| Income Statement | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-09-30 |
|---|---|---|---|---|
| Revenue | 61,561 | 78,115 | 74,513 | 88,832 |
| Cost of revenue (excluding depreciation and amortization) | - | - | - | 51,171 |
| Cost of revenue | 38,819 | 50,212 | 46,077 | - |
| Salaries and benefits | 21,354 | 26,297 | 24,988 | 29,177 |
| Selling, general, and administrative | 16,953 | 17,511 | 16,574 | 10,172 |
| Depreciation and amortization | - | - | - | 20,128 |
| Total operating expenses | 77,126 | 94,020 | 87,639 | 110,648 |
| Operating loss | -15,565 | -15,905 | -13,126 | -21,816 |
| Change in fair value of warrant liabilities | - | - | - | -281 |
| Interest expense, net | 7,052 | 7,116 | 7,085 | 7,957 |
| Gain on extinguishment of debt | 0 | 0 | - | - |
| Change in fair value of warrant liabilities | -71 | 68 | 32 | - |
| Total other expense, net | -6,981 | -7,184 | -7,117 | -8,238 |
| Loss before income tax | -22,546 | -23,089 | -20,243 | -30,054 |
| Income tax (benefit) expense | -543 | -1,547 | -387 | 585 |
| Net loss from continuing operations | - | - | - | -30,639 |
| Net loss | -22,003 | -21,542 | -19,856 | -30,639 |
| Less net loss from continuing operations attributable to non-controlling interest | - | - | - | -7,037 |
| Less net loss attributable to non-controlling interest | -3,487 | -4,079 | -3,973 | - |
| Net loss attributable to system1, inc | -18,516 | -17,463 | -15,883 | -23,602 |
| Basic net loss per share (in dollars per share) | -2.3 | -2.23 | -0.21 | -0.34 |
| Diluted net loss per share (in dollars per share) | -2.3 | -2.23 | -0.21 | -0.34 |
| Weighted average number of shares outstanding - basic (in shares) | 8,054,000 | 7,820,000 | 74,389,000 | 70,045,000 |
| Weighted average number of shares outstanding - diluted (in shares) | 8,054,000 | 7,820,000 | 74,389,000 | 70,045,000 |
System1, Inc. (SST)
System1, Inc. (SST)