System1 (SST) Operating Expenses (2020 - 2026)

System1 has disclosed Operating Expenses across 7 years of filings, most recently posting $88.3 million for Q1 2026.

• Operating Expenses for Q1 2026 came in at $88.3 million, up 0.72% year-over-year; the trailing twelve-month figure through Mar 2026 was $328.8 million (down 19.7% YoY), and the FY2025 annual result was $328.2 million, down 24.13% from the prior year.
• Operating Expenses came in at $88.3 million for Q1 2026 at System1, up from $69.4 million in the prior quarter.
• In the past five years, Operating Expenses ranged from a high of $512.1 million in Q3 2022 to a low of $69.4 million in Q4 2025.
• The 5-year median for Operating Expenses is $110.7 million (2024), against an average of $147.1 million.
• Across the five-year window, Operating Expenses soared 229.49% in 2022 and slumped 78.78% in 2023, its largest moves.
• System1's Operating Expenses stood at $194.4 million in 2022, then tumbled by 40.75% to $115.2 million in 2023, then fell by 24.05% to $87.5 million in 2024, then retreated by 20.7% to $69.4 million in 2025, then climbed by 27.22% to $88.3 million in 2026.
• The last three Operating Expenses figures came in at $88.3 million (Q1 2026), $69.4 million (Q4 2025), and $77.1 million (Q3 2025), per Business Quant data.