What are the risks for SST's upcoming earnings?

System1 (SST) faces several risks heading into its upcoming earnings report for Q1 2025:

1. **Google AFD to RSOC Transition**: The transition of Google from its App Development Framework (AFD) to the Runtime Services Optimization Capability (RSOC) is expected to cause short-term disruptions for System1. This could impact System1's performance in the short term, as indicated in the earnings call abstract.
2. **Revenue Shortfall**: System1's revenue for Q1 2025 fell short of estimates, coming in at $75.6 million versus the consensus estimate of $94.71 million. The company's guidance for Q1 2025 revenue is $69 million to $71 million, which is below the analyst consensus of $88.19 million. This suggests a potential for continued revenue shortfall concerns.
3. **Financial Health Concerns**: System1's stock price has experienced significant declines, dropping 70.83% over the last 12 months. The company's financial health is considered "weak performance," as indicated by its Financial Health score. This could reflect underlying financial vulnerabilities that may be exacerbated by the upcoming earnings report.

In summary, System1's upcoming earnings report for Q1 2025 may be influenced by the transition related to Google's AFD to RSOC, revenue shortfall concerns, and the company's financial health status. These factors could impact investor sentiment and market perception of System1's performance in the period.