System1, Inc. (SST) Form 10-Q — Aug 5, 2026
System1 disclosed substantial doubt about its ability to continue as a going concern in its Q2 2026 Form 10-Q. The company ended June 30, 2026 with $40.5 million in cash, negative net working capital of $27.4 million, and stated that management cannot conclude its cost-reduction plans are probable of mitigating the conditions. Q2 revenue collapsed 61% year over year to $30.2 million, with the Marketing segment down 80% after Google terminated one of its advertising agreements for convenience in February 2026.
Key figures
- Revenue
- 30200000
- Net Income
- -$12.6 million attributable to System1 (-$15.3 million total net loss) for Q2 2026
- Total Debt
- 291795000
- Revenue Yoy
- -61%
- Total Assets
- 291371000
- Cash Position
- 40484000
- Goodwill
- $82.4 million
- Q2 2025 revenue
- 78115000
- Six month revenue yoy
- -56%
- Six month revenue 2026
- 67434000
- Adjusted ebitda q2 2026
- $1.9 million vs $11.7 million in Q2 2025
- New priority term loans
- $150.0 million maturing January 2031 at SOFR + 5.00%
- Products revenue yoy q2
- -19%
- Marketing revenue yoy q2
- -80%
- Class a shares outstanding
- 8708922
- Class c shares outstanding
- 1779727
- Negative net working capital
- $27.4 million
- Revolving facility outstanding
- $50.0 million
- Impairment long lived assets q2
- $0.9 million
- Series a preferred stated value
- $40.1 million
- One time cash payment to lenders
- $20.9 million
- Repurchase authorization remaining
- $22.8 million
- Shares underlying preferred conversion
- 5287321
- Impairment long lived assets six months
- $37.7 million
- Term loan principal outstanding june 30 2026
- $245.1 million
Price after filing
Close on the filing date to close N calendar days later (from $2.01). Historical, not a forecast.
AI analysis
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