System1 Reports Fourth Quarter & Full Year 2021 Financial Results

Apr 5, 2022 By MarketDepth

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System1, Inc. (NYSE: SST) reported results for the fourth quarter and full year 2021.  Michael Blend, Co-Founder & Chief Executive Officer of System1, commented, “We are excited to report our fourth quarter and full year 2021 results, which demonstrate the increasing value of our RAMP technology platform, while we continue to focus on growing our advertising and subscription businesses. For 2022, we see numerous opportunities to expand our business and will continue to invest in and innovate on our RAMP technology platform. As a new public company, we welcome our new shareholders who are joining us as we solidify our position as a leading privacy-centric digital marketer.”

Revenue Rose Almost 50%

In January 2022, S1 Holdco and combined with Trebia Acquisition Corp.  Revenue for the fourth quarter rose 48% year over year to USD 239 Million, compared to USD 161 Million in the previous year. Net income amounted to USD 31 Million as adjusted EBITDA rallied 65% year over year.  

Net Income Up

For the full year 2021, revenue increased 47% to USD 833 Million as net income increased dramatically to USD 77 Million compared to USD 3 Million in the prior year.  

Revenue to Reach $1 Billion

The Company expects revenue of $1.0 billion, up 20% year-over-year and Adjusted EBITDA of $174 million, up 37% year-over-year, respectively, for the full year 2022.  The guidance presented above includes the contribution of the RoadWarrior and CouponFollow acquisitions completed in Q1 2022, with such acquisitions accounting for $25 million of revenue and $15 million of Adjusted EBITDA reflected in the full year 2022 guidance.