System1, Inc.
Cash Flow Statement
| Line Item | Jun 2026 | Mar 2026 | Sep 2025 | Jun 2025 | Mar 2025 | Sep 2024 | Jun 2024 | Mar 2024 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $-12.6M | $-47.1M | $-18.5M | $-17.5M | $-15.9M | $-23.6M | $-26.4M | $-10.5M |
| Depreciation & Amortization | — | — | — | — | — | $20.1M | $19.9M | $19.8M |
| Depreciation | — | — | — | — | — | — | — | — |
| Amortization | — | $9.9M | $18.6M | $18.6M | $18.7M | $18.7M | $18.7M | $18.7M |
| Stock-Based Compensation | — | $1.3M | — | — | $2.7M | — | — | $4.0M |
| Net Cash from Operating Activities | $-2.0M | $-26.1M | $-2.1M | $24.5M | $-15.9M | $-5.0K | $10.0M | $-16.0M |
| Investing Activities | ||||||||
| Capital Expenditures | — | $0 | $0 | $0 | $46.0K | $31.0K | $0 | $0 |
| Business Acquisitions | — | — | — | — | — | — | — | — |
| Net Cash from Investing Activities | — | $-2.2M | — | — | $-1.5M | — | — | $-1.6M |
| Financing Activities | ||||||||
| Dividends Paid | — | — | — | — | — | — | — | — |
| Stock Repurchases | — | $202.0K | — | — | $0 | — | — | — |
| Net Cash from Financing Activities | — | $-7.7M | — | — | $-5.3M | — | — | $-48.2M |
| Net Change in Cash | — | $-36.1M | — | — | $-22.8M | — | — | $-65.8M |
| Free Cash Flow | — | $-26.1M | $-2.1M | $24.5M | $-16.0M | $-36.0K | $10.0M | $-16.0M |