Filing Flows › System1 (SST) › Q1 2026 › vs Q4 2025
System1 (SST) Q1 2026 vs Q4 2025 (quarter over quarter)
System1's revenue fell $14.7M (-28%) from $51.9M in Q4 2025 to $37.2M in Q1 2026. The biggest changes: Marketing −$9.0M (-33%); Products −$5.7M (-23%).
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 Q4 2025, the increases inside each band.
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| Products | $18.8M | $24.5M | −$5.7M | -23% |
| Marketing | $18.4M | $27.4M | −$9.0M | -33% |
| Revenue | $37.2M | $51.9M | −$14.7M | -28% |
| Income tax benefit | $75K | $398K | −$323K | -81% |
| Net loss | $57.6M | $17.8M | $39.8M | +224% |
| Costs & expenses | $94.9M | $70.1M | $24.8M | +35% |
| Operating costs | $88.3M | $69.4M | $18.9M | +27% |
| Interest & other, net | $6.6M | $746K | $5.9M | +789% |
| Cost of revenue | $13.9M | $30.6M | −$16.8M | -55% |
| SG&A | $16.8M | $18.6M | −$1.9M | -10% |
| Other operating costs | $57.6M | $20.1M | $37.5M | +187% |
| Operating cash sources | $57.6M | $17.8M | $39.8M | +224% |
| Share-based compensation | $1.3M | $1.3M | −$23K | -2% |
| Working capital & other | $30.2M | $5.9M | $24.3M | +415% |
| Cash used in operations | $26.1M | $10.6M | $15.5M | +146% |
| Net loss absorbed | $57.6M | $17.8M | $39.8M | +224% |
Questions
How much did System1's revenue grow quarter over quarter in Q1 2026?
System1's revenue fell $14.7M (-28%) from $51.9M in Q4 2025 to $37.2M in Q1 2026.
What drove System1's revenue change in Q1 2026?
Marketing −$9.0M (-33%); Products −$5.7M (-23%).