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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 69,092 $ 135,343
Restricted cash, current 4,129 3,813
Accounts receivable, net 57,602 56,093
Prepaid expenses and other current assets 4,382 6,754
Total current assets 135,205 202,003
Restricted cash, non-current 371 4,294
Property and equipment, net 2,431 3,084
Internal-use software development costs, net 14,230 11,425
Intangible assets, net 241,006 297,001
Goodwill 82,407 82,407
Operating lease right-of-use assets 3,298 4,732
Other non-current assets 365 524
Total assets 479,313 605,470
Current liabilities:    
Accounts payable 9,423 9,499
Accrued expenses and other current liabilities 71,072 59,314
Operating lease liabilities, current 2,330 2,333
Debt, net 16,338 15,271
Total current liabilities 99,163 86,417
Operating lease liabilities, non-current 1,821 3,582
Long-term debt, net 259,236 334,232
Warrant liability 1,217 2,688
Deferred tax liability 6,726 8,307
Other non-current liabilities 8,304 929
Total liabilities 376,467 436,155
Commitments and contingencies (Note 7)
Stockholder's Equity:    
Additional paid-in capital 858,740 843,112
Accumulated deficit (768,174) (707,662)
Accumulated other comprehensive loss (262) (181)
Total stockholders' equity attributable to System1, Inc. 90,313 135,278
Non-controlling interest 12,533 34,037
Total stockholders' equity 102,846 169,315
Total liabilities and stockholders' equity 479,313 605,470
Class A Common Stock    
Stockholder's Equity:    
Common stock value 7 7
Class C Common Stock    
Stockholder's Equity:    
Common stock value $ 2 $ 2