For the year ending 2025-12-31, SST had $20,561K increase in cash & cash equivalents over the period. -$4,193K in free cash flow.
| Cash Flow | 2025-12-31 |
|---|---|
| Net loss | -81,193 |
| Depreciation and amortization | 82,862 |
| Stock-based compensation | 11,312 |
| Shared-based compensation liabilities | 3,429 |
| Amortization of debt issuance costs | 3,595 |
| Noncash lease expense | 1,803 |
| Change in fair value of warrant liabilities | -275 |
| Deferred tax benefits | -2,190 |
| Gain on extinguishment of tax receivable agreement liability | 5,253 |
| Gain on extinguishment of debt | 0 |
| Bad debt expense | 700 |
| Other, net | 31 |
| Accounts receivable | -4,927 |
| Prepaid expenses and other current assets | -24 |
| Accounts payable | 12,007 |
| Accrued expenses and other current liabilities | -35,672 |
| Other non-current liabilities | -254 |
| Net cash used in operating activities | -4,147 |
| Purchases of property and equipment | 46 |
| Purchases of intangible asset | 275 |
| Capitalized software development costs | 6,402 |
| Net cash used in investing activities | -6,723 |
| Repayment of term loan | 20,000 |
| Proceeds from revolver facility | 50,000 |
| Taxes paid related to net settlement of stock awards | 356 |
| Distributions to members, net of contributions | 32 |
| Proceeds from private placement of class a common stock | 2,250 |
| Repurchases of class a common stock | 557 |
| Net cash provided by (used in) financing activities | 31,305 |
| Effect of exchange rate changes in cash, cash equivalent and restricted cash | 126 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 20,561 |
| Cash, cash equivalents and restricted cash, beginning of the period | 67,948 |
| Cash, cash equivalents and restricted cash, end of the period | 88,509 |
System1, Inc. (SST)
System1, Inc. (SST)