Cyabra Announces Record 2024 Financial Performance, Doubling Revenue and Strengthening Gross Margins
Cyabra has entered into a business combination agreement with Trailblazer Merger Corp. (TBMC)
New York, NY, April 15, 2025 (GLOBE NEWSWIRE) — Cyabra Strategy Ltd. (“Cyabra”), a leading AI platform for real-time disinformation detection, today announced its financial results for the fiscal year 2024, showcasing exceptional growth and strengthened gross margins. The company’s revenue surged from $1.9 million in 2023 to $4.2 million in 2024, marking a 116% year-over-year increase. Additionally, Cyabra significantly improved its gross margins, rising from 69% in 2023 to 81% in 2024, reflecting enhanced operational efficiency and strong demand for its cutting-edge technology solutions.
“This past year has been transformative for Cyabra, as our capabilities continue to set the standard in the fight against disinformation,” said Dan Brahmy, CEO and Co-Founder of Cyabra. “Our strong revenue growth and gross margin expansion demonstrate the increasing reliance of enterprises and governments on our technology to navigate the evolving digital landscape.”
The company’s robust performance in 2024 was driven by increased demand from both public and private sector clients, as organizations increasingly recognize the need to identify the sources of harmful narratives and inauthentic online activity.
Cyabra has entered into a business combination agreement with Trailblazer Merger Corporation I (NASDAQ: TBMC), a blank-check special-purpose acquisition company.
FINANCIAL RESULTS
- Revenues for the year ended December 31, 2024, were approximately $4,155 thousand, reflecting an increase of 116% compared to $1,922 thousand for the year ended December 31, 2023. The growth in revenues was primarily due to an expansion in the customer base, with approximately 50% of 2024 revenues coming from new customers acquired during the year.
- Cost of revenues for 2024 was approximately $782 thousand, marking an increase of 30% from $603 thousand in 2023. This increase was primarily driven by a higher level of commercial activity.
- Research and development expenses for 2024 were approximately $4,653 thousand, an increase of 30% compared to $3,593 thousand in 2023, largely due to expanded payroll and personnel investments in Cyabra’s R&D team.
- Sales and marketing expenses for 2024 reached approximately $3,316 thousand, reflecting an increase of 21% from $2,738 thousand in 2023. This was primarily due to an increase in headcount and related expenses in sales and marketing teams.
- General and administrative expenses for 2024 were approximately $4,602 thousand, an increase of 395% compared to $929 thousand in 2023. The increase was mainly attributed to higher professional services costs associated with the business combination with Trailblazer, along with increased payroll and related expenses.
- Finance expenses for 2024 were approximately $6,398 thousand, an increase of 959% compared to $604 thousand in 2023. The increase was mainly due to increased expenses related to the revaluation of financial liabilities measured at fair value.
- Total loss for 2024 amounted to approximately $15,610 thousand, reflecting an increase of 138% from $6,550 thousand in 2023, primarily driven by the factors described above.
About Cyabra
Cyabra is a real-time AI-powered platform that uncovers and analyzes online disinformation and misinformation by uncovering fake profiles, harmful narratives, and GenAI content across social media and digital news channels. Cyabra’s AI solutions protect corporations and governments against brand reputation risks, election manipulation, foreign interference, and other online threats. Cyabra’s platform leverages proprietary algorithms and NLP solutions, gathering and analyzing publicly available data to provide clear, actionable insights and real-time alerts that inform critical decision-making. Cyabra uncovers the good, bad, and fake online.
