Cyabra, Inc. (formerly Trailblazer Holdings, Inc.) completed its business combination with Trailblazer Merger Corporation I, with its common stock now trading on Nasdaq under the symbol CYAB. The aggregate merger consideration for Cyabra Strategy Ltd. shareholders was $106 million, with potential for up to 3 million additional common stock shares (earnout shares) based on future stock price performance ($15, $20, $25 VWAP targets). The company issued 3,061 shares of Holdings Series A Convertible Preferred Stock, 13,330 shares of Holdings Series B Convertible Preferred Stock, and 10,660 shares of Holdings Series C Convertible Preferred Stock. A PIPE (Private Investment in Public Equity) investment closed concurrently, raising $8 million through the issuance of 8,000 shares of Holdings Series B Preferred Stock and warrants to purchase 400,000 shares of Common Stock. Various promissory notes, including those from Alpha Capital Anstalt, were either repaid, converted into preferred stock, or assigned to Holdings as part of the transaction. Cyabra's revenues for the year ended December 31, 2025, increased by 37% to $5.7 million, compared to $4.2 million in 2024. Gross profit increased by 44% to $4.8 million in 2025, up from $3.4 million in 2024. Operating loss increased by 30% to $12.0 million in 2025, compared to $9.2 million in 2024. Net loss for 2025 decreased by 18% to $12.8 million, from $15.6 million in 2024, primarily due to a significant decrease in finance expenses. Annualized Recurring Revenue (ARR) remained flat at approximately $6.1 million as of December 31, 2025, similar to 2024. The company reported a cash and cash equivalents balance of $0.3 million as of December 31, 2025, and net cash used in operating activities of $8.1 million for the year. Management has identified substantial doubt about the company's ability to continue as a going concern without further funding.