8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): July 3, 2023

System1, Inc.

(Exact name of registrant as specified in its charter)

Delaware	001-39331	98-1531250
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification Number)
4235 Redwood Avenue Marina Del Rey, California		90066
(Address of principal executive offices)		(Zip Code)

(310) 924-6037

(Registrant's telephone number, including area code)

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Class A Common Stock, $0.0001 par value per share	SST	New York Stock Exchange
Redeemable warrants, each whole warrant exercisable for one Class A Common Stock share at an exercise price of $11.50 per share	SST.WS	New York Stock Exchange

1

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01 - Regulation FD Disclosure (Supplemental Financial Information)

On July 3, 2023, System1, Inc. (the “Company”) posted supplemental financial information for its quarter ended March 31, 2023 on the Company’s website at https://ir.system1.com. A copy of the supplemental financial information is furnished herewith as Exhibit 99.1.

The foregoing supplemental financial information (including the exhibit set forth in Item 9.01 hereto) in this Item 7.01 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, except as expressly set forth by specific reference in such a filing.

Item 7.01 - Regulation FD Disclosure (Investor Presentation)

On July 3, 2023, System1, Inc. (the “Company”) has made available on its website located at https://ir.system1.com/events-and-presentations/ an investor presentation, which may be used in presentations to investors and others from time to time. A copy of the investor presentation is furnished as Exhibit 99.2 to this Current Report and is hereby incorporated by reference to this Item 7.01. Without limiting the generality of the foregoing, the “Forward-Looking Statements” disclosure contained in the investor presentation is incorporated by reference into this Item 7.01.

The Company’s website and the information contained on, or that can be accessed through, the Company’s website will not be deemed to be incorporated by reference in, and are not considered part of, this Current Report.

The foregoing investor presentation and related information (including the exhibit set forth in Item 9.01 hereto) in this Item 7.01 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, except as expressly set forth by specific reference in such a filing. This Current Report will not be deemed an admission as to the materiality of any information in this Current Report that is required to be disclosed solely by Regulation FD.

Item 9.01 - Financial Statements and Exhibits

(d) Exhibits.

Exhibit No.	Description
99.1	First Quarter 2023 Supplemental Financial Information
99.2	First Quarter 2023 Investor Presentation

2

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		System1, Inc.
Date:	July 3, 2023	By:	/s/ Tridivesh Kidambi
		Name:	Tridivesh Kidambi
		Title:	Chief Financial Officer

3

EX-99.1

System1, Inc./S1 Holdco LLC Unaudited Statements of Operations System1, Inc. System1, Inc. System1, Inc. System1, Inc. System1, Inc. S1 Holdco LLC S1 Holdco LLC S1 Holdco LLC S1 Holdco LLC S1 Holdco LLC Successor + Predecessor Total Successor + Predecessor Total Successor + Predecessor Total S1 Holdco LLC S1 Holdco LLC S1 Holdco LLC (in thousands) QTD QTD QTD QTD Sucessor Period Predecessor Period QTD QTD QTD QTD YTD YTD YTD YTD YTD YTD 31-Mar-23 31-Dec-22 30-Sep-22 30-Jun-22 1.27.22 - 3.31.22 1.1.22 - 1.26.22 31-Dec-21 30-Sep-21 30-Jun-21 31-Mar-21 31-Dec-22 30-Sep-22 30-Jun-22 31-Dec-21 30-Sep-21 30-Jun-21 Revenue 167,854 186,859 201,176 219,797 166,108 52,712 199,803 171,446 169,579 147,561 826,652 639,793 438,617 688,389 488,586 317,140 Operating cost and expenses: Cost of revenues 120,402 128,157 137,680 152,558 120,384 41,507 155,276 128,885 126,167 110,785 580,286 452,129 314,449 521,113 365,837 236,952 Salaries, commissions, and benefits 38,398 41,665 55,602 49,511 48,198 31,181 18,715 15,139 17,698 15,195 226,157 184,492 128,890 66,747 48,032 32,893 Selling, general, and administrative 17,172 16,224 15,419 16,747 15,088 15,665 14,650 7,936 6,277 6,950 79,143 62,919 47,500 35,813 21,163 13,227 Depreciation and amortization 29,374 32,416 32,214 32,094 21,928 1,000 3,625 3,459 3,112 3,689 119,652 87,236 55,022 13,885 10,260 6,801 Impairment of goodwill - 26,200 340,109 - - - - - - - 366,309 340,109 - - - - Total operating costs and expenses 205,346 244,662 581,024 250,910 205,598 89,353 192,266 155,419 153,254 136,619 1,371,547 1,126,885 545,861 637,558 445,292 289,873 Operating income (37,492) (57,803) (379,848) (31,113) (39,490) (36,641) 7,537 16,027 16,325 10,942 (544,895) (487,092) (107,244) 50,831 43,294 27,267 Loss (gain) on Fair Value of Warrants (1,409) (10,360) 4,489 (4,139) 13,761 - - - - - 3,751 14,111 9,622 - - - Interest expense 11,451 9,938 10,011 7,324 4,776 1,049 4,162 4,184 4,476 4,048 33,098 23,160 13,149 16,870 12,708 8,524 Income (loss) from continuing operations before income tax (47,534) (57,381) (394,348) (34,298) (58,027) (37,690) 3,375 11,843 11,849 6,894 (581,744) (524,363) (130,015) 33,961 30,586 18,743 Income tax expense (4,408) (6,224) (80,649) (454) (14,649) (629) 262 475 77 151 (102,605) (96,381) (15,732) 965 703 228 Net income (loss) from continuing operations (43,126) (51,157) (313,699) (33,844) (43,378) (37,061) 3,113 11,368 11,772 6,743 (479,139) (427,982) (114,283) 32,996 29,883 18,515 Net Income (Loss) Attributable To Noncontrolling Interest (9,174) (18,264) (72,002) (8,107) (7,309) - - - - - (105,682) (87,418) (15,416) - - - Gain (loss) from discontinued operations, net of taxes - - - - - - - - - - - - - - - - Net income (33,952) (32,893) (241,697) (25,737) (36,069) (37,061) 3,113 11,368 11,772 6,743 (373,457) (340,564) (98,867) 32,996 29,883 18,515

