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Here are 1-3 brief analogies for System1 (SST):

• It's like The Trade Desk for data-driven customer acquisition marketing.
• It's like Honey (by PayPal) for online coupon codes and deals.

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• Responsive Acquisition Marketing Platform: A technology and data science-driven platform designed to help businesses acquire customers efficiently.
• Real-time Coupon Code Search Engine and Directory: A digital platform providing online shoppers with access to coupon codes and deals.

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System1, Inc. (SST) primarily sells its responsive acquisition marketing platform and related services to other businesses. While the company does not publicly disclose specific major customers that account for a significant portion of its revenue, its customer base is diversified across various industries.

Based on company descriptions, System1 serves customers in the following business areas:

• Health
• Subscription services
• Finance
• Insurance
• Business and technology
• Travel
• Auto
• Other direct-to-consumer businesses

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• Alphabet Inc. (GOOGL, GOOG)
• Meta Platforms, Inc. (META)

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Michael Blend, Chief Executive Officer & Co-Founder

Michael Blend co-founded System1 in 2013 and has served as its Chief Executive Officer since February 2021 and Chairman of the Board since 2013. Prior to System1, he co-founded and was President of Demand Media (now Leaf Group), which he helped take public through a successful IPO in 2011. He joined Leaf Group after they acquired his data company, Hotkeys, in 2006. Blend also co-founded Right Side of the Dot, a domain name portfolio company, and was Vice President of Corporate Development for Jawbone and Wedding Channel (which was acquired by The Knot). He served as Chairman of the Board of Stuff Media from 2016 until its acquisition by iHeart Media in 2018. Blend was an Executive Advisor at Court Square Capital Partners, a private equity firm, from 2013 to 2018. System1 itself raised $270 million from Court Square Capital in 2017.

Tridivesh Kidambi, Chief Financial Officer

Tridivesh Kidambi has been System1's Chief Financial Officer since 2016. His previous roles include Executive Vice President, Finance & Analytics of TV Time from October 2015 to 2016, Chief Financial Officer of EZ Texting from 2014 to 2015, and Vice President, Finance at Leaf Group Ltd. (NYSE: LEAF) from 2007 to 2014. Kidambi has prior experience as an executive at public companies.

Chuck Ursini, President, COO & Co-Founder

Chuck Ursini is a co-founder of System1 and currently serves as President & Chief Operating Officer. He was System1's first Chief Executive Officer from 2014 to 2019. Before co-founding System1, Ursini was Executive Vice President of Platforms at Leaf Group (formerly Demand Media), where he oversaw several business units and collaborated with Michael Blend to take the company public. He also worked as an analyst at Amazon and began his career as a bond trader at Morgan Stanley and UBS. Ursini was a co-recipient of EY's National Entrepreneur of the Year for Media, Entertainment & Communications in 2018, alongside Michael Blend.

Beth Sestanovich, Chief People Officer

Beth Sestanovich has been System1's Chief People Officer since June 2021, and previously held the role of Chief Operations Officer from August 2016. Prior to joining System1, she was the founding partner and principal of Summit Advisors, a management consulting and advisory firm, from 2014 to 2016. Sestanovich served as the Chief Executive Officer and group publisher of the LA Weekly & OC Weekly from 2002 to 2013 and held senior management positions at Carsdirect.com and The Los Angeles Times from 1993 to 2002.

Brian Coppola, Chief Product Officer

Brian Coppola serves as System1's Chief Product Officer. Before System1, he was the Senior Vice President of Product at Amobee, a position he assumed after SingTel acquired Adconion Direct in 2014. Coppola's career also includes working at Google and YouTube, where he focused on distributed systems and was involved in filing a patent related to integrating AdSense ads into YouTube.

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The key risks to System1, Inc. (SST) primarily revolve around its financial viability, its significant reliance on a major partner, and the dynamic nature of the digital advertising market.

1. Poor Financial Health and Going Concern Risk
   System1 faces substantial financial challenges, with management explicitly stating that there is "substantial doubt" about the company's ability to continue as a going concern. This is primarily due to high leverage, evidenced by a debt-to-equity ratio reportedly as high as 6.16x to 7.67x, and negative profitability metrics, including a negative earnings per share and net margin. The company has reported negative revenue growth and operating cash flow, and its interest expense has exceeded its EBITDA, raising concerns about its ability to service its debt obligations. Additionally, System1 has received a non-compliance notice from the NYSE due to its market capitalization and stockholder's equity falling below required thresholds.
2. High Dependence on Google and Associated Revenue Decline
   A significant portion of System1's revenue, specifically 67% in 2025, is derived from agreements with Google. The company has been undergoing a strategic pivot away from Google's legacy AdSense for Domains (AFD) product to other offerings, which has led to a considerable decline in its overall revenue. For instance, System1 reported a 31% year-over-year decrease in its third-quarter 2025 revenue. This heavy reliance on a single partner, coupled with platform changes by that partner, poses a critical risk to System1's top-line performance.
3. Competitive and Macroeconomic Challenges in the Digital Advertising Market
   System1 operates within a highly competitive and rapidly evolving digital advertising market. The company faces ongoing risks related to technological advancements, intense competition from other players, and broader macroeconomic challenges that can impact advertising spend. These market-specific and environmental factors contribute to the volatility and uncertainty surrounding System1's business performance and its ability to achieve sustained growth.

