System1, Inc.
Balance Sheet
| Line Item | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Cash & Equivalents | $40.5M | $51.5M | $86.9M | $54.6M | $63.6M | $43.9M | $63.6M | $69.1M |
| Accounts Receivable | $41.0M | $53.3M | $57.3M | $54.4M | $70.2M | $61.8M | $62.9M | $57.6M |
| Inventory | — | — | — | — | — | — | — | — |
| Total Current Assets | $89.5M | $111.7M | $149.5M | $116.6M | $141.4M | $114.2M | $134.5M | $135.2M |
| Property, Plant & Equipment | $1.4M | $1.5M | $1.6M | $1.7M | $1.8M | $1.9M | $2.1M | $2.4M |
| Goodwill | $82.4M | $82.4M | $82.4M | $82.4M | $82.4M | $82.4M | $82.4M | $82.4M |
| Intangible Assets (Excl. Goodwill) | $96.0M | $101.4M | $148.1M | $166.7M | $185.3M | $204.0M | $222.3M | $241.0M |
| Total Assets | $291.4M | $320.3M | $405.0M | $385.2M | $429.2M | $419.2M | $459.1M | $479.3M |
| Liabilities | ||||||||
| Accounts Payable | $15.1M | $14.3M | $22.0M | $23.1M | $28.1M | $7.6M | $10.4M | $9.4M |
| Total Current Liabilities | $117.0M | $125.9M | $146.4M | $102.1M | $119.9M | $89.7M | $105.1M | $99.2M |
| Long-Term Debt | $214.9M | $221.6M | $228.4M | $235.1M | $241.8M | $248.5M | $255.1M | $275.6M |
| Total Liabilities | $344.4M | $359.3M | $387.6M | $350.9M | $375.8M | $351.5M | $374.1M | $376.5M |
| Stockholders' Equity | ||||||||
| Retained Earnings | $-907.3M | $-894.7M | $-847.7M | $-834.2M | $-815.7M | $-798.2M | $-782.3M | $-768.2M |
| Total Stockholders' Equity | $-26.7M | $-15.4M | $30.5M | $42.7M | $58.2M | $67.2M | $80.3M | $90.3M |