System1, Inc./S1 Holdco LLC Unaudited Condensed Balance Sheet (in thousands) System1, Inc. System1, Inc. System1, Inc. System1, Inc. System1, Inc. S1 Holdco LLC S1 Holdco LLC S1 Holdco LLC S1 Holdco LLC 31-Mar-23 31-Dec-22 30-Sep-22 30-Jun-22 31-Mar-22 31-Dec-21 30-Sep-21 30-Jun-21 31-Mar-21 ASSETS Current Assets: Cash and cash equivalents 8,267$ 24,606$ 31,933$ 37,442$ 42,182$ 47,896$ 36,209$ 34,567$ 30,853$ Accounts receivable, net of allowance for doubtful accounts 69,319 80,927 78,846 93,662 100,268 90,203 85,588 79,446 75,610 Restricted cash, current 7,862 9,074 7,338 4,572 4,801 - - - - Prepaid expenses and other current assets 12,061 11,901 10,817 12,298 15,409 7,689 7,236 4,870 3,996 Total current assets 97,509 126,508 128,934 147,974 162,660 145,788 129,033 118,883 110,459 Restricted cash, non-current 5,577$ 5,395$ 2,772$ 2,452$ 2,836$ 743$ -$ -$ -$ Property and equipment, net 4,469 4,022 4,372 4,330 2,855 830 836 916 976 Internal-use software development costs, net 8,630 6,948 5,690 3,610 1,344 11,213 11,012 10,578 9,764 Intangible assets, net 464,145 492,686 524,573 556,341 587,088 50,368 52,534 54,698 56,740 Goodwill 515,591 515,591 541,792 881,370 878,396 44,820 44,820 44,820 44,820 Operating lease right-of-use assets 6,050 6,484 6,893 7,533 6,388 - - - - Other assets 2,826 2,822 731 804 830 3,149 2,998 2,453 1,222 Total Assets 1,104,797$ 1,160,456$ 1,215,757$ 1,604,414$ 1,642,397$ 256,911$ 241,233$ 232,348$ 223,981$ LIABILITIES AND MEMBERS’ DEFICIT Current Liabilities: Accounts payable 11,258$ 12,068$ 12,241$ 17,286$ 76,004$ 72,846$ 64,625$ 60,659$ 57,410$ Accrued expenses and other current liabilities 85,727 95,447 91,731 97,959 59,735 31,284 20,319 18,814 9,988 Protected incentive plan liability, current 8,755 15,436 19,266 - - - - - - Deferred Revenue 76,346 70,164 68,289 68,368 64,810 1,971 2,100 2,383 2,053 Operating lease liabilities, current 2,195 2,149 2,102 2,065 1,895 - - - - Due to related party - - - - 80 - - - - Notes payable, current 15,073 15,021 14,954 14,888 14,822 170,453 171,780 4,739 9,374 Total current liabilities 199,354 210,285 208,583 200,566 217,346 276,554 258,824 86,595 78,825 Operating lease liabilities, non current 5,314$ 5,875$ 6,406$ 7,073$ 5,645$ -$ -$ -$ -$ Notes payable, non-current 395,704 399,504 402,273 406,026 409,777 - - 168,226 169,411 Warrant liability 6,389 7,798 18,158 13,669 40,773 - - - - Deferred tax liability 35,995 43,355 49,747 129,311 138,738 - - - - Protected incentive plan liability 20,037 15,824 11,517 18,163 - - - - - Other long-term liabilities 6,326 5,027 1,622 5,735 5,595 8,758 9,368 9,051 16,497 Total liabilities 669,119$ 687,668$ 698,306$ 780,543$ 817,874$ 285,312$ 268,192$ 263,872$ 264,733$ Commitments and contingencies (Note 8) Members’ deficit: Class A common stock 9$ 9$ 9$ 9$ 9$ -$ -$ -$ -$ Class C common stock 2 2 2 2 2 - - - - Additional paid-in capital 837,093 829,687 819,188 812,309 777,325 - - - - Accumulated deficit (479,579) (445,301) (411,480) (169,603) (143,867) - - - - Members’ deficit in S1 Holdco - - - - - (28,829) (27,182) (31,646) (40,850) Noncontrolling interest 78,632 88,808 109,676 181,576 190,951 - - - - Accumulated other comprehensive income (479) (417) 56 (422) 103 428 223 122 98 Total members’ deficit 435,678 472,788 517,451 823,871 824,523 (28,401) (26,959) (31,524) (40,752) Total Liabilities And Members’ Deficit 1,104,797$ 1,160,456$ 1,215,757$ 1,604,414$ 1,642,397$ 256,911$ 241,233$ 232,348$ 223,981$

System1, Inc./S1 Holdco LLC Unaudited Condensed Statements of Cash Flow System1, Inc. System1, Inc. System1, Inc. System1, Inc. System1, Inc. S1 Holdco LLC S1 Holdco LLC S1 Holdco LLC S1 Holdco LLC S1 Holdco LLC Successor + Predecessor Total Successor + Predecessor Total Successor + Predecessor Total S1 Holdco LLC S1 Holdco LLC S1 Holdco LLC (in thousands) QTD QTD QTD QTD Sucessor Period Predecessor Period QTD QTD QTD QTD YTD YTD YTD YTD YTD YTD 31-Mar-23 31-Dec-22 30-Sep-22 30-Jun-22 1.27.22 - 3.31.22 1.1.22 - 1.26.22 31-Dec-21 30-Sep-21 30-Jun-21 31-Mar-21 31-Dec-22 30-Sep-22 30-Jun-22 31-Dec-21 30-Sep-21 30-Jun-21 Cash Flows From Operating Activities: Net cash provided by operating activities of continuing operations (5,801) 4,251 7,368 22,558 (30,871) (10,605) 21,336 12,056 17,185 10,128 (7,299) (11,550) (18,918) 60,705 39,369 27,313 Net cash used for operating activities of discontinued operations - - - - - - - - - - - - - - - - Net cash provided by operating activities (5,801) 4,251 7,368 22,558 (30,871) (10,605) 21,336 12,056 17,185 10,128 (7,299) (11,550) (18,918) 60,705 39,369 27,313 Cash Flows From Investing Activities: Purchases of property and equipment (715) (326) (910) (883) (1,427) - (49) - - - (3,546) (3,220) (2,310) (49) - - Proceeds from sale of Protected - - - - - - - - - - - - - - - - Purchase of business, net of cash acquired - - - (21,100) (422,974) - - - - - (444,074) (444,074) (444,074) Expenditures for internal-use software development costs (1,677) (1,254) (1,638) (2,108) (1,389) (441) (1,585) (1,668) (1,793) (1,440) (6,830) (5,576) (3,938) (6,486) (4,901) (3,233) Net cash provided by (used in) investing activities of continuing operations (2,392) (1,580) (2,548) (24,091) (425,790) (441) (1,634) (1,668) (1,793) (1,440) (454,450) (452,870) (450,322) (6,535) (4,901) (3,233) Net cash provided by (used in) investing activities of discontinued operations - - - - - - - - - - - - - - - - Net cash provided by (used in) investing activities (2,392) (1,580) (2,548) (24,091) (425,790) (441) (1,634) (1,668) (1,793) (1,440) (454,450) (452,870) (450,322) (6,535) (4,901) (3,233) Cash Flows From Financing Activities: Proceeds from term loan and line of credit - 1,000 - - 449,000 - - - - - 450,000 449,000 449,000 - - - Repayment of line of credit - - - - - - - - - - - - - - Repayment of term loan (5,000) (5,000) (5,000) (5,000) (172,488) - (1,750) (1,750) (6,386) (1,750) (187,488) (182,488) (177,488) (11,636) (9,886) (8,136) Payments for deferred financing cost - - - - (24,845) - (382) - - - (24,845) (24,845) (24,845) (382) - - Cash received from backstop - - - - 246,484 - - - - - 246,484 246,484 246,484 - - - Member capital contributions - - - - - - (32) 109 3 147 - - - 227 259 150 Payments on contingent consideration (1,250) - - - - - - - (1,715) (5,000) - - - (6,715) (6,715) (6,715) Related party loan - - - - - - - - (1,500) - - - - (1,500) (1,500) (1,500) Redemptions of Class A common stock - - - - (510,469) - - - - - (510,469) (510,469) (510,469) - - - Distributions to members from sale of Protected - - - - - - - - - - - - - - Payments for earnouts - - - (1,715) - - - - - - (1,715) (1,715) (1,715) - - - Taxes paid related to net settlement of restricted stock awards (2,837) (54) (2,035) - - - - - - - (2,089) (2,035) Proceeds from warrant exercises - (1,122) - - - - - - (1,122) - - - - - Purchases of treasury stock - - - 5,027 - - 5,027 Distributions to members (45) (1) (10) (1,038) (463) - (4,786) (7,102) (2,691) - (1,512) (1,511) (1,501) (14,579) (9,793) (2,691) Net cash provided by financing activities (9,132) (5,177) (7,045) (2,726) (12,781) - (6,950) (8,743) (12,289) (6,603) (27,729) (27,579) (20,534) (34,585) (27,635) (18,892) Effect of exchange rate changes in cash, cash equivalents and restricted cash (44) (462) (198) (1,094) 1,708 (17) (322) (3) 611 (245) (63) 399 597 41 363 366 Net Increase In Cash (17,369) (2,968) (2,423) (5,353) (467,734) (11,063) 12,430 1,642 3,714 1,840 (489,541) (491,600) (489,177) 19,626 7,196 5,554 Cash and restricted cash: Beginning of period 39,075 42,043 44,466 49,819 517,553 48,639 36,209 34,567 30,853 29,013 48,639 48,639 48,639 29,013 29,013 29,013 End of period 21,706$ 39,075$ 42,043$ 44,466$ 49,819$ 37,576$ 48,639$ 36,209$ 34,567$ 30,853$ 39,075$ 42,043$ 44,466$ 48,639$ 36,209$ 34,567$

