Filing Flows › System1 (SST) › Q3 2025
System1 (SST) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
System1 (SST) reported revenue of $61.6M for the third quarter 2025 (Q3 2025), -31% from a year earlier and -21% from the quarter before. Operating margin was -25.3%, net loss $22.0M (35.7% of revenue).
System1, Q3 2025: revenue $61.6M (-31% year over year), operating margin -25.3%, net loss $22.0M, operating cash flow −$2.1M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $61.6M | -21% | -31% |
| Operating profit | −$15.6M | — | — |
| Net earnings | −$22.0M | — | — |
| Operating cash flow | −$2.1M | -108% | — |
What changed
Revenue was $61.6M in Q3 2025, down 31% year over year and down 21% from the previous quarter. Marketing was the largest line at 63% of revenue. Marketing lost $29.0M year over year (down 43%), 106% of the total change.
Operating costs exceeded revenue by $15.6M, an operating margin of -25.3%. Total costs fell 30% while revenue fell 31%. The quarter ended with a net loss of $22.0M, wider than the previous quarter's $21.5M loss. Minority interests bore $3.5M of it: to shareholders the quarter was a loss of $18.5M.
Operating cash flow was −$2.1M. Non-cash charges added back $2.8M of share-based compensation. Working capital and other items added $17.1M.
Questions
What was System1's revenue in the third quarter 2025?
System1 (SST) reported revenue of $61.6M for the third quarter 2025 (Q3 2025), -31% from a year earlier and -21% from the quarter before.
Was System1 profitable in the third quarter 2025?
Operating loss was $15.6M (-25.3% of revenue) and net loss $22.0M.
Source: System1 10-Q on SEC EDGAR.