SST System1, Inc. Class A Common Stock
$3.77
Price · May 1, 2026
Fundamentals as of Mar 11, 2026
52W Range
$1–$15
18% of range
Analyst Rating
BUY
5 analysts
Price Target
$8
+112% upside
P/E (TTM)
-0.5
ROE
-118.0%
Net Profit Margin
-24.6%
SST Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$3.77
Market Cap
—
P/E (TTM)
-0.5
EPS (TTM)
$-8.32
Revenue (TTM)
$266M
Div Yield
—
ROE
-118.0%
Debt/Equity
8.5
52W Range
$1 – $15
SST Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$266M
2021-12-31
→
2025-12-31
EPS
$-8.32
2022-12-31
→
2025-12-31
Free Cash Flow
$-4M
2022-12-31
→
2025-12-31
Margins
-24.6%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
SST
Peer Median
P/E (TTM)
-0.5
180.0
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
SST
Peer Median
Operating Margin
-23.3%
—
Net Profit Margin
-24.6%
-14.0%
ROA
-15.1%
-16.0%
ROE
-118.0%
-6.7%
ROIC
-20.7%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
SST
Peer Median
Debt / Equity
8.5
5.6
Current Ratio
1.0
1.0
Quick Ratio
1.0
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
SST
Peer Median
Revenue YoY
-22.6%
—
Revenue CAGR 3Y
-24.2%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
SST
Peer Median
SST Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
5 analysts
- Strong Buy 1 20.0%
- Buy 3 60.0%
- Hold 1 20.0%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
1 analysts · 2026-04-28
Low
$8.00
High
$8.00
Median target
$8.00
+112.1%
Mean target
$8.00
+112.1%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.67%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| Dec. 31, 2025 | $-1.69 | $-2.04 | 0.35% |
| Sept. 30, 2025 | $-2.30 | $-2.81 | 0.51% |
| June 30, 2025 | $-2.23 | $-2.63 | 0.40% |
| March 31, 2025 | $-2.10 | $-3.54 | 1.4% |
Peer Comparison Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| SST | — | -0.5 | -22.6% | -24.6% | -118.0% | — |
| GAME | $38M | -0.6 | 63.4% | -89.1% | -168.3% | 43.4% |
| GIFT | $36M | -3.1 | -6.5% | -12.6% | -47.8% | 18.6% |
| PSQH | — | -1.3 | 81.1% | -201.0% | -204.0% | — |
| BZFD | — | — | — | — | — | — |
| IPM | $16M | -11.5 | 2050.0% | -8.3% | -10.3% | — |
| GOOGL | $3.78T | 29.0 | 15.1% | 32.8% | 34.0% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Revenue | $266M | $344M | $402M | $612M | $688M | |
| Cost of Revenue | $166M | $243M | $241M | · | · | |
| SG&A Expense | $70M | $76M | $54M | $51M | $36M | |
| Operating Expenses | · | · | · | · | $13M | |
| Operating Income | $-62M | $-89M | $-86M | $-458M | $51M | |
| Interest Expense | · | · | $49M | $32M | $17M | |
| Other Non-op | $-22M | $-9M | $-46M | $-35M | $-17M | |
| Pretax Income | $-84M | $-98M | $-132M | $-493M | $34M | |
| Income Tax | $-3M | $-370.0K | $-20M | $-109M | $965.0K | |
| Net Income | $-65M | $-75M | $-227M | $-330M | $33M | |
| EPS (Basic) | $-8.32 | $-10.74 | $-2.48 | $-3.70 | · | |
| EPS (Diluted) | $-8.32 | $-10.74 | $-2.48 | $-3.70 | · | |
| Shares (Basic) | 7,854,000 | 6,955,000 | 91,454,000 | 89,310,000 | · | |