System1, Inc./S1 Holdco LLC Non-GAAP Financials System1, Inc. System1, Inc. System1, Inc. System1, Inc. System1, Inc. S1 Holdco LLC S1 Holdco LLC S1 Holdco LLC S1 Holdco LLC S1 Holdco LLC Successor + Predecessor Total Successor + Predecessor Total Successor + Predecessor Total S1 Holdco LLC S1 Holdco LLC S1 Holdco LLC (in thousands) Sucessor Period Sucessor Period Sucessor Period Sucessor Period Sucessor Period Predecessor Period QTD QTD QTD QTD YTD YTD YTD YTD YTD YTD 31-Mar-23 31-Dec-22 30-Sep-22 30-Jun-22 1.27.22 - 3.31.22 1.1.22 - 1.26.22 31-Dec-21 30-Sep-21 30-Jun-21 31-Mar-21 31-Dec-22 30-Sep-22 30-Jun-22 31-Dec-21 30-Sep-21 30-Jun-21 Net income (loss) from continuing operations (43,126)$ (51,158)$ (313,698)$ (33,845)$ (43,378)$ (37,061)$ 3,113$ 11,368$ 11,772$ 6,743$ (479,141)$ (427,982)$ (114,284)$ 32,996$ 29,883$ 18,515$ Income tax expense (4,408) (6,223) (80,649) (454) (14,649) (629) 262 475 77 151 (102,604) (96,381) (15,732) 965 703 228 Interest expense 11,450 9,938 10,011 7,324 4,776 1,049 4,162 4,185 4,476 4,048 33,098 23,160 13,149 16,871 12,709 8,524 Depreciation & amortization 29,374 32,416 32,214 32,094 21,928 1,000 3,625 3,458 3,113 3,689 119,653 87,236 55,022 13,884 10,259 6,801 Impairment of goodwill - 26,200 340,109 - - - - - - - 366,309 340,109 - - - - Other income/expense (1) 213 1,767 2,008 2,168 1,800 (61) 70 (25) 18 84 7,682 5,916 3,907 147 76 102 Stock-based compensation and distributions to Members (2) 6,392 7,619 8,757 7,363 32,343 23,362 3,458 673 3,342 2,118 79,444 71,825 63,068 9,591 6,133 5,460 Protected.net acquisition bonus accrual 7,533 10,477 22,620 18,163 - - 0 0 0 0 51,260 40,783 18,163 - - - Revaluation of non-cash warrant liability (1,409) (10,360) 4,489 (4,139) 13,761 - - - - - 3,751 14,111 9,622 - - - Costs related to acquisitions/business combinations 3,559 4,149 4,021 5,102 9,660 13,153 7,970 2,755 623 1,484 36,085 31,935 27,914 12,833 4,862 2,108 Acquisition earnout - - 22 72 269 9 32 31 32 63 372 372 350 158 126 95 Severance costs 587 1,759 475 153 206 - 3 118 164 330 2,593 834 359 615 612 494 Other costs, including restructuring 167 118 - 200 26 - 0 8 98 99 343 226 226 206 205 197 Adjusted EBITDA 10,334$ 26,702$ 30,380$ 34,201$ 26,742$ 822$ 22,696$ 23,046$ 23,715$ 18,809$ 118,846$ 92,144$ 61,764$ 88,265$ 65,570$ 42,524$ (1) Non-cash adjustments related to foreign exchange and asset disposals (2) Comprised of distributions to equity holders and non-cash stock-based compensation

Non-Financial Metrcis (In thousands except ratios) QTD QTD QTD QTD QTD QTD QTD QTD QTD YTD YTD YTD YTD YTD YTD O&O Advertising 31-Mar-23 31-Dec-22 30-Sep-22 30-Jun-22 31-Mar-22 31-Dec-21 30-Sep-21 30-Jun-21 31-Mar-21 31-Dec-22 30-Sep-22 30-Jun-22 31-Dec-21 30-Sep-21 30-Jun-21 Revenue 106,025$ 127,867$ 143,600$ 157,952$ 176,133$ 190,035$ 162,606$ 160,817$ 139,426$ 605,552$ 477,686$ 334,085$ 652,884$ 462,848$ 300,242$ Advertising Spend (1) 76,186$ 92,785$ 106,340$ 121,153$ 137,948$ 152,653$ 126,404$ 123,244$ 107,298$ 458,225$ 365,440$ 259,100$ 509,599$ 356,946$ 230,542$ Revenue less Advertising Spend and Agency Fees 29,839$ 35,082$ 37,261$ 36,799$ 38,186$ 37,383$ 36,202$ 37,572$ 32,128$ 147,328$ 112,246$ 74,985$ 143,284$ 105,902$ 69,700$ O&O Sessions (2) 1,026,262 1,042,908 1,077,915 1,012,761 975,025 999,975 859,392 766,293 741,122 4,108,610 3,065,702 1,987,786 3,366,783 2,366,807 1,507,415 O&O CPS (3) 0.07$ 0.09$ 0.10$ 0.12$ 0.14$ 0.15$ 0.15$ 0.16$ 0.14$ 0.11$ 0.12$ 0.13$ 0.15$ 0.15$ 0.15$ O&O RPS (4) 0.10$ 0.12$ 0.13$ 0.16$ 0.18$ 0.19$ 0.19$ 0.21$ 0.19$ 0.15$ 0.16$ 0.17$ 0.19$ 0.20$ 0.20$ Spread 39% 38% 35% 30% 28% 24% 29% 30% 30% 32% 31% 29% 28% 30% 30% Partner Network Revenue 15,093$ 12,204$ 13,295$ 19,077$ 14,812$ 9,768$ 8,840$ 8,763$ 8,135$ 59,389$ 47,185$ 33,890$ 35,505$ 25,738$ 16,898$ Agency Fees (5) 4,876$ 2,535$ 2,994$ 5,170$ 3,387$ -$ -$ -$ -$ 14,087$ 11,551$ 8,557$ -$ -$ -$ Revenue less Advertising Spend and Agency fees 10,217$ 9,669$ 10,301$ 13,908$ 11,425$ 9,768$ 8,840$ 8,763$ 8,135$ 45,302$ 35,633$ 25,333$ 35,505$ 25,738$ 16,898$ Network Sessions (6) 448,287 375,605 364,196 361,432 308,805 289,331 297,142 321,934 338,960 1,410,037 1,034,433 670,237 1,247,366$ 958,035 660,894 Network CPS (7) 0.01$ 0.01$ 0.01$ 0.01$ 0.01$ -$ -$ -$ -$ 0.01$ 0.01$ 0.01$ -$ -$ -$ Network RPS (8) 0.03$ 0.03$ 0.04$ 0.05$ 0.05$ 0.03$ 0.03$ 0.03$ 0.02$ 0.04$ 0.05$ 0.05$ 0.03$ 0.03$ 0.03$ (1) Advertising spend is the amount of advertising that is spent to acquire traffic to Owned & Operated websites (2) O&O sessions are the total number of monetizable user visits to Owned & Operated websites (3) CPS is advertising spend divided by O&O Sessions (4) RPS is O&O Revenue divided by O&O Sessions (5) Agency fees are the amount of costs for agencies acquiring traffic to Owned & Operated websites (6) Network sessions are the number of monetizable user visits delivered by network partners to RAMP (7) CPS is agency fees divided by Network Sessions (8) RPS is Partner Network revenue divided by Network Sessions

