System1, Inc.
Income Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | $266.1M | $343.9M | $402.0M | $612.2M | $688.4M | — |
| Cost of Revenue | $165.7M | $242.6M | $240.9M | — | — | — |
| Gross Profit | $100.4M | $101.3M | $161.1M | — | — | — |
| Gross Margin | 37.7% | 29.5% | 40.1% | — | — | — |
| Operating Expenses | ||||||
| Research & Development | — | — | — | — | — | — |
| SG&A Expense | $69.7M | $76.4M | $54.3M | $50.8M | $35.8M | — |
| Operating Income | $-62.0M | $-88.6M | $-86.0M | $-457.7M | $50.8M | $-806.0K |
| Operating Margin | -23.3% | -25.8% | -21.4% | -74.8% | 7.4% | — |
| Interest Expense | — | — | $48.7M | $31.6M | $16.9M | — |
| Pretax Income | $-84.1M | $-97.7M | $-131.6M | $-493.0M | $34.0M | — |
| Income Tax Expense | $-2.9M | $-370.0K | $-20.4M | $-108.7M | $965.0K | $0 |
| Net Income | $-65.3M | $-74.7M | $-227.2M | $-330.4M | $33.0M | $-29.9M |
| Net Margin | -24.6% | -21.7% | -56.5% | -54.0% | 4.8% | — |
| EPS (Basic) | $-8.32 | $-10.74 | $-2.48 | $-3.70 | — | $-2.43 |
| EPS (Diluted) | $-8.32 | $-10.74 | $-2.48 | $-3.70 | — | $-2.43 |
| Shares Outstanding (Basic) | 7.9M | 7.0M | 91.5M | 89.3M | — | — |
| Shares Outstanding (Diluted) | 7.9M | 7.0M | 91.5M | 89.3M | — | — |
| Dividends Per Share | — | — | — | — | — | — |