{"url_path":"/sec/sstpw/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-12","source_url":"https://www.sec.gov/Archives/edgar/data/1805833/0001805833-26-000026-index.html","accession_number":"0001805833-26-000026","cik":"0001805833","ticker":"SST","issuer_name":"System1, Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1805833/0001805833-26-000026-index.html","primary_entity_key":"0001805833","primary_entity_name":"System1, 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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\nFORM 10-Q\n\n(Mark One)\n\n☒\nQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\nor\n\n☐\n\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor transition period from ______ to ______\n\nCommission File Number 001-39331\n\nSystem1, Inc.\n\n(Exact name of registrant as specified in its charter)\n\nDelaware\n\n92-3978051\n\n(State or other jurisdiction of incorporation or organization)\n\n(I.R.S. Employer Identification No.)\n\n4235 Redwood Avenue\n\nLos Angeles, CA\n\n90066\n\n(Address of Principal Executive Offices)\n\n(Zip Code)\n\n(310) 924-6037\n\n(Registrant’s telephone number including area code)\n\nNot applicable\n\n(Former name, former address and former fiscal year, if changed since last report)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each class\n\nTrading Symbol\n\nName of each exchange on which registered\n\nClass A common stock, par value $0.0001 per share\n\nSST\n\nThe New York Stock Exchange\n\nIndicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days: Yes  ☒  No  ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes  ☒  No  ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of \"large accelerated filer,\" \"accelerated filer,\" \"smaller reporting company,\" and \"emerging growth company\" in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filer\n\n☐\n\nAccelerated filer\n\n☐\n\nNon-accelerated filer\n☒\nSmaller reporting company\n☒\n\nEmerging growth company\n\n☐\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes  ☐  No ☒\n\nAs of May 1, 2026 there were 8,150,474 shares of Class A common stock, $0.0001 par value per share, and 1,788,758 shares of Class C common stock, $0.0001 par value per share, outstanding.\n\nTable of Contents\n\nPage\n\n[Part I - Financial Information](#i1dd6514a80aa4182940437d461ccfbff_10)\n\n[1](#i1dd6514a80aa4182940437d461ccfbff_10)\n\n[Item 1.](#i1dd6514a80aa4182940437d461ccfbff_13)\n\n[Financial Statements (Unaudited)](#i1dd6514a80aa4182940437d461ccfbff_13)\n\n[1](#i1dd6514a80aa4182940437d461ccfbff_13)\n\n[Condensed Consolidated Balance Sheets](#i1dd6514a80aa4182940437d461ccfbff_16)\n\n[1](#i1dd6514a80aa4182940437d461ccfbff_16)\n\n[Condensed Consolidated Statements of Operations](#i1dd6514a80aa4182940437d461ccfbff_19)\n\n[2](#i1dd6514a80aa4182940437d461ccfbff_19)\n\n[Condensed Consolidated Statements of Comprehensive Loss](#i1dd6514a80aa4182940437d461ccfbff_22)\n\n[3](#i1dd6514a80aa4182940437d461ccfbff_22)\n\n[Condensed Consolidated Statements of Changes in Stockholders' Equity](#i1dd6514a80aa4182940437d461ccfbff_25)\n\n[4](#i1dd6514a80aa4182940437d461ccfbff_25)\n\n[Condensed Consolidated Statements of Cash Flows](#i1dd6514a80aa4182940437d461ccfbff_28)\n\n[5](#i1dd6514a80aa4182940437d461ccfbff_28)\n\n[Notes to Unaudited Condensed Consolidated Financial Statements](#i1dd6514a80aa4182940437d461ccfbff_31)\n\n[6](#i1dd6514a80aa4182940437d461ccfbff_31)\n\n[Item 2.](#i1dd6514a80aa4182940437d461ccfbff_79)\n\n[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i1dd6514a80aa4182940437d461ccfbff_79)\n\n[1](#i1dd6514a80aa4182940437d461ccfbff_79)[6](#i1dd6514a80aa4182940437d461ccfbff_79)\n\n[Item 3.](#i1dd6514a80aa4182940437d461ccfbff_133)\n\n[Quantitative and Qualitative Disclosures About Market Risk](#i1dd6514a80aa4182940437d461ccfbff_133)\n\n[25](#i1dd6514a80aa4182940437d461ccfbff_133)\n\n[Item 4.](#i1dd6514a80aa4182940437d461ccfbff_136)\n\n[Controls and Procedures](#i1dd6514a80aa4182940437d461ccfbff_136)\n\n[25](#i1dd6514a80aa4182940437d461ccfbff_136)\n\n[Part II - Other Information](#i1dd6514a80aa4182940437d461ccfbff_139)\n\n[26](#i1dd6514a80aa4182940437d461ccfbff_139)\n\n[Item 1.](#i1dd6514a80aa4182940437d461ccfbff_142)\n\n[Legal Proceedings](#i1dd6514a80aa4182940437d461ccfbff_142)\n\n[26](#i1dd6514a80aa4182940437d461ccfbff_142)\n\n[Item 1A.](#i1dd6514a80aa4182940437d461ccfbff_145)\n\n[Risk Factors](#i1dd6514a80aa4182940437d461ccfbff_145)\n\n[26](#i1dd6514a80aa4182940437d461ccfbff_145)\n\n[Item 2.](#i1dd6514a80aa4182940437d461ccfbff_148)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#i1dd6514a80aa4182940437d461ccfbff_148)\n\n[26](#i1dd6514a80aa4182940437d461ccfbff_148)\n\n[Item 3.](#i1dd6514a80aa4182940437d461ccfbff_151)\n\n[Defaults Upon Senior Securities](#i1dd6514a80aa4182940437d461ccfbff_151)\n\n[27](#i1dd6514a80aa4182940437d461ccfbff_151)\n\n[Item 4.](#i1dd6514a80aa4182940437d461ccfbff_154)\n\n[Mine Safety Disclosures](#i1dd6514a80aa4182940437d461ccfbff_154)\n\n[27](#i1dd6514a80aa4182940437d461ccfbff_154)\n\n[Item 5.](#i1dd6514a80aa4182940437d461ccfbff_157)\n\n[Other Information](#i1dd6514a80aa4182940437d461ccfbff_157)\n\n[27](#i1dd6514a80aa4182940437d461ccfbff_157)\n\n[Item 6.](#i1dd6514a80aa4182940437d461ccfbff_163)\n\n[Exhibits](#i1dd6514a80aa4182940437d461ccfbff_163)\n\n[27](#i1dd6514a80aa4182940437d461ccfbff_163)\n\n[Signatures](#i1dd6514a80aa4182940437d461ccfbff_166)\n\n[28](#i1dd6514a80aa4182940437d461ccfbff_166)\n\nPART I—FINANCIAL INFORMATION"}