How profitable is System1 Inc. (Class A) (SST)?

In FY 2025 (10-K), SST converted $266.1M of revenue into a 37.7% gross margin, 0% operating margin, and $0 in free cash flow (0% FCF margin).

Stock Ratings / Technology / SST / financials

JF (44) GIGM (29) IPM (38) GMM (47) ⌘ Pro Terminal →

System1 Inc. (Class A) (SST) Revenue-to-Profit Sankey Flow & SEC XBRL Financials

$1.70 -3.95% NYSE • Live Quote vs Prior Daily Close (Synced Snapshot) EXT / AFTER-HRS: $1.68

System1 Inc. (Class A) (SST) carries a Roarable Rating of E (Strong Sell) with 17/100 RQD Confidence due to weak cash-flow efficiency and sensitivity to current interest rates. Wait for business cash flow and institutional buying to improve before committing fresh capital.

ROARABLE E • RED ALERT Cap $17.8M

📤 Share Live RQD Speedometer Card: 𝕏 Post Reddit StockTwits ⬇ Live SVG Card

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🤖 Mara Quenwick • AI Quant Lead (Click for Instant Brief) Is SST stock a Buy, Hold, or Sell right now according to Roarable's RQD model?

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As of 2026-11-03, System1 Inc. (Class A) (NYSE: SST) is rated E (Strong Sell / SELL) by Roarable's 5-pillar RQD engine with a composite confidence score of 17/100 at a spot price of $1.70 (-3.95% 1D, market cap $17.8M). Pillar breakdown: Fundamental Cash Engine 4/20, Institutional 13F & Options Flow 3/20, SEC Balance-Sheet Forensics 4/20, FRED Macro Regime Fit 3/20, and Executive Insider Alignment 3/20. Across 715 tracked Technology issuers, SST ranks #708 in composite RQD confidence.

✓ Pre-computed one-to-many AI Quant brief

🤖 Ellis Vennor • AI Peer & Flow Quant (Click for Instant Brief) How does SST compare to JF and GIGM in the Technology sector?

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Within the Technology sector (Computer Software: Programming Data Processing), SST carries a Roarable E (17/100 RQD), trailing P/E of N/A, gross margin of 37.7%, and ROIC of -28.5%. By comparison, JF (J and Friends Holdings Limited) holds a D grade (44/100 RQD, P/E N/A, ROIC -32.2%, cap $16.7M) and GIGM (GigaMedia Limited) posts a E grade (29/100 RQD, P/E N/A, ROIC -34.2%, cap $15.6M). Among the 5-stock peer group, SST leads on earnings multiple (N/A) while SST leads on capital efficiency (-28.5% ROIC).

✓ Pre-computed one-to-many AI Quant brief

🤖 Gideon Ashmere • AI SEC 10-K Forensics (Click for Instant Brief) What are the biggest fundamental strengths and SEC risk factors for SST?

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Per SST's SEC EDGAR XBRL 10-K filing (FY2025, filed 2025-12-31, CIK 0001805833), System1 Inc. (Class A) generated $266.1M in revenue (-22.6% YoY), -$65.3M in net income, and -$4.2M in free cash flow against $405.0M in total assets and $228.4M in total debt. Key quantitative strengths: Established market leader in Technology with deep daily trading liquidity. Primary risk factors monitored: Company executives have done more routine share selling than personal cash buying lately. Institutional options positioning shows a 50% call / 50% put premium split.

✓ Pre-computed one-to-many AI Quant brief

🤖 AI Quant Disclosure: Roarable Analysts are proprietary AI Quant Specialists — not human financial advisors. Pre-computed one-to-many briefings above are free; interactive 1-on-1 Q&A, custom AI sifting/indicator alerts, and personal ChatGPT/Claude MCP connections require a $9.95/mo Pro account (currently waitlist-only).

INTERACTIVE SCENARIO DECK:

🛡️ Portfolio Crash X-Ray

EXT / AFTER-HRS: $1.68 (-0.90%)🧬 Dilution Drag (+2.48% YoY Shares)⚙️ Cash Engine: 4/20 (E) • 0% FCF Margin

Verify 90D Bucket Audit →

📊 Historical Track Record Warning: Scores below 50 (17/100 · E) historically underperformed SPY in 71% of rolling 90-day windows (-12.5% avg 90D alpha vs SPY • 29.0% hit rate).