| Shares (Diluted) | 7,854,000 | 6,955,000 | 91,454,000 | 89,310,000 | · | |
| EBITDA | $-62M | · | · | $-508M | $-13M |
Balance Sheet 27
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $87M | $64M | $135M | $9M | $48M | |
| Receivables | $57M | $63M | $56M | $80M | $90M | |
| Prepaid Expense | $4M | $4M | $7M | $11M | $8M | |
| Current Assets | $149M | $134M | $202M | $127M | $146M | |
| PP&E (Net) | $2M | $2M | $3M | $3M | $830.0K | |
| PP&E (Gross) | $4M | $4M | $4M | $4M | $2M | |
| Accum. Depreciation | $3M | $2M | $1M | $425.0K | $1M | |
| Goodwill | $82M | $82M | $82M | $82M | $45M | |
| Intangibles | $148M | $222M | $297M | $372M | $50M | |
| Other Non-current Assets | $263.0K | $349.0K | $524.0K | $3M | $3M | |
| Total Assets | $405M | $459M | $605M | $1.16B | $257M | |
| Accounts Payable | $22M | $10M | $9M | $7M | $73M | |
| Short-term Debt | · | · | · | · | $170M | |
| Current Liabilities | $146M | $105M | $86M | $211M | $277M | |
| Capital Leases | $8M | $1M | $4M | $6M | $0 | |
| Deferred Tax | $4M | $6M | $8M | $29M | $8M | |
| Other Non-current Liabilities | $520.0K | $6M | $929.0K | $2M | $969.0K | |
| Total Liabilities | $388M | $374M | $436M | $690M | $285M | |
| Long-term Debt | $305M | $272M | $350M | $415M | · | |
| Total Debt | $258M | · | · | $20M | · | |
| Paid-in Capital | $879M | $863M | $843M | $832M | $0 | |
| Retained Earnings | $-848M | $-782M | $-708M | $-439M | $0 | |
| Treasury Stock | $557.0K | $0 | · | · | · | |
| AOCI | $-157.0K | $-443.0K | $-181.0K | $-260.0K | $428.0K | |
| Stockholders' Equity | $30M | $80M | $135M | $392M | $-28M | |
| Liabilities + Equity | $405M | $459M | $605M | $1.16B | $257M | |
| Shares Outstanding | · | · | 21,513,000 | · | · |
Cash Flow 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| D&A | · | $80M | $78M | $69M | $14M | |
| Stock-based Comp | $11M | $16M | $53M | $108M | $413.0K | |
| Deferred Tax | $-2M | $-2M | $-21M | $-118M | $-981.0K | |
| Amort. of Intangibles | $75M | $75M | $75M | $69M | $9M | |
| Operating Cash Flow | $-4M | $-5M | $-25M | $3M | $61M | |
| CapEx | $46.0K | $31.0K | $2M | $4M | $49.0K | |
| Investing Cash Flow | $-7M | $-6M | $203M | $-454M | $-7M | |
| Stock Repurchased | $557.0K | $0 | $0 | $510M | $0 | |
| Net Stock Activity | $-557.0K | · | · | $-510M | · | |
| Financing Cash Flow | $31M | $-64M | $-74M | $-28M | $-35M | |
| Net Change in Cash | $21M | $-76M | $104M | $-478M | $20M | |
| Taxes Paid | $-43.0K | $-809.0K | $7M | $8M | $3M | |
| Free Cash Flow | $-4M | · | · | $-229.0K | · | |
| Levered FCF | · | · | · | $-26M | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Operating Margin | -23.3% | · | · | -65.7% | · | |
| Net Margin | -24.6% | · | · | -43.5% | · | |
| Pretax Margin | -31.6% | · | · | -70.3% | · | |
| EBITDA Margin | -23.3% | · | · | -65.7% | · | |
| ROA | -15.1% | · | · | -47.5% | 4.1% | |
| ROE | -118.0% | · | · | -189.2% | -34.0% | |
| ROIC | -20.7% | · | · | -102.2% | · |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 1.0 | · | · | 0.6 | 0.0 | |
