Filing Flows › System1 (SST) › Q1 2026 › vs Q1 2025
System1 (SST) Q1 2026 vs Q1 2025 (year over year)
System1's revenue fell $37.3M (-50%) from $74.5M in Q1 2025 to $37.2M in Q1 2026. The biggest changes: Marketing −$33.9M (-65%); Products −$3.4M (-15%).
System1, Q1 2026: revenue $37.2M (-50% year over year), operating margin -137.1%, net loss $57.6M, operating cash flow −$26.1M. The chart draws each line against Q1 2025, the increases inside each band.
Every line
| Line | Q1 2026 | Q1 2025 | Change | % |
|---|---|---|---|---|
| Products | $18.8M | $22.3M | −$3.4M | -15% |
| Marketing | $18.4M | $52.2M | −$33.9M | -65% |
| Revenue | $37.2M | $74.5M | −$37.3M | -50% |
| Income tax benefit | $75K | $387K | −$312K | -81% |
| Net loss | $57.6M | $19.9M | $37.7M | +190% |
| Costs & expenses | $94.9M | $94.8M | $144K | +0.2% |
| Operating costs | $88.3M | $87.6M | $632K | +0.7% |
| Interest & other, net | $6.6M | $7.1M | −$488K | -7% |
| Cost of revenue | $13.9M | $46.1M | −$32.2M | -70% |
| SG&A | $16.8M | $16.6M | $215K | +1% |
| Other operating costs | $57.6M | $25.0M | $32.6M | +131% |
| Operating cash sources | $57.6M | $19.9M | $37.7M | +190% |
| Share-based compensation | $1.3M | $2.7M | −$1.4M | -52% |
| Working capital & other | $30.2M | $1.3M | $28.9M | 24× |
| Cash used in operations | $26.1M | $15.9M | $10.2M | +64% |
| Net loss absorbed | $57.6M | $19.9M | $37.7M | +190% |
Questions
How much did System1's revenue grow year over year in Q1 2026?
System1's revenue fell $37.3M (-50%) from $74.5M in Q1 2025 to $37.2M in Q1 2026.
What drove System1's revenue change in Q1 2026?
Marketing −$33.9M (-65%); Products −$3.4M (-15%).