Audit Bucket Track Record →

RQD QUANT TACHOMETERRED ALERT • E

3-of-3 JEV AI Jury Bearish Warning

Cash

SEC

Whale

Impersonal quantitative research (0–100 RQD rubric) — not individualized investment advice. Past performance does not guarantee future results. Full Disclaimer

5-PILLAR SNOWFLAKE RADARRw E · Rk E

Each axis scored 0–20

12M PRICE TARGET CONE-18.2% Base Target

WHALE OPTIONS SNAPSHOT: — (No Active Options Snapshot on file for SST)Realized 20D OHLCV Swing Band: ±12.5%

Deterministic 5-Pillar Attribution (17/100 Composite)

🔍 WHY SST SCORES 17/100 (E) — TOP 3 DRIVERS2 Bullish Pillars + #1 Risk Drag

▲ #1 Bullish Driver: Cash Engine Quality+4/20 pts (24% of score)

SEC XBRL FY 2025 (10-K): 0% FCF Margin ($0 FCF) & 37.7% Gross Margin

▲ #2 Bullish Driver: Whale & Options Positioning+4/20 pts (24% of score)

20D Institutional Volume Accumulation (±12.5% realized swing band)

▼ #1 Drag / Risk Factor: Insider Conviction & Share Dilution4/20 pts (-16 pt drag)

Dilution Drag (+2.48% YoY Shares) & executive Form 4 sales trim 16 pts from alignment

📈 PAST 4 QUARTERS RQD vs SUBSEQUENT RETURNQ1 → Q2 → Q3 → Current

Q1 (-3Q)

Grade E$2.16-2.8% Next Q

Q2 (-2Q)

Grade E$2.10-13.3% Next Q

Q3 (-1Q)

Grade E$1.82-6.6% Next Q

Current

Grade E$1.70-12.5% Hist 90D α

Trajectory: E (25) → E (17)Full Audit →

⚔️ ADVERSARIAL OPPOSING CASE & FORENSIC KILL-SWITCH (WHY THE BULL/BEAR THESIS COULD FAIL)CONTRARIAN TURNAROUND & SHORT-SQUEEZE DOSSIER

⚔️ Adversarial Opposing Case: What Could Spark a SST Turnaround Squeeze

Gideon Ashmere Forensic Desk →

While SST currently carries a cautious 17/100 (E) rating due to Insider Conviction & Share Dilution (4/20), shorts face asymmetric squeeze risk if free cash flow inflects or management executes accretive buybacks.

🚀 Contrarian Squeeze Trigger #1

Established market leader in Technology with deep daily trading liquidity.

🚀 Contrarian Squeeze Trigger #2

Options & Short-Covering Gamma: Reclaiming the 50-day SMA ($2.62) and Max Pain ($1.79) forces dealer call-delta covering toward $6.35.

🚀 Contrarian Squeeze Trigger #3

Forensic Repair Trigger: Halting share dilution (Dilution Drag (+2.48% YoY Shares)) or retiring high-cost debt immediately upgrades the SEC 10-K Forensic pillar.

🎲 LIVE PREDICTION MARKET ODDS TIED TO $SST• $4.8M Crowd Pool • Kalshi / Polymarket Composite

Contract: “SST Beats Next Quarterly Revenue & EPS Consensus + Hyperscaler AI CapEx Holds Record Pace”

YES 18%NO 82%Trade / Inspect Odds →

VISUAL REVENUE-TO-PROFIT SANKEY WATERFALL • FY 2025 (10-K)

How SST Turns Every Dollar of Sales Into Real Bottom-Line Profit

Free Cash Flow:$0 (0% FCF Margin)

Multi-Year SEC EDGAR XBRL Revenue, Net Profit & Free Cash Flow Trajectory

■ Revenue■ Net Profit■ Free Cash Flow

FY23

Rev $402.0M

FY24

Rev $343.9M

FY25

Rev $266.1M

Fiscal Year	Revenue	Gross Margin	Op Margin	Net Profit	Free Cash Flow	ROIC %
FY 2025	$266.1M	37.7%	-23.3%	-$65.3M	-$4.2M	-28.5%
FY 2024	$343.9M	29.5%	-25.8%	-$74.7M	-$5.3M	-25.8%
FY 2023	$402.0M	37.7%	-21.4%	-$227.2M	-$24.7M	-28.5%

ON-DEMAND RQD QUANT WORKSHOP • SPONSORED / PARTNER SPOTLIGHTHosted by Perry Belcher & Roarable Forensic Quant Desk

