Revenue Performance - Revenue for the three months ended June 30, 2024, was $94,581,000, a decrease of 2% compared to $96,914,000 in the same period of 2023[106]. - Total revenue for the six months ended June 30, 2024, was $179,498 million, a decrease of 18% compared to $218,032 million in the same period of 2023[112]. - Owned and Operated Advertising revenue for the six months ended June 30, 2024, was $146,426 million, down 20% from $183,325 million in the prior year[113]. - Partner Network revenue decreased by 12% for the three months ended June 30, 2024, totaling $17,185 million compared to $19,614 million in the same period of 2023[112]. Operating Loss and Expenses - Operating loss for the three months ended June 30, 2024, was $(29,086,000), representing 31% of total revenue, compared to $(21,825,000) or 23% of total revenue in 2023[106]. - Total operating expenses for the three months ended June 30, 2024, were $123,667,000, an increase of 4% from $118,739,000 in the same period of 2023[106]. - Operating loss for the six months ended June 30, 2024, was $(54,882) million, an increase in loss of 19% from $(46,054) million in the prior year[112]. - Salaries and benefits expenses increased by 25% to $33,937,000 in Q2 2024, up from $27,054,000 in Q2 2023[106]. - Salaries and benefits increased by $3,219 million for the six months ended June 30, 2024, primarily due to share-based liabilities[119]. Net Loss - Net loss from continuing operations for the three months ended June 30, 2024, was $(34,845,000), compared to $(29,507,000) in the same period of 2023, an increase of 18%[106]. - Net loss attributable to System1, Inc. for the six months ended June 30, 2024, was $(36,910) million, a decrease of 46% compared to $(68,103) million in the same period of 2023[112]. - The company experienced a net loss of $85.9 million for the six months ended June 30, 2023, despite cash provided by operating activities of $1.4 million[131]. Cash Flow and Liquidity - As of June 30, 2024, the company had unrestricted cash and cash equivalents of $75.7 million and $50.0 million available to borrow on its 2022 Revolving Facility[127]. - For the six months ended June 30, 2024, the company reported cash outflows of $63.2 million, primarily driven by a net loss of $48.6 million and a $51.8 million repayment of its Term Loan[127]. - Cash used in operating activities for the six months ended June 30, 2024, was $6.0 million, influenced by changes in net income and working capital balances[130]. - Cash used in investing activities for the six months ended June 30, 2024, was $3.2 million, mainly for costs capitalized for internally developed software[132]. - Cash used in financing activities for the six months ended June 30, 2024, was $53.9 million, primarily related to the repayment of the 2022 Term Note[133]. Business Operations - As of June 30, 2024, the company processes approximately 175 million daily advertising campaign optimizations and ingests over 13 billion rows of data daily across approximately 41 advertising vertical categories[92]. - The company operates approximately 40 owned and operated websites, including leading search engines and digital media publishing sites[94]. - The company is contractually obligated to spend a remaining $10.0 million under a multi-year service agreement through June 2026[136]. Market Conditions and Risks - The company is subject to various risks in international operations, including changes in tax laws and regulatory frameworks[97]. - The company's revenue is significantly dependent on two key advertising partners, Google and Microsoft[127]. - Adverse macroeconomic conditions have impacted advertising demand, potentially affecting future financial performance[126]. - The company is focused on reducing cash operating expenses and optimizing advertising spend to improve liquidity[126]. Interest Expense - Interest expense, net, decreased by 36% to $7,871,000 in Q2 2024, down from $12,334,000 in Q2 2023[106]. - Interest expense, net decreased by 33% for the six months ended June 30, 2024, totaling $15,841 million compared to $23,736 million in the prior year[122].

