Three-Month Period

Six-Month Period

Successor

Predecessor

Successor

Predecessor

Three Months Ended June 30, 2022

Three Months Ended June 30, 2021

Period from January 27, 2022 through June 30, 2022

Period from January 1, 2022 through January 26, 2022

Six Months Ended June 30, 2021

Net loss per share:

Basic

$

(0.29)

n/a

$

(0.71)

n/a

Diluted

(0.33)

n/a

Numerator:

Net loss attributable to System1, Inc.

(25,737)

n/a

$

(61,806)

n/a

Change in fair value of warrant liabilities

(4,139)

n/a

Net loss used in diluted computation

$

(29,876)

n/a

Denominator:

Weighted-average common shares outstanding used in computing basic net loss per share

89,701

n/a

86,840

n/a

Adjustment for incremental shares from applying treasury stock method

1,481

n/a

Weighted-average common shares outstanding used in computing diluted net loss per share

91,182

n/a

Basic and diluted net income (loss) per unit

n/a

$

0.57

n/a

$

(1.81)

$

0.90

Numerator:

Net income (loss)

n/a

11,772

n/a

(37,061)

18,515

Denominator:

Weighted-average membership units outstanding - basic
and diluted (units in thousands)

n/a

20,488

n/a

20,488