314.73
Net Debt
218.23
Capital Lease Obligations
9.61
Net Tangible Assets
-213.70
Tangible Book Value
-213.70
Current Notes Payable
—
Derivative Product Liabilities
—
Interest Payable
—
Other Equity Interest
—
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2021-12-31
Operating Cash Flow
-4.15
+21.08%
-5.25
+78.76%
-24.74
-140.76%
60.70
Cash Flow From Continuing Operating Activities
-4.15
+21.08%
-5.25
+78.76%
-24.74
-140.76%
60.70
Net Income From Continuing Operations
-81.19
+16.55%
-97.30
+65.93%
-285.58
-965.51%
33.00
Depreciation Amortization Depletion
82.86
+3.44%
80.11
-23.86%
105.21
+657.71%
13.88
Depreciation And Amortization
82.86
+3.44%
80.11
-23.86%
105.21
+657.71%
13.88
Other Non Cash Items
0.18
-96.94%
5.74
-43.35%
10.14
+8.86%
9.31
Stock Based Compensation
14.74
-56.27%
33.71
-36.49%
53.09
+12753.51%
0.41
Asset Impairment Charge
0.70
0.00
-100.00%
118.76
0.00
Deferred Tax
-2.19
-4.14%
-2.10
+90.58%
-22.33
-2176.25%
-0.98
Deferred Income Tax
-2.19
-4.14%
-2.10
+90.58%
-22.33
-2176.25%
-0.98
Operating Gains Losses
-0.28
+98.78%
-22.50
-2069.79%
1.14
+104.82%
-23.70
Gain Loss On Investment Securities
-0.28
+88.47%
-2.39
+53.30%
-5.11
+78.44%
-23.70
Change In Working Capital
-18.97
-549.14%
-2.92
+43.38%
-5.16
-201.65%
5.08
Change In Receivables
4.93
+172.43%
-6.80
-132.61%
20.86
+209.41%
-19.06
Changes In Account Receivables
4.93
+172.43%
-6.80
-132.61%
20.86
+209.41%
-19.06
Change In Prepaid Assets
0.02
-99.16%
2.85
-45.34%
5.21
+204.81%
-4.97
Change In Payables And Accrued Expense
-23.66
-917.44%
2.90
+111.04%
-26.23
-179.81%
32.87
Change In Accrued Expense
-35.67
-1890.76%
1.99
+110.25%
-19.44
-260.47%
12.11
Change In Payable
12.01
+1229.68%
0.90
+113.29%
-6.80
-132.74%
20.76
Change In Account Payable
12.01
+1229.68%
0.90
+113.29%
-6.80
-132.74%
20.76
Change In Other Working Capital
—
-0.36
-102.38%
15.27
+18525.61%
0.08
Change In Other Current Liabilities
-0.25
+86.35%
-1.86
+90.82%
-20.26
-427.43%
-3.84
Investing Cash Flow
-6.72
-7.48%
-6.25
-103.08%
203.18
+3209.09%
-6.54
Cash Flow From Continuing Investing Activities
-6.72
-7.48%
-6.25
-103.08%
203.18
+3209.09%
-6.54
Net PPE Purchase And Sale
-0.05
-48.39%
-0.03
+98.68%
-2.35
-4702.04%
-0.05
Purchase Of PPE
-0.05
-48.39%
-0.03
+98.68%
-2.35
-4702.04%
-0.05
Capital Expenditure
-6.72
-7.48%
-6.25
+21.42%
-7.96
-21.81%
-6.54
Capital Expenditure Reported
-6.40
-2.86%
-6.22
-11.00%
-5.61
+13.55%
-6.49
Net Business Purchase And Sale
—
0.00
-100.00%
211.14
0.00
Purchase Of Business
—
—
0.00
0.00
Gain Loss On Sale Of Business
—
0.00
-100.00%
4.25
—
Net Intangibles Purchase And Sale
-0.28
0.00
—
—
Purchase Of Intangibles
-0.28
0.00
—
—
Financing Cash Flow
31.30
+148.94%
-63.96
+13.65%
-74.07
-114.17%
-34.59
Cash Flow From Continuing Financing Activities
31.30
+148.94%
-63.96
+13.65%
-74.07
-114.17%
-34.59
Net Issuance Payments Of Debt
30.00
+148.55%
-61.79
+10.43%
-68.98
-425.10%
-13.14
Issuance Of Debt
50.00
0.00
-100.00%
75.28
0.00
Repayment Of Debt
-20.00
+67.63%
-61.79
+57.17%
-144.25
-998.17%
-13.14
Long Term Debt Issuance
50.00
0.00
-100.00%
75.28
0.00
Long Term Debt Payments
-20.00
+67.63%
-61.79
+57.17%
-144.25
-998.17%
-13.14
Net Long Term Debt Issuance
30.00
+148.55%
-61.79
+10.43%
-68.98
-425.10%
-13.14
Short Term Debt Issuance
—
—
—
0.45
Short Term Debt Payments
—
—
—
0.00
Net Short Term Debt Issuance
—
—
—
0.45
Net Common Stock Issuance
1.69
0.00
0.00
0.00
Common Stock Payments
-0.56
0.00
0.00
0.00
Common Stock Dividend Paid
—
—
—
-14.58
Cash Dividends Paid
—
—
-0.10
+99.33%
-14.58
Repurchase Of Capital Stock
-0.56
0.00
0.00
0.00
Proceeds From Stock Option Exercised
—
—
0.00
0.00
Net Other Financing Charges
-0.39
+82.16%
-2.17
+57.31%
-5.09
+25.84%
-6.87
Changes In Cash
20.43
+127.08%
-75.47
-172.31%
104.36
+432.88%
19.59
Effect Of Exchange Rate Changes
0.13
+506.45%
-0.03
-410.00%
0.01
-75.61%
0.04
Beginning Cash Position
67.95
-52.63%
143.45
+267.11%
39.08
+34.68%
29.01
End Cash Position
88.51
+30.26%
67.95
-52.63%
143.45
+194.93%
48.64
Free Cash Flow
-10.87
+5.56%
-11.51
+64.80%
-32.70
-160.37%
54.17
Interest Paid Supplemental Data
25.62
-16.49%
30.68
-28.45%
42.88
+190.88%
14.74
Income Tax Paid Supplemental Data
—
—
7.10
+158.25%
2.75
Common Stock Issuance
2.25
0.00
—
0.00
Issuance Of Capital Stock
2.25
0.00
—
0.00
Sale Of Business
—
0.00
-100.00%
211.14
—
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

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