$SST System1, Inc. | Understand Stock

What Do They Do?

Routes internet users to advertisers and advertising networks through a digital advertising platform, and operates search, shopping and publishing websites for consumers.

How Do They Make Money?

Advertisers pay for user traffic as it is delivered, with charges based on clicks, actions or ad impressions. Network partners receive an agreed share of advertising revenue from the traffic they send.

revenue

Segment	Share	Revenue	How money arrives
Marketing Usage-based	65%		Usage-based
Products Usage-based	35%		Usage-based

Who Are Their Customers?

Advertisers and advertising networks reach users through the platform; publishers and other advertising platforms can send traffic to its websites or have it monetized through its agreements. Google has agreements for paid search listings and related services.

Customers above 10% of revenue, FY2025

of revenue from one customer

Do Revenues Turn Into Profits?

No. It lost $65.3M in FY2025.

Operating income, FY2025

−23% of revenue

▼ −30% (Loss) vs FY2024 (−$88.6M, −26%)

Net income, FY2025

−25% of revenue

▼ −12% (Loss) vs FY2024 (−$74.7M, −22%)

Free cash flow, FY2025

−2% of revenue

▼ −21% (Loss) vs FY2024 (−$5.3M, −2%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −61%; vs $78.1M in Q2 FY2025
Net income: ▼ −28% (Loss); vs −$17.5M in Q2 FY2025

Marketing share of revenue vs 69.3% in Q2 FY2025

Shrinking. Revenue fell 61% in 4 years, from $688.4M in FY2021 to $266.1M in FY2025, about 21% a year.

Revenue over time

Marketing Products

$500M$250M$0

FY2024 FY2025

Who Do They Compete With?

Competes with Google, Microsoft, Ziff Davis, and IAC