Revenue and Profitability - Revenue for Q2 2024 increased by $9.7 million over the prior quarter to $94.6 million[1] - Gross profit rose 40% over the prior quarter to $26.1 million[1] - Adjusted EBITDA increased by $9.5 million over the prior quarter to $9.9 million[1] - Adjusted Gross Profit for Q2 2024 was $38.8 million, reflecting a 24% increase over the prior quarter[1] - Revenue for Q2 2024 was $94.6 million, down from $96.9 million in Q2 2023, representing a decrease of about 2.4%[18] - Gross profit for Q2 2024 was $26.1 million, compared to $27.8 million in Q2 2023, reflecting a decrease of approximately 6.1%[18] - Adjusted EBITDA for Q2 2024 was $9.9 million, an increase from $6.1 million in Q2 2023[17] Losses and Financial Position - GAAP net loss increased by 152% over the prior quarter to $34.8 million[1] - Net loss from continuing operations for Q2 2024 was $34.8 million, compared to a net loss of $29.5 million in Q2 2023[17] - Accumulated deficit increased to $(744,572,000) from $(707,662,000) over the period[16] - Total current assets decreased to $148,624,000 from $202,003,000, a decline of approximately 26.4%[16] - Total liabilities decreased to $382,057,000 from $436,155,000, a reduction of about 12.4%[16] - Cash and cash equivalents decreased to $75,651,000 from $135,343,000, a decline of approximately 44.6%[16] - Long-term debt decreased to $263,338,000 from $334,232,000, a reduction of about 21.2%[16] - Total stockholders' equity attributable to System1, Inc. decreased to $109,412,000 from $135,278,000, a decline of approximately 19.1%[16] User Engagement and Product Development - CouponFollow.com saw a 36% year-over-year increase in organic visitors, with over 15 million monthly active users[3] - Startpage's Private Browser app launched with over 50,000 downloads and received over 2,000 five-star ratings[3] - MapQuest experienced 10% year-over-year growth in organic visits due to investments in new content and improved data quality[3] Future Outlook - The company expects Q3 2024 revenue guidance between $86 million and $88 million[4] - The company renewed a primary monetization relationship with Google[3]

Financial Data and Key Metrics Changes - System1 reported revenue of $85 million and gross profit of $31 million for Q1 2024, with adjusted EBITDA at $423,000, reflecting a 30% year-over-year decline in revenue and a 12% sequential decline [2][58] - Owned and operated revenue was $69 million, down 35% year-over-year and down 13% from the previous quarter [2][58] - Adjusted EBITDA was $422,000 compared to $5.2 million in the same quarter last year, exceeding the high end of the guidance range by $1.4 million [22][58] Business Line Data and Key Metrics Changes - Partner network revenue was $16 million, with a gross profit of $11 million, representing a 5% year-over-year increase but a 5% sequential decline due to seasonality [11] - Total sessions processed by RAMP increased to 2.26 million, up 22% sequentially and 53% year-over-year [43] - Average revenue per partner decreased by 9% sequentially due to Q1 seasonality, with total active partners growing by 5% to over 250 [35] Market Data and Key Metrics Changes - International revenue represented approximately 29% of owned and operated revenue, up from 25% in Q4 2023 [31] - The advertising marketplace showed initial weakness in January but improved as the quarter progressed, with March exceeding expectations [9][19] - Partner network revenue per session declined 55% year-over-year and 28% quarter-over-quarter due to marketplace headwinds [34] Company Strategy and Development Direction - The company is focusing on investing in its RAMP platform, expanding its subscription business, and exploring M&A opportunities as the digital market stabilizes [16][17] - System1 aims to enhance its buy-side capabilities and open up its platform to partners primarily using it for sell-side monetization [16][95] - The management expressed confidence in returning to growth mode, driven by improved execution and product enhancements [18][93] Management's Comments on Operating Environment and Future Outlook - Management remains cautiously optimistic about the digital advertising market stabilizing in 2024, despite ongoing uncertainties [24][41] - The delay in cookie deprecation by Google is viewed as a potential tailwind for the company, as it may enhance the effectiveness of contextual advertising [26] - The company expects Q2 revenue to be between $88 million and $90 million, representing an 8% year-over-year decline at the midpoint [45] Other Important Information - The company ended the quarter with $69.9 million in unrestricted cash and a term loan balance of $296 million, with a net leverage of approximately 9.19 times [22] - Management emphasized the importance of aligning with long-term shareholders and maintaining a focus on maximizing equity value [40][60] Q&A Session Summary Question: How does the company view the impact of cookie deprecation? - Management believes cookie deprecation will be a tailwind, enhancing contextual advertising effectiveness, and expressed disappointment over the delay to 2025 [26] Question: What opportunities does the company see in international markets? - Management noted that international revenue is under-indexed, particularly in the EU, and sees significant growth potential in these regions [49] Question: How is the company navigating the current consumer spending environment? - Management indicated stability in consumer spending and does not see a significant decline, with a focus on adapting to changing consumer demands [82] Question: What is the company's outlook regarding the upcoming presidential election and its impact on advertising? - Management does not anticipate significant changes in their marketplaces due to the election, focusing instead on stability and growth in the second half of 2024 [83][84]

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 ...

