# EDGAR Filing Document

**Accession Number:** 0001805833
**File Stem:** 0001805833-25-000009
**Filing Date:** 2025-8
**Character Count:** 29766
**Document Hash:** 176c0bd37ae530baceac4cd34f429a79
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001805833-25-000009.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0001805833-25-000009

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 37

**CONFORMED PERIOD OF REPORT**: 20250807

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250807

**DATE AS OF CHANGE**: 20250807

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** System1, Inc.
- **CENTRAL INDEX KEY:** 0001805833
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 923978051
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39331
- **FILM NUMBER:** 251194810

**BUSINESS ADDRESS:**
- **STREET 1:** 4235 REDWOOD AVENUE
- **CITY:** MARINA DEL REY
- **STATE:** CA
- **ZIP:** 90066
- **BUSINESS PHONE:** 310-924-6037

**MAIL ADDRESS:**
- **STREET 1:** 4235 REDWOOD AVENUE
- **CITY:** MARINA DEL RAY
- **STATE:** CA
- **ZIP:** 90066

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Trebia Acquisition Corp.
- **DATE OF NAME CHANGE:** 20200306

?xml version='1.0' encoding='ASCII'? sst-20250807

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d)**

**OF THE SECURITIES EXCHANGE ACT OF 1934**

**Date of Report (Date of earliest event reported):** August 7, 2025

**System1, Inc.**

**(Exact name of registrant as specified in its charter)**

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| | | |
|:---|:---|:---|
| **Delaware** | **001-39331** | **92-3978051** |
| **(State or other jurisdiction of incorporation or organization)** | **(Commission File Number)** | **(I.R.S. Employer Identification Number)** |
| **4235 Redwood Avenue**<br>**Los Angeles, California** |  | **90066** |
| **(Address of principal executive offices)** |  | **(Zip Code)** |

---

**(310) 924-6037**

**(Registrant's telephone number, including area code)**

**N/A**

**(Former name or former address, if changed since last report.)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol** | **Name of each exchange on which registered** |
| Class A Common Stock, $0.0001 par value per share | SST | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Section 7 - Regulation FD**

**Item 7.01 - Regulation FD Disclosure**

***Supplemental Financial Information***

On August 7, 2025, System1, Inc. (the "Company") posted supplemental financial information for its quarter ended June 30, 2025 on the Company's website at https://ir.system1.com. A copy of the supplemental financial information is furnished herewith as Exhibit 99.1.

***Investor Presentation***

Also on August 7, 2025, the Company has made available on its website located at https://ir.system1.com/events-and presentations/ an investor presentation, which may be used in presentations to investors and others from time to time. A copy of the investor presentation is furnished as Exhibit 99.2 to this Current Report and is hereby incorporated by reference to this Item 7.01. Without limiting the generality of the foregoing, the "Forward-Looking Statements" disclosure contained in the investor presentation is incorporated by reference into this Item 7.01.

The Company's website and the information contained on, or that can be accessed through, the Company's website will not be deemed to be incorporated by reference in, and are not considered part of, this Current Report.

The foregoing supplemental financial information, investor presentation and related information (including the exhibit set forth in Item 9.01 hereto) in this Item 7.01 is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended regardless of any general incorporation language in such filing, except as expressly set forth by specific reference in such a filing. This Current Report will not be deemed an admission as to the materiality of any information in this Current Report that is required to be disclosed solely by Regulation FD.

**Section 9 - Financial Statements and Exhibits**

**Item 9.01 - Financial Statements and Exhibits**

(d) Exhibits.

