Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data System1, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2021
FY2023
FY2024
FY2025
Revenue
688
402
344
266
Cost of revenue
521
241
243
166
Gross profit
167
161
101
100
Selling, general and administrative
35.8
54.3
76.4
69.7
Operating income
50.8
-86
-88.6
-62
Interest expense
16.9
48.7
31.6
27.6
Other non-operating income
-16.9
-45.6
-9.07
-22
Pre-tax income
34
-132
-97.7
-84.1
Income tax
0.97
-20.4
-0.37
-2.88
Income from continuing operations
-85.7
-74.7
Net income to minority interests
0
-22.6
-15.8
Net income
33
-227
-74.7
-65.3
EBITDA
64.7
-7.59
-8.49
-61.4
EPS, basic
-24.89
-10.74
-8.32
EPS, diluted
-24.89
-10.74
-8.32
Shares, basic (weighted)
9.11
6.96
7.85
Shares, diluted (weighted)
9.11
6.96
7.85
Balance sheet
FY2021
FY2023
FY2024
FY2025
Cash and equivalents
47.9
135
63.6
86.9
Receivables
90.2
56.1
62.9
57.3
Other current assets
7.69
6.75
3.98
4.06
Total current assets
146
202
134
149
Property, plant and equipment
0.83
3.08
2.1
1.56
Lease right-of-use assets
0
4.73
2.64
9.12
Goodwill
44.8
82.4
82.4
82.4
Intangible assets
50.4
297
222
148
Other non-current assets
0.68
0.52
0.35
0.26
Total assets
257
605
459
405
Accounts payable
72.8
9.5
10.4
22
Accrued liabilities
13.8
15.9
7.55
Deferred revenue
1.97
Short-term debt
170
15.3
16.4
76.7
Total current liabilities
277
86.4
105
146
Long-term debt
0
334
255
228
Lease liabilities
0
3.58
1.37
8.18
Other non-current liabilities
0.97
0.93
6.36
0.52
Total liabilities
285
436
374
388
Total debt
0
350
272
305
Paid-in capital
0
843
863
879
Retained earnings
0
-708
-782
-848
Treasury stock
0
-0.56
Other comprehensive income
0.43
-0.18
-0.44
-0.16
Shareholders' equity
-28.4
135
80.3
30.5
Minority interests
0
34
4.73
-13
Total equity
-28.4
169
85
17.4
Total liabilities and equity
257
605
459
405
Shares outstanding
2.14
Cash flow statement
FY2021
FY2023
FY2024
FY2025
Net income
33
-286
-97.3
-81.2
Depreciation and amortization
13.9
78.4
80.1
0.6
Stock-based compensation
0.41
53.1
15.8
11.3
Deferred income tax
-0.98
-21.1
-2.1
-2.19
Change in receivables
-19.1
20.9
-6.8
4.93
Change in payables
20.8
-6.8
0.9
12
Cash from operations
60.7
-24.7
-5.26
-4.15
Capital expenditures
-0.05
-2.35
-0.03
-0.05
Acquisitions
0
0
Cash from investing
-6.54
203
-6.26
-6.72
Debt issued
0
0
50
Debt repaid
-20
-61.8
-20
Share buybacks
0
0
0
-0.56
Cash from financing
-34.6
-74.1
-64
31.3
Exchange rate effect
0.04
0.01
-0.03
0.13
Net change in cash
19.6
104
-75.5
20.6
Free cash flow
60.7
-27.1
-5.29
-4.19
Interest paid
14.7
42.9
30.7
25.6
Income taxes paid
2.75
7.1
-0.81
-0.04
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $2.71 on September 28, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
50.7%
Gross profit / revenue.
Operating margin
-51.0%
Operating income / revenue.
Pre-tax margin
-62.9%
Pre-tax income / revenue.
Net margin
-50.7%
Net income / revenue.
Operating cash flow margin
-22.6%
Cash from operations / revenue.
Return on assets (ROA)
-31.5%
Net income / average total assets.
Return on invested capital (ROIC)
-32.5%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue
37.0%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
3.7%
Stock-based compensation (from the cash flow statement) / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-22.6%
Revenue vs the same period a year earlier. Only from a positive base.
Gross profit growth, 1y
-0.9%
Gross profit vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
-62.0%
Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
-11.8%
Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y
12.9%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
0.77x
Current assets / current liabilities.
Quick ratio
0.70x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.35x
(Cash + short-term investments) / current liabilities.
Debt / assets
100.1%
Total debt / total assets.
Liabilities / assets
118.2%
Total liabilities / total assets.
Net debt
$251.3M
Total debt - cash - short-term investments. Negative means more cash than debt.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$22.16
Revenue / diluted weighted shares.
Operating cash flow per share
-$5.00
Cash from operations / diluted weighted shares.
Book value per share
-$3.27
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
0.16x
Market cap / revenue.
EV/Sales
1.55x
Enterprise value / revenue.
Earnings yield
-322.5%
Net income / market cap (the inverse of P/E).
What was System1, Inc.'s revenue in fiscal 2025?
System1, Inc. reported revenue of $266.1M for fiscal 2025, 22.6% lower than the year before.
Was System1, Inc. profitable in fiscal 2025?
No. It reported a net loss of $65.3M.
How much free cash flow did System1, Inc. generate in fiscal 2025?
Cash from operations of $4.1M minus capital expenditures of $46.0K left free cash flow of -$4.2M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.