System1, Inc. (SST) quarterly cash flow statement — complete operating, investing & financing history
System1, Inc. (SST) cash flow statement — 7-year operating, investing & financing cash flows
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 |
|---|
| Cash from Operations | -28.17M | -26.13M | -10.64M | -2.05M | 24.49M | -15.95M | 772K | -5K | 9.96M | -15.99M | -18.83M | -7.26M | 7.15M | -5.8M | 4.06M | 7.56M | 22.56M | -41.46M | 21.34M | 12.06M |
| Operating CF Margin % | -93.27% | -70.19% | -20.48% | -3.33% | 31.35% | -21.4% | 1.02% | -0.01% | 10.54% | -18.83% | -19.59% | -8.27% | 7.38% | -4.79% | - | 4.82% | 10.26% | - | 10.68% | 7.03% |
| Operating CF Growth % | -215.01% | -63.86% | -1477.98% | -40940% | 145.78% | 0.24% | 104.1% | 99.93% | 39.31% | -175.59% | -564.01% | -196.02% | -68.29% | 86.01% | -80.98% | -37.28% | 31.26% | -509.39% | 54.64% | - |
| Net Income | -72.92M | -47.07M | -17.79M | -22M | -17.46M | -19.86M | -18.02M | -30.64M | -26.37M | -13.79M | -34.96M | -163.14M | -34.3M | -42.93M | -9.79M | -230.35M | -25.74M | -73.13M | 3.11M | 11.37M |
| Depreciation & Amortization | 18.95M | 12.13M | 21.03M | 20.79M | 20.57M | 20.48M | 20.23M | 20.11M | 19.94M | 19.8M | 19.84M | 27.94M | 30.98M | 29.37M | 19.1M | 18.92M | 32.51M | 23.33M | 4.19M | 3.46M |
| Stock-Based Compensation | 2.62M | 0 | 2.09M | 5.36M | 0 | 3.46M | 6.75M | 19.55M | 3.44M | 3.97M | 9.18M | 12.26M | 4.29M | 14.12M | 0 | 0 | 0 | 0 | 79K | 110K |
| Deferred Taxes | -440K | -460K | -713K | -493K | -396K | -588K | -522K | -319K | -606K | -656K | -3.93M | -5.1M | 0 | -7.87M | -16.95M | -78.35M | -7.21M | -16.36M | 0 | -128K |
| Other Non-Cash Items | 40.22M | 28.79M | -3.5M | -351K | 2.76M | 1.46M | 483K | -8.37M | 1.63M | -18.95M | 9.8M | 114.74M | 13.93M | -287K | 16.16M | 307.67M | 14.21M | 64.02M | 10.53M | 597K |
| Working Capital Changes | -16.59M | -19.53M | -11.75M | -5.35M | 19.03M | -20.89M | -8.15M | -342K | 11.93M | -6.36M | -18.76M | 6.04M | -7.76M | 1.78M | -4.47M | -10.32M | 8.79M | -39.33M | 3.42M | -3.35M |
| Change in Receivables | 16.31M | 4.03M | -3.63M | 15.86M | -8.46M | 1.16M | -5.32M | 4.34M | -9.21M | 3.39M | 3.07M | 1.63M | 4.88M | 11.28M | -2.07M | 14.81M | 6.68M | -3.7M | -4.62M | -6.14M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -6.88M | -7.73M | -1.05M | -4.99M | 20.81M | -2.76M | 978K | 3.18M | -807K | -2.44M | -12.02M | -2.6M | 0 | -810K | 140K | -4.55M | -59.56M | -1.51M | 0 | 3.97M |
| Cash from Investing | -3.54M | -2.17M | -1.63M | -1.99M | -1.56M | -1.55M | -1.29M | -1.74M | -1.6M | -1.62M | 210.04M | -1.79M | -2.68M | -2.39M | -1.58M | -2.55M | -24.09M | -426.23M | -1.63M | -1.67M |
| Capital Expenditures | -3.54M | -2.17M | -1.56M | -1.99M | -1.56M | -46K | -1.29M | -31K | -1.6M | -1.62M | -338K | -434K | -867K | -714K | -1.58M | -2.55M | -2.99M | -3.26M | -49K | -1.67M |
