Financials in USD. Standardized financial statements.
A compact view of how System1, Inc. turns revenue into operating income and net income.
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue? | $266.13M | $343.93M | $401.97M | $664.94M | $688.39M | $475.98M | $407.49M | $265.53M |
| Revenue Growth? | -22.6% | -14.4% | -39.5% | -3.4% | +44.6% | +16.8% | +53.5% | 0.0% |
| Cost of Revenue? | $165.73M | $191.56M | $355.25M | $649.57M | $601.75M | $341.00M | $275.77M | $171.03M |
| Gross Profit? | $100.39M | $152.36M | $46.72M | $15.37M | $86.64M | $134.98M | $131.72M | $94.50M |
| Gross Margin? | +37.7% | +44.3% | +11.6% | +2.3% | +12.6% | +28.4% | +32.3% | +35.6% |
| Operating Expenses? | $162.44M | $240.97M | $132.71M | $509.69M | $35.81M | $92.36M | $79.59M | $71.84M |
| Operating Income? | -$62.04M | -$88.60M | -$85.99M | -$494.32M | $50.83M | $42.62M | $52.13M | $22.66M |
| EBITDA? | $20.82M | $14.00M | -$4.48M | -$51.95M | $64.72M | $52.92M | $62.23M | $25.46M |
| Income Before Tax | -$84.07M | -$97.67M | -$131.63M | -$312.12M | $33.96M | $18.27M | $24.95M | $3.69M |
| Income Tax Expense | -$2.88M | -$370,000 | -$20.37M | $109.31M | $965,000 | $1.91M | $702,000 | $24.64M |
| Net Income? | -$65.34M | -$74.67M | -$227.22M | -$367.45M | $33.00M | $63.76M | $8.79M | -$20.95M |
| EPS? | $-8.32 | $-1.07 | $-2.44 | $-3.81 | $0.40 | $0.25 | $0.27 | $-0.26 |
| Diluted EPS? | $-8.32 | $-1.07 | $-2.44 | $-3.81 | $0.40 | $0.25 | $0.27 | $-0.26 |
Revenue, profitability, margins, EPS, and share-count trends over time.
Top-line demand and scale over time
Profit left after direct production costs
Core business profitability before financing and tax
Bottom-line profit after all expenses
Profit allocated to each diluted share
Share count trend that affects EPS quality
Gross, operating, and net margin quality