Red-Light Warning Desk: Spotting SEC Cash-Flow & Dilution Risks Before Downgrades (Featuring SST)

✓Walkthrough of SST's RQD Radar, SEC cash-conversion gap & downside invalidation levels
✓3 asymmetric Bear/Hedge frameworks when 10-year Treasury yields stay elevated
✓Includes nightly RQD rating-change & forensic signal email alerts on your tracked stocks

RQD INSIDER CLUB WAITLIST$49/YR PLANNED

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SST // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: -54.18%🛡️ HOLDING TREND SUPPORT

2026-11-03O $1.77H $1.77L $1.70C $1.70VOL 88.3K

RES: $6.39SUP: $1.61SMA50: $2.62SMA200: $2.80

PRIMARY-SOURCE FORENSICS, SECOND-ORDER LINKS & AI ANALYST DESK

SST Dilution Monitor, Expectations Hurdle, Butterfly Connections & Policy Exposure

🦋 SST Butterfly Map → + Track SST →

Share Count & Dilution Monitor

Multi-year comparable XBRL diluted share count not disclosed (ETF or recent listing).

Reverse-DCF Expectations Hurdle

8.0%/yr Implied 5Y Growth

vs. -22.6% actual YoY revenue growth (assuming 9.25% cost of equity & 16.5x terminal multiple).

Ellis Vennor Setup Ledger

No active Ellis Vennor swing setup published on SST today. View full Setup Ledger →

🦋 Documented & Second-Order Butterfly Connections Open Graph →

No direct multi-tier Butterfly edges indexed yet for SST. Explore sector supply chains on /butterfly.

AI Analyst Theses, Washington Policy & Company Video

🎬 No recent verified company-specific video clip queued for SST today (we never pad ticker pages with unrelated generic clips). Browse Macro Video Desk →

DETERMINISTIC MULTI-FACTOR EQUITY AUDIT • SEC EDGAR XBRL × RQD PEER BENCHMARK

📊 Quantitative Sector Peer Comparison, SEC Filing Delta & Investment FAQ (SST)

Technology Rank #708 of 715 ⚔️ JF vs SST Full Matrix →

1. Head-to-Head Technology Peer Comparison (SST vs. JF, GIGM, IPM, GMM)

Industry: Computer Software: Programming Data Processing (72 Tracked Issuers)

Across 715 tracked Technology securities in the Roarable RQD universe, System1 Inc. (Class A) (SST) ranks #708 by composite RQD confidence (17/100, grade E) and #614 by equity capitalization ($17.8M). Within this direct 5-issuer industry benchmark cohort, SST leads on earnings valuation at N/A trailing P/E, while SST leads on capital efficiency and profitability with -28.5% ROIC and 37.7% gross margin. GMM currently holds the highest overall quantitative score in the immediate peer group at 47/100 (D) compared with SST at 17/100 (E).

Ticker / Company	Roarable Grade	RQD Score	Trailing P/E	Gross Margin	ROIC	1D Change	Market Cap	Head-to-Head
SST ACTIVE System1 Inc. (Class A)	E	17/100	—	37.7%	-28.5%	-3.95%	$17.8M	Benchmark Subject
JF J and Friends Holdings Limited	D	44/100	—	71.5%	-32.2%	-1.62%	$16.7M	/jf-vs-sst →
GIGM GigaMedia Limited	E	29/100	—	52.4%	-34.2%	+14.63%	$15.6M	/gigm-vs-sst →
IPM Intelligent Protection Management Corp.	D-	38/100	—	52.3%	-29.6%	-9.75%	$14.0M	/ipm-vs-sst →
GMM Global Mofy AI Limited (Class A)	D	47/100	—	40.2%	—	-7.96%	$13.3M	/gmm-vs-sst →

2. Multi-Year SEC XBRL Revenue, Cash Flow & Balance-Sheet Trajectory (FY2023–FY2025)

SEC EDGAR 10-K • FILED 2025-12-31 • CIK 0001805833 ↗

In its most recent audited fiscal period (FY2025, filed 2025-12-31), System1 Inc. (Class A) (SST) reported GAAP revenue of $266.1M (-22.6% vs. FY2024 revenue of $343.9M , and -33.8% cumulative change since FY2023) , GAAP net income of -$65.3M, operating cash flow of -$4.1M, and free cash flow of -$4.2M (+20.7% YoY). On the balance sheet, SST closed FY2025 with $405.0M in total assets against $228.4M in total debt (Altman Z-Score: 0.20, Piotroski F-Score: 4/9).

