System1, Inc.

Analysis for Ticker: SST

System1 Inc buys internet traffic and tries to sell it for more money using a digital platform they call RAMP. The business is a mathematical disaster. They owe Bank of America 265,1$ million and pay a crushing interest rate called floating SOFR plus 4,75%, which cost them 21,2$ million in cash in just nine months. Their income is shrinking while their total losses have reached 834,1$ million. It is like a lemonade stand that borrows a lot of money to buy expensive lemons, but sells the juice for less than the cost of the lemons and the loan combined.