Is SST diluting shareholders?

Read three numbers together: shares outstanding over time (see chart), warrants that can convert into new shares (16.8M reported), and how much cash runway remains (~117.14685314685315 months). A company short on cash with live registrations is structurally likely to issue shares.

Where do these numbers come from?

SEC EDGAR only: the XBRL company-facts API for shares, warrants and cash, and filing metadata for registrations and pricings. Every figure shows its source form, and nothing here is estimated by us beyond the arithmetic stated next to it.

Why might a warrant tranche be missing from the table?

The tranche table is built from the dimensions the company tagged in its own 10-Q or 10-K XBRL. A tranche the filer chose not to dimension does not appear, and its absence proves nothing: the exhibits remain the ground truth. Everything shown carries the filing it came from.

Dilution profile // every instrument, one screen, from SEC filings

System1, Inc. (SST)

CIK 1805833 · all EDGAR filings →

Overall dilution risk

MEDIUMworst of 2 computed sub-ratings (offering ability)

= the worst band among the computed sub-ratings, no hidden weighting

not every sub-rating was computable; treat as a floor

Offering ability

MEDIUM$9.3M registered

= total registered offering amount from the fee exhibits of live registrations (bands: $1M / $20M)

one or more live registrations had no structured fee data, so the true total is AT LEAST this

Overhead supply

NOT COMPUTEDno current share count to divide by

= warrant shares outstanding divided by current shares outstanding

not rated: the newest single-total cover-page count is as of 2022-11-04

Historical dilution

NOT COMPUTEDnewest single-total cover-page count is as of 2022-11-04

= share count now vs 3 years ago

not rated: the company has filed periodic reports since (newest: 10-Q filed 2026-08-05) with no single-total cover-page count in SEC's companyfacts, which omits counts filed per share class

Cash need

LOW~117.1 months of runway

= cash vs trailing operating burn (bands: 6mo / 24mo; positive operating CF = low)

the company itself flagged going-concern doubt

Same rating bands the category standard uses, but free, with the formula on the chip and the gaps in the data said out loud.

Shares outstanding over time

Newest single-total count on a cover page: 91.5M as of Nov 4, 2022 (10-Q). Not used as today’s count, because the company has filed periodic reports since (newest: 10-Q filed 2026-08-05) with no single-total cover-page count in SEC's companyfacts, which omits counts filed per share class.

⊙

EVIDENCE — filed/published fact

SourceSEC XBRL, cover-page share count

Fielddei:EntityCommonStockSharesOutstanding

As of2022-11-04

HowKept on the chart with its date. No estimate, rating or current-share figure on this page is built on it.

Open the source document →

Cash runway

Going-concern warning

auditor flagged substantial doubt

The company itself flagged going-concern doubt in a filing.

Full breakdown: cash runway tool · source filing →

Warrants

Warrants outstanding: 16.8M underlying shares, as reported Dec 31, 2024 (10-K).

Reported exercise price: $11.5 (aggregate figure as tagged; individual tranches vary).

Convertible notes

No convertible-note facts tagged in the 10-Q filed Aug 5, 2026. If convertible notes exist, their terms live in exhibit prose for this filer and are not parsed; absence of a tag is not proof of absence. The exhibits are the ground truth.

Registrations and offerings

Registered offering capacity on live registrations: $9.3Mfrom the structured fee exhibits; registered is not remaining, takedowns are not subtracted

S-3Aug 4, 2026$9.3M registeredfiling →

S-3Jun 27, 2025no structured fee exhibit in this filing (predates fee-data XBRL or fee deferred)filing →

Last 12 months: 1 executed · 1 registered.

EFFECTIVEAug 6, 2026SEC declared a registration effective — selling can beginEFFECT →

REGISTEREDAug 4, 2026S-3 registration — capacity to sell shares, not a sale yetS-3 →

EXECUTEDJun 1, 2026Unregistered share sale disclosed (8-K item 3.02)8-K →

EFFECTIVEJul 8, 2025SEC declared a registration effective — selling can beginEFFECT →

REGISTEREDJun 27, 2025S-3 registration — capacity to sell shares, not a sale yetS-3 →

EXECUTEDApr 29, 2025Unregistered share sale disclosed (8-K item 3.02)8-K →

UPDATEJun 10, 2024Prospectus update — often a resale registration, not necessarily new capital424B3 →

EFFECTIVEJun 10, 2024SEC declared a registration effective — selling can beginEFFECT →

UPDATEMay 10, 2024Prospectus update — often a resale registration, not necessarily new capital424B3 →

EFFECTIVEApr 12, 2024SEC declared a registration effective — selling can beginEFFECT →

Full history and shelf status: offering checker · S-3 shelf checker

Source: SEC EDGAR XBRL company facts and filing metadata, fetched live and cached briefly. Share counts are cover-page figures with their form named. Warrant tranches and convertible notes come from the dimensioned facts in the latest 10-Q/10-K instance document, exactly as the company tagged them; untagged tranches and notes are absent, not disproven. Nothing on this page is manually verified and nothing is behind a login: what free data supports is shown, what it cannot support is stated. Not investment advice.

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