Fiscal Period	Filing Date	Revenue	Net Income	Operating Cash Flow	Free Cash Flow	Total Assets	Total Debt
FY2025 (FY)	2025-12-31	$266.1M	-$65.3M	-$4.1M	-$4.2M	$405.0M	$228.4M
FY2024 (FY)	2024-12-31	$343.9M	-$74.7M	-$5.3M	-$5.3M	$459.1M	$255.1M
FY2023 (FY)	2023-12-31	$402.0M	-$227.2M	-$24.7M	-$24.7M	—	—

3. SST Data-Verified Investor FAQ (RQD Rating, Sector Peers, SEC Forensics & Technicals)

✓ SCHEMA.ORG FAQPAGE JSON-LD ENABLED

Is SST stock a Buy, Hold, or Sell right now according to Roarable's RQD model?

How does SST compare to JF and GIGM in the Technology sector?

What are the biggest fundamental strengths and SEC risk factors for SST?

Where is SST trading relative to its 50-day, 200-day, and 52-week technical levels?

SST last traded at $1.70 (-3.95% on volume of 88,267 shares), positioning the stock -35.11% below its 50-day simple moving average ($2.62) and -39.29% below its 200-day simple moving average ($2.80). Across its 52-week range of $1.35 to $6.05, SST sits at the 7.4% percentile with a 14-day RSI of 32.7 (NEUTRAL RANGE) and an implied next-earnings move of ±12.5% ($1.49 to $1.91).

Direct Sub-Reports: SST RQD Cockpit SST 12M Forecast SST Earnings & Move SST Dividends & DRIP SST Insiders & 13F SST Whale Options SST Profit Sankey SST News & Why

ROARABLE RATING BRIEF • RQD 17/100 (E) ✓ SEC XBRL & RQD VERIFIED

SST — System1 Inc. (Class A): What the Facts Mean to a Prospective Investor

Methodology: RQD v6.2 Deterministic 5-Pillar & SEC XBRL Audit

Updated: 2025-12-31

1. Roarable Rating Brief: What This Means to a Prospective Investor

System1 Inc. (Class A) (SST) earns a live Roarable RQD composite score of 17/100, corresponding to a E letter grade (Roarable Strong Sell) at a spot price of $1.70 (-3.95% 1D, market capitalization $17.8M).

Fundamental Cash Engine (4/20): Anchored by return on invested capital (ROIC) of -28.5%, gross margin of 37.7%, operating margin of -23.3%, and free cash flow yield of -22.59%.
Whale 13F & Options Flow (3/20) + Insider Conviction (3/20): Tracks institutional 13F accumulation, CBOE options call/put positioning, and SEC Form 4 / Congressional PTR filings.
Macro Regime Fit (3/20) + Forensic Balance Sheet (4/20): Incorporates a 1.00x equity beta, Altman Z-Score of 0.20, Piotroski F-Score of 4/9, and Debt/Equity of 7.50x.

2. Business Model, Unit Margins & SEC Financial Trajectory

System1 Inc. (Class A) (SST) is a NYSE-listed issuer.. — for further business detail.

In its latest audited SEC EDGAR 10-K filing for FY2025 (filed 2025-12-31), System1 Inc. (Class A) (SST) reported $266.1M in annual revenue (up from $343.9M in FY2024, -22.6% YoY) and -$65.3M in GAAP net income. Over the multi-year SEC filing window from FY2023 ($402.0M revenue, -$227.2M net income) through FY2025, SST scaled operating cash flow to -$4.1M and free cash flow to -$4.2M, backed by $405.0M in total assets against $228.4M in total debt.

3. Institutional Bull vs. Bear Thesis & Valuation Tradeoff

🐂 Primary Bull Case (E • RQD 17/100): Established market leader in Technology with deep daily trading liquidity. Free cash flow yield of -22.59% and institutional whale pillar of 3/20. With Fundamental Cash Engine at 4/20 and Institutional Whale Flow at 3/20, sustained execution supports upside toward the upper end of the $1.35 – $6.05 52-week range.
🐻 Primary Bear Case & Valuation Risk: Company executives have done more routine share selling than personal cash buying lately. Investors must weigh current valuation against -23.3% operating margins and a 1.00x macro beta.

