System1, Inc.
Income Statement
| Line Item | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $30.2M | $37.2M | $51.9M | $61.6M | $78.1M | $74.5M | $75.6M | $88.8M |
| Cost of Revenue | $5.9M | $13.9M | $30.6M | $38.8M | $50.2M | $46.1M | $43.8M | $64.0M |
| Gross Profit | $24.3M | $23.4M | $21.3M | $22.7M | $27.9M | $28.4M | $31.8M | $24.8M |
| Gross Margin | 80.4% | 62.8% | 41.0% | 36.9% | 35.7% | 38.2% | 42.1% | 28.0% |
| Operating Expenses | ||||||||
| Research & Development | — | — | — | — | — | — | — | — |
| SG&A Expense | $14.5M | $16.8M | $18.7M | $17.0M | $17.5M | $16.6M | $17.8M | $17.5M |
| Operating Income | $-8.3M | $-51.0M | $-17.4M | $-15.6M | $-15.9M | $-13.1M | $-11.9M | $-21.8M |
| Operating Margin | -27.5% | -137.1% | -33.6% | -25.3% | -20.4% | -17.6% | -15.7% | -24.6% |
| Interest Expense | — | — | — | — | — | — | — | — |
| Pretax Income | $-15.4M | $-57.7M | $-18.2M | $-22.5M | $-23.1M | $-20.2M | $-18.8M | $-30.1M |
| Income Tax Expense | $-75.0K | $-75.0K | $-398.0K | $-543.0K | $-1.5M | $-387.0K | $-729.0K | $585.0K |
| Net Income | $-12.6M | $-47.1M | $-13.5M | $-18.5M | $-17.5M | $-15.9M | $-14.2M | $-23.6M |
| Net Margin | -41.7% | -126.4% | -26.0% | -30.1% | -22.4% | -21.3% | -18.7% | -26.6% |
| EPS (Basic) | $-1.54 | $-5.82 | $-1.65 | $-2.30 | $-2.23 | $-2.14 | $-3.41 | $-3.37 |
| EPS (Diluted) | $-1.54 | $-5.82 | $-1.65 | $-2.30 | $-2.23 | $-2.14 | $-3.41 | $-3.37 |
| Shares Outstanding (Basic) | 8.2M | 8.1M | 7.9M | 8.1M | 7.8M | 7.4M | 7.0M | 7.0M |
| Shares Outstanding (Diluted) | 8.2M | 8.1M | 7.9M | 8.1M | 7.8M | 7.4M | 7.0M | 7.0M |
| Dividends Per Share | — | — | — | — | — | — | — | — |