System1 Inc Reports Second Quarter 2024 Financial Results
Intellectia.AI Updated: 1970-01-01
System1, Inc. Reports Second Quarter 2024 Financial Results
System1, Inc. (NYSE: SST), an omnichannel customer acquisition platform operator, announced its financial results for the second quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | YoY Change | Consensus Estimate |
|---|---|---|---|---|
| Total Revenue | $52.77M | $54.59M | -3.34% | $89.19M |
| Earnings Per Share (EPS) | $-0.42 | $-0.36 | -16.67% | $-0.42 |
System1, Inc. reported total revenue of $52.77 million for Q2 2024, which represents a 3.34% decrease compared to the same quarter last year and fails to meet the consensus estimate of $89.19 million. The company reported an EPS of $-0.42, consistent with Wall Street expectations and representing a 16.67% decline year over year.
Segment Revenue Performance
| Segment | Q2 2024 Revenue | Q2 2023 Revenue | YoY Change |
|---|---|---|---|
| Owned & Operated Adv. | $28.08M | $28.08M | 0.00% |
| Partner Network | $24.69M | $26.51M | -6.86% |
| Total Revenue | $52.77M | $54.59M | -3.34% |
The revenue from the Owned & Operated Advertising segment remained flat compared to the previous year, while the Partner Network segment saw a decline of approximately 6.86%.
Comments from Company Officers
System1, Inc.'s CEO commented, “While we faced some headwinds in the Partner Network segment, our Owned & Operated segment remained stable, reflecting our strategic focus on expanding our advertising partnerships and improving user acquisition through our RAMP platform.”
Dividends and Share Repurchase Program
No dividends were announced. The company had a remaining authorization of $23.9 million for the repurchase of its Class A common stock and Public Warrants.
Forward Guidance
System1, Inc. did not provide any new forward guidance in its earnings release.
Stock Price Movement
Following the earnings release, System1, Inc.’s stock price saw a significant adjustment with an after-event percentage change of 7.87%.
This summary provides an overview of System1, Inc.'s financial performance for Q2 2024, highlighting key financial metrics, segment performance, executive comments, share repurchasing plans, and stock price movements post-earnings release.