4. 2nd-Order Butterfly Ripples & Key Questions to Watch

For a prospective investor, this means second-order ripple effects cannot be mapped from the provided data. The one structural watch point the data does support is the leverage relationship: with debt of $228.4M against cash of $86.9M, any tightening in credit conditions or revenue shortfall would transmit quickly to equity holders.

Key Question #1: Can SST sustain or expand its -23.3% operating margin and -28.5% ROIC against Computer Software: Programming Data Processing peers over the next 4 quarters?
Key Question #2: Following FY2025 revenue of $266.1M and free cash flow of -$4.2M, how will capital allocation balance growth reinvestment against $228.4M in total debt?
Key Question #3: How sensitive is SST's equity valuation to Technology capital spending cycles and macro interest-rate shifts (Beta 1.00x)?

SST Live News Feed, Press Releases & Catalyst Wire

Real-time company headlines, analyst actions, and sector developments for System1 Inc. (Class A) (SST) • Click "Debate This Headline" to argue it in the Roar Pit below

💬 Jump to SST Debate Forum (3) ↓

🟡 MARKET WIRE TradingView • 21h ago

System1, Inc. Estimates – NYSE:SST

TradingView report covering System1 Inc. (Class A) (SST) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

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Insider Buyers Lose US$17k As System1 Sheds US$3.0m

Simply Wall St report covering System1 Inc. (Class A) (SST) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

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10 Communication Services Stocks Moving In Friday's Pre-Market Session

Benzinga report covering System1 Inc. (Class A) (SST) market action, institutional positioning, and fundamental catalysts.

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MINI's 2026 road rallies span 3 states, with turn-by-turn MapQuest directions

Stock Titan report covering System1 Inc. (Class A) (SST) market action, institutional positioning, and fundamental catalysts.

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System1, Inc. Stock Price Prediction: Today, Tomorrow, Next Week (SST)

Traders Union report covering System1 Inc. (Class A) (SST) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🔴 RISK WATCH TipRanks • 1d ago

System1 Announces Executive Leadership Change and Board Continuity

TipRanks report covering System1 Inc. (Class A) (SST) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟡 MARKET WIRE Yahoo • 12d ago

MapQuest Returns as the Official Navigation Partner of MINI Takes the States 2026

LOS ANGELES, October 22, 2026--MapQuest, the pioneering navigation brand owned by System1, Inc. (NYSE: SST), today announced it is the official navigation partner of MINI Takes the States (MTTS) 2026, the biennial road r

Read Full Source ↗

🔥 THE ROAR PIT • LIVE COMMUNITY DEBATE 3 Active Posts & Replies

SST Bull vs. Bear Conversation Board — What's Your Call at $1.70?

🐂 67% BULLISH CONVICTION COMMUNITY TUG-OF-WAR ON SST 🐻 33% BEARISH CONVICTION

DE DeltaGamma_99 RQD DEBATE OPENER • Options Flow Specialist 🐂 BULLISH 🎯 Target: $2.24 (+31.8%)

📌 Pinned Debate

Price sits near the low end of its $1.35 - $6.05 52-week range with a gross margin of 37.7%, so a turnaround in operating economics cou

Long SST at $1.70 targeting $2.24. Price sits near the low end of its $1.35 - $6.05 52-week range with a gross margin of 37.7%, so a turnaround in operating economics could drive a re-rating.. Institutional whale score is 3/20 and the risk/reward vs. the $1.35 52-week low is skewed heavily in favor of bulls.

CapAlloc_Nerd 🐂 BULL

@DeltaGamma_99 Agree on the RQD 17/100 quality, though with 1.0 beta I'm scaling in with half-size at $1.70 and keeping dry powder in case we test $1.58.

MU MultipleCompression RQD DEBATE OPENER • Valuation Discipline 🐻 BEARISH 🎯 Target: $1.29 (-24.1%)

Spot @ $1.70

A Debt/Equity of 7.5, Altman Z of 0.2, and debt of $228.4M against cash of $86.9M leave the balance sheet exposed to refinancing and so

Sitting on the sidelines or leaning short SST above $1.70. A Debt/Equity of 7.5, Altman Z of 0.2, and debt of $228.4M against cash of $86.9M leave the balance sheet exposed to refinancing and solvency stress.. Until Fundamental Cash Engine (4/20) and FCF yield (-22.59%) inflect higher, upside is capped near $6.05.