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Trailblazer Merger Corporation I (TBMC) Financials

Trailblazer Merger Corporation I logo
$7.32 0.00 (0.00%)
As of 07/20/2026
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Annual Income Statements for Trailblazer Merger Corporation I

Annual Income Statements for Trailblazer Merger Corporation I

This table shows Trailblazer Merger Corporation I's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024 2025
Period end date 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -0.00 1.35 0.28 -8.29
Consolidated Net Income / (Loss)		 -0.00 1.35 0.28 -8.29
Net Income / (Loss) Continuing Operations		 -0.00 1.35 0.28 -8.29
Total Pre-Tax Income 		-0.00 1.86 1.00 -8.06
Total Operating Income		 -0.00 -0.54 -2.29 -2.56
Total Gross Profit		 0.00 0.00 0.00 0.00
Total Revenue		 0.00 0.00 0.00 0.00
Total Cost of Revenue		 0.00 0.00 0.00 0.00
Total Operating Expenses		 0.00 0.75 2.29 2.56
Selling, General & Admin Expense		 0.00 0.54 2.29 2.56
Total Other Income / (Expense), net		 0.00 2.41 3.30 -5.50
Interest Expense		 - - 0.00 6.22
Other Income / (Expense), net		 0.00 2.61 3.30 0.73
Income Tax Expense		 0.00 0.52 0.73 0.23
Basic Earnings per Share		 $0.00 $0.00 $0.04 $2.08
Weighted Average Basic Shares Outstanding		 936.99K 7.17M 7.83M 3.98M
Diluted Earnings per Share		 - - $0.04 $2.08
Weighted Average Diluted Shares Outstanding		 936.99K 7.22M 7.83M 3.98M
Weighted Average Basic & Diluted Shares Outstanding		 - 9.02M 4.50M 2.45M

Quarterly Income Statements for Trailblazer Merger Corporation I

This table shows Trailblazer Merger Corporation I's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 0.52 0.68 0.37 0.22 0.15 -0.46 -0.45 -0.24 -3.69 -3.91
Consolidated Net Income / (Loss)		 0.52 0.68 0.37 0.22 0.15 -0.46 -0.45 -0.24 -3.69 -3.91
Net Income / (Loss) Continuing Operations		 0.52 0.68 0.37 0.22 0.15 -0.46 -0.45 -0.24 -3.69 -3.91
Total Pre-Tax Income 		0.70 0.89 0.56 0.41 0.35 -0.32 -0.39 -0.16 -3.64 -3.87
Total Operating Income		 -0.19 -0.11 -0.39 -0.57 -0.53 -0.80 -0.67 -0.45 -0.56 -0.89
Total Operating Expenses		 0.19 0.32 0.39 0.57 0.53 0.80 0.67 0.45 0.56 0.89
Selling, General & Admin Expense		 0.19 0.11 0.39 0.57 0.53 0.80 0.67 0.45 0.56 0.89
Total Other Income / (Expense), net		 0.89 1.00 0.95 0.99 0.88 0.48 0.28 0.28 -3.08 -2.98
Other Income / (Expense), net		 0.89 1.21 0.95 0.99 0.88 0.48 0.28 0.28 2.86 -2.69
Income Tax Expense		 0.18 0.21 0.19 0.20 0.20 0.14 0.07 0.08 0.05 0.04
Basic Earnings per Share		 $0.06 $0.08 $0.04 $0.02 $0.02 ($0.04) ($0.10) ($0.05) ($0.82) $3.05
Weighted Average Basic Shares Outstanding		 9.02M 7.17M 9.02M 9.02M 8.82M 7.83M 4.50M 4.50M 4.48M 3.98M
Diluted Earnings per Share		 - - $0.04 $0.02 $0.02 ($0.04) ($0.10) ($0.05) ($0.82) $3.05
Weighted Average Diluted Shares Outstanding		 9.02M 7.22M 9.02M 9.02M 8.82M 7.83M 4.50M 4.50M 4.48M 3.98M
Weighted Average Basic & Diluted Shares Outstanding		 9.02M 9.02M 9.02M 9.02M 4.50M 4.50M 4.50M 4.50M 2.45M 2.45M

