Filing Flows › System1 (SST) › Q4 2024
System1 (SST) Q4 2024 earnings results (fourth quarter 2024)
10-K filed Mar 10, 2025
System1 (SST) reported revenue of $75.6M for the fourth quarter 2024 (Q4 2024), -21% from a year earlier and -15% from the quarter before. Operating margin was -15.7%, net loss $18.0M (23.8% of revenue).
System1, Q4 2024: revenue $75.6M (-21% year over year), operating margin -15.7%, net loss $18.0M, operating cash flow $772K. The chart follows the revenue to costs, profit and cash.
| Q4 2024 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $75.6M | -15% | -21% |
| Operating profit | −$11.9M | — | — |
| Net earnings | −$18.0M | — | — |
| Operating cash flow | $772K | — | — |
What changed
Revenue was $75.6M in Q4 2024, down 21% year over year and down 15% from the previous quarter. Owned and Operated Advertising was the largest line at 86% of revenue.
Operating costs exceeded revenue by $11.9M, an operating margin of -15.7%. Total costs fell 24% while revenue fell 21%. The quarter ended with a net loss of $18.0M, narrower than the previous quarter's $30.6M loss. Minority interests bore $3.9M of it: to shareholders the quarter was a loss of $14.2M.
Operating cash flow was $772K. Non-cash charges added back $20.2M of depreciation and amortization and $4.6M of share-based compensation. Working capital and other items used $6.0M.
Questions
What was System1's revenue in the fourth quarter 2024?
System1 (SST) reported revenue of $75.6M for the fourth quarter 2024 (Q4 2024), -21% from a year earlier and -15% from the quarter before.
Was System1 profitable in the fourth quarter 2024?
Operating loss was $11.9M (-15.7% of revenue) and net loss $18.0M.
Source: System1 10-K on SEC EDGAR.