Non-Financial Metrcis (In thousands except ratios) QTD QTD QTD QTD QTD QTD QTD QTD QTD YTD YTD YTD YTD YTD YTD 31-Mar-23 31-Dec-22 30-Sep-22 30-Jun-22 31-Mar-22 31-Dec-21 30-Sep-21 30-Jun-21 31-Mar-21 31-Dec-22 30-Sep-22 30-Jun-22 31-Dec-21 30-Sep-21 30-Jun-21 Billings (1) 52,879$ 48,818$ 44,627$ 46,283$ 45,405$ 38,443$ 37,632$ 40,473$ 37,992$ 185,133$ 136,315$ 91,688$ 154,541$ 116,097$ 78,465$ Change in Deferred Revenue During Period 6,143$ 2,030$ 346$ 3,515$ 5,512$ (671)$ (567)$ 4,445$ 6,792$ 11,403$ 9,373$ 9,027$ 9,999$ 10,671$ 11,238$ Advertising Spend (2) 32,580$ 26,423$ 21,963$ 19,878$ 22,296$ 17,986$ 16,966$ 17,884$ 23,626$ 90,559$ 64,136$ 42,174$ 76,462$ 58,477$ 41,510$ Beginning Subscribers 2,419 2,296 2,305 2,284 2,208 2,208 2,187 2,128 1,905 2,208 2,208 2,208 1,905 1,905 1,905 Ending Subscribers (3) 2,617 2,419 2,296 2,305 2,284 2,208 2,208 2,187 2,128 2,419 2,296 2,305 2,208 2,208 2,187 New Subscribers (4) 531 412 338 319 388 312 298 331 462 1,457 1,045 706 1,403 1,091 793 CTA (5) 61.35$ 64.14$ 64.91$ 62.40$ 57.49$ 57.73$ 56.91$ 54.10$ 51.10$ 62.17$ 61.39$ 59.71$ 54.51$ 53.60$ 52.35$ ARPU (6) 21.00$ 20.71$ 19.40$ 20.17$ 20.22$ 17.41$ 17.13$ 18.76$ 18.84$ 80.03$ 60.53$ 40.63$ 75.15$ 56.45$ 38.35$ (1) Billings is the total amount billed to customers during a period (2) Advertising spend is the total amount spent on advertising to acquire new subscribers during a period (3) Ending subscribers are the number of paying subscribers for its products, at the end of a period (4) New subscribers are the number of new subscribers acquired for its products, during a period (5) CTA is advertising spend divided by new subscribers in a period (6) ARPU is the billings in a period divided by average of the beginning and ending subscribers during that period *Deferred revenue from billings is amortized on a straight line basis over the subscription period and recognized as revenue in the financial statements **Excludes metrics for terminated product lines

Protected.net Group Limited Unaudited Statements of Operations (in thousands) Predecessor Period QTD QTD QTD QTD QTD QTD QTD QTD YTD YTD YTD YTD YTD YTD 1.1.22 - 1.26.22 31-Dec-21 30-Sep-21 30-Jun-21 31-Mar-21 31-Dec-20 30-Sep-20 30-Jun-20 31-Mar-20 31-Dec-21 30-Sep-21 30-Jun-21 31-Dec-20 30-Sep-20 30-Jun-20 Revenue 12,016 39,115 38,199 36,028 31,199 25,149 25,415 21,965 18,379 144,541 105,426 67,227 90,908 65,759 40,345 Cost of Revenue 8,434 23,186 22,570 23,460 29,731 23,122 23,827 27,892 23,139 98,946 75,760 53,191 97,980 74,858 51,030 Gross profit (Loss) 3,582 15,929 15,629 12,568 1,469 2,027 1,587 (5,926) (4,759) 45,595 29,666 14,037 (7,072) (9,099) (10,686) - - General and administrative 1,431 4,231 3,910 5,074 2,697 2,365 1,730 1,978 637 15,912 11,681 7,771 6,711 4,346 2,616 Related party rent expense 62 208 133 180 144 111 159 116 150 665 457 324 536 425 266 Total Operating Expenses 1,493 4,440 4,042 5,254 2,841 2,476 1,889 2,094 788 16,577 12,138 8,095 7,247 4,771 2,882 - - Gain on sale of intangible assets - - - - - - (1,580) - - - - - (1,580) (1,580) - Foreign currency transaction (gains)/losses 97 225 583 209 322 (170) 37 60 207 1,341 1,115 532 135 304 267 Other operating income - - (0) (222) (121) (18) (3) (27) (0) (343) (343) (343) (48) (30) (27) Other operating expense (income) 97 225 583 (13) 201 (188) (1,546) 33 207 997 772 189 (1,494) (1,306) 240 - - Operating income (loss) 1,992 11,264 11,004 7,326 (1,574) (262) 1,244 (8,054) (5,754) 28,020 16,757 5,753 (12,826) (12,564) (13,808) - - Related party interest expense - - - - - 105 136 130 35 - - - 406 301 165 Related party interest income (83) (303) (153) (328) (157) - - - - (941) (638) (485) - - - Interest expense 230 53 144 235 151 29 - - - 583 530 386 29 - - Other non-operating expenses/(income) - - - (70) 70 (2) - - - - - - (2) - - Total non-operating expenses/(income), net 147 (250) (9) (163) 64 132 136 130 35 (358) (108) (99) 433 301 165 - - Net income (loss) before income taxes 1,844 11,514 11,013 7,489 (1,638) (394) 1,108 (8,184) (5,789) 28,378 16,865 5,852 (13,258) (12,865) (13,973) - - Income Tax Expense (Benefit) (1,688) (16,139) 966 - - - - - - (15,173) 966 - - - - - - Net income (loss) 3,532 27,653 10,047 7,489 (1,638) (394) 1,108 (8,184) (5,789) 43,551 15,899 5,852 (13,258) (12,865) (13,973)