| CapEx % of Revenue | 11.72% | 5.84% | 3% | 3.23% | 2% | 0.06% | 1.71% | 0.03% | 1.69% | 1.91% | 0.35% | 0.49% | 0.89% | 0.59% | - | 1.62% | 1.36% | - | 0.02% | 0.97% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 211.14M | 0 | 0 | 0 | 0 | 0 | -21.1M | -422.97M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | -68K | 0 | 0 | -1.5M | 0 | -1.71M | 0 | 0 | -763K | -1.36M | -1.81M | -1.68M | 0 | 0 | 0 | 0 | -1.58M | 0 |
| Cash from Financing | -15.24M | -7.74M | 44.41M | -5.01M | -2.79M | -5.3M | -5.01M | -5.02M | -5.77M | -48.16M | -73.02M | 8.31M | -236K | -9.13M | -5.18M | -7.04M | -2.73M | -12.78M | -6.95M | -8.74M |
| Debt Issued (Net) | -15M | -7.5M | 45M | -5M | -5M | -5M | -5M | -5M | -5.71M | -46.07M | -72.98M | 9M | -39M | -5M | -4M | -5M | -5M | 251.67M | -1.75M | -1.75M |
| Equity Issued (Net) | 0 | -202K | -557K | -13K | 2.25M | -292K | -11K | -21K | -24K | -2.09M | 0 | 0 | -215K | 0 | -1.12M | 0 | 5.03M | -510.47M | -32K | 0 |
| Dividends Paid | 0 | 0 | 1K | 0 | -21K | -12K | -54K | 0 | -27K | 0 | 0 | 0 | -21K | -45K | -1.51M | 1.5M | -1.04M | -463K | -4.79M | -7.1M |
| Share Repurchases | 0 | -202K | -557K | -13K | 0 | -292K | -11K | -21K | -24K | -2.09M | 0 | 0 | -215K | 0 | -1.12M | 0 | 0 | -510.47M | -32K | 0 |
| Other Financing | -237K | -41K | -32K | 0 | -19K | 0 | 54K | 0 | -5K | 5K | -41K | -686K | 39M | -4.09M | 1.46M | -3.55M | -1.72M | 246.48M | -382K | 109K |
| Net Change in Cash | -47.15M | -36.12M | 32.3M | -9.06M | 19.73M | -22.79M | -5.64M | -6.68M | 2.59M | -65.77M | 118.43M | -1.17M | 4.48M | -17.37M | -24.48M | -2.91M | -4.97M | -913K | 12.43M | 1.64M |
| Free Cash Flow | -31.71M | -28.31M | -13.7M | -4.04M | 22.93M | -17.5M | -521K | -1.75M | 8.37M | -17.61M | -19.93M | -9.05M | 6.29M | -8.19M | 3.73M | 6.65M | 21.67M | -42.89M | 21.29M | 10.39M |
| FCF Margin % | -105% | -76.03% | -26.37% | -6.56% | 29.36% | -23.48% | -0.69% | -1.97% | 8.85% | -20.74% | -20.74% | -10.31% | 6.49% | -6.76% | - | 4.24% | 9.86% | - | 10.65% | 6.06% |
| FCF Growth % | -238.27% | -61.79% | -2529.37% | -131.05% | 174.02% | 0.64% | 97.39% | 80.68% | 33.14% | -114.93% | -634.02% | -236.08% | -71% | 80.9% | -82.46% | -35.97% | 26.12% | -593.67% | 61.64% | - |
| FCF per Share | -3.88 | -3.50 | -1.69 | -0.50 | 2.93 | -0.24 | -0.01 | -0.02 | 0.12 | -0.26 | -0.22 | -0.10 | 0.07 | -0.09 | 0.04 | 0.07 | 0.24 | -0.50 | 0.26 | 0.12 |
| FCF Conversion (FCF/Net Income) | 2.24x | 0.56x | 0.79x | 0.11x | -1.40x | 1.00x | -0.05x | 0.00x | -0.38x | 1.52x | 0.71x | 0.06x | -0.21x | 0.17x | - | -0.03x | -0.88x | - | 6.85x | 1.06x |
| Interest Paid | 12.58M | 0 | 0 | 0 | 0 | 0 | -8.23M | 0 | 0 | 8.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14.74M | 0 |
| Taxes Paid | 91K | 0 | 0 | 0 | 0 | 0 | -634K | 0 | 0 | 634K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |