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System1
System1 (SST) investor relations material
System1 Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary11 Mar, 2026
Executive summary
Revenue for fiscal year 2025 declined 23% year-over-year to $266.1 million, reflecting a challenging operating environment.
Adjusted Gross Profit for the year rose 1% to $153.4 million, with margin improving to 58% from 44% year-over-year.
GAAP Net Loss for the year decreased 17% to $81.2 million, while Adjusted EBITDA increased 9% to $41.9 million.
Fourth quarter revenue dropped 31% year-over-year to $51.9 million, with Adjusted EBITDA down 54% to $8.2 million.
Platform brands like Startpage.com and Mapquest.com saw strong user growth, and new AI-powered tools were launched on CouponFollow.com.
Financial highlights
Full-year gross profit decreased 1% to $100.4 million, while adjusted gross profit margin improved to 58%.
Fourth quarter gross profit fell 33% to $21.3 million, but adjusted gross profit margin rose to 67%.
Operating loss for the year was $62.0 million, an improvement from $88.6 million the prior year.
Net loss attributable to the company for the year was $65.3 million, down from $74.7 million in 2024.
Outlook and guidance
Management emphasized ongoing investment in products and AI capabilities to position the business for long-term growth.
The company is evaluating opportunities to strengthen the balance sheet and optimize capital structure.
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Latest events from System1
- Q2 2024 beat guidance with strong revenue and EBITDA, but net loss and partner risks remain.SST
Q2 20242 Feb 2026 - Q3 revenue and EBITDA exceeded guidance, but net loss and ad market volatility persisted.SSTQ3 202415 Jan 2026
- AI, first-party data, and operational agility drive growth and resilience in digital advertising.SST27th Annual ICR Conference 202510 Jan 2026
- Adjusted EBITDA and gross profit surged in Q4 2024 despite lower revenue and Google-driven volatility.SSTQ4 202425 Dec 2025
- Plans to raise up to $250M via Class A stock offerings amid ongoing but narrowing net losses.SSTRegistration Filing16 Dec 2025
- Key votes include director elections, auditor ratification, a reverse split, and equity plan amendments.SSTProxy Filing2 Dec 2025
- Key votes include director elections, auditor change, reverse split, and equity plan amendments.SSTProxy Filing2 Dec 2025
- Q1 2025 gross profit and EBITDA surged despite 12% revenue drop and ongoing market uncertainty.SSTQ1 202526 Nov 2025
- Adjusted EBITDA rose 18% as product growth offset a 17% revenue decline in Q2 2025.SSTQ2 202523 Nov 2025
Next System1 earnings date
Q1 20265 May, 2026
System1
Next System1 earnings date
Q1 20265 May, 2026
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Amina0781App Store
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