v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 51,514 $ 86,887
Restricted cash, current 500 1,243
Accounts receivable, net 53,257 57,289
Prepaid expenses and other current assets 6,468 4,061
Total current assets 111,739 149,480
Restricted cash, non-current 379 379
Property and equipment, net 1,459 1,562
Internal-use software development costs, net 13,897 13,672
Intangible assets, net 101,358 148,089
Goodwill 82,407 82,407
Operating lease right-of-use assets 8,722 9,120
Other non-current assets 364 263
Total assets 320,325 404,972
Current liabilities:    
Accounts payable 14,290 22,016
Accrued expenses and other current liabilities 33,278 46,277
Operating lease liabilities, current 1,467 1,427
Debt, net 76,816 76,718
Total current liabilities 125,851 146,438
Operating lease liabilities, non-current 7,753 8,183
Long-term debt, net 221,648 228,399
Deferred tax liability 3,549 4,013
Other non-current liabilities 548 520
Total liabilities 359,349 387,553
Commitments and contingencies (Note 7)
Stockholders' equity:    
Additional paid-in capital 880,302 878,859
Accumulated deficit (894,746) (847,679)
Accumulated other comprehensive loss (222) (157)
Treasury stock, at cost - 190 and 137 shares as of March 31, 2026 and December 31, 2025, respectively (759) (557)
Total stockholders' equity attributable to System1, Inc. (15,424) 30,467
Non-controlling interest (23,600) (13,048)
Total stockholders' equity (39,024) 17,419
Total liabilities and stockholders' equity 320,325 404,972
Class A Common Stock    
Stockholders' equity:    
Common stock value 1 1
Class C Common Stock    
Stockholders' equity:    
Common stock value $ 0 $ 0