System1, Inc. (SST)

NYSE: SST · Services-Computer Programming, Data Processing, Etc. · Marina Del Rey, CA · filing with the SEC since 2020

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Grade3.0

◀ Past 3.9● Present 1.8▶ Future 3.5

2 est.

Overview Business Financials Grade Forecast Sentiment Ownership People Filings Patents Chart

The grade of System1, Inc.

Nine metrics read from its own filings, by tense

Headline grade

3.0/10

◀ Past3.925% of the headline

● Present1.835% of the headline

▶ Future3.540% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 7 read as filed from the record and 2 are SI estimates, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

3.9/1025% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed

0.3/10

Has it survived what it has been through?

22 warning events since 2020; the latest 2026-11-12.

weight 22% of this tense · 3rd percentile among 79 sector filers · read for itself

From the record

System1, Inc.'s filings since 2020 show 22 warning events of 4 kinds: a notice about its exchange listing (8-K item 3.01, 6 times, the latest 2026-11-12); a warning not to rely on past financial statements (8-K item 4.02, 5 times, the latest 2023-03-17); an auditor change (8-K item 4.01, 3 times, the latest 2024-06-07); a late-report notice (Form NT 10-K or NT 10-Q, 8 times, the latest 2023-05-10) (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed

1.6/10

What has it actually done, year after year?

-21.1% a year over 4 filed years; profitable in 1 of 4.

weight 45% of this tense · 16th percentile among 70 sector filers · read for its customers

From the record

System1, Inc.'s 4 filed years say what it did: revenue went from $688 million in fiscal 2021 to $266 million in fiscal 2025, down 21.1% a year; it rose in 0 of 3 years; the deepest fall was 61% from fiscal 2021 to fiscal 2025; net income was positive in 1 of 4 of those years (its annual reports).

What it rests on

revenue growth over the filed span-21.1%bottom 4% of its family
the share of years revenue rosebottom 1% of its family
the share of filed years with a profitbottom 44% of its family
the deepest fall from a revenue peak61.3%bottom 16% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

SI estimate

9.5/10

How has it treated the people who own it?

SI estimate 9.5/10, confidence 35 of 100 (one part).

weight 33% of this tense · 95th percentile among 72 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: Read from one part only, the share count over the years, which ranks in the top 5% of 72 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
What the record cannot read: Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned: one part: the share count over the years, the one part on file, ranked among 72 in its family.
Confidence: 35 of 100
What would change it: A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: System1, Inc.'s shareholder treatment is put at 9.5 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the top 5% of 72 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.

● Present

What are they doing right now?

1.8/1035% of the headline grade · 2 of 3 filed, 1 estimated

Financial health

as filed

2.1/10

Is it financially healthy right now?

ROE -214%: lost 214¢ per shareholder dollar. Leverage 92%: owes 92¢ per asset dollar.

weight 45% of this tense · 21st percentile among 74 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, System1, Inc. lost about 214 cents for every dollar of shareholders' money, and gross profitability: its products earned about 25 cents per dollar of everything the company owns (revenue less the cost of revenue). Leverage: it owed about 92 cents per dollar of assets, and net share issuance: its share count grew 12.9% over the year (the filed statements).

What it rests on

what it owes per dollar of assetsbottom 14% of its family
return on equitybottom 4% of its family
gross profit against assetsbottom 40% of its family
the share count against the year beforebottom 28% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed

2.5/10

How strong is its position in its industry?

bottom 25% of 73 in its family; net margin -24.6%.

weight 33% of this tense · 25th percentile among 73 sector filers · read for its customers

From the record

System1, Inc.'s standing among 73 graded names in its industry family: revenue of $266 million in fiscal 2025 ranks in the bottom 40% by size; a net margin of -24.6% ranks in the bottom 28%; revenue growth of -21.1% a year over the last 3 filed years ranks in the bottom 6% (its annual reports).