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| <u>[99.1](q225supplementalfinancia.htm)</u> | <u>[Second Quarter 2025 Supplemental Financial Information](q225supplementalfinancia.htm)</u> |
| <u>[9](system1investorpresentat.htm)[9.2](system1investorpresentat.htm)</u> | <u>[S](system1investorpresentat.htm)[econd Quarter 2025 Investor Presentation](system1investorpresentat.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| | | System1, Inc. | System1, Inc. |
| Date: | August 7, 2025 | By: | /s/ Tridivesh Kidambi |
|  |  | Name: | Tridivesh Kidambi |
|  |  | Title: | Chief Financial Officer |

---

## Exhibit 99.1

![](q225supplementalfinancia001.jpg)

System1, Inc. Unaudited Statements of Operations (in thousands) QTD QTD QTD QTD QTD QTD YTD YTD YTD YTD 30-Jun-25 31-Mar-25 31-Dec-24 30-Sep-24 30-Jun-24 31-Mar-24 30-Jun-25 31-Dec-24 30-Sep-24 30-Jun-24 Revenue 78,116 74,513 75,594 88,832 94,581 84,917 152,628 343,925 268,330 179,498 Operating cost and expenses: Cost of revenues 50,213 46,077 43,777 63,999 68,507 66,319 96,290 242,602 198,825 134,826 Salaries, commissions, and benefits 26,297 24,988 25,915 29,177 33,937 24,483 51,285 113,512 87,597 58,420 Selling, general, and administrative 17,510 16,574 17,806 17,472 21,223 19,911 34,085 76,411 58,606 41,134 Total operating costs and expenses 94,020 87,639 87,498 110,648 123,667 110,712 181,659 432,525 345,028 234,379 Operating income (15,904) (13,127) (11,903) (21,816) (29,086) (25,795) (29,031) (88,601) (76,698) (54,881) - Loss (gain) on fair value of warrants 68 32 (915) 281 (1,501) (251) 100 (2,386) (1,471) (1,752) Loss on extinguishment of related-party debt - - - - (433) (19,676) - (20,109) (20,109) (20,109) Interest expense 7,116 7,085 7,764 7,957 7,871 7,970 14,201 31,562 23,799 15,841 Income (loss) from continuing operations before income tax (23,087) (20,244) (18,752) (30,054) (35,023) (13,839) (43,331) (97,668) (78,916) (48,862) Income tax expense (1,547) (387) (729) 585 (178) (48) (1,934) (370) 359 (226) Net income (loss) from continuing operations (21,540) (19,857) (18,023) (30,639) (34,845) (13,791) (41,397) (97,298) (79,275) (48,636) Net Income (Loss) Attributable to Noncontrolling Interest (4,079) (3,973) (3,862) (7,037) (8,472) (3,254) (8,052) (22,625) (18,763) (11,726) Net income (17,461) (15,884) (14,161) (23,602) (26,373) (10,537) (33,345) (74,673) (60,512) (36,910) Deprecation and amortization expense in Cost of revenues and Selling, general, and administrative: Cost of Revenues - D&A 13,091 13,050 12,884 12,828 12,709 12,620 26,141 51,041 38,157 25,329 SG&A - D&A 7,475 7,427 7,348 7,300 7,234 7,183 14,902 29,065 21,717 14,418 Total Depreciation & Amortization 20,566 20,477 20,232 20,128 19,943 19,804 41,042 80,107 59,875 39,747 Exhibit 99.1

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![](q225supplementalfinancia002.jpg)

