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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 63,607 $ 135,343
Restricted cash, current 3,970 3,813
Accounts receivable, net 62,916 56,093
Prepaid expenses and other current assets 3,984 6,754
Total current assets 134,477 202,003
Restricted cash, non-current 371 4,294
Property and equipment, net 2,104 3,084
Internal-use software development costs, net 14,436 11,425
Intangible assets, net 222,341 297,001
Goodwill 82,407 82,407
Operating lease right-of-use assets 2,644 4,732
Other non-current assets 349 524
Total assets 459,129 605,470
Current liabilities:    
Accounts payable 10,401 9,499
Accrued expenses and other current liabilities 76,200 59,314
Operating lease liabilities, current 2,089 2,333
Debt, net 16,405 15,271
Total current liabilities 105,095 86,417
Operating lease liabilities, non-current 1,365 3,582
Long-term debt, net 255,118 334,232
Warrant liability 302 2,688
Deferred tax liability 6,199 8,307
Other non-current liabilities 6,054 929
Total liabilities 374,133 436,155
Commitments and contingencies (Note 8)
Stockholders’ equity:    
Additional paid-in capital 863,033 843,112
Accumulated deficit (782,335) (707,662)
Accumulated other comprehensive loss (443) (181)
Total stockholders' equity attributable to System1, Inc. 80,264 135,278
Non-controlling interest 4,732 34,037
Total stockholders' equity 84,996 169,315
Total liabilities and stockholders' equity 459,129 605,470
Class A common stock    
Stockholders’ equity:    
Common stock value 7 7
Class C common stock    
Stockholders’ equity:    
Common stock value $ 2 $ 2