System1, Inc.
SSTNYSETechnology · Services-Computer Programming, Data Processing, Etc. · SEC filings ↗ · Compare ⊕
View price & chart on Yahoo Finance ↗Financials
SEC XBRL · annual| FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | |
|---|---|---|---|---|---|---|
| Revenue | $266.1M | $343.9M | $402.0M | $52.7M | $688.4M | — |
| Operating income | −$62.0M | −$88.6M | −$86.0M | −$36.6M | $50.8M | −$806,028 |
| Net income | −$65.3M | −$74.7M | −$227.2M | −$37.1M | $33.0M | −$29.9M |
| Total assets | $405.0M | $459.1M | $605.5M | $1.16B | $256.9M | $518.6M |
| Total liabilities | $387.6M | $374.1M | $436.2M | $689.8M | $285.3M | $82.4M |
| Equity | $30.5M | $80.3M | $135.3M | $392.0M | −$28.4M | $0 |
| EPS (diluted) | $-8.32 | $-10.74 | $-2.48 | $-3.70 | — | — |
| Shares out. | 7.9M | 7.0M | 91.5M | 81.7M | — | — |
Reported figures from the company's SEC filings (XBRL). Blank where a line item isn't cleanly tagged — never estimated.
Key ratios
from filings · FY2025- Operating margin
- −23.3%
- Net margin
- −24.6%
- Return on equity
- −214.5%
- Return on assets
- −16.1%
- Return on capital (ROCE)
- −24.0%
- Liabilities / assets
- 95.7%
- Debt / equity
- 12.72×
- Book value / share
- $3.88
- Revenue growth (YoY)
- −22.6%
- Net income growth (YoY)
- —
Computed from the company's own SEC figures — no market price, so these are facts, not a valuation. Book value per share is reported equity ÷ shares; it is not the stock price.
Financial health
forensic scores · FY2025- Altman Z″ (distress)
- -7.72distress
- Accruals / assets
- −15.1%clean
- Beneish M-Score
- -2.95normal
- Piotroski F-Score
- 3/9weak
Altman Z″is a textbook bankruptcy-distress score from book values only (>2.6 safe · 1.1–2.6 grey · <1.1 distress). Accruals = (net income − operating cash flow) ÷ assets; persistently high accruals are an earnings-quality red flag. Beneish M-Scoreis an eight-ratio screen comparing this year with last (M > −1.78 = elevated manipulation-risk screen, not proof). Piotroski F-Scorecounts how many of nine fundamental-health checks pass (shown as passed / applicable; we use operating margin and total liabilities as documented proxies where the exact input isn't XBRL-tagged). Computed from SEC filings — descriptive factors, not advice or a forecast.
Quality score
EDS ScoreOur own multi-factor score from free SEC data — profitability, growth, financial strength, earnings quality, and event/ownership catalysts. No market price and no licensed model: each axis is the share of source-backed checks it passes. Descriptive factors, not advice or a forecast.
Signs
● 2 severe● 5 warning● 1 good- Altman Z″ in the distress zone
- Filed a late-filing notice (Form NT) — missed an SEC deadline
- Operating losses (negative operating margin)
- Reported a net loss
- Revenue declined year-over-year
- High leverage (liabilities > 70% of assets)
- Negative operating cash flow
- Clean earnings (low accruals)
Derived from the company's own SEC figures (fundamentals, forensic scores, filing discipline) — descriptive factors, not advice or a forecast.
Risk flags
late SEC filings- NT 10-Qmissed a reporting deadline ↗May 10, 2023
- NT 10-K/Amissed a reporting deadline ↗Mar 17, 2023
- NT 10-Kmissed a reporting deadline ↗Mar 16, 2023
- NT 10-Qmissed a reporting deadline ↗May 16, 2022
- NT 10-Qmissed a reporting deadline ↗Nov 16, 2021
- NT 10-Qmissed a reporting deadline ↗Aug 17, 2021
A Form NT means the company notified the SEC it would file a periodic report late — often an accounting, audit or liquidity warning sign. Also search SEC enforcement actions for this company.
5%+ owners
SEC Schedule 13D / 13G · last 3 yrs- Foley William P IiPassive (13G)Dec 2, 2025
- Cannae Holdings, Inc.Activist (13D)Dec 2, 2025
- Blend Family FoundationActivist (13D)May 5, 2025
Holders who disclosed a 5%+ stake. 13D signals intent to influence or control; 13G is a passive holding. Latest filing per holder — open it for the exact stake.
Short interest
FINRA · bi-monthly| Settlement | Shares short | Days to cover | Δ vs prior |
|---|---|---|---|
| May 15, 2026 | 429,107 | 1.0 | -33.8% |
| Apr 30, 2026 | 647,800 | 1.0 | +32.0% |
| Apr 15, 2026 | 490,871 | 1.0 | -61.3% |
| Mar 31, 2026 | 1.3M | 1.0 | +394.0% |
| Mar 13, 2026 | 256,957 | 9.8 | +24.6% |
Shares sold short as reported to FINRA. Days-to-cover = short shares ÷ average daily volume — higher means more potential squeeze pressure.
Material events
SEC Form 8-K · most recent- Entered a material agreement · New financial obligation · Unregistered equity sale · Regulation FD disclosureJun 1, 2026
- Regulation FD disclosureMay 12, 2026
- Results of operationsMay 12, 2026
- Regulation FD disclosureMar 11, 2026
- Results of operationsMar 11, 2026
- Director / officer changeJan 9, 2026
- Delisting / listing-standard notice · Regulation FD disclosureDec 12, 2025
- Director / officer change · Other material eventDec 3, 2025
Events the company reported on Form 8-K, labelled by the SEC item code it filed under — its own classification, not our interpretation.