SST on NYSE

System1, Inc.

Our platform operates across our network of flagship owned and operated websites ("Products"), allowing us to monetize user traffic that we source from various acquisition marketing channels.4 From its latest annual report

Price unavailable

Last updated Oct 19, 2026.

Overview

$266.1MRevenue, fiscal 20252
-$65.3MNet income, fiscal 20252

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  • TickerSST on NYSE1
  • IndustryServices-Computer Programming, Data Processing, Etc.1
  • HeadquartersMarina Del Rey, California1
  • Business address4235 Redwood Avenue, Marina Del Rey, Ca 900663
  • Filer categoryNon-accelerated filer, Smaller reporting company3

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Our platform operates across our network of flagship owned and operated websites ("Products"), allowing us to monetize user traffic that we source from various acquisition marketing channels. Our marketing platform allows us to operate seamlessly across major advertising networks and advertising category verticals to acquire and monetize end-users through our relationships with third party advertisers and advertising networks ("Advertising Partners"). The platform also allows third party advertising platforms and publishers ("Network Partners") to send user traffic to, and monetize user traffic on, our Products or through our monetization agreements.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-23.3%Operating margin2
-24.6%Net margin2
-22.6%Revenue growth, 20252
-214.5%Return on equity2
7.50×Debt to equity2
-$4.2MFree cash flow2

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue62¢$165.7M
  • Selling, general and admin26¢$69.7M
  • Other costs10¢$27.8M
  • Income tax1¢$2.9M

Out of $266.1M in revenue.2 The company lost money this year.

Financial statements

Revenue562$266.1M in 2025−61% since 2021
0$200.0M$400.0M$600.0M$800.0M2021: $688.4M$688.4M20212023: $402.0M$402.0M2023−42%2024: $343.9M$343.9M2024−14%2025: $266.1M$266.1M2025−23%
Operating income562-$62.0M in 2025
-$100.0M-$50.0M0$50.0M$100.0M2021: $50.8M$50.8M20212023: -$86.0M-$86.0M20232024: -$88.6M-$88.6M2024+3%2025: -$62.0M-$62.0M2025−30%
Net income562-$65.3M in 2025
-$300.0M-$200.0M-$100.0M0$100.0M2021: $33.0M$33.0M20212023: -$227.2M-$227.2M20232024: -$74.7M-$74.7M2024−67%2025: -$65.3M-$65.3M2025−12%
Fiscal year202020212022202320242025
Revenue$688.4M5$402.0M6$343.9M2$266.1M2
Cost of revenue$240.9M6$242.6M2$165.7M2
Selling, general and admin$35.8M5$54.3M6$76.4M2$69.7M2
Operating expenses$13.3M10
Operating income$50.8M5-$86.0M6-$88.6M2-$62.0M2
Interest$16.9M5$48.7M11
Income before tax$34.0M5-$131.6M6-$97.7M2-$84.1M2
Income tax$965.0K5-$20.4M6-$370.0K2-$2.9M2
Net income$33.0M5-$227.2M6-$74.7M2-$65.3M2
Earnings per share-$2.486-$10.742-$8.322
Earnings per share (diluted)-$2.486-$10.742-$8.322
Shares (weighted, basic)91.5M shares67.0M shares27.9M shares2
Shares (weighted, diluted)91.5M shares67.0M shares27.9M shares2

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Leadership

Who has led System1, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. L. Michael Blend2022–2024

Chair

  1. L. Michael Blend2022–2024

President

  1. Paul T. Danola2020
  2. Paul Filsinger2022
  3. Charles Ursini2024–now

Chief financial officer

  1. Tanmay Kumar2020
  2. Tridivesh Kidambi2022–now

Chief operating officer

  1. Charles Ursini2024–now
2025
Board members and other officers (22)

Former names

  • Trebia Acquisition Corp.Mar 23, 2020 to Jan 26, 20223

Timeline

  1. Mar 7, 2022New chief executive L. Michael Blend becomes CEO13

Filings

551 filings to the SEC since October 2021: 9 annual reports, 18 quarterly reports, 85 major events, 296 insider forms, 44 large holders, 99 other. The latest 20:

