System1, Inc. balance sheet

At the end of fiscal 2025, System1, Inc. had total assets of $405m, total liabilities of $388m and shareholders' equity of $30.5m. It held $86.9m in cash against $305m of debt: net debt of $218m.

Balance sheet

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

System1, Inc.: balance sheet, annual
Fiscal year	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Cash and equivalents	48	9	135	64	87	40
Receivables	90	80	56	63	57	41
Total current assets	146	127	202	134	149	90
Goodwill	45	82	82	82	82	82
Total assets	257	1,160	605	459	405	291
Accounts payable	73	7	9	10	22	15
Deferred revenue (current)	2	70	—	—	—	—
Total current liabilities	277	211	86	105	146	117
Short-term debt	170	15	15	16	77	77
Long-term debt	0	415	350	255	228	215
Total debt	170	435	365	280	305	292
Total liabilities	285	690	436	374	388	344
Shareholders' equity	−28	392	135	80	30	−27
Non-controlling interests and other (assets − liabilities − equity)	—	79	34	—	−13	−26
Net debt (negative = net cash)	123	426	230	216	218	251

US$ millions unless shown otherwise. Fiscal quarters.

System1, Inc.: balance sheet, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Receivables	58	63	62	70	54	57	53	41
Total current assets	135	134	114	141	117	149	112	90
Goodwill	82	82	82	82	82	82	82	82
Total assets	479	459	419	429	385	405	320	291
Accounts payable	9	10	8	28	23	22	14	15
Total current liabilities	99	105	90	120	102	146	126	117
Short-term debt	16	16	19	22	24	77	77	77
Long-term debt	276	255	248	242	235	228	222	215
Total debt	292	272	267	263	259	305	298	292
Total liabilities	376	374	351	376	351	388	359	344
Shareholders' equity	90	80	67	58	43	30	−15	−27
Non-controlling interests and other (assets − liabilities − equity)	13	—	—	—	−8	−13	−24	−26

Balances at each fiscal year end (quarter end in the quarterly view). Total debt is short- plus long-term borrowings, including lease debt where the company reports it within debt. Where assets do not equal liabilities plus shareholders' equity, the difference (non-controlling interests, redeemable preferred shares) is shown on its own line.

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Figures from System1, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to System1, Inc.