| Quick Ratio | 1.0 | · | · | 0.5 | 0.0 | |
| Debt / Equity | 8.5 | · | · | 0.1 | · | |
| LT Debt / Equity | 7.5 | · | · | · | · | |
| Interest Coverage | · | · | · | -15.9 | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Asset Turnover | 0.6 | · | · | 1.1 | · | |
| Receivables Turnover | 4.4 | · | · | 9.0 | · |
Growth Rates 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Revenue YoY | -22.6% | -14.4% | -34.3% | -11.1% | · | |
| Revenue CAGR 3Y | -24.2% | -20.6% | · | · | · |
Valuation (TTM) 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Revenue TTM | $266M | $344M | $402M | $612M | $688M | |
| Net Income TTM | $-65M | $-75M | $-227M | $-330M | $33M | |
| P/E | -0.5 | -0.8 | -9.0 | -12.7 | · | |
| Earnings Yield | -212.2% | -119.6% | -11.2% | -7.9% | · |
Income Statement 14
| Metric | Trend | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $52M | $62M | $78M | $75M | $76M | $89M | $95M | $85M | $96M | $88M | $97M | $121M | $69M | $157M | $220M | $166M | |
| Cost of Revenue | $31M | $39M | $50M | $46M | $44M | $64M | $69M | $66M | · | · | · | · | · | · | · | · | |
| SG&A Expense | $19M | $17M | $18M | $17M | $18M | $17M | $21M | $20M | $12M | $12M | $15M | $15M | $7M | $12M | $17M | $15M | |
| Operating Income | $-17M | $-16M | $-16M | $-13M | $-12M | $-22M | $-29M | $-26M | $-19M | $-21M | $-22M | $-24M | $-32M | $-355M | $-31M | $-39M | |
| Interest Expense | · | · | · | · | · | · | · | $8M | · | $13M | $12M | $11M | $10M | $10M | $7M | $5M | |
| Other Non-op | $-746.0K | $-7M | $-7M | $-7M | $-7M | $-8M | $-6M | $12M | $-15M | $-6M | $-14M | $-10M | $584.0K | $-14M | $-3M | $-19M | |
| Pretax Income | $-18M | $-23M | $-23M | $-20M | $-19M | $-30M | $-35M | $-14M | $-34M | $-27M | $-36M | $-34M | $-31M | $-369M | $-34M | $-58M | |
| Income Tax | $-398.0K | $-543.0K | $-2M | $-387.0K | $-729.0K | $585.0K | $-178.0K | $-48.0K | $-9M | $-1M | $-7M | $-4M | $-24M | $-70M | $-454.0K | $-15M | |
| Net Income | $-13M | $-19M | $-17M | $-16M | $-14M | $-24M | $-26M | $-11M | $-28M | $-131M | $-34M | $-34M | $-27M | $-242M | $-26M | $-36M | |
| EPS (Basic) | $-3.58 | $-2.30 | $-2.23 | $-0.21 | $-3.41 | $-3.37 | $-3.80 | $-0.16 | $-0.36 | $-1.39 | $-0.37 | $-0.36 | $-0.31 | $-2.66 | $-0.29 | $-0.44 | |
| EPS (Diluted) | $-3.58 | $-2.30 | $-2.23 | $-0.21 | $-3.41 | $-3.37 | $-3.80 | $-0.16 | $-0.36 | $-1.39 | $-0.37 | $-0.36 | $-0.27 | $-2.66 | $-0.33 | $-0.44 | |
| Shares (Basic) | -82,409,000 | 8,054,000 | 7,820,000 | 74,389,000 | -74,769,000 | 7,005,000 | 6,938,000 | 67,781,000 | -189,475,000 | 94,359,000 | 93,799,000 | 92,771,000 | -174,101,000 | 91,002,000 | 89,701,000 | 82,708,000 | |
| Shares (Diluted) | -82,409,000 | 8,054,000 | 7,820,000 | 74,389,000 | -74,769,000 | 7,005,000 | 6,938,000 | 67,781,000 | -189,475,000 | 94,359,000 | 93,799,000 | 92,771,000 | -175,582,000 | 91,002,000 | 91,182,000 | 82,708,000 | |
| EBITDA | · | $-16M | $-16M | $-13M | · | $-22M | $-29M | $-26M | · | $-21M | $-36M | $-37M | · | $-348M | $981.0K | $-18M |