Protected.net Group Limited Unaudited Condensed Balance Sheet (in thousands) 31-Dec-21 30-Sep-21 30-Jun-21 31-Mar-21 31-Dec-20 30-Sep-20 30-Jun-20 31-Mar-20 ASSETS Current assets: Cash 35,067$ 21,112$ 14,227$ 11,296$ 6,253$ 7,060$ 5,356$ 7,020$ Restricted cash 1,333 2,148 2,458 5,757 5,604 4,943 4,874 7,321 Prepaid expenses and other current assets 546 548 691 791 359 317 404 327 Deposits 15 3,000 3,000 3,000 3,000 3,000 3,000 - Total current assets 36,963 26,807 20,376 20,844 15,216 15,320 13,634 14,667 Due from related parties 33,082 33,115 26,249 15,719 10,230 - 244 139 Property, plant and equipment 616 398 373 370 270 195 184 196 Intangible Assets 369 386 415 62 53 54 90 108 Deferred tax assets 17,237 - - - - - - - Goodwill 284 284 284 - - - - - Total assets 88,550$ 60,991$ 47,696$ 36,995$ 25,769$ 15,568$ 14,153$ 15,112$ Liabilities and Shareholders’ Deficit: Accounts payable 216$ 3,029$ 732$ 2,876$ 3,005$ 2,698$ 3,739$ 436$ Accrued expenses 10,162 7,537 6,199 7,686 6,704 5,896 5,907 8,441 VAT tax liability 11,404 9,696 9,351 6,965 6,366 8,939 8,446 6,211 Deferred revenue 57,405 58,186 58,731 54,139 47,431 41,855 39,044 34,156 Related party deferred revenue 166 187 208 229 168 - - - Current portion of note payable 2,813 2,250 2,813 2,250 1,500 - - - Due to related party 23 - - - 4 3,501 5,599 6,243 Refund liability 537 429 449 597 512 558 405 428 Total current liabilities 82,725 81,313 78,482 74,741 65,690 63,447 63,140 55,915 Note payable, net of current portion and deferred financing costs 10,546 11,086 11,636 12,164 8,352 - - - Deferred tax liability - 966 - - - - - - Total liabilities 93,271$ 93,365$ 90,118$ 86,905$ 74,042$ 63,447$ 63,140$ 55,915$ Commitments and Contingencies Shareholders’ Deficit: Class A Preferred shares 11 11 11 11 11 11 11 11 Class B Common shares 11 11 11 11 11 11 11 11 Additional paid-in capital 40,953 40,953 40,953 40,953 40,953 40,953 40,953 40,953 Accumulated deficit (45,696) (73,349) (83,396) (90,885) (89,247) (88,854) (89,962) (81,778) Total Shareholders’ deficit (4,721) (32,374) (42,421) (49,911) (48,273) (47,879) (48,987) (40,803) Total Liabilities and Shareholders’ Deficit 88,550$ 60,991$ 47,696$ 36,995$ 25,769$ 15,568$ 14,153$ 15,112$ *Class A Preferred shares, par value £0.0001 per share, 7,992,009 shares authorized, issued, and outstanding on September 30, 2021 and December 31, 2020, respectively **Class B Common shares, par value £0.0001 per share, 7,960,105 shares authorized, issued, and outstanding on September 30, 2021 and December 31, 2020, respectively

Protected.net Group Limited Unaudited Condensed Statements of Cash Flow (in thousands) QTD QTD QTD QTD QTD QTD QTD QTD YTD YTD YTD YTD YTD YTD 31-Dec-21 30-Sep-21 30-Jun-21 31-Mar-21 31-Dec-20 30-Sep-20 30-Jun-20 31-Mar-20 31-Dec-21 30-Sep-21 30-Jun-21 31-Dec-20 30-Sep-20 30-Jun-20 Cash Flows From Operating Activities: Net income (loss) 27,653 10,047 7,489 (1,638) (394) 1,108 (8,184) (5,789) 43,551 15,899 5,852 (13,258) (12,865) (13,973) Adjustments to reconcile net loss to net cash used in operating activities: - Depreciation 49 39 36 28 24 18 17 15 151 102 63 75 51 33 Amortization 24 29 29 12 13 16 18 19 94 70 41 67 54 37 Gain on sale of Network Protected intangible assets - - - - - (1,580) - - - - - (1,580) (1,580) - Amortization of deferred financing costs 23 13 34 13 2 - - - 82 59 46 2 - - Interest income on loan with System 1 SS Protect Holdings, Inc. 638 (189) (307) (143) (2) - - - - (638) (450) (2) - - Financing fee income on loan with System 1 SS Protect Holdings, Inc. (21) (21) (21) (14) - - - - (77) (56) (35) - - - Change in operating assets and liabilities: - - - - - - - - - - - - - - Prepaid expenses and other current assets (98) 143 112 (432) (43) 188 (77) (244) (275) (177) (320) (177) (134) (321) Deposits 2,985 - - - - - (3,000) - 2,985 - - (3,000) (3,000) (3,000) Accounts payable (2,813) 2,295 (2,471) (129) 302 (1,041) 3,303 (2,620) (3,118) (305) (2,600) (56) (358) 683 Accrued expenses 2,625 1,338 (1,402) 982 808 (11) (2,534) 3,809 3,544 918 (420) 2,072 1,264 1,275 VAT tax liability 1,708 345 2,385 599 (2,573) 494 2,235 (1,957) 5,037 3,329 2,984 (1,801) 772 278 Refund liability 108 (20) (148) 85 (46) 152 (22) 11 25 (83) (63) 95 141 (11) Deferred revenue (780) (545) 4,593 6,708 5,576 2,811 4,888 4,453 9,974 10,755 11,300 17,727 12,152 9,340 Deferred tax assets (17,237) - - - - - - - (17,237) - - - - - Related party deferred revenue (21) (21) (21) 61 168 - - - (2) 19 40 168 - - Deferred tax liability (966) 966 - - - - - - - 966 - - - - Due from related party (921) 109 29 (83) (168) 244 (104) (137) (866) 55 (54) (165) 3 (241) Due to related party 23 - - (4) 1,266 (861) (644) (11) 18 (4) (4) (250) (1,516) (655) Net cash generated by (used in) operating activities 12,978 14,529 10,337 6,043 4,933 1,539 (4,105) (2,451) 43,887 30,909 16,380 (84) (5,017) (6,556) Cash Flows From Investing Activities: Purchases of intangibles, property, plant and equipment (274) (63) (40) (147) 106 (29) (5) (72) (524) (250) (187) - (106) (77) Proceeds from sale of intangibles 100 - - - 1,500 - - 100 - - 1,500 1,500 - Cash received in acquisition of Host Plus Limited, net of cash paid - - 13 - - - - - 13 13 13 - - - Loan advanced to Just Develop It (16,223) (4,981) (8,430) - - - - - (29,635) (13,411) (8,430) - - - Repayment of loan by Just Develop It 16,223 4,981 8,430 - (213) - - - 29,635 13,411 8,430 (213) - - Loan advanced to Company director (228) (1,706) (282) - 238 (238) - - (2,216) (1,988) (282) - (238) - Repayment of loan by Company director 566 1,651 - - - - - - 2,216 1,651 - - - - Loan advanced to System 1 SS Protect Holdings, Inc. - (6,711) (9,948) (5,250) (10,060) - - - (21,909) (21,909) (15,197) (10,060) - - Net cash used by investing activities 164 (6,829) (10,257) (5,397) (9,929) 1,234 (5) (72) (22,319) (22,483) (15,653) (8,773) 1,157 (77) Cash Flows From Financing Activities: Proceeds from bank loan - - - 5,000 10,000 - - - 5,000 5,000 5,000 10,000 - - Repayment of principal on bank loan - (1,125) - (375) - - - - (1,500) (1,500) (375) - - - Proceeds from related party loans - - - - 2,000 - - 9,000 - - - 11,000 9,000 9,000 Repayment of related party loans - - - - (11,000) 3,000 - (3,000) - - - (11,000) - (3,000) Repayment of loan to Just Develop It - - (449) - 4,000 (4,000) - - (449) (449) (449) - (4,000) - Payment of deferred financing costs - - - (75) (150) - - - (75) (75) (75) (150) - - Net cash (used in) provided by financing activities - (1,125) (449) 4,550 4,850 (1,000) - 6,000 2,976 2,976 4,101 9,850 5,000 6,000 Effect of exchange rate changes on cash - - - - - - - - - - - - - - Net change in cash 13,142 6,574 (368) 5,197 (147) 1,773 (4,110) 3,477 24,544 11,403 4,828 993 1,140 (633) Cash, beginning of period 23,259 16,685 17,053 11,856 12,003 10,230 14,341 10,863 11,856 11,856 11,856 10,863 10,863 10,863 Cash, end of period 36,401$ 23,259$ 16,685$ 17,053$ 11,856$ 12,003$ 10,230$ 14,341$ 36,401$ 23,259$ 16,685$ 11,856$ 12,003$ 10,230$