[Executive Summary](index=1&type=section&id=1.%20Executive%20Summary) System1 reported strong Q4 2023 results exceeding guidance, with full-year revenue of **$402.0 million** and management expressing optimism for 2024 [Fourth Quarter 2023 Financial Highlights](index=1&type=section&id=1.1.%20Fourth%20Quarter%202023%20Financial%20Highlights) System1 reported Q4 2023 financial results exceeding guidance, showing QoQ growth in Revenue, Gross Profit, and Adjusted EBITDA Fourth Quarter 2023 Financial Highlights (QoQ Change) | Metric | Q4 2023 Value | QoQ Change | | :-------------------- | :------------ | :--------- | | Revenue | $96.1 million | Increased 9% | | Gross Profit | $25 million | Increased 1% | | Adjusted Gross Profit | $37.5 million | Increased 1% | | GAAP Net Loss | $25 million | Decreased 2% | | Adjusted EBITDA | $10 million | Increased 24% | [Fiscal Year 2023 Financial Highlights](index=1&type=section&id=1.2.%20Fiscal%20Year%202023%20Financial%20Highlights) For FY 2023, System1 reported total revenue of **$402.0 million** and Adjusted EBITDA of **$29.2 million**, reflecting overall performance Fiscal Year 2023 Financial Highlights | Metric | FY 2023 Value | | :-------------------- | :------------ | | Revenue | $402.0 million | | Gross Profit | $103.4 million | | Adjusted Gross Profit | $153.3 million | | GAAP Net Loss | $111.3 million | | Adjusted EBITDA | $29.2 million | [Management Commentary](index=1&type=section&id=1.3.%20Management%20Commentary) Management expressed satisfaction with Q4 results, citing strategic focus, AI integration, and a streamlined cost structure for 2024 optimism - Q4 results exceeded guidance for Revenue, Adjusted Gross Profit, and Adjusted EBITDA despite a challenging online advertising environment[4](index=4&type=chunk) - Optimistic about 2024 and beyond, expecting benefits from increased advertiser demand, deprecation of third-party cookies, AI integration in RAMP, resurgence in Partner Network, and streamlined strategic focus after Total Security sale[4](index=4&type=chunk) - Entered 2024 with a streamlined cost structure, a capital-efficient advertising business, and substantial liquidity, with a focus on investing for growth and strategically deploying capital to reduce leverage[4](index=4&type=chunk) [Business Updates & Outlook](index=2&type=section&id=2.%20Business%20Updates%20%26%20Outlook) System1 completed a major divestiture and debt reduction, issued Q1 2024 guidance, and detailed its RAMP-driven customer acquisition platform [Fourth Quarter 2023 and Subsequent Business Highlights](index=2&type=section&id=2.1.%20Fourth%20Quarter%202023%20and%20Subsequent%20Business%20Highlights) System1 divested Total Security for **$240 million**, retired **29.1M** Class A shares, repaid **$155 million** in debt, and introduced product enhancements - Sold subscription business segment (Total Security) for **$240 million** gross cash and retired approximately **29.1M** Class A shares[10](index=10&type=chunk) - Successfully completed a modified "Dutch auction" tender offer in January 2024, repurchasing **$63.7 million** of term debt for **$40.9 million**, contributing to a total debt repayment of **$155 million** between November 2023 and January 2024[10](index=10&type=chunk) - Introduced new enhancements to Owned & Operated product offerings, including a "proof of delivery" feature for the RoadWarrior app, and announced a strategic partnership to power Ecosia's search results[10](index=10&type=chunk) [First Quarter 2024 Guidance](index=2&type=section&id=2.2.