Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | — | $688M | $612M | $402M | $344M | $266M |
| Revenue growth | — | — | -11.1% | -34.3% | -14.4% | -22.6% |
| Operating income | — | $50.8M | -$458M | -$86.0M | -$88.6M | -$62.0M |
| Operating margin | — | 7.4% | -74.8% | -21.4% | -25.8% | -23.3% |
| Net income | — | $33.0M | -$330M | -$227M | -$74.7M | -$65.3M |
| Net margin | — | 4.8% | -54.0% | -56.5% | -21.7% | -24.6% |
| EPS (diluted) | — | — | -$3.70 | -$2.48 | -$10.74 | -$8.32 |
| Fiscal year | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Operating cash flow | — | $60.7M | $3.32M | -$24.7M | -$5.25M | -$4.15M |
| Capital expenditures | — | $49.0K | $3.55M | $2.35M | $31.0K | $46.0K |
| Free cash flow | — | $60.7M | -$229K | -$27.1M | -$5.29M | -$4.19M |
| Share buybacks | — | $0.00 | $510M | $0.00 | $0.00 | $557K |
| Fiscal year | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Cash & equivalents | $844K | $47.9M | $36.8M | $135M | $63.6M | $86.9M |
| Total assets | $519M | $257M | $1.16B | $605M | $459M | $405M |
| Total liabilities | $82.4M | $285M | $690M | $436M | $374M | $388M |
| Long-term debt | — | — | $415M | $350M | $255M | $228M |
| Shareholders' equity | $0.00 | -$28.4M | $392M | $135M | $80.3M | $30.5M |
| Retained earnings | -$81.3M | $0.00 | -$439M | -$708M | -$782M | -$848M |
| Shares (wtd avg diluted) | — | — | 89.3M | 91.5M | 6.96M | 7.85M |
Every figure is extracted from System1, Inc.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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