  1. Aug 6, 2026EFFECT EDGAR
  2. Aug 5, 20268-K EDGAR
  3. Aug 5, 202610-Q EDGAR
  4. Aug 5, 20268-K EDGAR
  5. Aug 4, 2026S-3 EDGAR
  6. Jul 24, 20268-K EDGAR
  7. Jul 17, 20264 EDGAR
  8. Jul 17, 20264 EDGAR
  9. Jul 17, 20264 EDGAR
  10. Jul 17, 20264 EDGAR
  11. Jul 15, 2026DRS EDGAR
  12. Jun 25, 2026S-8 EDGAR
  13. Jun 22, 2026DEF 14A EDGAR
  14. Jun 11, 2026PRE 14A EDGAR
  15. Jun 2, 20264 EDGAR
  16. Jun 1, 20268-K EDGAR
  17. May 12, 20268-K EDGAR
  18. May 12, 202610-Q EDGAR
  19. May 12, 20268-K EDGAR
  20. Apr 30, 202610-K/A EDGAR

The 551 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

81 open-market trades by officers, directors and large owners since October 2021: 53 buys and 28 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Apr 15, 2026Kidambi TridiveshChief Financial OfficerBuy26,910$3.00$80.7KForm 4
Aug 22, 2025CEE Holdings Trust10% ownerBuy11,015$7.32$80.6KForm 4
Aug 21, 2025CEE Holdings Trust10% ownerBuy12,584$6.90$86.8KForm 4
Aug 20, 2025CEE Holdings Trust10% ownerBuy12,584$6.25$78.7KForm 4
Aug 19, 2025CEE Holdings Trust10% ownerBuy6,567$6.32$41.5KForm 4
Jun 13, 2025Civantos JohnDirectorBuy6,158$4.01$24.7KForm 4
Jun 12, 2025Civantos JohnDirectorBuy18,842$3.89$73.3KForm 4
Sep 16, 2024CEE Holdings Trust10% ownerBuy8,412$1.24$10.4KForm 4
Sep 12, 2024CEE Holdings Trust10% ownerBuy3,372$1.24$4.2KForm 4
Sep 11, 2024CEE Holdings Trust10% ownerBuy4,034$1.20$4.8KForm 4
Sep 10, 2024CEE Holdings Trust10% ownerBuy4,407$1.19$5.2KForm 4
Sep 9, 2024CEE Holdings Trust10% ownerBuy2,196$1.19$2.6KForm 4
Sep 6, 2024CEE Holdings Trust10% ownerBuy11,507$1.22$14.0KForm 4
Sep 5, 2024CEE Holdings Trust10% ownerBuy4,352$1.22$5.3KForm 4
Sep 4, 2024CEE Holdings Trust10% ownerBuy8,547$1.24$10.6KForm 4
Sep 3, 2024CEE Holdings Trust10% ownerBuy1,601$1.23$2.0KForm 4
Aug 30, 2024CEE Holdings Trust10% ownerBuy15,205$1.24$18.9KForm 4
Aug 23, 2024CEE Holdings Trust10% ownerBuy37,477$1.21$45.3KForm 4
Aug 21, 2024CEE Holdings Trust10% ownerBuy8,896$1.24$11.0KForm 4
Aug 20, 2024CEE Holdings Trust10% ownerBuy1,500$1.25$1.9KForm 4

All 81 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Bank Of America Corp /de/161,513$373.1K0.0%−6
Vanguard Capital Management LLC127,576$294.7K0.0%+90,444
Cerity Partners LLC116,844$269.9K0.0%No change
Crescent Grove Advisors, LLC75,545$174.5K0.0%New
BlackRock, Inc.43,353$100.1K0.0%+19,106
Morgan Stanley13,134$30.3K0.0%New
Geode Capital Management, LLC12,519$28.9K0.0%−11,320
Leonteq Securities AG12,500$28.9K0.0%New
State Street Corp11,502$26.6K0.0%No change
Vanguard Fiduciary Trust Co9,141$21.1K0.0%No change
Royal Bank Of Canada1,314$3.0K0.0%+1,275
UBS Group AG618$1.4K0.0%−706
Jones Financial Companies Lllp366$9190.0%New
Bnp Paribas Financial Markets86$1990.0%No change
SBI Securities Co., Ltd.60$1390.0%No change
Jpmorgan Chase & Co42$1020.0%−5,848
Osaic Holdings, Inc.35$800.0%No change
Group One Trading LLC33$760.0%−190
Price T Rowe Associates Inc /md/11,731$280.0%New
Barclays PLC9$210.0%New
Signaturefd, LLC1$20.0%New

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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