Protected.net Group Limited Non-GAAP Financials (in thousands) Predecessor Period QTD QTD QTD QTD QTD QTD QTD QTD YTD YTD YTD YTD YTD YTD 1.1.22 - 1.26.22 31-Dec-21 30-Sep-21 30-Jun-21 31-Mar-21 31-Dec-20 30-Sep-20 30-Jun-20 31-Mar-20 31-Dec-21 30-Sep-21 30-Jun-21 31-Dec-20 30-Sep-20 30-Jun-20 Net income (loss) 3,532$ 27,653$ 10,047$ 7,489$ (1,638)$ (394)$ 1,108$ (8,184)$ (5,789)$ 43,551$ 15,899$ 5,852$ (13,258)$ (12,865)$ (13,973)$ Income Tax Expense (1,688) (16,139) 966 - - - - - - (15,173) 966 - - - - Interest expense, net 147 (56) (131) (165) (6) 93 131 176 35 (358) (302) (171) 435 342 211 Depreciation & amortisation 19 73 69 65 39 37 35 35 34 245 172 104 141 105 70 Terminated product lines (1) 0 (13) 29 3 62 (336) (1,691) 86 163 81 94 64 (1,777) (1,441) 250 Costs related to acquisitions/business combinations 104 699 196 499 297 32 - - - 1,690 991 795 32 - - Non-cash foreign exchange adjustments 97 228 581 209 322 (194) 46 68 190 1,341 1,112 532 110 304 258 VAT accrual for previously uncollected VAT 368 956 1,110 1,492 1,116 615 866 1,408 46 4,675 3,718 2,608 2,934 2,319 1,453 Director salary payments - 922 936 949 - - - - - 2,806 1,885 949 - - - Other costs including restructuring - - - - - 424 34 - - - - - 458 34 - Adjusted EBITDA 2,581$ 14,323$ 13,803$ 10,540$ 193$ 277$ 529$ (6,411)$ (5,320)$ 38,859$ 24,536$ 10,733$ (10,925)$ (11,202)$ (11,731)$ (1) Protected terminated its Network Protect VPN product. Protected has excluded revenue, direct costs and operating expenses associated with this product line from Adjusted EBITDA for all presented periods

EX-99.2

June 2023Investor Presentation

Disclaimer 1 Safe Harbor Disclaimer for Forward-Looking Statements This presentation has been prepared by management of System1, Inc. (together with its subsidiaries, collectively “System1”) and does not constitute a prospectus, and should under no circumstances be understood as an offer to sell or the solicitation of an offer to buy securities, nor will there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or any applicable exemptions therefrom. Certain information contained herein has been derived from sources prepared by third parties. While such information is believed to be reliable for the purposes used herein, none of System1 or its respective affiliates, directors, officers, employees, shareholders or agents makes any representation or warranty with respect to the accuracy of such information. Forward-Looking Statements This presentation and any related oral commentary include "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995, particularly any statements or materials regarding System1’s future results or “guidance” for fiscal year 2022 and beyond . Forward-looking statements include, but are not limited to, statements regarding System1 or its management team's expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this presentation may include, for example, statements about System1's industry and market sizes; future opportunities for System1; expectations and projections concerning the future financial and operational performance and/or results of operations of System1; and the impact of the recently completed business combination transaction between Trebia Acquisition Corp. (“Trebia”) and S1 Holdco, LLC ("S1 Holdco") and Protected.net Group Ltd. (“Protected”), among other parties, including the enterprise value and ownership structure following consummation of the transaction. The forward-looking statements contained in this presentation are based on System1's current expectations and beliefs concerning future developments, and their potential effects on System1 taking into account information currently available. All information in this presentation speaks as of March 31, 2023, and any redistribution or rebroadcast of this presentation after such date is not intended and will not be construed as updating or confirming such information. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause System1's actual financial results or operating performance to be materially different from those expressed or implied by these forward-looking statements. Readers or users of this presentation should evaluate the risk factors summarized below, which summary list is not exclusive. Readers or users of this presentation should also carefully review the “Risk Factors” and other information included in our registration statements on Form S-4 (including the related proxy statement/prospectus) with respect to the Business Combination with Trebia and on Form S-1, each filed with the Securities and Exchange Commission (the “SEC ”), as well as System1’s Form 10-K, Form 10-Q, Form 8-K and other reports filed with the SEC from time to time. Please refer to the SEC filings for additional information regarding the risks and other factors that may impact System1’s business, prospects, financial results and operating performance following completion of the business combination. Such risks, uncertainties and assumptions include, but are not limited to: (1) our ability to grow and manage growth profitably, and retain its key employees; (2) our ability to acquire businesses on acceptable terms and to successfully integrate and recognize anticipated synergies from acquired businesses; (3) use of cash and other available liquidity to grow and invest in our businesses; (4) continued growth of our digital media and subscription offerings; (5) international growth; (6) our ability to develop or introduce new products, services, features and technologies; (7) our liquidity and our ability to repay or refinance our outstanding indebtedness; (8) technology, platform and infrastructure systems capacity, coverage, reliability and security; (9) changes in or recent developments related to applicable laws or regulations (including those concerning data security, consumer privacy and/or information sharing); (10) the possibility that we may be adversely affected by other economic, business, and/or competitive factors; and (11) the impact of Covid-19 and other political or societal developments. The foregoing list of factors is not exclusive. Should one or more of these risks or uncertainties materialize, they could cause our actual results to differ materially from any forward-looking statements contained in this presentation. System1's independent auditors have not audited, reviewed, compiled or performed any procedures with respect to the forward-looking statements for the purpose of their inclusion in this presentation, and accordingly, do not express an opinion or provide any other form of assurance with respect thereto for the purpose of this presentation. System1 will not undertake any obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. You should not take any statement regarding past trends or activities as a representation that such trends or activities will continue in the future. Accordingly, you should not put undue reliance on these statements. This presentation is not intended to constitute, and should not be construed as, investment advice. This presentation contains certain financial forecasts (or guidance) with respect to the System1’s projected financial results. System1’s independent auditors have not audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this presentation, and accordingly, they did not express an opinion or provide any other form of assurance with respect thereto for the purpose of this presentation.