System1, Inc Non-GAAP Financials (in thousands) QTD QTD QTD QTD QTD QTD YTD YTD YTD YTD 30-Jun-25 31-Mar-25 31-Dec-24 30-Sep-24 30-Jun-24 31-Mar-24 30-Jun-25 31-Dec-24 30-Sep-24 30-Jun-24 Net income (loss) from continuing operations (21,540)$(19,857)$(18,023)$(30,639)$(34,845)$(13,791)$(41,397)$(97,298)$(79,275)$(48,636)$ Income tax expense (1,547) (387) (729) 585 (178) (48) (1,934) (370) 359 (226) Interest expense 7,116 7,085 7,764 7,957 7,871 7,970 14,201 31,562 23,799 15,841 Depreciation & amortization 20,566 20,477 20,232 20,128 19,943 19,804 41,042 80,107 59,875 39,747 Other income/expense (1) 246 (39) (111) 127 (36) (97) 207 (117) (6) (133) Stock-based compensation and distributions to Members (2) 4,542 2,651 4,567 3,783 3,442 3,971 7,193 15,763 11,197 7,413 Revaluation of non-cash warrant liability 68 32 (915) 281 (1,501) (251) 100 (2,386) (1,471) (1,752) Loss on Extinguishment of related-party debt - - - - (433) (19,676) - (20,109) (20,109) (20,109) Costs related to acquisitions/business combinations 715 1,034 3,028 7,441 11,854 2,244 1,749 24,567 21,539 14,098 Other costs, including restructuring and legal settlements 1,557 1,091 2,067 683 3,810 297 2,648 6,857 4,790 4,107 Adjusted EBITDA 11,722$12,085$17,880$10,346$9,927$423$23,807$38,577$20,697$10,350$(1) Non-cash adjustments related to foreign exchange and asset disposals (2) Comprised of distributions to equity holders and non-cash stock-based compensation Exhibit 99.1

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![](q225supplementalfinancia003.jpg)

System1, Inc Non-Financial Metrcis (In thousands except ratios) QTD QTD QTD QTD QTD QTD YTD YTD YTD YTD 30-Jun-25 31-Mar-25 31-Dec-24 30-Sep-24 30-Jun-24 31-Mar-24 30-Jun-25 31-Dec-24 30-Sep-24 30-Jun-24 Marketing Platform Revenue (1) 134,559$107,717$119,989$130,162$143,819$126,800$242,275$520,770$400,781$270,619$ GAAP Revenue 54,143$52,250$48,520$68,083$76,654$70,131$106,392$263,388$214,868$146,785$ Traffic Acquisition Cost (TAC) (2) 114,925$85,930$99,187$110,770$120,197$107,143$200,855$437,298$338,111$227,340$ Return on TAC (3) 117% 125% 121% 118% 120% 118% 121% 119% 119% 119% Products GAAP Revenue 23,973$22,263$27,074$20,749$17,927$14,787$46,236$80,536$53,462$32,713$ Sessions (4) 522,452 475,741 520,015 473,428 464,929 435,850 998,193 1,894,221 1,374,206 900,779 RPS (5) $0.05 $0.05 $0.05 $0.04 $0.04 $0.03 $0.05 $0.04 $0.04 $0.04 (1) Platform revenue is the revenue paid to the Company by its advertising partners before payments are made to Network partners (2) Traffic Acquisition Cost is defined as Advertising Spend + Agency Fees + Network Partner Rev Share. Advertising spend is the amount of advertising that is spent to acquire traffic. Agency fees are the amount of costs for agencies acquiring traffic to Owned & Operated websites (3) Return on TAC is defined as Marketing Platform Revenue divided by Traffic Acquisition Costs (4) Sessions are the total number of monetizable user visits to Products websites (5) RPS is GAAP Revenue divided by Sessions Exhibit 99.1

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## Exhibit 99.2

![](system1investorpresentat001.jpg)

