v3.26.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Statement [Abstract]    
Revenue $ 37,234 $ 74,513
Operating expenses:    
Cost of revenue 13,860 46,077
Salaries and benefits 20,800 24,988
Selling, general, and administrative 16,789 16,574
Impairment of long-lived assets 36,822 0
Total operating expenses 88,271 87,639
Operating loss (51,037) (13,126)
Other expense:    
Interest expense, net 6,629 7,085
Change in fair value of warrant liabilities 0 32
Total other expense, net 6,629 7,117
Loss before income tax (57,666) (20,243)
Income tax benefit (75) (387)
Net loss (57,591) (19,856)
Less: Net loss attributable to non-controlling interest (10,524) (3,973)
Net loss attributable to System1, Inc. $ (47,067) $ (15,883)
Basic net loss per share (in dollars per share) $ (5.82) $ (2.14)
Diluted net loss per share (in dollars per share) $ (5.82) $ (2.14)
Weighted average number of shares outstanding - basic (in shares) 8,090 7,439
Weighted average number of shares outstanding - diluted (in shares) 8,090 7,439