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System1 (SST) investor relations material
System1 Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Q3 2025 revenue declined 31% year-over-year to $61.6 million, driven by challenges in the marketing business from the sunsetting of Google's AdSense for Domains (AFD) and changes at a major advertising partner.
The company is transitioning marketing efforts to Google's Related Search on Content (RSOC) and expanding AI-powered product development, with strong user growth and innovation in Startpage, MapQuest, and CouponFollow.
Shift toward higher-margin Products segment, now the majority of gross profit, and ongoing AI integration improved gross margin and reduced operating expenses.
Completed a corporate reorganization in August 2024, consolidating assets under System1 Holdings, LLC, and implemented a 1-for-10 reverse stock split in June 2025.
Notable product launches and expansions included CouponFollow's European beta, MapQuest app redesign, and Startpage's Vanish Private AI Chat.
Financial highlights
Q3 2025 revenue was $61.6 million, down 31% year-over-year and 21% sequentially; nine-month revenue was $214.2 million, down 20%.
Adjusted gross profit was $36.1 million, down 4% year-over-year and 12% sequentially; GAAP gross profit was $22.8 million, down 8% year-over-year.
Adjusted EBITDA was $9.9 million, down 4% year-over-year and 16% sequentially.
Net loss attributable to the company was $18.5 million, an improvement from $23.6 million loss in Q3 2024; GAAP net loss improved 28% year-over-year to $22.0 million.
Q3 2025 gross margin was 37%, up from 28% in Q3 2024; adjusted gross profit margin rose to 59% from 42% year-over-year.
Outlook and guidance
No Q4 2025 guidance provided due to uncertainty with a key advertising partner and broader online advertising volatility; management expects volatility from Google changes to subside and plans to resume guidance soon.
Product segment is expected to continue growing, and marketing is anticipated to rebound as RSOC stabilizes.
Focus remains on product expansion, new launches, diversifying marketing channels, and optimizing user monetization.
Management expects existing cash and cash flows to be sufficient for at least the next twelve months.
RSOC growth outlook for 2026?
Product investment impact on direct user acquisition?
Financial exposure from invalid traffic claim?
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Q4 202512 Mar, 2026
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Frequently asked questions
System1, Inc. is a technology company focused on operating an omnichannel customer acquisition platform. The company specializes in developing tools that use machine learning algorithms to acquire customers across various industries. It provides digital marketing and advertising solutions that optimize campaigns for businesses by using proprietary technology to analyze and manage large amounts of data. System1 serves clients in sectors such as e-commerce, insurance, and subscription services, aiming to connect advertisers with potential customers through multiple online channels. The company is headquartered in Los Angeles, California, and its shares are listed on the NYSE.
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