System1, Inc.
Cash Flow Statement
| Line Item | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $-12.6M | $-47.1M | $-13.5M | $-18.5M | $-17.5M | $-15.9M | $-14.2M | $-23.6M |
| Depreciation & Amortization | — | — | — | — | — | — | $20.2M | $20.1M |
| Depreciation | — | — | — | — | — | — | — | — |
| Amortization | — | $9.9M | $18.6M | $18.6M | $18.6M | $18.7M | $18.7M | $18.7M |
| Stock-Based Compensation | $1.4M | $1.3M | $1.3M | $2.8M | $4.5M | $2.7M | $4.6M | $3.8M |
| Net Cash from Operating Activities | $-2.0M | $-26.1M | $-10.6M | $-2.1M | $24.5M | $-15.9M | $772.0K | $-5.0K |
| Investing Activities | ||||||||
| Capital Expenditures | — | $0 | $0 | $0 | $0 | $46.0K | $0 | $31.0K |
| Business Acquisitions | — | — | — | — | — | — | — | — |
| Net Cash from Investing Activities | $-1.4M | $-2.2M | $-1.6M | $-2.0M | $-1.6M | $-1.5M | $-1.3M | $-1.7M |
| Financing Activities | ||||||||
| Dividends Paid | — | — | — | — | — | — | — | — |
| Stock Repurchases | — | $202.0K | — | — | — | $0 | — | — |
| Net Cash from Financing Activities | $-7.5M | $-7.7M | $44.4M | $-5.0M | $-2.8M | $-5.3M | $-5.0M | $-5.0M |
| Net Change in Cash | $-11.0M | $-36.1M | $32.3M | $-9.1M | $20.1M | $-22.8M | $-5.6M | $-6.7M |
| Free Cash Flow | — | $-26.1M | $-10.6M | $-2.1M | $24.5M | $-16.0M | $772.0K | $-36.0K |