For more information, visit www.cyabra.com
Media Contact:
Jill Burkes
Jill@cyabra.com
Signal Contact: Jillabra.24
Investor Relations Contact:
Miri Segal
MS-IR
msegal@ms-ir.com
About Trailblazer
Trailblazer is a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization, or other similar business combination with one or more businesses or entities. For more information, visit: www.trailblazermergercorp.com
| Consolidated Balance Sheets as of December 31, U.S. dollars in thousands (except share data) | ||||||
| 2024 | 2023 | |||||
| Assets | ||||||
| Current assets | ||||||
| Cash and cash equivalents | 927 | 520 | ||||
| Restricted cash | 19 | 6 | ||||
| Accounts receivable | 113 | 70 | ||||
| Other current assets | 194 | 108 | ||||
| Total current assets | 1,253 | 704 | ||||
| Non-Current Assets | ||||||
| Operating right-of-use asset | 551 | 41 | ||||
| Property and equipment, net | 143 | 98 | ||||
| Total non-current assets | 694 | 139 | ||||
| Total Assets | 1,947 | 843 | ||||
| Liabilities, Redeemable Convertible Preferred Shares and Capital Deficiency | ||||||
| Current liabilities | ||||||
| Trade accounts payable | 1,084 | 141 | ||||
| Current maturities of long-term loans | 1,175 | 1,179 | ||||
| Operating lease liability | 190 | 40 | ||||
| Deferred revenues | 2,423 | 1,473 | ||||
| Employees and related | 983 | 675 | ||||
| Other current liabilities | 684 | 321 | ||||
| Convertible notes | 11,649 | – | ||||
| Total current liabilities | 18,188 | 3,829 | ||||
| Non-Current Liabilities | ||||||
| Long-term loans | 198 | 1,376 | ||||
| Operating lease liability | 389 | – | ||||
| Long-term deferred revenues | 362 | 154 | ||||
| Liability for future equity (SAFE) | 1,206 | – | ||||
| Liability with respect to warrants | 244 | 93 | ||||
| Total non-current liabilities | 2,399 | 1,623 | ||||
| Total liabilities | 20,587 | 5,452 | ||||
| Commitments and contingent liabilities | ||||||
| Redeemable Convertible Preferred Shares: | ||||||
| Redeemable Preferred A and A-1 shares, NIS 0.01 par value: 607,373 shares authorized as of December 31, 2024 and 2023, 515,186 issued and outstanding as of December 31, 2024 and 2023 Aggregate liquidation preference of $6,838 and $6,511 as of December 31, 2024 and 2023, respectively; Redeemable Preferred A-2 and A-3 shares, NIS 0.01 par value: 596,056 shares authorized as of December 31, 2024 and 2023, and 388,739 issued and outstanding as of December 31, 2024 and 2023, respectively Aggregate liquidation preference of $6,242 and $5,944 as of December 31, 2024 and 2023, respectively. | 11,780 | 11,780 | ||||
| Capital Deficiency: | ||||||
| Ordinary shares, NIS 0.01 par value: 8,796,571 shares authorized as of December 31, 2024 and 2023, and 651,571 and 628,801 issued and outstanding as of December 31, 2024 and 2023, respectively. | 2 | 2 | ||||
| Additional paid in capital | 4,132 | 2,553 | ||||
| Accumulated deficit | (34,554 | ) | (18,944 | ) | ||
| Total capital deficiency | (30,420 | ) | (16,389 | ) | ||
| Total liabilities, redeemable convertible preferred shares and capital deficiency | 1,947 | 843 | ||||
| Consolidated Statements of Operations for the year ended December 31,U.S. dollars in thousands (except per share data) | ||||||
| 2024 | 2023 | |||||
| Revenues | 4,155 | 1,922 | ||||
| Cost of revenues | 782 | 603 | ||||
| Gross profit | 3,373 | 1,319 | ||||
| Operating costs and expenses | ||||||
| Research and development expenses | 4,653 | 3,593 | ||||
| Sales and marketing expenses | 3,316 | 2,738 | ||||
| General and administrative expenses | 4,602 | 929 | ||||
| Total operating loss | 9,198 | 5,941 | ||||
| Finance expenses, net | 6,398 | 604 | ||||
| Loss before taxes on income | 15,596 | 6,545 | ||||
| Taxes on income | 14 | 5 | ||||
| Net loss for the year | 15,610 | 6,550 | ||||
| Loss per share attributable to ordinary shareholders | ||||||
| Basic and diluted loss per share | (21.62 | ) | (10.29 | ) | ||
| Weighted average number of ordinary shares outstanding used in computation of basic and diluted loss per share | 748,188 | 680,182 | ||||
