Filing Flows › System1 (SST) › Q2 2025
System1 (SST) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
System1 (SST) reported revenue of $78.1M for the second quarter 2025 (Q2 2025), -17% from a year earlier and +5% from the quarter before. Operating margin was -20.4%, net loss $21.5M (27.6% of revenue).
System1, Q2 2025: revenue $78.1M (-17% year over year), operating margin -20.4%, net loss $21.5M, operating cash flow $24.5M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $78.1M | +5% | -17% |
| Operating profit | −$15.9M | — | — |
| Net earnings | −$21.5M | — | — |
| Operating cash flow | $24.5M | — | +146% |
What changed
Revenue was $78.1M in Q2 2025, down 17% year over year and up 5% from the previous quarter. Marketing was the largest line at 69% of revenue. Marketing lost $22.5M year over year (down 29%), 137% of the total change.
Operating costs exceeded revenue by $15.9M, an operating margin of -20.4%. Total costs fell 24% while revenue fell 17%. The quarter ended with a net loss of $21.5M, wider than the previous quarter's $19.9M loss. Minority interests bore $4.1M of it: to shareholders the quarter was a loss of $17.5M.
Operating cash flow was $24.5M (up 146% year over year). Non-cash charges added back $4.5M of share-based compensation. Working capital and other items added $41.5M.
Questions
What was System1's revenue in the second quarter 2025?
System1 (SST) reported revenue of $78.1M for the second quarter 2025 (Q2 2025), -17% from a year earlier and +5% from the quarter before.
Was System1 profitable in the second quarter 2025?
Operating loss was $15.9M (-20.4% of revenue) and net loss $21.5M.
Source: System1 10-Q on SEC EDGAR.