Disclaimer (Continued) 2 Explanatory Note For financial reporting purposes, S1 Holdco has been determined to be the accounting predecessor and therefore its financial results are presented for all periods prior to the Business Combination with Trebia. In order to present comparable financial information, year-over-year comparisons of financial results against the second quarter of 2021 combine the unaudited financial results of Protected with the unaudited financial results of S1 Holdco for the second quarter of 2021. The Company believes it is important to provide these combined financial results for investors and other stakeholders to properly evaluate its performance in 2022 relative to comparable information provided in prior periods. Please refer to the tables at the end of this release for a reconciliation of the combined financial results as presented herein to the individual financial results of S1 Holdco, Protected and System1, respectively, for the respective successor and predecessor periods. Trademarks This presentation may contain trademarks, service marks, trade names and copyrights of other companies, which are the property of their respective owners. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this presentation may be listed without the TM, SM or © symbols, but System1 will assert, to the fullest extent under applicable law, the rights of the applicable owners, if any, to these trademarks, service marks, trade names and copyrights. All references to third-party trademarks are for identification purposes only and shall be considered nominative fair use under applicable trademark law. Non-GAAP Measures: Adjusted Gross Profit and Adjusted EBITDA Adjusted Gross Profit and Adjusted EBITDA are non-GAAP financial measures and represent key metrics used by System1’s management and board of directors to measure the operational strength and performance of its business, to establish budgets, and to develop operational goals for managing its business. Adjusted Gross Profit (Loss) is defined as Revenue less cost of revenue (exclusive of depreciation and amortization related to cost of revenue). Adjusted EBITDA is defined as net income (loss) before interest expense, income taxes, depreciation and amortization expense, stock-based compensation expenses, deferred compensation, management fees, minority interest expense, restructuring charges, impairment and certain discrete items impacting a particular segment’s results in a particular period. System1 believes Adjusted Gross Profit and Adjusted EBITDA are relevant and useful metrics for investors because it allows investors to view performance in a manner similar to the method used by management. There are limitations on the use of Adjusted Gross Profit and Adjusted EBITDA and it may not be comparable to similarly titled measures of other companies. Other companies, including companies in System1’s industry, may calculate non- GAAP financial measures differently than System1 does, limiting the usefulness of those measures for comparative purposes. Adjusted Gross Profit should not be considered a substitute for revenue. Adjusted EBITDA should not be considered a substitute for income (loss) from operations, net income (loss), or net income (loss) attributable to System1 on a consolidated basis that System1 reports in accordance with GAAP. Although System1 uses Adjusted Gross Profit and Adjusted EBITDA as financial measures to assess the performance of its business, such use is limited because it does not include certain costs necessary to operate System1’s business. System1’s presentation of Adjusted Gross Profit and Adjusted EBITDA should not be construed as indications that its future results will be unaffected by unusual or nonrecurring items. The Company is not able to reasonably reconcile Adjusted Gross Profit to Gross Profit and Adjusted EBITDA to net income, its nearest GAAP metrics, in its guidance for future periods due to uncertainties regarding purchase accounting, stock-based compensation, taxes and other potential adjustments. Use of Projections This presentation contains certain financial forecasts (or guidance) with respect to the System1’s projected financial results. System1’s independent auditors have not audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this presentation, and accordingly, they did not express an opinion or provide any other form of assurance with respect thereto for the purpose of this presentation. This guidance should not be relied upon as being necessarily indicative of future results. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of System1, or that actual results will not differ materially from those set forth in the prospective financial information. Inclusion of the prospective financial information in this presentation should not be regarded as a representation by any person that the results contained in the prospective financial information will actually be achieved. You should review this information together with System1’s historical information, as well as information included in the registration statement on Form S-4, including the proxy statement/prospectus, relating to its recently completed business combination with Trebia.

Company Overview 3

System1 is a leading omnichannel customer acquisition marketing platform, delivering high intent customers to advertisers and to our own subscription products. 4

Deliver high intent customers at scale Spend $625M annually (FY22) on digital advertising across all major sources of customer traffic $839 Million 2022 revenue Diversified across 40+ major advertising categories, and 2.6M paying subscribers to our digital subscription products RAMP is our technological advantage Proprietary Responsive Acquisition Marketing Platform (RAMP) efficiently identifies, acquires, and serves ads to consumers across any advertising vertical Flexible and dynamic business model Our platform solution protects against demand shifts in the online advertising marketplace and reliance on specific verticals and advertisers System1 At a Glance 5 Note: See Appendix for a reconciliation of non-GAAP metrics to comparable GAAP metrics. Includes Protected.net results for January 1, 2022 through January 26, 2022. Note: 2.6M paying subscribers as of March 31, 2023.

Key Financial KPIs 6 2.6M Paying subscribers across Owned & Operated subscription products $250M FY 2022 Adjusted EBITDA (49% margin on adjusted gross profit) $121M FY 2022 Adjusted Gross Profit Note: See Appendix for a reconciliation of non-GAAP metrics to comparable GAAP metrics. Includes Protected.net results for January 1, 2022 through January 26, 2022. Note: 2.6M paying subscribers as of March 31, 2023.

$73 $88 $121 ($11) $39 2020 2021 2022 S1 Holdco / System1 Protected.net Fast Growing & Profitable 7 $135 $167 $250 $(7) $46 2020 2021 2022 S1 Holdco / System1 Protected.net Adjusted Gross Profit $ in millions 40% CAGR Adjusted EBITDA $ in millions 39% CAGR Note: See Appendix for a reconciliation of non-GAAP metrics to comparable GAAP metrics. 2022 includes Protected.net results for January 1, 2022 through January 26, 2022.

