SST NYSE
System1, Inc.
1W: -12.4%
1M: -32.1%
3M: +5.8%
YTD: -57.0%
1Y: -70.1%
3Y: -84.4%
5Y: -98.2%
$1.82
-0.13 (-6.67%)
Weekly Expected Move ±8.6%
$2
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Credit Risk of going bust: higher than 98% of companies Debt: 95.0% of company value Bonds: none of note held by US funds details ▾
Of US companies ranked in the riskiest tenth, about 1 in 20 filed for bankruptcy within a year (2020-2025).
On these numbers the stock market already values System1, Inc. at less than the debt the model counts.
Total debt $300.6M against a stock market value of $15.9M.
Distance to default -0.56 (Merton model): prices to 2026-10-27, balance sheet 2026-06-30, debt counted $184.4M (short-term plus half of long-term), stock volatility 167.6%; Altman Z'' -12.00. A ranking and a back-test, not a forecast.
US fund filings (SEC N-PORT) show under $25M of this company's bonds, so there is no bond page. Its debt may be bank loans or privately placed. How these are computed.
On these numbers the stock market already values System1, Inc. at less than the debt the model counts.
Total debt $300.6M against a stock market value of $15.9M.
Distance to default -0.56 (Merton model): prices to 2026-10-27, balance sheet 2026-06-30, debt counted $184.4M (short-term plus half of long-term), stock volatility 167.6%; Altman Z'' -12.00. A ranking and a back-test, not a forecast.
US fund filings (SEC N-PORT) show under $25M of this company's bonds, so there is no bond page. Its debt may be bank loans or privately placed. How these are computed.
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Financials
Income Statement
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Balance Sheet
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ETF Exposure
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Revenue Segmentation
By Product / Service
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Revenue by Segment (5-Year Trend)
Income Trends
Revenue
$266M
-22.6% ▼
5Y CAGR: -11.0%
Gross Profit
$100M
-34.1% ▼
5Y CAGR: -5.7%
Operating Income
-$62M
+30.0% ▲
Net Income
-$65M
+12.5% ▲
EPS (Diluted)
$-8.32
-677.6% ▼
EBITDA
$21M
+48.7% ▲
5Y CAGR: -17.0%
Profit Margins
Year-over-Year Growth
View Full Income Statement
| Line Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue | $688M | $665M | $402M | $344M | $266M |
| YoY Growth | +44.6% | -3.4% | -39.5% | -14.4% | -22.6% |
| Cost of Revenue | $602M | $650M | $355M | $192M | $166M |
| Gross Profit | $87M | $15M | $47M | $152M | $100M |
| Gross Margin | 12.6% | 2.3% | 11.6% | 44.3% | 37.7% |
| R&D Expenses | $5M | $822K | $3M | $0 | $0 |
| SG&A Expenses | $36M | $66M | $54M | $47M | $162M |
| Operating Expenses | $36M | $510M | $133M | $241M | $162M |
| Operating Income | $51M | -$494M | -$86M | -$89M | -$62M |
| Operating Margin | 7.4% | -74.3% | -21.4% | -25.8% | -23.3% |
| Interest Expense | $17M | $17M | $49M | $32M | $28M |
| Income Before Tax | $34M | -$312M | -$132M | -$98M | -$84M |
| Tax Expense | $965K | $109M | -$20M | -$370K | -$3M |
| Net Income | $33M | -$367M | -$227M | -$75M | -$65M |
| Net Margin | 4.8% | -55.3% | -56.5% | -21.7% | -24.6% |
| EPS (Diluted) | $0.40 | $-3.81 | $-2.44 | $-1.07 | $-8.32 |
| EBITDA | $65M | -$52M | -$4M | $14M | $21M |
| Shares Outstanding | 84M | 92M | 91M | 70M | 8M |