Investor Deck August 2025 2021 York Mountain Syrah - $78 Exhibit 99.2

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Disclaimer Safe Harbor Disclaimer for Forward-Looking Statements This presentation has been prepared by management of System1, Inc. (together with its subsidiaries, collectively "System1") and does not constitute a prospectus, and should under no circumstances be understood as an offer to sell or the solicitation of an offer to buy securities, nor will there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or any applicable exemptions therefrom. Certain information contained herein has been derived from sources prepared by third parties. While such information is believed to be reliable for the purposes used herein, none of System1 or its respective affiliates, directors, officers, employees, shareholders or agents makes any representation or warranty with respect to the accuracy of such information. Forward-Looking Statements This presentation and any related oral commentary include "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995, particularly any statements or materials regarding System1's future results or "guidance" for fiscal year 2025 and beyond . Forward-looking statements include, but are not limited to, statements regarding System1 or its management team's expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this presentation may include, for example, statements about System1's industry and market sizes; future opportunities for System1; expectations and projections concerning the future financial and operational performance and/or results of operations of System1; and the impact of the business combination transaction between Trebia Acquisition Corp. ("Trebia") and S1 Holdco, LLC ("S1 Holdco"), among other parties, including the enterprise value and ownership structure following consummation of the transaction. The forward-looking statements contained in this presentation are based on System1's current expectations and beliefs concerning future developments, and their potential effects on System1 taking into account information currently available. All information in this presentation speaks as of June 30, 2025, unless otherwise noted, and any redistribution or rebroadcast of this presentation after such date is not intended and will not be construed as updating or confirming such information. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause System1's actual financial results or operating performance to be materially different from those expressed or implied by these forward-looking statements. Readers or users of this press release should evaluate the risk factors summarized below, which summary list is not exclusive. Readers or users of this press release should also carefully review the "Risk Factors" and other information included in our Annual Report on Form 10-K for the fiscal year ending December 31, 2024, as well as System1's Form 10-Qs, Form 8-Ks and other reports filed with the Securities and Exchange Commission (the "SEC") from time to time. Please refer to these SEC filings for additional information regarding the risks and other factors that may impact System1's business, prospects, financial results and operating performance. Such risks, uncertainties and assumptions include, but are not limited to: (1) our ability to maintain our key relationships with network partners and advertisers, including our monetization arrangements; (2) our ability to collect, process, effectively utilize and safely store the first party data that we obtain through our services; (3) The performance of our responsive acquisition marketing platform, or RAMP; (4) changes in customer demand for our services and our ability to incorporate to such changes; (5) our ability to maintain and attract consumers and advertisers in the face of changing economic or competitive conditions; (6) our ability to improve and maintain adequate internal control over financial reporting and remediate identified material weaknesses; (7) our ability to successfully source and complete acquisitions and to integrate the operations of companies System1 acquires; (8) our ability to raise financing in the future as and when needed or on market terms; (9) our ability to compete with existing competitors and the entry of new competitors in the market; (10) changes in applicable laws or regulations impacting the business which we operate and our ability to maintain compliance with the various laws that our business and operations are subject to; and (11) our ability to protect our intellectual property rights. The foregoing list of factors is not exclusive. Should one or more of these risks or uncertainties materialize, they could cause our actual results to differ materially from any forward-looking statements contained in this presentation. System1's independent auditors have not audited, reviewed, compiled or performed any procedures with respect to the forward-looking statements for the purpose of their inclusion in this presentation, and accordingly, do not express an opinion or provide any other form of assurance with respect thereto for the purpose of this presentation. System1 will not undertake any obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. You should not take any statement regarding past trends or activities as a representation that such trends or activities will continue in the future. Accordingly, you should not put undue reliance on these statements. This presentation is not intended to constitute, and should not be construed as, investment advice. This presentation contains certain financial forecasts (or guidance) with respect to the System1's projected financial results. System1's independent auditors have not audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this presentation, and accordingly, they did not express an opinion or provide any other form of assurance with respect thereto for the purpose of this presentation. 2 Exhibit 99.2

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![](system1investorpresentat003.jpg)

