For the year ending 2025-12-31.
| Income Statement | 2025-12-31 | 2024-12-31 | ||
|---|---|---|---|---|
| Depreciation and amortization | - | 80,107 | ||
| Revenue | 266,129 | 343,925 | ||
| Cost of revenue (excluding depreciation and amortization) | - | 191,561 | ||
| Cost of revenue | 165,734 | - | ||
| Salaries and benefits | 92,747 | 113,512 | ||
| Selling, general, and administrative | 69,688 | 47,346 | ||
| Total operating expenses | 328,169 | 432,526 | ||
| Operating loss | -62,040 | -88,601 | ||
| Interest expense, net | 27,556 | 31,562 | ||
| Gain on extinguishment of tax receivable agreement liability | 5,253 | - | ||
| Gain on extinguishment of debt | 0 | 20,109 | ||
| Change in fair value of warrant liabilities | -275 | -2,386 | ||
| Total other expense, net | -22,028 | -9,067 | ||
| Loss before income tax | -84,068 | -97,668 | ||
| Expected income tax benefit at statutory tax rate | -17,654 | - | ||
| State tax, net of federal tax benefit | 35 | - | ||
| Foreign tax effects | -1,258 | - | ||
| Effects of cross-border tax laws | 709 | - | ||
| Research and development credits | 1,012 | - | ||
| Other | -873 | - | ||
| Change in valuation allowance | 6,278 | - | ||
| Stock-based compensation | 1,082 | - | ||
| Non-controlling interest | -3,710 | - | ||
| Investment in partnership basis adjustments | 6,954 | - | ||
| Liability reversal | 1,103 | - | ||
| Other nondeductibles | 56 | - | ||
| Changes in unrecognized tax benefits | 828 | - | ||
| Other adjustments | -2,373 | - | ||
| Income tax benefit | -2,875 | -370 | ||
| Net loss from continuing operations | - | -97,298 | ||
| Net loss | -81,193 | -97,298 | ||
| Less net loss from continuing operations attributable to non-controlling interest | - | -22,625 | ||
| Less net loss attributable to non-controlling interest | -15,848 | - | ||
| Net loss attributable to system1, inc | -65,345 | -74,673 | ||
| Basic EPS | -8.32 | -1.07 | ||
| Diluted EPS | -8.32 | -1.07 | ||
| Basic Average Shares | 7,854,000 | 69,554,000 | ||
| Diluted Average Shares | 7,854,000 | 69,554,000 | ||
System1, Inc. (SST)
System1, Inc. (SST)