System1 (SST) Cost of Revenue (2021 - 2026)
Quarterly results put Cost of Revenue at $13.9 million for Q1 2026, down 69.92% from a year ago — trailing twelve months through Mar 2026 was $133.5 million (down 39.95% YoY), and the annual figure for FY2025 was $165.7 million, down 31.68%.
System1 has reported Cost of Revenue over the past 6 years, most recently at $13.9 million for Q1 2026.
- Cost of Revenue reached $13.9 million in Q1 2026 per SST's latest filing, down from $30.6 million in the prior quarter.
- Across five years, Cost of Revenue topped out at $152.6 million in Q2 2022 and bottomed at $13.9 million in Q1 2026.
- Median Cost of Revenue over the past 5 years was $58.6 million (2023), compared with a mean of $67.8 million.
- The largest annual shift saw Cost of Revenue grew 26.52% in 2024 before it tumbled 69.92% in 2026.
- Over 5 years, Cost of Revenue stood at $97.1 million in 2022, then tumbled by 39.73% to $58.6 million in 2023, then dropped by 25.23% to $43.8 million in 2024, then tumbled by 30.04% to $30.6 million in 2025, then plummeted by 54.74% to $13.9 million in 2026.
- Business Quant data shows Cost of Revenue for SST at $13.9 million in Q1 2026, $30.6 million in Q4 2025, and $38.8 million in Q3 2025.
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Relx | 81.40 Bn | 81.16 Bn | - | - |
| 2 | Rentokil Initial | 79.56 Bn | 78.10 Bn | - | - |
| 3 | Cintas | 69.26 Bn | 69.08 Bn | 1.45 Bn | 1.39 Bn |
| 4 | Copart | 33.09 Bn | 28.01 Bn | 971.24 Mn | 150.43 Mn |
| 5 | UL Solutions | 20.56 Bn | 20.32 Bn | 381.00 Mn | 377.00 Mn |
| 6 | Global Payments | 19.88 Bn | 14.69 Bn | 1.70 Bn | 1.27 Bn |
| 7 | Rb Global | 19.08 Bn | 18.89 Bn | 869.50 Mn | 365.10 Mn |
| 8 | Aramark | 13.57 Bn | 13.16 Bn | 426.35 Mn | 4.48 Bn |
| 9 | Amentum Holdings | 5.65 Bn | 5.74 Bn | 345.00 Mn | 3.13 Bn |
| 10 | System1 | 21.03 Mn | -54.58 Mn | 23.37 Mn | 13.86 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 13.86 Mn |
| Mar 31, 2026 | 13.86 Mn |
| Dec 31, 2025 | 30.63 Mn |
| Dec 31, 2025 | 30.63 Mn |
| Sep 30, 2025 | 38.82 Mn |
| Sep 30, 2025 | 38.82 Mn |
| Jun 30, 2025 | 50.21 Mn |
| Jun 30, 2025 | 50.21 Mn |
| Mar 31, 2025 | 46.08 Mn |
| Mar 31, 2025 | 46.08 Mn |
| Dec 31, 2024 | 43.78 Mn |
| Dec 31, 2024 | 43.78 Mn |
| Sep 30, 2024 | 64.00 Mn |
| Sep 30, 2024 | 64.00 Mn |
| Jun 30, 2024 | 68.51 Mn |
| Jun 30, 2024 | 68.51 Mn |
| Mar 31, 2024 | 66.32 Mn |
| Mar 31, 2024 | 66.32 Mn |
| Dec 31, 2023 | 58.55 Mn |
| Dec 31, 2023 | 58.55 Mn |
| Sep 30, 2023 | 50.59 Mn |
| Sep 30, 2023 | 50.59 Mn |
| Jun 30, 2023 | 56.66 Mn |
| Jun 30, 2023 | 56.66 Mn |
| Mar 31, 2023 | 82.95 Mn |
| Mar 31, 2023 | 82.95 Mn |
| Dec 31, 2022 | 97.15 Mn |
| Dec 31, 2022 | 97.15 Mn |
| Sep 30, 2022 | 111.22 Mn |
| Sep 30, 2022 | 111.22 Mn |
| Jun 30, 2022 | 152.56 Mn |
| Jun 30, 2022 | 152.56 Mn |
| Mar 31, 2022 | 120.38 Mn |
| Mar 31, 2022 | 120.38 Mn |
| Dec 31, 2021 | 155.28 Mn |
| Dec 31, 2021 | 155.28 Mn |
| Sep 30, 2021 | 128.89 Mn |
| Sep 30, 2021 | 128.89 Mn |
| Jun 30, 2021 | 126.17 Mn |
| Jun 30, 2021 | 126.17 Mn |
| Mar 31, 2021 | 110.79 Mn |
| Mar 31, 2021 | 110.79 Mn |