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System1 (SST) Operating Expenses (2021 - 2025)

System1's Operating Expenses history spans 5 years, with the latest figure at $69.4 million for Q4 2025.

  • For Q4 2025, Operating Expenses fell 20.7% year-over-year to $69.4 million; the TTM value through Dec 2025 reached $328.2 million, down 24.13%, while the annual FY2025 figure was $328.2 million, 24.13% down from the prior year.
  • Operating Expenses for Q4 2025 was $69.4 million at System1, down from $77.1 million in the prior quarter.
  • Across five years, Operating Expenses topped out at $581.0 million in Q3 2022 and bottomed at -$16.2 million in Q3 2023.
  • The 5-year median for Operating Expenses is $119.4 million (2023), against an average of $158.8 million.
  • The largest annual shift saw Operating Expenses soared 74312.89% in 2022 before it crashed 102.8% in 2023.
  • A 5-year view of Operating Expenses shows it stood at $192.3 million in 2021, then surged by 111.54% to $406.7 million in 2022, then plummeted by 71.68% to $115.2 million in 2023, then dropped by 24.05% to $87.5 million in 2024, then decreased by 20.7% to $69.4 million in 2025.
  • Per Business Quant, the three most recent readings for SST's Operating Expenses are $69.4 million (Q4 2025), $77.1 million (Q3 2025), and $94.0 million (Q2 2025).