%20First%20Quarter%202024%20Guidance) For Q1 2024, System1 anticipates revenue between **$82 million** and **$84 million**, with Adjusted EBITDA projected between **$(2) million** and **$(1) million** First Quarter 2024 Guidance | Metric | Range (Millions) | | :-------------------- | :--------------- | | Revenue | $82 - $84 | | Gross Profit | $15 - $17 | | Adjusted Gross Profit | $28 - $30 | | Adjusted EBITDA | $(2) - $(1) | - Expects interest expense in the range of **$7.5 million** to **$8.0 million**, depreciation and amortization expense in the range of **$20 million** to **$21 million**, and acquisition and restructuring costs in the range of **$2.0 million** to **$2.5 million** for Q1 2024[7](index=7&type=chunk) [About System1, Inc.](index=2&type=section&id=2.3.%20About%20System1%2C%20Inc.) System1, Inc. operates an advanced Responsive Acquisition Marketing Platform (RAMP), an omnichannel, omnivertical platform built for a privacy-centric world - System1 operates an advanced Responsive Acquisition Marketing Platform (RAMP) that is omnichannel, omnivertical, and built for a privacy-centric world[9](index=9&type=chunk) - RAMP facilitates the building of powerful brands, the development and growth of privacy-focused products, and the delivery of high-intent customers to advertising partners[9](index=9&type=chunk) [Financial Statements](index=4&type=section&id=3.%20Financial%20Statements) This section details System1's Q4 2023 and FY 2023 statements of operations and consolidated balance sheets [Unaudited Condensed Statements of Operations (Q4 2023 vs. Q4 2022)](index=4&type=section&id=3.1.%20Unaudited%20Condensed%20Statements%20of%20Operations%20%28Q4%202023%20vs.%20Q4%202022%29) In Q4 2023, System1's revenue decreased to **$96.1 million**, with an operating loss of **$(19.1) million** and a net loss of **$(27.6) million** Unaudited Condensed Statements of Operations (Q4) | Metric (in thousands) | Q4 2023 | Q4 2022 (As Revised) | | :-------------------- | :------ | :------------------- | | Revenue | $96,120 | $140,071 | | Operating income (loss) | $(19,078) | $(45,720) | | Net loss from continuing operations | $(25,426) | $(29,801) | | Net loss attributable to System1, Inc. | $(27,628) | $(32,751) | [Consolidated Statements of Operations (FY 2023 vs. FY 2022)](index=5&type=section&id=3.2.%20Consolidated%20Statements%20of%20Operations%20%28FY%202023%20vs.%20FY%202022%29) For FY 2023, System1's revenue was **$402.0 million**, with an operating loss of **$(86.0) million** and a net loss of **$(227.2) million** Consolidated Statements of Operations (FY) | Metric (in thousands) | FY 2023 | FY 2022 (Successor, As Revised) | | :-------------------- | :------ | :------------------------------ | | Revenue | $401,971 | $612,229 | | Operating income (loss) | $(85,989) | $(457,683) | | Net loss from continuing operations | $(111,258) | $(384,363) | | Net loss attributable to System1, Inc. | $(227,221) | $(330,392) | [Consolidated Balance Sheets (Dec 31, 2023 vs. Dec 31, 2022)](index=6&type=section&id=3.3.%20Consolidated%20Balance%20Sheets%20%28Dec%2031%2C%202023%20vs.%20Dec%2031%2C%202022%29) As of Dec 31, 2023, System1's total assets decreased to **$605.5 million**, cash increased to **$135.3 million**, and total liabilities decreased to **$436.2 million** Consolidated Balance Sheets | Metric (in thousands) | Dec 31, 2023 | Dec 31, 2022 (As Revised) | | :-------------------- | :----------- | :------------------------ | | Total assets | $605,470 | $1,160,456 | | Cash and cash equivalents | $135,343 | $8,905 | | Total liabilities | $436,155 | $689,785 | | Long-term debt, net | $334,232 | $399,504 | | Total stockholders' equity | $169,315 | $470,671 | [Non-GAAP Financial Measures](index=3&type=section&id=4.