Revenue Performance - Revenue for the three months ended March 31, 2024, was $84,917, a decrease of 30% compared to $121,118 in the same period of 2023[120] - Owned and Operated Advertising revenue decreased by 35% to $69,030 for the three months ended March 31, 2024, from $106,025 in the prior year[124] - Partner Network revenue increased by 7% to $10,919,000 for the three months ended March 31, 2024, compared to $10,217,000 in the prior year[130] - Total adjusted gross profit decreased by 17% to $33,381,000 for the three months ended March 31, 2024, down from $40,056,000 in the prior year[130] Operating Expenses - Operating expenses totaled $110,713 for the three months ended March 31, 2024, down 24% from $145,347 in the prior year[120] - The cost of revenue (excluding depreciation and amortization) was $53,698 for the three months ended March 31, 2024, a decrease of 35% from $82,953 in the same period of 2023[120] - Salaries and benefits decreased by $1.9 million in stock-based compensation and $1.8 million in salary expense due to lower headcount for the three months ended March 31, 2024[131] - Selling, general, and administrative expenses decreased by $1.7 million for the three months ended March 31, 2024, primarily due to reduced advisory and consulting fees[132] Net Loss and Financial Changes - The net loss from continuing operations for the three months ended March 31, 2024, was $13,791, a reduction of 55% compared to $30,393 in the same period of 2023[120] - Interest expense, net, decreased by 30% to $7,970 for the three months ended March 31, 2024, from $11,402 in the prior year[120] - The gain from debt extinguishment was $19,676 for the three months ended March 31, 2024, compared to no gain in the same period of 2023[120] - The change in fair value of warrant liabilities improved by 82%, decreasing to $251 from $1,409 in the prior year[120] - Total other income expense, net, was $(11,957) for the three months ended March 31, 2024, compared to $9,993 in the same period of 2023, reflecting a significant change of 220%[120] Cash Flow and Financing - Cash outflows from operations were $16,000,000 for the three months ended March 31, 2024, compared to $5,801,000 in the prior year[152] - The company had unrestricted cash and cash equivalents of $69.9 million as of March 31, 2024[143] - The principal amount outstanding on the Term Loan was $296.3 million as of March 31, 2024, following a repurchase of $63.7 million in principal amount[145][148] - Cash used in financing activities was $48,158,000 for the three months ended March 31, 2024, primarily due to repayment of the 2022 Term Note[157] - The company expects existing cash and cash equivalents and cash flows from operations to be sufficient to fund operating activities for at least the next 12 months[141] Strategic Focus - The company is focused on expanding the number of advertising partners and optimizing bids to drive higher returns on advertising spend[142] - The number of Owned & Operated Advertising sessions increased by 183 million to 1,209 million from 1,026 million compared to the prior year[125]

Exhibit 99.1 System1 Announces First Quarter 2024 Financial Results All Key Financial Results Above the High-End of Guidance Range LOS ANGELES, CA – May 9, 2024 – System1, Inc. (NYSE: SST) ("System1" or the "Company"), an omnichannel customer acquisition marketing platform, announced its financial results for the first quarter of 2024. "We are pleased to report a strong start to the year, with our headline Q1 results exceeding the top end of our guidance ranges for Revenue, Adjusted Gross Profit and Adjuste ...

System1, Inc. (NYSE:SST) Q4 2023 Results Conference Call March 18, 2024 8:00 AM ET Company Participants Kyle Ostgaard - Vice President, Finance Michael Blend - Co-Founder and Chief Executive Officer Tridivesh Kidambi - Chief Financial Officer Conference Call Participants Dan Kurnos - The Benchmark Company Thomas Forte - Maxim Group Operator Good morning. My name is Christa, and I'll be your conference operator today. At this time, I would like to welcome everyone to the System1 Fourth Quarter and Full Year ...

Exhibit 99.1 System1 Announces Fourth Quarter and Full Year 2023 Financial Results All Key Financial Results Above the High-End of Guidance Range Fourth Quarter Financial Highlights: Fiscal Year 2023 Results: LOS ANGELES, CA – March 18, 2024 – System1, Inc. (NYSE: SST) ("System1" or the "Company"), an omnichannel customer acquisition marketing platform, announced its financial results for the fourth quarter and full year 2023. Unless otherwise noted, all financial results are reflect the divestiture of Tota ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For transition period from __________ to __________ Commission file number 001-39331 System1, Inc. (Exact name of registrant as specified in its charter) Delaware 92-3978051 (State or other juri ...

System1, Inc. (NYSE:SST) Q3 2023 Earnings Conference Call December 12, 2023 5:00 PM ET Company Participants Kyle Ostgaard - Vice President, Finance Michael Blend - Co-Founder and Chief Executive Officer Tridivesh Kidambi - Chief Financial Officer Conference Call Participants Dan Kurnos - Benchmark Kyle Ostgaard Thank you for standing by, and welcome to the Third Quarter 2023 Conference Call and Webcast for System1. Joining me today to discuss System1's business and financial results are our Co-Founder and C ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For transition period from __________ to __________ Commission file number 001-39331 System1, Inc. (Exact name of registrant as specified in its charter) Delaware 92-3978051 (State or o ...

Investor Presentation August 2023 Safe Harbor Disclaimer for Forward-Looking Statements Forward-Looking Statements Such risks, uncertainties and assumptions include, but are not limited to: (1) our ability to grow and manage growth profitably, and retain its key employees; (2) our ability to acquire businesses on acceptable terms and to successfully integrate and recognize anticipated synergies from acquired businesses; (3) use of cash and other available liquidity to grow and invest in our businesses; (4) ...

System1, Inc. (NYSE:SST) Q2 2023 Earnings Conference Call August 9, 2023 5:00 PM ET Company Participants Michael Blend - Co-founder & Chief Executive Officer Tridivesh Kidambi - Chief Financial Officer Conference Call Participants Operator Thank you for standing by, and welcome to the Second Quarter 2023 Conference Call and Webcast for System1. Joining me today to discuss System1’s business and financial results are our Co-founder and CEO, Michael Blend; and our Chief Financial Officer, Tridivesh Kidambi. A ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For transition period from __________ to __________ (State or other jurisdiction of incorporation or organization) 4235 Redwood Avenue Marina Del Rey, CA (Address of Principal Executive Offi ...