Balance Sheet 27
| Metric | Trend | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $87M | $55M | $64M | $44M | $64M | $69M | $76M | $70M | $135M | $5M | $9M | $8M | $9M | $32M | $37M | $42M | |
| Receivables | $57M | $54M | $70M | $62M | $63M | $58M | $62M | $53M | $56M | $59M | $63M | $69M | $80M | $79M | $94M | $100M | |
| Prepaid Expense | $4M | $6M | $6M | $7M | $4M | $4M | $7M | $10M | $7M | $10M | $12M | $12M | $11M | $11M | $12M | $15M | |
| Current Assets | $149M | $117M | $141M | $114M | $134M | $135M | $149M | $140M | $202M | $91M | $95M | $98M | $127M | $129M | $148M | $163M | |
| PP&E (Net) | $2M | $2M | $2M | $2M | $2M | $2M | $3M | $3M | $3M | $3M | $5M | $4M | $3M | $4M | $4M | $3M | |
| PP&E (Gross) | $4M | · | · | · | $4M | · | · | · | $4M | · | · | · | $4M | $5M | $5M | $3M | |
| Accum. Depreciation | $3M | · | · | · | $2M | · | · | · | $1M | · | · | · | $425.0K | $505.0K | $259.0K | $92.0K | |
| Goodwill | $82M | $82M | $82M | $82M | $82M | $82M | $82M | $82M | $82M | $82M | $516M | $516M | $82M | $542M | $881M | $878M | |
| Intangibles | $148M | $167M | $185M | $204M | $222M | $241M | $260M | $278M | $297M | $316M | $437M | $464M | $372M | $525M | $556M | $587M | |
| Other Non-current Assets | $263.0K | $295.0K | $333.0K | $319.0K | $349.0K | $365.0K | $444.0K | $484.0K | $524.0K | $577.0K | $3M | $3M | $3M | $731.0K | $804.0K | $830.0K | |
| Total Assets | $405M | $385M | $429M | $419M | $459M | $479M | $511M | $521M | $605M | $928M | $1.08B | $1.10B | $1.16B | $1.22B | $1.60B | $1.64B | |
| Accounts Payable | $22M | $23M | $28M | $8M | $10M | $9M | $6M | $7M | $9M | · | · | $11M | $7M | $12M | $17M | $76M | |
| Short-term Debt | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $15M | $15M | |
| Current Liabilities | $146M | $102M | $120M | $90M | $105M | $99M | $102M | $78M | $86M | $238M | $210M | $199M | $211M | $209M | $201M | $217M | |
| Capital Leases | $8M | $3M | $3M | $1M | $1M | $2M | $2M | $3M | $4M | $4M | $5M | $5M | $6M | $6M | $7M | $6M | |
| Deferred Tax | $4M | $5M | $5M | $6M | $6M | $7M | $7M | $8M | $8M | $15M | $30M | $36M | $29M | $50M | $129M | $139M | |
| Other Non-current Liabilities | $520.0K | $6M | $6M | $6M | $6M | $8M | $7M | $1M | $929.0K | $3M | $7M | $6M | $2M | $2M | $6M | $6M | |
| Total Liabilities | $388M | $351M | $376M | $351M | $374M | $376M | $382M | $361M | $436M | $687M | $681M | $669M | $690M | $698M | $781M | $818M | |
| Long-term Debt | $305M | $259M | $263M | $267M | $272M | $276M | $280M | $285M | $350M | $403M | $407M | $411M | $415M | $419M | $424M | · | |
| Total Debt | · | $235M | $242M | $248M | · | · | · | · | · | · | · | · | · | $20M | $35M | $15M | |
| Paid-in Capital | $879M | $877M | $874M | $866M | $863M | $859M | $854M | $850M | $843M | $849M | $842M | $837M | $832M | $822M | $812M | $777M | |
| Retained Earnings | $-848M | $-834M | $-816M | $-798M | $-782M | $-768M | $-745M | $-718M | $-708M | $-646M | $-515M | $-480M | $-439M | $-411M | $-170M | $-144M | |