Annual Cash Flow Statements for Trailblazer Merger Corporation I

This table details how cash moves in and out of Trailblazer Merger Corporation I's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024 2025
Period end date 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 0.01 0.57 0.26 -0.66
Net Cash From Operating Activities		 0.02 -0.47 -1.56 -2.55
Net Cash From Continuing Operating Activities		 0.02 -0.47 -1.56 -2.55
Net Income / (Loss) Continuing Operations		 -0.00 1.35 0.28 -8.29
Consolidated Net Income / (Loss)		 -0.00 1.35 0.28 -8.29
Non-Cash Adjustments To Reconcile Net Income		 0.00 -2.41 -3.30 5.50
Changes in Operating Assets and Liabilities, net		 0.02 0.59 1.46 0.24
Net Cash From Investing Activities		 0.00 -70 49 24
Net Cash From Continuing Investing Activities		 0.00 -70 49 24
Other Investing Activities, net		 0.00 -70 49 24
Net Cash From Financing Activities		 -0.01 71 -48 -22
Net Cash From Continuing Financing Activities		 -0.01 71 -48 -22
Repurchase of Common Equity		 -0.21 -0.58 -50 -24
Issuance of Debt		 0.10 0.10 2.21 2.04
Cash Income Taxes Paid		 - 0.00 0.35 1.04

Quarterly Cash Flow Statements for Trailblazer Merger Corporation I

This table details how cash moves in and out of Trailblazer Merger Corporation I's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025
Net Change in Cash & Equivalents		 -0.06 -0.07 -0.03 -0.19 0.07 0.40 -0.03 0.49 -1.31 0.19
Net Cash From Operating Activities		 -0.06 -0.06 -0.18 -0.18 -0.48 -0.72 -0.25 -0.42 -1.43 -0.45
Net Cash From Continuing Operating Activities		 -0.06 -0.06 -0.18 -0.18 -0.48 -0.72 -0.25 -0.42 -1.43 -0.45
Net Income / (Loss) Continuing Operations		 0.52 0.68 0.37 0.22 0.15 -0.46 -0.45 -0.24 -3.69 -3.91
Consolidated Net Income / (Loss)		 0.52 0.68 0.37 0.22 0.15 -0.46 -0.45 -0.24 -3.69 -3.91
Non-Cash Adjustments To Reconcile Net Income		 -0.88 -1.00 -1.09 -0.84 -0.88 -0.48 -0.28 -0.28 3.08 2.98
Changes in Operating Assets and Liabilities, net		 0.30 0.25 0.54 0.45 0.25 0.22 0.48 0.10 -0.81 0.48
Net Cash From Investing Activities		 - - -0.54 -0.63 0.35 50 -0.17 0.09 -0.17 24
Net Cash From Continuing Investing Activities		 - - -0.54 -0.63 0.35 50 -0.17 0.09 -0.17 24
Other Investing Activities, net		 - - -0.54 -0.63 0.35 50 -0.17 0.09 -0.17 24
Net Cash From Financing Activities		 - -0.00 0.69 0.62 0.20 -49 0.39 0.82 0.29 -23
Net Cash From Continuing Financing Activities		 - -0.00 0.69 0.62 0.20 -49 0.39 0.82 0.29 -23
Repurchase of Common Equity		 - - - - - -50 - - - -24
Issuance of Debt		 - - 0.69 0.69 0.20 0.63 0.39 0.82 0.29 0.54

Annual Balance Sheets for Trailblazer Merger Corporation I

This table presents Trailblazer Merger Corporation I's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024 2025
Period end date 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 0.30 74 28 4.31
Total Current Assets		 0.04 0.75 0.90 0.21
Cash & Equivalents		 0.03 0.61 0.06 0.09
Restricted Cash		 - 0.00 0.80 0.12
Prepaid Expenses		 0.00 0.14 0.03 0.01
Plant, Property, & Equipment, net		 0.00 0.00 0.00 0.00
Total Noncurrent Assets		 0.27 73 27 4.10
Other Noncurrent Operating Assets		 0.27 73 27 4.10
Total Liabilities & Shareholders' Equity		 0.30 74 28 4.31
Total Liabilities		 0.28 3.22 7.18 16
Total Current Liabilities		 0.28 0.94 5.11 14
Short-Term Debt		 0.23 0.32 2.53 11
Accounts Payable		 0.00 0.24 1.19 2.16
Current Deferred & Payable Income Tax Liabilities		 0.00 0.31 0.89 0.09
Other Taxes Payable		 - - 0.50 0.91
Total Noncurrent Liabilities		 0.00 2.28 2.07 2.07
Other Noncurrent Operating Liabilities		 0.00 2.07 2.07 2.07
Commitments & Contingencies		 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 0.00 72 27 4.01
Total Equity & Noncontrolling Interests		 0.02 -1.68 -6.08 -16
Total Preferred & Common Equity		 0.02 -1.68 -6.08 -16
Preferred Stock		 0.00 0.00 0.00 0.00
Total Common Equity		 0.02 -1.68 -6.08 -16
Common Stock		 0.03 0.00 0.00 0.00
Retained Earnings		 -0.01 -1.68 -6.08 -16

