SST · XBRL financial data

System1 financial statements, every fiscal year

The same tables from 8 filings, lined up. Matched by XBRL tag: renamed lines keep their history.

How these numbers work

Every number comes from the company's XBRL financial data filed with the SEC, and each one links to its filing.
Lines are matched by XBRL tag, so a line renamed between filings keeps its history.
* marks a quarter worked out from the filing totals: the 10-K year minus the first three quarters, or a year-to-date total minus the earlier one. Fourth-quarter earnings per share is fourth-quarter net income over the fourth-quarter weighted shares.
0 means a filing states zero; a dash (—) means no filing states that number.
“year only” means the 10-K gives the full year but not the quarters needed to work out the fourth. A worked-out quarter of revenue, cost of revenue or operating cash flow more than twice the company's largest quarter of the two years before is shown this way too.
Gross profit is shown as the company reports it; a worked-out quarter must equal revenue less cost of revenue for that quarter, or it is a dash.
Operating income can be above gross profit when the company books other operating income between the two, shown on its own line.
Shares outstanding come from each filing's cover page, as of the date printed there.
Quarters are fiscal: Q2 FY27 is the second quarter of the company's fiscal 2027.

Income statement

Fiscal years (SST's year ends in late December)

In millions of dollars	FY 2020Dec 31, 2020	FY 2021Dec 31, 2021	FY 2022Dec 31, 2022	FY 2023Dec 31, 2023	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Revenue from contracts with customers	—	688	—	402	344	266
Cost of revenue	—	—	—	—	243	166
Cost of goods and services sold	—	—	—	241	184	—
Selling, general and administrative	—	36	—	54	47	70
Operating income (loss)	—	(13)	—	(86)	(89)	(62)
Interest expense	—	17	—	49	32	28
Other income (expense)	—	34	—	(46)	(9)	(22)
Income tax expense (benefit)	—	1	—	(20)	(0)	(3)
Net income (loss)	—	21	—	(227)	(75)	(65)
Earnings per share, basic‡ USD per share	—	—	—	(24.80)	(10.70)	(8.32)
Earnings per share, diluted‡ USD per share	—	—	—	(24.80)	(10.70)	(8.32)
Weighted average shares, basic‡ millions of shares	—	—	—	9	7	8
Weighted average shares, diluted‡ millions of shares	—	—	—	9	7	8

‡ Per-share figures and share counts are adjusted for the 1-for-10 stock split (June 2025); filings made before it reported them unadjusted.

Fiscal years (SST's year ends in late December)

In millions of dollars	FY 2020Dec 31, 2020	FY 2021Dec 31, 2021	FY 2022Dec 31, 2022	FY 2023Dec 31, 2023	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Cash and cash equivalents	1	0	25	135	64	87
Accounts receivable	—	90	81	56	63	57
Prepaid and other current assets	—	8	12	7	4	4
Total current assets	1	0	127	202	134	149
Property and equipment, net	—	1	4	3	2	2
Right-of-use asset	—	0	6	5	3	9
Goodwill	45	45	516	82	82	82
Total assets	519	518	1,160	605	459	405
Accounts payable	—	73	12	9	10	22
Current portion of long-term debt	—	—	20	20	20	30
Total current liabilities	1	13	210	86	105	146
Long-term debt	—	—	—	—	255	228
Lease liability, non-current	—	0	6	4	1	8
Total liabilities	82	60	688	436	374	388
Accumulated deficit	(81)	(60)	(445)	(708)	(782)	(848)
Total stockholders' equity	(81)	(60)	384	135	80	30
Total liabilities and equity	519	518	1,160	605	459	405
Common shares outstanding (cover page)‡ millions of shares	—	8	—	2	—	—

‡ Per-share figures and share counts are adjusted for the 1-for-10 stock split (June 2025); filings made before it reported them unadjusted.

Fiscal years (SST's year ends in late December)

In millions of dollars	FY 2020Dec 31, 2020	FY 2021Dec 31, 2021	FY 2022Dec 31, 2022	FY 2023Dec 31, 2023	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Net income (loss)	—	21	—	(227)	(75)	(65)
Stock-based compensation	—	0	—	53	16	11
Net cash from operating activities	—	(1)	—	(25)	(5)	(4)
Purchases of property and equipment	—	0	—	2	0	0
Net cash from investing activities	—	(7)	—	203	(6)	(7)
Share repurchases	—	0	—	0	0	1
Net cash from financing activities	—	0	—	(74)	(64)	31
Net change in cash	—	(1)	—	104	(76)	21

SIC 7370 and related industry codes, similar size. Each row is the latest quarter reported.

How peers are chosen

SIC 7370 and related industry codes with public float (or, where float is missing, quarterly revenue) between 0.2x and 5x the company's.
Each row is the latest quarter the company has reported, named in the Quarter column; when that filing is a 10-K, it is the fourth quarter, never the full year.
Runway shows only for companies burning cash with under $10B of public float.
* marks a quarter worked out from the filing totals: for a 10-K, the year less the first three quarters; for a 10-Q, the year-to-date total less the earlier one.
A cell reading “not reported” means the filings give no figure for that quarter alone.

Company	Cash ($M)	Revenue, quarter ($M)	Operating cash flow, quarter ($M)	Shares outstanding	Runway	Quarter
System1	40	30	(2)*	not reported	19.9 quarters	Q2 FY26 10-QJun 30, 2026
Iveda Solutions	4.8	0.8*	(1.4)*	12.5M	3.3 quarters	Q2 FY26 10-QJun 30, 2026
Motorsport Games	3.9	3.5	1.1*	not reported	—	Q2 FY26 10-QJun 30, 2026
Amesite	2.3	0.1*	(0.7)*	6.5M	3.5 quarters	Q4 FY26 10-KJun 30, 2026
Smith Micro Software	2.8	4.3	(0.9)*	5.6M	3.2 quarters	Q2 FY26 10-QJun 30, 2026
Webstar Technology Group	0	not reported	(0.5)	405.6M	0.0 quarters	Q1 FY26 10-QMar 31, 2026
Upay	0.1	0.3	(0)*	18.7M	3.1 quarters	Q2 FY26 10-QAug 31, 2026
Tessera Defense & Homeland Security	0.3	0.3	(1.2)*	26.7M	0.5 quarters	Q2 FY26 10-QJun 30, 2026
OneMeta	0	0.4	2.4*	38.9M	—	Q2 FY26 10-QJun 30, 2026

Not investment advice. Not affiliated with the U.S. SEC.