%20Non-GAAP%20Financial%20Measures) This section defines and reconciles System1's key non-GAAP financial measures, Adjusted Gross Profit and Adjusted EBITDA, for Q4 and FY 2023 [Definition and Limitations](index=3&type=section&id=4.1.%20Definition%20and%20Limitations) This section defines Adjusted Gross Profit and Adjusted EBITDA as non-GAAP measures, outlining their use by management and their inherent limitations - Adjusted Gross Profit is defined as gross profit plus depreciation and amortization related to cost of revenues[15](index=15&type=chunk) - Adjusted EBITDA is defined as net income (loss) before interest expense, income taxes, depreciation and amortization expense, stock-based compensation, deferred compensation, management fees, minority interest, restructuring charges, impairment, and certain discrete items[15](index=15&type=chunk) - These non-GAAP measures are used by management to measure operational strength and performance but have limitations, including potential non-comparability with other companies and not being a substitute for GAAP measures[15](index=15&type=chunk)[16](index=16&type=chunk)[18](index=18&type=chunk) [Adjusted EBITDA Reconciliation (Q4 2023 vs. Q4 2022)](index=7&type=section&id=4.2.%20Adjusted%20EBITDA%20Reconciliation%20%28Q4%202023%20vs.%20Q4%202022%29) Adjusted EBITDA for Q4 2023 was **$10.0 million**, a decrease from **$14.3 million** in Q4 2022, despite a lower net loss Adjusted EBITDA Reconciliation (Q4) | Metric ($ in millions) | Q4 2023 | Q4 2022 (As Revised) | | :--------------------- | :------ | :------------------- | | Net loss | $(25.4) | $(29.8) | | Income tax benefit | $(8.8) | $(15.3) | | Interest expense | $12.0 | $9.7 | | Depreciation and amortization | $19.7 | $19.1 | | Impairment of goodwill | - | $26.6 | | Stock-based compensation & distributions to members | $5.8 | $6.9 | | Acquisition and restructuring costs | $3.3 | $6.2 | | **Adjusted EBITDA** | **$10.0** | **$14.3** | [Adjusted EBITDA Reconciliation (FY 2023 vs. FY 2022)](index=8&type=section&id=4.3.%20Adjusted%20EBITDA%20Reconciliation%20%28FY%202023%20vs.%20FY%202022%29) For FY 2023, Adjusted EBITDA was **$29.2 million**, a significant decrease from **$68.4 million** in 2022, reflecting various adjustments to net loss Adjusted EBITDA Reconciliation (FY) | Metric ($ in millions) | FY 2023 | FY 2022 (Successor, As Revised) | | :--------------------- | :------ | :------------------------------ | | Net loss | $(111.3) | $(384.4) | | Income tax benefit | $(20.4) | $(108.7) | | Interest expense | $48.7 | $31.6 | | Depreciation and amortization | $78.4 | $69.5 | | Impairment of goodwill | - | $372.7 | | Stock-based compensation & distributions to members | $21.2 | $22.2 | | Acquisition and restructuring costs | $14.7 | $26.6 | | **Adjusted EBITDA** | **$29.2** | **$68.4** | [Adjusted Gross Profit Reconciliation (Q4 2023 vs. Q4 2022)](index=8&type=section&id=4.4.%20Adjusted%20Gross%20Profit%20Reconciliation%20%28Q4%202023%20vs.%20Q4%202022%29) In Q4 2023, Adjusted Gross Profit was **$37.5 million**, down from **$43.0 million** in Q4 2022, reflecting decreased revenue and gross profit Adjusted Gross Profit Reconciliation (Q4) | Metric ($ in millions) | Q4 2023 | Q4 2022 (As Revised) | | :--------------------- | :------ | :------------------- | | Revenue | $96.1 | $140.1 | | Less: Cost of revenues (excluding D&A) | $(58.6) | $(97.1) | | Less: Depreciation and amortization related to cost of revenues | $(12.6) | $(12.4) | | Gross profit | $24.9 | $30.6 | | Add: Depreciation and amortization related to cost of revenues | $12.6 | $12.4 | | **Adjusted Gross Profit** | **$37.5** | **$43.0** | [Adjusted Gross Profit Reconciliation (FY 2023 vs. FY 2022)](index=9&type=section&id=4.5.