System1, Inc. cash flow statement
In fiscal 2025, System1, Inc.'s operations generated −$4.1m of cash; it spent $46,000 on capital projects, leaving free cash flow of −$4.2m. It returned $557,000 through buybacks.
Cash flow statement
| Fiscal year | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMJun 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 61 | 3 | −25 | −5 | −4 | −41 |
| Depreciation and amortisation | 14 | 69 | 78 | 80 | 1 | — |
| Stock-based pay | 0 | 108 | 53 | 16 | 11 | 7 |
| Capital spending | 0 | 4 | 2 | 0 | 0 | — |
| Free cash flow | 61 | −0 | −27 | −5 | −4 | — |
| Free cash flow after stock pay | 60 | −109 | −80 | −21 | −16 | — |
| Share buybacks | 0 | 510 | 0 | 0 | 1 | — |
| 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 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | −0 | 1 | −16 | 24 | −2 | −11 | −26 | −2 |
| Depreciation and amortisation | 20 | 20 | — | — | — | — | — | — |
| Stock-based pay | 4 | 5 | 3 | 5 | 3 | 1 | 1 | 1 |
| Capital spending | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — |
| Free cash flow | −0 | 1 | −16 | 24 | −2 | −11 | −26 | — |
| Free cash flow after stock pay | −4 | −4 | −19 | 20 | −5 | −12 | −27 | — |
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