v3.26.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Income Statement [Abstract]        
Revenue $ 30,200 $ 78,115 $ 67,434 $ 152,628
Operating expenses:        
Cost of revenue 5,926 50,212 19,786 96,289
Salaries and benefits 17,113 26,297 37,913 51,285
Selling, general, and administrative 14,541 17,511 31,330 34,085
Impairment of long-lived assets 911 0 37,733 0
Total operating expenses 38,491 94,020 126,762 181,659
Operating loss (8,291) (15,905) (59,328) (29,031)
Other expense:        
Interest expense, net 7,116 7,116 13,745 14,201
Change in fair value of warrant liabilities 0 68 0 100
Total other expense, net 7,116 7,184 13,745 14,301
Loss before income tax (15,407) (23,089) (73,073) (43,332)
Income tax benefit (75) (1,547) (150) (1,934)
Net loss (15,332) (21,542) (72,923) (41,398)
Less: Net loss attributable to non-controlling interest (2,733) (4,079) (13,257) (8,052)
Net loss attributable to System1, Inc. $ (12,599) $ (17,463) $ (59,666) $ (33,346)
Basic net loss per share (in dollars per share) $ (1.54) $ (2.23) $ (7.34) $ (4.37)
Diluted net loss per share (in dollars per share) $ (1.54) $ (2.23) $ (7.34) $ (4.37)
Weighted average number of shares outstanding - basic (in shares) 8,164 7,820 8,127 7,631
Weighted average number of shares outstanding - diluted (in shares) 8,164 7,820 8,127 7,631