Filing Flows › System1 (SST) › Q1 2025
System1 (SST) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 6, 2025
System1 (SST) reported revenue of $74.5M for the first quarter 2025 (Q1 2025), -12% from a year earlier and -1% from the quarter before. Operating margin was -17.6%, net loss $19.9M (26.6% of revenue).
System1, Q1 2025: revenue $74.5M (-12% year over year), operating margin -17.6%, net loss $19.9M, operating cash flow −$15.9M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $74.5M | -1% | -12% |
| Operating profit | −$13.1M | — | — |
| Net earnings | −$19.9M | — | — |
| Operating cash flow | −$15.9M | -2166% | — |
What changed
Revenue was $74.5M in Q1 2025, down 12% year over year and down 1% from the previous quarter. Owned and Operated Advertising was the largest line at 78% of revenue. Owned and Operated Advertising lost $11.1M year over year (down 16%), 107% of the total change.
Operating costs exceeded revenue by $13.1M, an operating margin of -17.6%. Total costs fell 21% while revenue fell 12%. The quarter ended with a net loss of $19.9M, wider than the previous quarter's $18.0M loss. Minority interests bore $4.0M of it: to shareholders the quarter was a loss of $15.9M.
Operating cash flow was −$15.9M. Non-cash charges added back $2.7M of share-based compensation. Working capital and other items added $1.3M. Capital expenditures of $46K exceeded it, leaving free cash flow of −$16.0M.
Questions
What was System1's revenue in the first quarter 2025?
System1 (SST) reported revenue of $74.5M for the first quarter 2025 (Q1 2025), -12% from a year earlier and -1% from the quarter before.
Was System1 profitable in the first quarter 2025?
Operating loss was $13.1M (-17.6% of revenue) and net loss $19.9M.
Source: System1 10-Q on SEC EDGAR.