System1
The best-known listed search arbitrage company: buys traffic itself and runs a partner network on Google ads.
Los Angeles, California, USA · founded 2013 · system1.com
SST NYSE
What System1 does
System1 is the closest thing search arbitrage has to a public face. It started in 2013 as OpenMail and describes itself as a customer-acquisition marketing platform. In plain terms it does two things. It buys visitors on platforms such as Meta and Google and sends them to its own sites, where search ads earn money. And it lets outside media buyers, which it calls Network Partners, do the same through its technology and its Google agreements, keeping a share.
It also owns about 40 websites. They include the private search engine Startpage, the metasearch brands it bought with InfoSpace in 2016 (Info.com, Dogpile, WebCrawler, MetaCrawler), MapQuest, HowStuffWorks and the coupon site CouponFollow.
The company went public in January 2022 by merging with the blank-cheque company Trebia. It has struggled since. Revenue in 2025 was $266.1 million, down 23%. Its annual report says 67% of 2025 revenue came from its Google agreements and warns of substantial doubt about its ability to continue as a going concern, with debt falling due in 2027. It carried out a 1-for-10 reverse share split in June 2025 to keep its New York Stock Exchange listing.
How it makes money
Search engines pay System1 a share of the ad revenue from clicks on its sites and its partners' pages. Its profit is that revenue minus what it pays for traffic (TAC) and what it passes on to Network Partners.
Where it meets invalid traffic
Its annual report lists advertiser chargebacks for fraudulent or low-quality clicks, and clawbacks for bad traffic brought by Network Partners, as factors outside its control that reduce what Google pays.
Products
- RAMP (Responsive Acquisition Marketing Platform)
- Startpage
- Info.com
- MapQuest
- HowStuffWorks
- CouponFollow
- Dogpile
- WebCrawler
Quarterly revenue
From SEC XBRL filings · latest quarter -61.3% year on yearQuarterly net income
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $688.4M | $612.2M | $402M | $343.9M | $266.1M |
| Net income | $33M | $-330.4M | $-227.2M | $-74.7M | $-65.3M |
| Diluted EPS | — | $-3.70 | $-2.48 | $-10.74 | $-8.32 |
Earnings, explained
System1 Q2 revenue falls sharply, but gross margin climbs to 85%
System1 reported Q2 2026 revenue of $30.2 million, down significantly from the prior year. Despite the drop, adjusted gross profit reached $25.5 million with a strong margin of 85%. The company posted a GAAP net loss of $15.3 million, but achieved positive adjusted EBITDA of $1.9 million. No financial guidance was provided in the release.
System1's results reflect a strategic shift away from lower-margin marketing spend, focusing instead on its higher-quality Products business. This led to much lower revenue but improved profitability metrics, showing resilience in core operations despite overall losses.
Latest System1 news
Search allBrave Bison Raises Acceptance Threshold for System1 Acquisition as Support Hits 39.19%
Brave Bison has updated the acceptance level required for its offer to acquire System1, following an increase in shareholder support to 39.19%. This adjustment reflects ongoing negotiations and the evolving stance of stakeholders in the…
Brave Bison Makes Formal Offer to Acquire Remaining System1 Shares at 360p
Brave Bison has launched a formal bid to acquire the remaining shares of System1, valuing the company at 360p per share. This move follows previous indications of interest and could lead to full ownership of System1 by Brave Bison.
Brave Bison Advances in Effort to Acquire System1
Brave Bison is making progress in its attempt to acquire System1, a company known for its search syndication and domain monetization operations. The takeover bid signals potential changes in the ownership and strategy of a key player in…
Brave Bison Updates Acceptance Level in System1 Group Acquisition
Brave Bison Group PLC has provided an update regarding the acceptance level for its proposed acquisition of System1 Group PLC. The announcement indicates progress in the transaction process between the two companies.
System1 Group PLC Files Regulatory Disclosure on Shareholdings
System1 Group PLC has filed a Form 8.3 regulatory disclosure, indicating a significant change in shareholdings or interests. The filing is a standard requirement under UK takeover rules when certain thresholds are crossed.
System1 Group Releases Regulatory News Update
System1 Group Plc has published a new regulatory news statement. Details of the announcement were not provided in the excerpt.
System1 Group PLC Announces Results of Annual General Meeting
System1 Group PLC, a key player in search arbitrage and domain monetization, has released the results of its annual general meeting. Details of the AGM outcomes, such as board appointments or strategic decisions, were not provided in the…
Brave Bison Receives No Acceptances in Latest System1 Takeover Update
Brave Bison has reported that, as of its latest update, it has received zero acceptances for its proposed takeover of System1. The status of the acquisition remains unchanged, with no shareholders agreeing to the offer so far.
Brave Bison Makes Cash Offer to Acquire System1 Group at 360p per Share
Brave Bison has announced a cash offer to acquire System1 Group at 360 pence per share. The proposal signals a potential change in ownership for System1 Group, a company involved in digital marketing and data analytics.
Brave Bison Gains Backing for £3.60-a-Share Acquisition of System1 Group
Brave Bison is advancing its plans to acquire System1 Group at £3.60 per share, having secured additional support for the takeover. The deal would bring System1 Group under Brave Bison’s ownership, pending final approvals.
SEC filings
EDGAR| Filed | Form | What it is |
|---|---|---|
| 2026-08-05 | 8-K | Regulation FD disclosure · Financial statements and exhibits |
| 2026-08-05 | 10-Q | Quarterly report |
| 2026-08-05 | 8-K | Results of operations (earnings) · Financial statements and exhibits |
| 2026-07-24 | 8-K | Item 3.03 · Executive or director change · Item 5.03 · Shareholder vote · Other events · Financial statements and exhibits |
| 2026-06-22 | DEF 14A | DEF 14A |
| 2026-06-01 | 8-K | Material agreement · Item 2.03 · Item 3.02 · Regulation FD disclosure · Financial statements and exhibits |
| 2026-05-12 | 10-Q | Quarterly report |
| 2026-05-12 | 8-K | Results of operations (earnings) · Financial statements and exhibits |
| 2026-05-12 | 8-K | Regulation FD disclosure · Financial statements and exhibits |
| 2026-04-30 | 10-K/A | Annual report |
| 2026-03-11 | 10-K | Annual report |
| 2026-03-11 | 8-K | Results of operations (earnings) · Financial statements and exhibits |
| 2026-03-11 | 8-K | Regulation FD disclosure · Financial statements and exhibits |
| 2026-01-09 | 8-K | Executive or director change · Financial statements and exhibits |
| 2025-12-12 | 8-K | Listing notice · Regulation FD disclosure · Financial statements and exhibits |
| 2025-12-03 | 8-K | Executive or director change · Other events · Financial statements and exhibits |
| 2025-11-05 | 8-K | Regulation FD disclosure · Financial statements and exhibits |
| 2025-11-05 | 10-Q | Quarterly report |
| 2025-11-05 | 8-K | Results of operations (earnings) · Financial statements and exhibits |