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws with respect to certain products and services that are the subject of a proposed transaction (the “Business Combination”) between Trailblazer and Cyabra. All statements other than statements of historical facts contained in this press release, including statements regarding Cyabra’s business strategy, products and services, research and development costs, plans and objectives of management for future operations, and future results of current and anticipated product offerings, are forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including, but not limited to, the following risks relating to the proposed transaction: the ability to complete the Business Combination or, if Trailblazer does not consummate such Business Combination, any other initial business combination; expectations regarding Cyabra’s strategies and future financial performance, including its future business plans or objectives, prospective performance and opportunities and competitors, revenues, products and services, pricing, operating expenses, market trends, liquidity, cash flows and uses of cash, capital expenditures, and Cyabra’s ability to invest in growth initiatives and pursue acquisition opportunities; the occurrence of any event, change or other circumstances that could give rise to the termination of the Business Combination Agreement; the outcome of any legal proceedings that may be instituted against Trailblazer or Cyabra following announcement of the Business Combination Agreement and the transactions contemplated therein; the inability to complete the proposed Business Combination due to, among other things, the failure to obtain Trailblazer stockholder approval; the risk that the announcement and consummation of the proposed Business Combination disrupts Cyabra’s current operations and future plans; the ability to recognize the anticipated benefits of the proposed Business Combination; unexpected costs related to the proposed Business Combination; the amount of any redemptions by existing holders of Trailblazer’s common stock being greater than expected; limited liquidity and trading of Trailblazer’s securities; geopolitical risk and changes in applicable laws or regulations; the size of the addressable markets for Cyabra’s products and services; the possibility that Trailblazer and/or Cyabra may be adversely affected by other economic, business, and/or competitive factors; the ability to obtain and/or maintain the listing of the combined company’s common stock on Nasdaq following the Business Combination; operational risk; and the risks that the consummation of the proposed Business Combination is substantially delayed or does not occur.
Important Information for Investors and Stockholders
In connection with the Business Combination, Trailblazer Holdings, Inc., a subsidiary of Trailblazer (“Holdings”) has filed a registration statement on Form S-4 (the “Registration Statement”) with the United States Securities and Exchange Commission (the “SEC”), which includes a preliminary proxy statement/prospectus, and certain other related documents, which will be both the proxy statement to be distributed to holders of shares of Trailblazer’s common stock in connection with its solicitation of proxies for the vote by its stockholders with respect to the Business Combination and other matters as may be described in the Registration Statement, as well as the prospectus of Holdings relating to the offer and sale of its securities to be issued in the Business Combination. After the Registration Statement is declared effective, the proxy statement/prospectus will be sent to all Trailblazer stockholders so that they may vote on the Business Combination.
INVESTORS AND STOCKHOLDERS OF TRAILBLAZER ARE URGED TO READ CAREFULLY THE REGISTRATION STATEMENT, PROXY STATEMENT/PROSPECTUS, AND OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC WHEN THEY BECOME AVAILABLE, AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE BUSINESS COMBINATION AND THE PARTIES INVOLVED.
Trailblazer stockholders are currently able to obtain copies of the preliminary proxy statement/prospectus and other documents filed with the SEC that are incorporated by reference therein, and will be able to obtain the definitive proxy statement/prospectus and other documents filed with the SEC that will be incorporated by reference therein, once available, in all cases without charge, at the SEC’s web site at www.sec.gov, or by directing a request to: Trailblazer at 510 Madison Avenue, Suite 1401, New York, NY 10022, Telephone: 646-747-9618.
Participants in the Solicitation
Cyabra, Trailblazer, and their respective directors and executive officers may be deemed participants in the solicitation of proxies from Trailblazer stockholders regarding the proposed Business Combination. Information about Trailblazer’s directors and executive officers and their ownership of Trailblazer’s securities is set forth in the proxy statement/prospectus pertaining to the proposed Business Combination.
No Offer or Solicitation
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, or a solicitation of any vote or approval. No sale of securities shall occur in any jurisdiction in which such offer, solicitation, or sale would be unlawful before registration or qualification under applicable laws.