%20Adjusted%20Gross%20Profit%20Reconciliation%20%28FY%202023%20vs.%20FY%202022%29) For FY 2023, Adjusted Gross Profit was **$153.3 million**, a decrease from **$173.4 million** in 2022, consistent with overall revenue decline Adjusted Gross Profit Reconciliation (FY) | Metric ($ in millions) | FY 2023 | FY 2022 (Successor, As Revised) | | :--------------------- | :------ | :------------------------------ | | Revenue | $402.0 | $612.2 | | Less: Cost of revenues (excluding D&A) | $(248.7) | $(438.8) | | Less: Depreciation and amortization related to cost of revenues | $(49.9) | $(45.6) | | Gross profit | $103.4 | $127.8 | | Add: Depreciation and amortization related to cost of revenues | $49.9 | $45.6 | | **Adjusted Gross Profit** | **$153.3** | **$173.4** | [Legal & Risk Disclosures](index=2&type=section&id=5.%20Legal%20%26%20Risk%20Disclosures) This section provides cautionary statements regarding forward-looking information and outlines key risks and uncertainties impacting System1's business operations [Cautionary Statement Regarding Forward-Looking Statements](index=2&type=section&id=5.1.%20Cautionary%20Statement%20Regarding%20Forward-Looking%20Statements) This section cautions readers on forward-looking statements, noting actual results may differ due to risks and uncertainties, and advises against undue reliance - This press release includes "forward-looking statements" regarding System1's future results, expectations, hopes, beliefs, intentions, or strategies, identified by words like "anticipate," "believe," "expect," "intend," "may," "plan," "project," and similar expressions[10](index=10&type=chunk)[11](index=11&type=chunk) - Actual financial results or operating performance may differ materially from forward-looking statements due to a number of risks, uncertainties, or other assumptions, some of which are beyond the company's control[12](index=12&type=chunk) - Readers are advised to review risk factors in SEC filings (Form S-4, 10-K, 10-Q/As, 8-K) and should not place undue reliance on these statements, as System1 does not undertake any obligation to update or revise them[12](index=12&type=chunk)[14](index=14&type=chunk) [Risks and Uncertainties](index=3&type=section&id=5.2.%20Risks%20and%20Uncertainties) Key risks include maintaining partner relationships, utilizing first-party data, RAMP performance, competition, acquisitions, financing, compliance, and intellectual property protection - Ability to maintain key relationships with network partners and advertisers, including monetization arrangements[13](index=13&type=chunk) - Ability to collect, process, effectively utilize, and safely store first-party data obtained through services[13](index=13&type=chunk) - Performance of the Responsive Acquisition Marketing Platform (RAMP) and ability to adapt to changes in customer demand[13](index=13&type=chunk) - Ability to compete with existing and new competitors, successfully source and integrate acquisitions, and raise future financing on market terms[13](index=13&type=chunk) - Changes in applicable laws or regulations impacting the business and the ability to maintain compliance, as well as the ability to protect intellectual property rights[13](index=13&type=chunk) [Company Information](index=9&type=section&id=6.%20Company%20Information) This section provides contact information for investor relations inquiries [Investor Relations Contact](index=9&type=section&id=6.1.%20Investor%20Relations%20Contact) Investor inquiries can be directed to Brett Milotte at ICR, Inc - Investor contact: Brett Milotte, ICR, Inc., Brett.milotte@icrinc.com[27](index=27&type=chunk)

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 ...