System1 (SST) Q2 FY26 earnings call

System1 successfully completed a significant debt exchange, strengthening its capital structure. The company saw strong user engagement and session growth across its product portfolio, particularly in mobile and organic traffic. However, these gains were largely offset by severe monetization challenges from Google, impacting both Startpage and the partner network business, leading to substantial revenue and adjusted EBITDA declines. Management is focused on product development, partner diversification, and operational efficiency, with an eye towards resuming M&A.