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The accelerating global shift towards enhanced data privacy, including the deprecation of third-party cookies by major browsers (like Chrome's ongoing phase-out) and platform-level restrictions on tracking (such as Apple's App Tracking Transparency framework). This fundamentally challenges traditional "responsive acquisition marketing" models that rely heavily on cross-site tracking and precise audience targeting, potentially increasing the cost and reducing the effectiveness of customer acquisition for platforms that have not fully adapted to a privacy-centric, first-party data paradigm.

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System1, Inc. (SST) operates in several addressable markets related to its Responsive Acquisition Marketing Platform (RAMP) and its real-time coupon code search engine.

Responsive Acquisition Marketing Platform (RAMP)

System1's RAMP operates within the broader digital advertising and performance marketing landscape, with a significant overlap into affiliate marketing. The addressable markets are:

• Global Digital Advertising Market: The global digital ad spending market is projected to reach approximately $667.6 billion in 2024 and is expected to surpass $730 billion in 2025. Some forecasts indicate the market could exceed $1,593 billion by 2035.
• Global Affiliate Marketing Industry: This market, a key component of performance marketing, is valued at approximately $17-18.5 billion globally in 2025 and is projected to exceed $20 billion in 2026. It is forecast to grow to $71.74 billion by 2034.
• U.S. Affiliate Marketing Market: Within the United States, affiliate marketing alone is estimated to account for nearly $12 billion in 2025, with projections to rise to over $13 billion in 2026.

Real-time Coupon Code Search Engine and Directory

System1's coupon code search engine and directory, including platforms like CouponFollow, operates within the digital coupon market:

• Global Digital Coupon Market: The global digital coupon market is valued at $10.6 billion in 2025 and is projected to exceed $12.55 billion in 2026. It is anticipated to reach $57.1 billion by 2035.
• North America Digital Coupon Market: North America is a significant contributor to the global digital coupon market, holding about a 43.7% share in 2024. The North American digital coupon product market was valued at approximately $1.87 billion in 2024 and is anticipated to reach $5.58 billion by 2032.

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System1, Inc. (SST) is strategically focusing on several key areas to drive its future revenue growth over the next two to three years, primarily through a pivot towards higher-margin offerings and technological advancements.

Here are 3-5 expected drivers of future revenue growth:

1. Growth in High-Margin Owned & Operated (O&O) Products Segment: System1 is undergoing a deliberate strategic shift, de-emphasizing lower-margin, marketing-driven revenue in favor of its higher-margin Owned & Operated (O&O) Products segment. This segment includes proprietary product lines such as the coupon platform CouponFollow, which has demonstrated strong growth, with organic sessions increasing by 162% year-over-year in Q1 2025. This pivot is aimed at establishing a more stable, higher-quality revenue base.
2. Leveraging Artificial Intelligence (AI) and Machine Learning (ML) within the Responsive Acquisition Marketing Platform (RAMP): A significant component of System1's strategy is its substantial investment in AI and machine learning technologies. These investments are integral to enhancing its proprietary Responsive Acquisition Marketing Platform (RAMP), which is designed to identify and generate high-intent customers for advertisers. The company highlighted that its AI capabilities have enabled a substantial increase in the launch of marketing campaigns, with a goal of scaling to 130,000 campaigns per quarter, indicating a direct link to increased operational capacity and potential revenue generation.
3. Expansion in International Markets: System1 is actively pursuing geographical diversification, with international revenue emerging as a key growth driver. International markets represented 36% of the total Owned & Operated revenue in Q4 2024, demonstrating its increasing importance to the company's overall O&O segment. This expansion aims to broaden its customer acquisition reach and tap into new revenue streams globally.

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Share Issuance

• System1 went public on January 31, 2022, through a reverse merger with the SPAC Trebia Acquisition Corp., which provided access to capital markets and valued the company at approximately $1.4 billion.
• A 1-for-10 reverse stock split was approved and became effective on June 11, 2025. This action reduced the number of issued and outstanding shares of Class A Common Stock from 79.8 million to 7.98 million and Class C Common Stock from 18.7 million to 1.87 million.

Inbound Investments

• The company's public listing on the NYSE on January 31, 2022, via a SPAC merger, provided System1 with access to capital markets.

Outbound Investments

• In March 2022, System1 acquired the online coupon provider CouponFollow for a deal valued at up to $110 million.
• System1 acquired the consumer mapping service RoadWarrior in February 2022.
• The acquisition of Answers.com by System1 was announced in May 2022.

Capital Expenditures

• Capital expenditures were reported as -$46,000 in the last 12 months prior to March 2026.
• The company plans to increase its investment in products like CouponFollow, MapQuest, and Startpage throughout 2025 and into 2026.
• The primary focus of these investments is on strengthening core businesses, acquiring more direct users, and enhancing AI capabilities.