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System1(SST) - 2024 Q2 - Quarterly Results
SSTSystem1(SST)2024-08-08 20:06

Revenue and Profitability - Revenue for Q2 2024 increased by 9.7millionoverthepriorquarterto9.7 million over the prior quarter to 94.6 million[1] - Gross profit rose 40% over the prior quarter to 26.1million[1]−AdjustedEBITDAincreasedby26.1 million[1] - Adjusted EBITDA increased by 9.5 million over the prior quarter to 9.9million[1]−AdjustedGrossProfitforQ22024was9.9 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 94.6million,downfrom94.6 million, down from 96.9 million in Q2 2023, representing a decrease of about 2.4%[18] - Gross profit for Q2 2024 was 26.1million,comparedto26.1 million, compared to 27.8 million in Q2 2023, reflecting a decrease of approximately 6.1%[18] - Adjusted EBITDA for Q2 2024 was 9.9million,anincreasefrom9.9 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 34.8million[1]−NetlossfromcontinuingoperationsforQ22024was34.8 million[1] - Net loss from continuing operations for Q2 2024 was 34.8 million, compared to a net loss of 29.5millioninQ22023[17]−Accumulateddeficitincreasedto29.5 million in Q2 2023[17] - Accumulated deficit increased to (744,572,000) from (707,662,000)overtheperiod[16]−Totalcurrentassetsdecreasedto(707,662,000) over the period[16] - Total current assets decreased to 148,624,000 from 202,003,000,adeclineofapproximately26.4202,003,000, a decline of approximately 26.4%[16] - Total liabilities decreased to 382,057,000 from 436,155,000,areductionofabout12.4436,155,000, a reduction of about 12.4%[16] - Cash and cash equivalents decreased to 75,651,000 from 135,343,000,adeclineofapproximately44.6135,343,000, a decline of approximately 44.6%[16] - Long-term debt decreased to 263,338,000 from 334,232,000,areductionofabout21.2334,232,000, a reduction of about 21.2%[16] - Total stockholders' equity attributable to System1, Inc. decreased to 109,412,000 from 135,278,000,adeclineofapproximately19.1135,278,000, 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]