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TBMC

Trailblazer Merger Corporation I

TBMC

Trailblazer Merger Corporation I • NASDAQ
$11.70 ▼ -0.21% (-0.03)
Market Cap $52.64 M
52w High $12.89
52w Low $11.08
Dividend Yield 0%
P/E -11.47
Volume 5.35K
Outstanding Shares 4.50M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $0 ▼ $-3.693M ▼ 0% $-0.82 ▼ $-563.783K ▼
Q2-2025 $0 $445.636K ▼ $-240.257K ▲ 0% $-0.053 ▲ $-445.636K ▲
Q1-2025 $0 ▼ $665.655K ▼ $-450.825K ▲ 0% ▲ $-0.1 $-665.655K ▼
Q4-2024 $2.211T ▲ $799.687K ▲ $-457.549K ▼ -0% ▼ $-0.1 ▼ $-317.672K ▼
Q3-2024 $0 $532.847K $145.328K 0% $0.017 $345.257K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $19.183K ▼ $28.103M ▼ $36.124M ▲ $-8.021M ▼
Q2-2025 $99.367K ▲ $28.987M ▲ $9.125M ▲ $19.862M ▼
Q1-2025 $37.305K ▼ $28.124M ▲ $8.022M ▲ $20.102M ▼
Q4-2024 $63.829K ▼ $27.734M ▼ $7.181M ▼ $20.553M ▼
Q3-2024 $108.52B $77.161M $56.15M $21.01M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-3.693M ▼ $-1.425M ▼ $-166.574K ▼ $285K ▼ $-1.307M ▼ $-1.425M ▼
Q2-2025 $-240.257K ▲ $-423.079K ▼ $90.661K ▲ $818.286K ▲ $485.868K ▲ $-423.079K ▼
Q1-2025 $-450.825K ▲ $-253.95K ▲ $-166.574K ▼ $394K ▲ $-26.524K ▼ $-253.95K ▲
Q4-2024 $-457.549K ▼ $-718.613K ▼ $50.271M ▲ $-49.147M ▼ $404.914K ▲ $-718.613K ▼
Q3-2024 $735.206B $-479.827K $353.387K $200K $73.56K $-479.827K

Five-Year Company Overview

Income Statement

Income Statement TBMC’s historical income statement looks like a typical SPAC: essentially no meaningful revenue and no real operating business yet. The small positive earnings per share figures appear to come from non‑operating items rather than from selling products or services. In practical terms, the past financials tell you almost nothing about the future operating performance of the combined company with Cyabra; they mainly confirm that TBMC has been a financial shell waiting for a merger target.

Balance Sheet

Balance Sheet The balance sheet is small and simple, reflecting a shell company with minimal assets and no reported operating liabilities or debt in this snapshot. Equity has edged down, which is common as SPACs incur costs while searching for a deal. The key point is that TBMC’s current balance sheet is not a good guide to the scale or structure of the post‑merger business; the real economic profile will be driven by Cyabra’s assets, funding structure, and any capital raised at closing.

Cash Flow

Cash Flow Reported cash flow figures are essentially flat and not informative, again reflecting that TBMC has not been running an operating business. Any cash movements are mostly administrative and deal‑related, rather than tied to customers, products, or capital projects. For understanding future cash generation, investors will need to look through to Cyabra’s ability to win and retain contracts, control costs, and convert subscriptions into steady recurring cash flows.

Competitive Edge

Competitive Edge After the merger, the competitive story is really about Cyabra, not TBMC. Cyabra operates in a fast‑growing niche: detecting disinformation, fake accounts, and deepfakes for governments and large organizations. Its edge comes from proprietary AI models, a team with intelligence and security backgrounds, and an early, focused push to be known as a pure‑play disinformation defense provider. That said, the market is still young and fluid. Cyabra will likely face competition from large tech platforms, cybersecurity firms, and new AI entrants. Its challenge is to turn an early lead and strong reputation into durable customer relationships, global scale, and a trusted brand in a politically sensitive area.

Innovation and R&D

Innovation and R&D Cyabra appears highly innovation‑driven. Its proprietary tools for spotting manipulated images and videos, along with behavioral analysis of accounts and networks, give it a differentiated, end‑to‑end view of online manipulation. The product suite is moving beyond raw detection toward more user‑friendly “insights” and, over time, predictive capabilities that could help clients anticipate disinformation waves rather than just react. The roadmap includes more tailored platforms for government versus corporate customers and continued AI enhancements, plus international expansion through partners. The main risk is that adversaries and competitors are also evolving quickly, so Cyabra must keep investing heavily in R&D just to stay ahead.

Summary

Trailblazer Merger Corporation I is, by design, a financial shell with almost no traditional operating history; its legacy financials mainly confirm that it has been a vehicle in search of a business. The strategic substance lies in its planned combination with Cyabra, an AI‑driven disinformation and deepfake detection company. Cyabra operates in a problem area that is drawing increasing global attention and spending, and it has early traction, proprietary technology, and a specialized team, which together form a promising competitive position. At the same time, the business is still relatively young, the market is evolving, and the competitive and regulatory landscape is uncertain. Future performance will hinge on Cyabra’s ability to scale sales, maintain technical leadership, execute its product roadmap, and manage the complexities of serving both governments and large corporations in a highly sensitive domain.

NEWS

October 6, 2025 · 9:00 AM UTC

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