Filing Flows › System1 (SST) › Q1 2026
System1 (SST) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 12, 2026
System1 (SST) reported revenue of $37.2M for the first quarter 2026 (Q1 2026), -50% from a year earlier and -28% from the quarter before. Operating margin was -137.1%, net loss $57.6M (154.7% of revenue).
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 follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $37.2M | -28% | -50% |
| Operating profit | −$51.0M | — | — |
| Net earnings | −$57.6M | — | — |
| Operating cash flow | −$26.1M | — | — |
What changed
Revenue was $37.2M in Q1 2026, down 50% year over year and down 28% from the previous quarter. Products was the largest line at 51% of revenue. Marketing lost $33.9M year over year (down 65%), 91% of the total change.
Operating costs exceeded revenue by $51.0M, an operating margin of -137.1%. Total costs grew 1% against a revenue fall of 50%. The fastest-growing cost line was Other operating costs (+131%). The quarter ended with a net loss of $57.6M, wider than the previous quarter's $17.8M loss. Minority interests bore $10.5M of it: to shareholders the quarter was a loss of $47.1M.
Operating cash flow was −$26.1M. Non-cash charges added back $1.3M of share-based compensation. Working capital and other items added $30.2M.
Questions
What was System1's revenue in the first quarter 2026?
System1 (SST) reported revenue of $37.2M for the first quarter 2026 (Q1 2026), -50% from a year earlier and -28% from the quarter before.
Was System1 profitable in the first quarter 2026?
Operating loss was $51.0M (-137.1% of revenue) and net loss $57.6M.
Source: System1 10-Q on SEC EDGAR.