Disclaimer (Cont'd) Trademarks This presentation may contain trademarks, service marks, trade names and copyrights of other companies, which are the property of their respective owners. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this presentation may be listed without the TM, SM or© symbols, but System1 will assert, to the fullest extent under applicable law, the rights of the applicable owners, if any, to these trademarks, service marks, trade names and copyrights. All references to third-party trademarks are for identification purposes only and shall be considered nominative fair use under applicable trademark law. Non-GAAP Measures: Adjusted Gross Profit and Adjusted EBITDA Adjusted Gross Profit and Adjusted EBITDA are non-GAAP financial measures and represent key metrics used by System1's management and board of directors to measure the operational strength and performance of its business, to establish budgets, and to develop operational goals for managing its business. Adjusted Gross Profit (Loss) is defined as gross profit plus depreciation and amortization related to cost of revenues. Adjusted EBITDA is defined as net income (loss) before interest expense, income taxes, depreciation and amortization expense, stock-based compensation expenses, deferred compensation, management fees, minority interest expense, restructuring charges, impairment and certain discrete items impacting results in a particular period. System1 believes Adjusted Gross Profit and Adjusted EBITDA are relevant and useful metrics for investors because it allows investors to view performance in a manner similar to the method used by management. There are limitations on the use of Adjusted Gross Profit and Adjusted EBITDA and it may not be comparable to similarly titled measures of other companies. Other companies, including companies in System1's industry, may calculate non-GAAP financial measures differently than System1 does, limiting the usefulness of those measures for comparative purposes. Adjusted Gross Profit should not be considered a substitute for revenue. Adjusted EBITDA should not be considered a substitute for income (loss) from operations, net income (loss), or net income (loss) attributable to System1 on a consolidated basis that System1 reports in accordance with GAAP. Although System1 uses Adjusted Gross Profit and Adjusted EBITDA as financial measures to assess the performance of its business, such use is limited because it does not include certain costs necessary to operate System1's business. System1's presentation of Adjusted Gross Profit and Adjusted EBITDA should not be construed as indications that its future results will be unaffected by unusual or nonrecurring items. Use of Projections This presentation contains certain financial forecasts (or guidance) with respect to the System1's projected financial results. System1's independent auditors have not audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this presentation, and accordingly, they did not express an opinion or provide any other form of assurance with respect thereto for the purpose of this presentation. This guidance should not be relied upon as being necessarily indicative of future results. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of System1, or that actual results will not differ materially from those set forth in the prospective financial information. Inclusion of the prospective financial information in this presentation should not be regarded as a representation by any person that the results contained in the prospective financial information will actually be achieved. You should review this information together with System1's historical information, as well as information included in the registration statement on Form S-4, including the proxy statement/prospectus, relating to its completed business combination with Trebia. 3 Exhibit 99.2

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![](system1investorpresentat004.jpg)

Company Overview 4 Exhibit 99.2

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![](system1investorpresentat005.jpg)

System1 operates a leading omnichannel marketing platform and flagship brands in shopping, travel and search connecting high intent customers with advertisers 5 Exhibit 99.2

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![](system1investorpresentat006.jpg)

$734M+ of Advertising Demand2 Total Advertising Spend + Advertiser Revenue processed by RAMP demonstrate significant scale of our operations in the online advertising ecosystem Two components – Marketing and Products Marketing drives paid traffic to our Owned & Operated websites either through direct buys or through our network of ~220 partners. Products consists of our leading properties and primarily generates traffic organically 6.6 Billion sessions monetized on platform in 2023 RAMP handles significant consumer interactions at scale, with a significant portion driven by O&O activities (1st party) Flexible business model in all market conditions Our platform and solutions protect against demand shifts and volatility in the online advertising marketplace and reliance on specific verticals, advertisers and traffic sources 6 System1 at a Glance Technology is our advantage Proprietary "Responsive Acquisition Marketing Platform" (RAMP) powers the platform. RAMP rapidly and efficiently identifies, markets to and monetizes consumers across any advertising vertical 1. As of June 2025 2. Metrics shown are for the twelve months ending June 30, 2025 Exhibit 99.2

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![](system1investorpresentat007.jpg)

1B+ monthly sessions1 generated on O&O properties and across ~220 active Network partners2 1.6B+ rows/day3 generated from first party data informing our Machine Learning pipelines 47K+ daily creative & bidding optimizations3 by our automated buying engine 978M+ queries/mo.1 powering our search stack processes across O&O and Partner sites 7 82K quarterly marketing campaign launches leveraging AI and automation, a 2x increase from Q1 20253 Our platform is built for scale and primed to capitalize on first party data 1. Monthly average for Q2 2025 2. As of June 2025 3. Q2 2025 40+ O&O internet properties spanning multiple verticals designed to refine customer intent Exhibit 99.2

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![](system1investorpresentat008.jpg)