What it rests on

revenue against the family$266Mbottom 40% of its family
net margin-24.6%bottom 28% of its family
three-year revenue growth-21.1%bottom 6% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

SI estimate

0.1/10

What are the people in charge doing?

SI estimate 0.1/10, confidence 35 of 100 (one part).

weight 22% of this tense · 1st percentile among 47 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: Read from one part only, officer and director changes on Form 8-K over three years, against the people in charge, which ranks in the bottom 1% of 47 in its family; the record of its people begins on 2022-01-27 (a listing, a merger or a first filing under the rules) and most of the people in charge have filed since then, so the record shows a floor of 4.8 years and cannot see past it; a floor under five years is not read as years in charge.
What the record cannot read: The record of its people begins on 2022-01-27 (a listing, a merger or a first filing under the rules) and most of the people in charge have filed since then, so the record shows a floor of 4.8 years and cannot see past it; a floor under five years is not read as years in charge.
How it was reasoned: one part: officer and director changes on Form 8-K, against the people in charge, the one part on file, ranked among 47 in its family.
Confidence: 35 of 100
What would change it: A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: System1, Inc.'s leadership is put at 0.1 of 10 with a confidence of 35 of 100, because read from one part only, officer and director changes on Form 8-K over three years, against the people in charge, which ranks in the bottom 1% of 47 in its family; the record of its people begins on 2022-01-27 (a listing, a merger or a first filing under the rules) and most of the people in charge have filed since then, so the record shows a floor of 4.8 years and cannot see past it; a floor under five years is not read as years in charge. A filing that carries the missing parts replaces this estimate with the filed reading.

▶ Future

What are they set up to do next?

3.5/1040% of the headline grade · 3 of 3 filed

Room to expand

as filed

2.3/10

How much room does it have to grow?

bottom 23% of 71 in its family for room to expand.

weight 22% of this tense · 23rd percentile among 71 sector filers · read for itself

From the record

System1, Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of $89 million against debt of $305 million leaves -53.5% of its assets as net cash, bottom 9% of its family; cash from operations less capital spending is -1.6% of revenue (bottom 34%); a gross margin of 37.7% (bottom 26%) (its annual report).

What it rests on

cash less debt against assets-53.5%bottom 9% of its family
cash from operations less capital spending against revenue-1.6%bottom 34% of its family
gross margin37.7%bottom 26% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed

4.0/10

What could actually drive growth from here?

bottom 40% of 70 in its family for growth drivers.

weight 45% of this tense · 40th percentile among 70 sector filers · read for its customers

From the record

System1, Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew -21.1% a year over the last three filed years against -21.1% over all 4, speeding up (top 24% of its family); the newest year grew -22.6% (bottom 6%); capital spending grew -1.6% a year (bottom 38%) (its annual reports). System1, Inc. reported 2 lines of business in fiscal 2025: Marketing at $173 million (65%), Products at $93 million (35%); 1 of 2 grew against the year before (its annual report).

What it rests on

three-year growth against the whole span+0.0 points a yeartop 24% of its family
the newest year's revenue growth-22.6%bottom 6% of its family
three-year growth of capital spending-1.6%bottom 38% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed

3.7/10

Did its newest year beat what its own record pointed to?

bottom 37% of 65 in its family for expectations against reality.

weight 33% of this tense · 37th percentile among 65 sector filers · read for its shareholders

From the record

System1, Inc.'s newest year against its own record: revenue of $266 million in fiscal 2025 came in 2.5% below the $273 million its prior three years' pace pointed to (bottom 45% of its family); net income of $65 million against a prior three-year average of $90 million (bottom 35%); a net margin of -24.6% against -24.5% before (bottom 30%) (its annual reports).

What it rests on

revenue against the prior three years' pace-2.5%bottom 45% of its family
net income against the prior three years' average+27%bottom 35% of its family
net margin against its prior average-0.1 pointsbottom 30% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton SST · research, not advice