Revenue: As of FY2025 Q2, the actual value is USD 78.12 M.

EBIT: As of FY2025 Q2, the actual value is USD -15.91 M.

Segment Revenue

• Total revenue for the second quarter of 2025 was $78.1 million, a decrease of 17% compared to $94.6 million in the same period of 2024.
• Products segment revenue grew 34% year-over-year to $24.0 million.

Operational Metrics

• GAAP Gross Profit increased 7% year-over-year to $27.9 million.
• Adjusted Gross Profit increased 6% year-over-year to $41.0 million.
• GAAP Net Loss improved 38% year-over-year to $21.5 million.
• Adjusted EBITDA increased 18% year-over-year to $11.7 million.
• Operating loss for the quarter was - $15.9 million, compared to - $29.1 million in the same period of 2024.

Cash Flow

• Cash and cash equivalents as of June 30, 2025, were $63,648 thousand, slightly up from $63,607 thousand as of December 31, 2024.

Unique Metrics

• CouponFollow.com posted a 44% year-over-year increase in organic sessions during Q2.
• Startpage.com saw more than a 25% increase in daily active users in June 2025 compared to the prior year.

Outlook / Guidance

• System1 does not plan to provide financial guidance for the third quarter of 2025 due to uncertainty related to key advertising partners’ marketplaces and broader volatility in online advertising demand.