InsiderClue
Stocks · Technology · Services-Computer Programming, Data Processing, Etc.

System1, Inc.

SST Clue Score29
United States Fiscal year ends December CIK 0001805833
$2.34 +3.08% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $2.34 −76.40% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 7 Aug 2020. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2021Revenue688.4Operating income50.8Net income33.0Fiscal year 2022Revenue612.2 −11.1%Operating income−457.7Net income−330.4 −1,101.3%EPS, diluted−3.70Fiscal year 2023Revenue402.0 −34.3%Operating income−86.0Net income−227.2EPS, diluted−2.48Fiscal year 2024Revenue343.9 −14.4%Operating income−88.6Net income−74.7EPS, diluted−10.74Fiscal year 2025Revenue266.1 −22.6%Operating income−62.0Net income−65.3EPS, diluted−8.32
FY2021FY2022FY2023FY2024FY2025
Revenue 688.4 612.2 402.0 343.9 266.1
Growth −11.1% −34.3% −14.4% −22.6%
Operating income 50.8 −457.7 −86.0 −88.6 −62.0
Net income 33.0 −330.4 −227.2 −74.7 −65.3
Growth −1,101.3%
EPS, diluted n/a −3.70 −2.48 −10.74 −8.32

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2021Operating margin7.4%Net margin4.8%Free cash flow margin8.8%Fiscal year 2022Operating margin−74.8%Net margin−54.0%Free cash flow margin−0.0%Fiscal year 2023Operating margin−21.4%Net margin−56.5%Free cash flow margin−6.7%Fiscal year 2024Operating margin−25.8%Net margin−21.7%Free cash flow margin−1.5%Fiscal year 2025Operating margin−23.3%Net margin−24.6%Free cash flow margin−1.6%
FY2021FY2022FY2023FY2024FY2025
Operating margin 7.4% −74.8% −21.4% −25.8% −23.3%
Net margin 4.8% −54.0% −56.5% −21.7% −24.6%
Free cash flow margin 8.8% −0.0% −6.7% −1.5% −1.6%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2021Operating cash flow60.7Capital expenditure−0.0Free cash flow60.7Buybacks0.0Fiscal year 2022Operating cash flow3.3Capital expenditure−3.5Free cash flow−0.2 −100.4%Buybacks−510.5Fiscal year 2023Operating cash flow−24.7Capital expenditure−2.4Free cash flow−27.1Buybacks0.0Fiscal year 2024Operating cash flow−5.3Capital expenditure−0.0Free cash flow−5.3Buybacks0.0Fiscal year 2025Operating cash flow−4.1Capital expenditure−0.0Free cash flow−4.2Buybacks−0.6
FY2021FY2022FY2023FY2024FY2025
Operating cash flow 60.7 3.3 −24.7 −5.3 −4.1
Capital expenditure −0.0 −3.5 −2.4 −0.0 −0.0
Free cash flow 60.7 −0.2 −27.1 −5.3 −4.2
Growth −100.4%
Buybacks 0.0 −510.5 0.0 0.0 −0.6

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2021Cash47.9Shareholders’ equity−28.4Fiscal year 2022Cash8.9Total debt434.5Net cash (debt)−425.6Shareholders’ equity392.0Debt to equity1.11Fiscal year 2023Cash135.3Total debt369.5Net cash (debt)−234.2Shareholders’ equity135.3Debt to equity2.73Fiscal year 2024Cash63.6Total debt275.1Net cash (debt)−211.5Shareholders’ equity80.3Debt to equity3.43Fiscal year 2025Cash86.9Total debt258.4Net cash (debt)−171.5Shareholders’ equity30.5Debt to equity8.48
FY2021FY2022FY2023FY2024FY2025
Cash 47.9 8.9 135.3 63.6 86.9
Total debt n/a 434.5 369.5 275.1 258.4
Net cash (debt) n/a −425.6 −234.2 −211.5 −171.5
Shareholders’ equity −28.4 392.0 135.3 80.3 30.5
Debt to equity n/a 1.11 2.73 3.43 8.48

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Balance sheet

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024† 31 Dec 2024 FY2025 31 Dec 2025
Assets
47.9 8.9 135.3 63.6 86.9
90.2 80.4 56.1 62.9 57.3
0.8 3.2 3.1 2.1 1.6
44.8 82.4 82.4 82.4 82.4
256.9 1,160.5 605.5 459.1 405.0
Growth +351.7% −47.8% −24.2% −11.8%
Liabilities
n/a 20.0 20.0 20.0 30.0
n/a 414.5 349.5 255.1 228.4
calc n/a 434.5 369.5 275.1 258.4
285.3 689.8 436.2 374.1 387.6
Equity
0.0 −439.3 −707.7 −782.3 −847.7
−28.4 392.0 135.3 80.3 30.5
Growth −65.5% −40.7% −62.0%
Per share and net cash
calc n/a −425.6 −234.2 −211.5 −171.5
81.7 n/a 21.5 n/a n/a
calc −0.35 n/a 6.29 n/a n/a

† The diluted share count jumps at 2024, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Lines marked calc are worked out here from filed figures; point at one for how.