Note: Segment Adjusted Gross Profit defined as revenue less traffic acquisition costs incurred to acquire users8 Key Business Lines Marketing Products Partner Network ACQUIRE REFINE MONETIZE Segment Adjusted Gross Profit $89M $82M Exhibit 99.2

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![](system1investorpresentat009.jpg)

Platform Revenue by Vertical Revenue by Vertical RAMP Identifies & Generates Customers Across All Major Advertising Categories & from All Major Traffic Sources 9 Note: All metrics shown are for Q2 2025 System1 is Omnive tical & Om ichannel 99 Health Finance Business & Technology Leisure & Lifesytle Travel & Tourism Autos Jobs & Education Home & Garden Retail Private Search Other Platform Revenue by Vertical Revenue by Vertical Search Network Partners Display Organic Social Other Revenue by Marketing Channel Exhibit 99.2

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![](system1investorpresentat010.jpg)

Platform Revenue by Vertical 10 101 Identify and unlock consumer intent across all major sources of traffic UNLOCK 2 MONETIZE 3 1 Refine consumer intent based on actions they take on System1 websites Monetize via key advertising partners REFINE How Our Platform Works Exhibit 99.2

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![](system1investorpresentat011.jpg)

Consumer Intent is Refined into Monetizable Intent 11 Exhibit 99.2

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![](system1investorpresentat012.jpg)

Platform Architecture 12 Exhibit 99.2

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![](system1investorpresentat013.jpg)

Generative AI generates Ad creative and content at scale. > Scalably develop content and ad creatives AI & Machine Learning Enabling Rapid Scale AI and Machine Learning monitor, administer and optimize across platforms. > 90% of Buy Side decisions currently are automated Buy Side integrations permit rapid activation across traffic sources > Promotes scalability of campaign activation - Data Pipelines - Machine learning models - First-Party Data - Analytical Tools > Identify customer acquisition opportunities 13 Exhibit 99.2

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![](system1investorpresentat014.jpg)

Adj. EBITDA (32% Margin on Gross Profit) 14 $52M$317M Revenue $165M Key Financial KPIs See appendix for reconciliation of all Non-GAAP metrics to their corresponding GAAP metric Metrics shown are for the twelve months ending June 30, 2025 Adj. Gross Profit Exhibit 99.2

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![](system1investorpresentat015.jpg)

15 MICHAEL BLEND CEO & Co-Founder CHUCK URSINI President, COO & Co-Founder TRIDIVESH KIDAMBI CFO BETH SESTANOVICH Chief People Officer BRIAN COPPOLA Chief Ad Operations Officer DANIEL WEINROT General Counsel Founder-Led Team of Industry Veterans 15 CHRIS TESTA CTO AVI RAJU Chief Product Officer Exhibit 99.2

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![](system1investorpresentat016.jpg)

Investment Highlights A resilient and profitable business Proven M&A capabilities Technology platform provides a strong and sustainable competitive advantage A highly diversified business across its marketing and monetization capabilities Strong, industry-experienced and founder-led management team Exhibit 99.2

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Thank You Exhibit 99.2

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Appendix Exhibit 99.2

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![](system1investorpresentat019.jpg)

Reconciliation of Net Income to Adjusted EBITDA $ in millions$ in illions $ in millions i illi 19 Net Income (Loss) ($90) Plus: Income Tax Expense ($2) Interest Expense $30 Depreciation & Amortization $81 Other Expense $0 Stock-Based Compensation & Distributions to Members $16 Non-cash revaluation of warrant liability ($1) Costs related to acquisitions/business combinations $12 Other costs, including restructuring and legal settlements $5 Adjusted EBITDA $52 $ in millions June 2025 LTM Exhibit 99.2

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![](system1investorpresentat020.jpg)

Reconciliation of Revenue to Adjusted Gross Profit $ in millions $ in millions $ in millions $ in millions 20 Gross Profit $139 Add: Depreciation and amortization related to cost of revenue $26 Adjusted Gross Profit $165 $ in millions June 2025 LTM Exhibit 99.2

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