# System1, Inc. (SST) · Edgar & Edgarette company card

> System1 (SST) saw revenue fall 22.6% in FY2025 to $266 million, operating margin -23.3% against a 2.9% median for computer programming, data processing, etc., equity 7.5% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 1805833 · fiscal year ended 2025-12-31 · 5 audited years read · [page](https://www.pops4.com/boards/company/SST) · [JSON](https://www.pops4.com/boards/company/SST.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $266M |
| Revenue growth, 1 year | -22.6% |
| Revenue growth per year | -21.1% |
| Operating margin | -23.3% (prior year -25.8%) |
| Net margin | -30.5% |
| Operating cash flow | −$4M |
| Capital spending | $46,000 |
| Free cash flow | −$4M |
| Cash | $87M |
| Long-term debt | $305M |
| Total assets | $405M |
| Total equity | $30M |
| Equity ÷ assets | 7.5% |
| Return on equity | -266.5% |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Altman Z: -7.72 (distress zone)
- Piotroski F: 3 of 9 (middling)
- Beneish M: -3.37 (below the −1.78 line)
- Health Harbor boat: Old boat · three warning signs · slow and jumpy: growing slower than its size class, with revenue that swings more; operating cash flow was negative; operating loss: a margin of -23.3% in FY2025
- Cash Compass: Fading · slow and jumpy, lagging its peers

## Edgarette's reading

Exposure: revenue $266.1M (FY2025), total debt $305.1M. Experience: revenue down 22.6% on the year, down 21.1% a year over 4 years; operating margin -23.3%, up from -25.8%. Soundness: equity 7.5% of assets, return on equity -266.5%. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $164.2M and $243.3M next year (method v4.1: its own 4-year record of growth weighed at 50% against $100M–1B filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $148.7M to $269.9M. A statistical range, not company guidance. Against peers (40 filers, $50M+ revenue, services-computer programming, data processing, etc.): operating margin -23.3% against a 2.9% median; growth -22.6% against 5.7%.

Range logged 2026-10-27, receipt 8b25bacb7b2c800b, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item 3.01 Exchange listing notice or transfer: 1, latest 2025-12-12 ([filing](https://www.sec.gov/Archives/edgar/data/1805833/000180583325000020/0001805833-25-000020-index.htm))
- Item 5.02 Director or officer change: 4, latest 2026-10-30 ([filing](https://www.sec.gov/Archives/edgar/data/1805833/000180583326000054/0001805833-26-000054-index.htm))

## Recent filings

- 8-K · filed 2026-10-30 · 5.02 Departure or Election of Directors; Appointment of Officers; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1805833/000180583326000054/0001805833-26-000054-index.htm)
- 8-K · filed 2026-08-05 · 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1805833/000180583326000051/0001805833-26-000051-index.htm)
- 10-Q · filed 2026-08-05 · [filing](https://www.sec.gov/Archives/edgar/data/1805833/000180583326000050/0001805833-26-000050-index.htm)
- 8-K · filed 2026-08-05 · 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1805833/000180583326000049/0001805833-26-000049-index.htm)
- 8-K · filed 2026-07-24 · 3.03 Material Modifications to Rights of Security Holders; 5.02 Departure or Election of Directors; Appointment of Officers; 5.03 Amendments to Articles or Bylaws; Change in Fiscal Year; 5.07 Submission of Matters to a Vote of Security Holders; 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1805833/000180583326000044/0001805833-26-000044-index.htm)
- DEF 14A · filed 2026-06-22 · [filing](https://www.sec.gov/Archives/edgar/data/1805833/000180583326000040/0001805833-26-000040-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0001805833.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1805833

## Cite

POPS4, Edgar & Edgarette: System1, Inc. (SST) company card, from the company's own SEC filings, accessed 2026-11-02, https://www.pops4.com/boards/company/SST. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.