Filing Flows › System1 (SST) › Q4 2025
System1 (SST) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 11, 2026
System1 (SST) reported revenue of $51.9M for the fourth quarter 2025 (Q4 2025), -31% from a year earlier and -16% from the quarter before. Operating margin was -33.6%, net loss $17.8M (34.3% of revenue).
System1, Q4 2025: revenue $51.9M (-31% year over year), operating margin -33.6%, net loss $17.8M, operating cash flow −$10.6M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $51.9M | -16% | -31% |
| Operating profit | −$17.4M | — | — |
| Net earnings | −$17.8M | — | — |
| Operating cash flow | −$10.6M | — | -1478% |
What changed
Revenue was $51.9M in Q4 2025, down 31% year over year and down 16% from the previous quarter. Marketing was the largest line at 53% of revenue.
Operating costs exceeded revenue by $17.4M, an operating margin of -33.6%. Total costs fell 21% while revenue fell 31%. The quarter ended with a net loss of $17.8M, narrower than the previous quarter's $22.0M loss. Minority interests bore $4.3M of it: to shareholders the quarter was a loss of $13.5M.
Operating cash flow was −$10.6M. Non-cash charges added back $1.3M of share-based compensation. Working capital and other items added $5.9M.
Questions
What was System1's revenue in the fourth quarter 2025?
System1 (SST) reported revenue of $51.9M for the fourth quarter 2025 (Q4 2025), -31% from a year earlier and -16% from the quarter before.
Was System1 profitable in the fourth quarter 2025?
Operating loss was $17.4M (-33.6% of revenue) and net loss $17.8M.
Source: System1 10-K on SEC EDGAR.