Key Highlights

  • Cyabra reported second-quarter 2026 Revenue of $1.9 million, up 39 per cent from $1.3 million and the highest in its history.
  • Gross Margin was about 84 per cent, while the net loss was about $3.4 million, against about $2.4 million a year earlier.
  • The Business combination with Trailblazer Merger Corporation I closed on 27 March 2026, and the company also noted a $6.0 million private placement.

From SPAC to Nasdaq

Cyabra, Inc. (NASDAQ:CYAB), a disinformation-detection software company, was formerly Trailblazer Holdings, Inc. The business combination between Trailblazer Merger Corporation I, a blank-check company, and Cyabra Strategy, Ltd. closed on 27 March 2026. Trailblazer's common stock (TMBC) and rights (TMBCR) ceased to be listed, and Cyabra common stock was expected to begin trading on Nasdaq as CYAB that day.

Chief Executive Dan Brahmy described Cyabra as "the first publicly traded company dedicated exclusively to fighting disinformation." The announcement gave no deal value or financial figures.

Cyabra sells software-as-a-service tools that use artificial intelligence to detect manipulated or inauthentic online content, including deepfakes, impersonation and coordinated narratives. Its customers are in finance, retail, media, the public sector and cybersecurity. The company was founded in 2017 and has a headcount of about 55.

Second-quarter revenue

On 13 August 2026 Cyabra reported second-quarter revenue of $1.9 million, up 39 per cent from $1.3 million a year earlier and described as the highest in its history. Growth was 12 per cent in the first quarter, so the second-quarter rate was a marked step up.

Gross margin was about 84 per cent, with Gross Profit of roughly $1.5 million. The net loss was about $3.4 million, against about $2.4 million a year earlier, which the company attributed mainly to higher personnel costs and non-cash finance expenses. The net loss was roughly $1.9 million larger than gross profit, so revenue growth of this scale has not yet been enough to cover operating and financing costs.

Customers, Balance Sheet and caveats

New customer wins contributed about $0.7 million of second-quarter revenue. Highlights included a new European government customer, a deal worth more than $500,000 with an international research institute, and a multi-year, six-figure agreement with an Asia-Pacific intelligence agency signed after quarter-end. The release also acknowledged that some customers did not renew in 2026.

The release did not disclose a cash balance, annual Recurring Revenue or guidance. It noted a $6.0 million private Placement that added to the balance sheet. At the current net loss rate of about $3.4 million a quarter, that placement would cover under two quarters of losses on its own, though other cash may exist.

Annualising the second-quarter revenue gives about $7.6 million. Comparisons of that kind are of limited use when a company is loss-making and its share count and cash position are uncertain.

What to watch

Items to follow include third-quarter revenue, which is expected around 18 November 2026 on an estimated basis, whether growth stays near the second-quarter rate, customer renewals, further financing and any listing-compliance announcements. Readers should check the company's filings and exchange notices for any Nasdaq notices. Because the company has a short history as a listed entity, comparisons with earlier periods rely heavily on its own disclosures.