System1 (SST) Cost of Revenue (2021 - 2026)

System1 has disclosed Cost of Revenue across 6 years of filings, most recently posting $13.9 million for Q1 2026.

• Cost of Revenue for Q1 2026 came in at $13.9 million, down 69.92% year-over-year; the trailing twelve-month figure through Mar 2026 was $133.5 million (down 39.95% YoY), and the FY2025 annual result was $165.7 million, down 31.68% from the prior year.
• Cost of Revenue came in at $13.9 million for Q1 2026 at System1, down from $30.6 million in the prior quarter.
• In the past five years, Cost of Revenue ranged from a high of $152.6 million in Q2 2022 to a low of $13.9 million in Q1 2026.
• The 5-year median for Cost of Revenue is $58.6 million (2023), against an average of $67.8 million.
• Across the five-year window, Cost of Revenue gained 26.52% in 2024 and slumped 69.92% in 2026, its largest moves.
• System1's Cost of Revenue stood at $97.1 million in 2022, then sank by 39.73% to $58.6 million in 2023, then retreated by 25.23% to $43.8 million in 2024, then sank by 30.04% to $30.6 million in 2025, then sank by 54.74% to $13.9 million in 2026.
• The last three Cost of Revenue figures came in at $13.9 million (Q1 2026), $30.6 million (Q4 2025), and $38.8 million (Q3 2025), per Business Quant data.