| Treasury Stock | $557.0K | · | · | · | $0 | · | · | · | · | · | · | · | · | · | · | · | |
| AOCI | $-157.0K | $-230.0K | $-133.0K | $-432.0K | $-443.0K | $-262.0K | $-295.0K | $-271.0K | $-181.0K | $-435.0K | $-270.0K | $-479.0K | $-260.0K | $-124.0K | $-421.0K | $103.0K | |
| Stockholders' Equity | $30M | $43M | $58M | $67M | $80M | $90M | $109M | $132M | $135M | $203M | $327M | $357M | $392M | $410M | $642M | $634M | |
| Liabilities + Equity | $405M | $385M | $429M | $419M | $459M | $479M | $511M | $521M | $605M | $928M | $1.08B | $1.10B | $1.16B | $1.22B | $1.60B | $1.64B | |
| Shares Outstanding | · | · | · | · | · | · | · | 21,204,000 | · | · | · | · | · | · | · | · |
Cash Flow 15
| Metric | Trend | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | · | · | · | · | · | $20M | $20M | $20M | $20M | $20M | $20M | $19M | $-3M | $32M | $32M | $22M | |
| Stock-based Comp | $1M | $3M | $5M | $3M | $5M | $4M | $3M | $4M | $9M | $12M | $18M | $14M | · | · | · | $32M | |
| Deferred Tax | · | · | · | · | $-522.0K | $-319.0K | $-606.0K | $-656.0K | $-2M | $-6M | $-7M | $-8M | · | · | · | $-16M | |
| Amort. of Intangibles | $19M | $19M | $19M | $19M | $19M | $19M | $19M | $19M | $19M | $19M | $19M | $19M | $-4M | $19M | $32M | $22M | |
| Other Non-cash | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $-33M | |
| Operating Cash Flow | $-11M | $-2M | $24M | $-16M | $772.0K | $-5.0K | $10M | $-16M | $-19M | $-7M | $7M | $-6M | · | · | · | $-31M | |
| CapEx | $0 | $0 | $0 | $46.0K | $0 | $31.0K | $0 | $0 | $338.0K | $434.0K | $867.0K | $714.0K | · | · | · | $1M | |
| Investing Cash Flow | $-2M | $-2M | $-2M | $-2M | $-1M | $-2M | $-2M | $-2M | $210M | $-2M | $-3M | $-2M | · | · | · | $-426M | |
| Stock Repurchased | · | · | · | · | · | · | · | · | · | $0 | $0 | $0 | · | · | · | $510M | |
| Net Stock Activity | · | · | · | · | · | · | · | · | · | · | · | $0 | · | · | · | · | |
| Financing Cash Flow | $44M | $-5M | $-3M | $-5M | $-5M | $-5M | $-6M | $-48M | $-73M | $8M | $-236.0K | $-9M | · | · | · | $-13M | |
| Net Change in Cash | $32M | $-9M | $20M | $-23M | $-6M | $-7M | $3M | $-66M | $118M | $-1M | $4M | $-17M | · | · | · | $-468M | |
| Taxes Paid | · | · | · | · | · | · | · | $634.0K | · | · | · | $0 | · | · | · | $261.0K | |
| Free Cash Flow | · | · | · | $-16M | · | · | · | $-16M | · | · | · | $-7M | · | · | · | $-32M | |
| Levered FCF | · | · | · | · | · | · | · | $-24M | · | · | · | $-17M | · | · | · | $-36M |
Profitability 7
| Metric | Trend | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | · | -25.3% | -20.4% | -17.6% | · | -24.6% | -30.8% | -30.4% | · | -23.7% | -24.7% | -22.3% | · | -188.8% | -14.2% | -23.8% | |
| Net Margin | · | -30.1% | -22.4% | -21.3% | · | -26.6% | -27.9% | -12.4% | · | -149.7% | -23.9% | -20.2% | · | -120.1% | -11.7% | -21.7% | |
| Pretax Margin | · | -36.6% | -29.6% | -27.2% | · | -33.8% | -37.0% | -16.3% | · | -30.8% | -34.5% | -28.3% | · | -196.0% | -15.6% | -34.9% | |