Quarterly Balance Sheets for Trailblazer Merger Corporation I

This table presents Trailblazer Merger Corporation I's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025
Total Assets		 73 75 77 77 28 29 28
Total Current Assets		 0.82 0.69 0.52 50 0.85 1.39 24
Cash & Equivalents		 0.68 0.58 0.33 0.11 0.04 0.10 0.02
Restricted Cash		 - - 0.06 0.35 0.80 1.23 24
Prepaid Expenses		 0.15 0.11 0.13 0.08 0.01 0.06 0.03
Plant, Property, & Equipment, net		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Noncurrent Assets		 72 74 76 27 27 28 4.10
Other Noncurrent Operating Assets		 72 74 76 27 27 28 4.10
Total Liabilities & Shareholders' Equity		 73 75 77 77 28 29 28
Total Liabilities		 3.00 4.25 5.48 56 8.02 9.13 36
Total Current Liabilities		 0.93 2.18 3.40 54 5.95 7.06 34
Short-Term Debt		 0.33 1.01 1.70 1.90 2.92 3.74 0.00
Accounts Payable		 0.22 - - - 1.57 1.72 1.78
Current Deferred & Payable Income Tax Liabilities		 0.31 0.71 0.89 1.10 0.96 1.04 0.05
Other Taxes Payable		 - - - - - 0.56 0.88
Other Current Liabilities		 - - - 50 0.50 - 31
Total Noncurrent Liabilities		 2.07 2.07 2.08 2.07 2.07 2.07 2.07
Other Noncurrent Operating Liabilities		 2.07 - 2.07 2.07 2.07 2.07 2.07
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 71 74 75 26 27 27 3.85
Total Equity & Noncontrolling Interests		 -1.57 -2.71 -3.93 -5.00 -6.86 -7.58 -12
Total Preferred & Common Equity		 -1.57 -2.71 -3.93 -5.00 -6.86 -7.58 -12
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 -1.57 -2.71 -3.93 -5.00 -6.86 -7.58 -12
Common Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Retained Earnings		 -1.57 -2.71 -3.93 -5.00 -6.86 -7.58 -12

Annual Metrics And Ratios for Trailblazer Merger Corporation I

This table displays calculated financial ratios and metrics derived from Trailblazer Merger Corporation I's official financial filings.

Metric 2022 2023 2024 2025
Period end date 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 0.00 9,019,500.00 9,019,500.00 9,019,500.00
DEI Adjusted Shares Outstanding		 0.00 9,019,500.00 9,019,500.00 9,019,500.00
DEI Earnings Per Adjusted Shares Outstanding		 0.00 0.15 0.03 -0.92
Growth Metrics		 - - - -
Profitability Metrics		 - - - -
Net Operating Profit after Tax (NOPAT)		 -0.00 -0.39 -0.63 -1.80
Return On Investment Capital (ROIC_SIMPLE)		 - 28.98% 17.87% 36.38%
Earnings before Interest and Taxes (EBIT)		 -0.00 2.07 1.00 -1.84
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -0.00 2.07 1.00 -1.84
Valuation Ratios		 - - - -
Leverage & Solvency		 - - - -
Liquidity Ratios		 - - - -
Cash Flow Metrics		 - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -70 47 22
Efficiency Ratios		 - - - -
Capital & Investment Metrics		 - - - -
Invested Capital		 0.21 70 22 -1.13
Increase / (Decrease) in Invested Capital		 0.00 70 -48 -23
Book Value per Share		 $0.02 ($0.19) ($0.78) ($4.01)
Tangible Book Value per Share		 $0.02 ($0.19) ($0.78) ($4.01)
Total Capital		 0.24 71 23 -0.92
Total Debt		 0.23 0.32 2.53 11
Total Long-Term Debt		 0.00 0.00 0.00 0.00
Net Debt		 0.19 -0.29 1.66 11
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -0.05 -0.48 -2.55 -3.15
Debt-free Net Working Capital (DFNWC)		 -0.02 0.13 -1.68 -2.95
Net Working Capital (NWC)		 -0.25 -0.19 -4.21 -14
Net Nonoperating Expense (NNE)		 0.00 -1.74 -0.91 6.50
Net Nonoperating Obligations (NNO)		 0.19 -0.29 1.66 11
Total Depreciation and Amortization (D&A)		 0.00 0.00 0.00 0.00
Earnings Adjustments		 - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.19 $0.04 $2.08
Adjusted Weighted Average Basic Shares Outstanding		 0.00 7.17M 7.83M 3.98M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.00 $2.08
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 7.22M 7.83M 3.98M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 9.02M 4.50M 2.45M
Normalized Net Operating Profit after Tax (NOPAT)		 -0.00 -0.24 -1.61 -1.80
Debt Service Ratios		 - - - -
Payout Ratios		 - - - -

