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Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Revenue $ 343,925 $ 401,971
Operating expenses:    
Cost of revenue (excluding depreciation and amortization) 191,561 248,745
Salaries and benefits 113,512 106,505
Selling, general, and administrative 47,346 54,307
Depreciation and amortization 80,107 78,403
Total operating expenses 432,526 487,960
Operating loss (88,601) (85,989)
Other expense (income):    
Interest expense, net 31,562 48,745
Change in fair value of warrant liabilities (2,386) (5,109)
Total other expense, net 9,067 45,640
Loss before income tax (97,668) (131,629)
Income tax benefit (370) (20,371)
Net loss from continuing operations (97,298) (111,258)
Net loss from discontinued operations, net of tax 0 (174,327)
Net loss (97,298) (285,585)
Less: Net loss from continuing operations attributable to non-controlling interest (22,625) (25,531)
Less: Net loss from discontinued operations attributable to non-controlling interest 0 (32,833)
Net loss attributable to System1, Inc. (74,673) (227,221)
Net loss from continuing operations (74,673) (85,727)
Net loss from discontinued operations $ 0 $ (141,494)
Basic and diluted net loss per share:    
Basic net loss per share, continuing operations (in dollars per share) $ (1.07) $ (0.94)
Diluted net loss per share, continuing operations (in dollars per share) (1.07) (0.94)
Basic net loss per share, discontinued operations (in dollars per share) 0 (1.54)
Diluted net loss per share, discontinued operations (in dollars per share) 0 (1.54)
Basic net loss per share (in dollars per share) (1.07) (2.48)
Diluted net loss per share (in dollars per share) $ (1.07) $ (2.48)
Weighted average number of shares outstanding - basic (in shares) 69,554 91,454
Weighted average number of shares outstanding - diluted (in shares) 69,554 91,454
Nonrelated Party    
Other expense (income):    
(Gain) loss on extinguishment of debt $ (20,109) $ 0
Related Party    
Other expense (income):    
(Gain) loss on extinguishment of debt $ 0 $ 2,004