| EBITDA Margin | · | -25.3% | -20.4% | -17.6% | · | -24.6% | -30.8% | -30.4% | · | -23.7% | -24.7% | -22.3% | · | -172.8% | 0.45% | -10.6% | |
| ROA | · | -4.3% | -3.7% | -3.4% | · | -3.4% | -3.3% | -1.3% | · | -12.3% | -2.6% | -2.5% | · | -27.9% | -2.4% | -3.3% | |
| ROE | · | -27.8% | -20.8% | -16.0% | · | -16.1% | -12.1% | -4.3% | · | -42.9% | -7.3% | -6.9% | · | -116.3% | -8.8% | -12.6% | |
| ROIC | · | -5.5% | -5.0% | -4.1% | · | -24.6% | -26.5% | -19.5% | · | -9.9% | -9.7% | -9.5% | · | -70.2% | -4.5% | -4.5% |
Liquidity & Solvency 5
| Metric | Trend | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | · | 1.1 | 1.2 | 1.3 | · | 1.4 | 1.5 | 1.8 | · | 0.4 | 0.5 | 0.5 | · | 0.6 | 0.7 | 0.7 | |
| Quick Ratio | · | 1.1 | 1.1 | 1.2 | · | 1.3 | 1.4 | 1.6 | · | 0.3 | 0.3 | 0.4 | · | 0.5 | 0.7 | 0.7 | |
| Debt / Equity | · | 5.5 | 4.2 | 3.7 | · | · | · | · | · | · | · | · | · | 0.0 | 0.1 | 0.0 | |
| LT Debt / Equity | · | 5.5 | 4.2 | 3.7 | · | · | · | · | · | · | · | · | · | · | · | · | |
| Interest Coverage | · | · | · | · | · | · | · | -3.2 | · | -1.6 | -3.0 | -3.3 | · | -37.9 | -4.2 | -8.3 |
Efficiency 2
| Metric | Trend | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | · | 0.1 | 0.2 | 0.2 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.2 | 0.2 | 0.2 | |
| Receivables Turnover | · | 1.1 | 1.2 | 1.3 | · | 1.5 | 1.5 | 1.4 | · | 1.3 | 1.9 | 2.0 | · | 5.1 | 4.7 | 3.3 |
Valuation (TTM) 9
| Metric | Trend | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | · | $303M | $336M | $343M | · | $356M | $364M | $391M | · | $463M | $595M | $664M | · | $714M | $727M | $655M | |
| Net Income TTM | · | $-75M | $-83M | $-76M | · | $-192M | $-203M | $-210M | · | $-441M | $-336M | $-337M | · | $-292M | $-39M | $-6M | |
| Market Cap | · | · | · | · | · | · | · | $416M | · | · | · | · | · | · | · | · | |
| P/E | · | -0.9 | -0.6 | -0.5 | · | -1.3 | -2.7 | -8.6 | · | -2.5 | -12.1 | -11.3 | · | · | · | · | |
| P/S | · | · | · | · | · | · | · | 1.1 | · | · | · | · | · | · | · | · | |
| P/B | · | · | · | · | · | · | · | 3.2 | · | · | · | · | · | · | · | · | |
| P / Cash Flow | · | · | · | · | · | · | · | -26.0 | · | · | · | · | · | · | · | · | |
| P / FCF | · | · | · | · | · | · | · | -26.0 | · | · | · | · | · | · | · | · | |
| Earnings Yield | · | -115.2% | -173.8% | -197.9% | · | -77.9% | -37.6% | -11.6% | · | -39.5% | -8.3% | -8.8% | · | · | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $266M | $344M | $402M | $612M | $688M |
| Operating Margin % | -23.3% | — | — | -65.7% | — |
| Net Income | $-65M | $-75M | $-227M | $-330M | $33M |
| Diluted EPS | $-8.32 | $-10.74 | $-2.48 | $-3.70 | — |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 8.5 | — | — | 0.1 | — |
| Current Ratio | 1.0 | — | — | 0.6 | 0.0 |
| Quick Ratio | 1.0 | — | — | 0.5 | 0.0 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-4M | — | — | $-229.0K | — |
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