System1, Inc. (SST) Form 8-K — Aug 5, 2026
System1 (NYSE: SST) reported Q2 2026 revenue of $30.2 million, down roughly 61% from $78.1 million a year ago, with a GAAP net loss of $15.3 million and adjusted EBITDA of $1.9 million, down from $11.7 million in the year-ago quarter. Management framed the revenue drop as planned, citing a late-Q1 decision to sharply reduce marketing tied to search monetization, which lifted adjusted gross margin to 85% as the higher-margin Products business now drives the majority of revenue and gross profit. The CEO also highlighted a signed-and-closed debt exchange transaction that cuts gross debt by half.
Key figures
- Revenue
- $30.2 million
- Net Income
- -$15.3 million net loss (-$12.6 million attributable to System1)
- Total Debt
- $291.8 million net ($76.9 million current + $214.9 million long-term)
- Revenue Yoy
- -61% (vs $78.1 million in Q2 2025)
- Total Assets
- $291.4 million
- Cash Position
- $40.5 million (vs $86.9 million at Dec 31, 2025)
- Operating loss
- $8.3 million (vs $15.9 million in Q2 2025)
- Adjusted ebitda
- $1.9 million (vs $11.7 million in Q2 2025, ~-84% YoY)
- Interest expense
- $7.1 million
- Gaap gross profit
- $24.3 million, 80% margin
- Gross debt reduction
- debt exchange transaction signed and closed, cutting gross debt by half
- Adjusted gross profit
- $25.5 million, 85% margin (vs $41.0 million, 53% margin in Q2 2025)
- Startpage session growth
- 31% web sessions and 63% mobile app sessions YoY
- Stockholders equity total
- -$53.0 million
- Impairment long lived assets
- $0.9 million
- Stockholders equity attributable to system1
- -$26.7 million
Price after filing
Close on the filing date to close N calendar days later (from $2.01). Historical, not a forecast.
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