System1, Inc.
Balance Sheet
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Cash & Equivalents | $86.9M | $63.6M | $135.3M | $8.9M | $47.9M | $843.6K |
| Accounts Receivable | $57.3M | $62.9M | $56.1M | $80.4M | $90.2M | — |
| Inventory | — | — | — | — | — | — |
| Total Current Assets | $149.5M | $134.5M | $202.0M | $126.5M | $145.8M | $1.1M |
| Property, Plant & Equipment | $1.6M | $2.1M | $3.1M | $3.2M | $830.0K | — |
| Goodwill | $82.4M | $82.4M | $82.4M | $82.4M | $44.8M | — |
| Intangible Assets (Excl. Goodwill) | $148.1M | $222.3M | $297.0M | $371.7M | $50.4M | — |
| Total Assets | $405.0M | $459.1M | $605.5M | $1.16B | $256.9M | $518.6M |
| Liabilities | ||||||
| Accounts Payable | $22.0M | $10.4M | $9.5M | $6.7M | $72.8M | — |
| Total Current Liabilities | $146.4M | $105.1M | $86.4M | $211.1M | $276.6M | $613.1K |
| Long-Term Debt | $228.4M | $255.1M | $349.5M | $414.5M | $0 | — |
| Total Liabilities | $387.6M | $374.1M | $436.2M | $689.8M | $285.3M | $82.4M |
| Stockholders' Equity | ||||||
| Retained Earnings | $-847.7M | $-782.3M | $-707.7M | $-439.3M | $0 | $-81.3M |
| Total Stockholders' Equity | $30.5M | $80.3M | $135.3M | $392.0M | $-28.4M | $-81.3M |