RAMP Identifies & Generates Customers Across All Major Advertising Categories & from All Major Traffic Sources 8 Platform Revenue by Vertical Note: All metrics shown are for the twelve months ended March 31, 2023. Subscription Health Finance Business & Technology Leisure & Lifestyle Travel & Tourism Autos Jobs & Education Home & Garden Retail Other Search Network Partners Display Native Organic Social Other Platform Revenue by Vertical Platform Advertising Revenue by Acquisition Channel

135M monthly visitors1 generating 490M+ monthly sessions1 5B+ rows/day2 generated from first- party data informing our Machine Learning pipelines 33M+ daily creative & bidding optimizations2 by our automated buying engine 570M+ queries/mo. 1 powering our search stack processes across O+O and partner sites RAMP is built for scale 9 17M+ daily content recommendations2 discovered, classified and served by our content recommendation engine ~40 O&O internet properties spanning multiple verticals designed to refine consumer intent 1. Monthly average for Q1 2023. 2. Daily Average for March 2023

RAMP Platform Architecture 10 Application Layer RAMP Console System1 and Network partner access to the RAMP platform, including campaign management, experimentation tools and reporting dashboards. Platform Layer Data Layer Acquisition Paid and organic traffic acquisition services & APIs. Engagement Content and advertisement delivery components Monetization Measurement and revenue attribution engine. Data Pipelines and Machine Learning models First-Party Data Store Publishing Properties Partner Properties Subscriptions & Apps Search Properties

How RAMP Works Identify and unlock consumer intent across all major sources of traffic 11 UNLOCK REFINE 2 MONETIZE 3 1 Refine consumer intent based on actions they take on System1 websites Monetize via advertising networks or our O&O subscription products etc. display ads 40 O&O Websites

REFINE 12 Consumer intent is shaped into search intent by multiple interactions users take on our O&O sites

Our Technology Moat Widens as our Business Grows 13 Omnichannel Vertical Agnostic Privacy Focused 1st Party Data End-to-End Tech Stack Plug & Play M&A Highly Efficient Customer Acquisition More Customer Traffic Data-Driven Optimization Better Conversion Higher Monetization & Profits Closed-Loop Attribution ighly E ficient Customer Acquisition More Customer Tra fic Data-Driven Optimization Be ter Conversion Higher onetization & Profits Closed-L op A tribution

Growth Strategy 14

Advertising Growth Drivers 15 Continuous advertising & monetization optimizations that drive margin improvement Expand customer acquisition efforts into under indexed and new acquisition channels Grow & expand international business, currently less than 20% of platform advertising revenue Ad Rev. by Acquisition Channel International Rev. as % of Total Current Longer-term Goal Current Longer-term Goal Search Network Partners Display Native Organic Social Connected TV Other (Amazon, apps) International US 1 Note: “Current” metrics shown are for the twelve months ended March 31, 2023.

Su b sc ri b er s (M M ) Subscription Growth Drivers 16 Continue to test / optimize for increased renewal rates and higher ARPU Expand customer acquisition efforts via RAMP integration Launch & grow new subscription products across multiple categories and increase opportunities for cross selling Illustrative Growth of Multiple Subscription Products 0 1 2 3 4 5 6 7 8 9 10 2018 2019 2020 2021 2022

M&A remains a Core Part of our Growth Strategy 17 Growth Focus on proprietary deals & growth synergies Accelerate Accelerate existing business lines Plug & Play RAMP is built to facilitate “Plug & Play” integration of M&A Expand Enter adjacent business markets

Strong and Experienced M&A Track Record 18 Growth Plug and Play Accelerate Expand Answers.com RoadWarrior CouponFollow Protected.net MapQuest Concourse Media Startpage info.com Qool Media InfoSpace

A Founder-led Team of Industry Veterans 19 MICHAEL BLEND CEO & Co-Founder TRIDIVESH KIDAMBI CFO BETH SESTANOVICH Chief People Officer JEN ROBINSON CTO BRIAN COPPOLA Chief Product Officer DANIEL WEINROT General Counsel

Financial Performance 20

Financial Highlights 21 A diverse business model generating revenue across consumer-oriented verticals through advertising and subscriptions. Strong and consistent organic growth, our RAMP platform enables continuous optimizations driving operating leverage. Strong and Experienced M&A track record, with an established history of driving significant growth by leveraging RAMP platform on M&A. Strong shareholder alignment with a founder-led management team heavily invested with substantial ownership.

$73 $88 $121 ($11) $39 2020 2021 2022 S1 Holdco / System1 Protected.net Fast Growing & Profitable 22 $135 $167 $250 $(7) $46 2020 2021 2022 S1 Holdco / System1 Protected.net Adjusted Gross Profit $ in millions 40% CAGR Adjusted EBITDA $ in millions 39% CAGR Note: See Appendix for a reconciliation of non-GAAP metrics to comparable GAAP metrics. 2022 includes Protected.net results for January 1, 2022 through January 26, 2022.

Investment Highlights 23 A fast growing and profitable business. Proven M&A capabilities with a strong track record. Proprietary RAMP platform provides a strong and sustainable competitive advantage. A highly diversified business across its marketing and monetization capabilities. Strong, industry-experienced and founder-led management team.

Thank you 24

Appendix 25

Reconciliation of Net Income to Adjusted EBITDA 26 $ in millions$ in illions $ in millions i illi 01/01/22 - 01/26/22 01/27/22 - 12/31/22 Predecessor Successor S1 Holdco Net Income (Loss) $16 $33 ($37) ($442) Plus: Income Tax Expense $2 $1 ($1) ($102) Interest Expense $24 $17 $1 $32 Depreciation & Amortization $14 $14 $1 $119 Impairment of goodwill $0 $0 $0 $366 Other Expense $0 $0 ($0) $8 Stock-Based Compensation & Distributions to Members $9 $10 $23 $56 Protected.net acquisition bonus accrual $0 $0 $0 $51 Non-cash revaluation of warrant liability $0 $0 $0 $4 Impact of Terminated Product Lines $1 $0 $0 $0 Acquisition & Restructuring Costs $4 $14 $13 $26 Acquisition Earnout $3 $0 $0 $0 S1 Holdco Adjusted EBITDA $74 $89 $1 $118 Unaudited Protected.net Adjusted EBITDA ($11) $39 $3 $0 2020 2021$ in millions

Reconciliation of Revenue to Adjusted Gross Profit 27 $ in millions $ in millions $ in millions $ in millions 01/01/22 - 01/26/22 01/27/22 - 12/31/22 Predecessor Successor S1 Ho dco Revenue $476 $688 $53 $774 Less: C st of Revenue (exclusive of depreciation and amortization) ($341) ($521) ($42) ($539) Less: Depreciation and amortization related to cost of revenue ($3) ($4) ($5) ($46) S1 Holdco Gross Profit $132 $163 $6 $190 Add: Depreciation and amortization related to cost of revenue $3 $4 $5 $46 S1 Holdco Adjusted Gross Profit $135 $167 $11 $235 Unaudited Protected.net Adjusted Gross Profit ($7) $46 $4 $0 $ in millions 2020 2021

XML

Cover	Jul. 03, 2023
Document Information [Line Items]
Document Type	8-K
Document Period End Date	Jul. 03, 2023
Entity Registrant Name	System1, Inc.
Entity Incorporation, State or Country Code	DE
Entity File Number	001-39331
Entity Tax Identification Number	98-1531250
Entity Address, Address Line One	4235 Redwood Avenue
Entity Address, City or Town	Marina Del Rey
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90066
City Area Code	310
Local Phone Number	924-6037
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Central Index Key	0001805833
Amendment Flag	false
Class A Common Stock, $0.0001 par value per share
Document Information [Line Items]
Title of 12(b) Security	Class A Common Stock, $0.0001 par value per share
Trading Symbol	SST
Security Exchange Name	NYSE
Redeemable warrants, each whole warrant exercisable for one Class A Common Stock share at an exercise price of $11.50 per share
Document Information [Line Items]
Title of 12(b) Security	Redeemable warrants, each whole warrant exercisable for one Class A Common Stock share at an exercise price of $11.50 per share
Trading Symbol	SST.WS
Security Exchange Name	NYSE