System1 reported Q4 2025 revenue of USD 51.94 million, down 31%, and gross profit of USD 21.3 million, down 33%. Q4 2025 adjusted gross profit was USD 34.9 million, down 22%, while adjusted EBITDA was USD 8.2 million, down 54%. For FY 2025, revenue was USD 266.13 million, down 23%, and adjusted gross profit was USD 153.4 million, up 1%. FY 2025 GAAP net loss was USD 81.2 million, down 17%, and adjusted EBITDA was USD 41.9 million, up 9%. Co-Founder and CEO Michael Blend said macro and market-specific headwinds affected Q4 results, while CFO Tridivesh Kidambi said the company is evaluating opportunities to strengthen the balance sheet and optimize the capital structure.

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