For the quarter ending 2026-03-31, SST had -$36,116K decrease in cash & cash equivalents over the period. -$26,134K in free cash flow.
| Cash Flow | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 |
|---|---|---|---|---|
| Net loss | -57,591 | -17,792 | -22,003 | -41,398 |
| Depreciation and amortization | 12,129 | 21,030 | 20,789 | 41,043 |
| Stock-based compensation | 1,264 | 1,287 | 2,832 | 7,193 |
| Impairment of long-lived assets | 36,822 | - | - | - |
| Gain on extinguishment of tax receivable agreement liability | - | 5,253 | - | - |
| Amortization of debt issuance costs | 846 | 881 | 898 | 1,816 |
| Gain on extinguishment of debt | - | 0 | 0 | 0 |
| Noncash lease expense | 382 | 374 | 458 | 971 |
| Change in fair value of warrant liabilities | 0 | -304 | -71 | 100 |
| Deferred tax benefits | -460 | -713 | -493 | -984 |
| Bad debt expense | - | 700 | - | - |
| Share-based compensation liabilities | 0 | 906 | 877 | 1,646 |
| Other, net | 3 | -1 | 10 | 22 |
| Accounts receivable | -4,033 | 3,633 | -15,862 | 7,302 |
| Prepaid expenses and other current assets | 2,509 | -2,401 | 143 | 2,234 |
| Accounts payable | -7,726 | -1,049 | -4,992 | 18,048 |
| Accrued expenses and other current liabilities | -12,941 | -9,764 | -16,048 | -9,860 |
| Other non-current liabilities | -386 | 292 | -28 | -518 |
| Net cash used in operating activities | -26,134 | -10,638 | -2,052 | 8,543 |
| Purchases of property and equipment | 0 | 0 | 0 | 46 |
| Purchases of intangible asset | 0 | 0 | 0 | 275 |
| Capitalized software development costs | 2,175 | 1,627 | 1,989 | 2,786 |
| Net cash used in investing activities | -2,175 | -1,627 | -1,989 | -3,107 |
| Repayment of term loan | 7,500 | 5,000 | 5,000 | 10,000 |
| Distributions to members, net of contributions | - | -1 | 0 | 33 |
| Proceeds from private placement of class a common stock | - | 0 | 0 | 2,250 |
| Proceeds from revolver facility | - | 50,000 | - | - |
| Taxes paid related to net settlement of stock awards | 44 | 32 | 13 | 311 |
| Contributions from (distributions to) members, net | -3 | - | - | - |
| Repurchases of class a common stock | 202 | 557 | - | - |
| Net cash used in financing activities | -7,743 | 44,412 | -5,013 | -8,094 |
| Effect of exchange rate changes in cash, cash equivalent and restricted cash | -64 | 152 | -5 | -21 |
| Net decrease in cash, cash equivalents and restricted cash | -36,116 | 32,299 | -9,059 | -2,679 |
| Cash, cash equivalents and restricted cash, beginning of the period | 88,509 | 56,210 | 67,948 | - |
| Cash, cash equivalents and restricted cash, end of the period | 52,393 | 88,509 | 56,210 | - |
System1, Inc. (SST)
System1, Inc. (SST)