Quarterly Metrics And Ratios for Trailblazer Merger Corporation I

This table displays calculated financial ratios and metrics derived from Trailblazer Merger Corporation I's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025
DEI Shares Outstanding		 0.00 9,019,500.00 9,019,500.00 9,019,500.00 9,019,500.00 9,019,500.00 9,019,500.00 9,019,500.00 9,019,500.00 9,019,500.00
DEI Adjusted Shares Outstanding		 0.00 9,019,500.00 9,019,500.00 9,019,500.00 9,019,500.00 9,019,500.00 9,019,500.00 9,019,500.00 9,019,500.00 9,019,500.00
DEI Earnings Per Adjusted Shares Outstanding		 0.00 0.08 0.04 0.02 0.02 -0.05 -0.05 -0.03 -0.41 -0.43
Growth Metrics		 - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - -
Net Operating Profit after Tax (NOPAT)		 -0.14 -0.08 -0.26 -0.30 -0.22 -0.56 -0.47 -0.31 -0.39 -0.62
Return On Investment Capital (ROIC_SIMPLE)		 - 6.25% 15.21% 13.52% 7.24% 15.76% 11.83% 8.12% 3.33% 12.62%
Earnings before Interest and Taxes (EBIT)		 0.70 1.10 0.56 0.41 0.35 -0.32 -0.39 -0.16 2.29 -3.58
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 0.70 1.10 0.56 0.41 0.35 -0.32 -0.39 -0.16 2.29 -3.58
Valuation Ratios		 - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -70 0.00 -72 -73 47 47 49 50 54 23
Efficiency Ratios		 - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 70 70 71 72 22 22 22 22 -32 -1.13
Increase / (Decrease) in Invested Capital		 70 0.00 71 72 -47 -48 -49 -50 -54 -23
Book Value per Share		 ($0.17) ($0.19) ($0.30) ($0.44) ($0.57) ($0.78) ($1.53) ($1.69) ($2.65) ($4.01)
Tangible Book Value per Share		 ($0.17) ($0.19) ($0.30) ($0.44) ($0.57) ($0.78) ($1.53) ($1.69) ($2.65) ($4.01)
Total Capital		 70 71 72 73 23 23 23 24 -8.02 -0.92
Total Debt		 0.33 0.32 1.01 1.70 1.90 2.53 2.92 3.74 0.00 11
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -0.35 -0.29 0.43 1.31 1.44 1.66 2.08 2.42 -24 11
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -0.46 -0.48 -1.06 -1.57 -2.33 -2.55 -3.02 -3.25 -34 -3.15
Debt-free Net Working Capital (DFNWC)		 0.21 0.13 -0.48 -1.18 -1.86 -1.68 -2.18 -1.92 -10 -2.95
Net Working Capital (NWC)		 -0.11 -0.19 -1.49 -2.88 -3.77 -4.21 -5.11 -5.67 -10 -14
Net Nonoperating Expense (NNE)		 -0.67 -0.77 -0.63 -0.52 -0.37 -0.10 -0.02 -0.07 3.30 3.28
Net Nonoperating Obligations (NNO)		 -0.35 -0.29 0.43 1.31 1.44 1.66 2.08 2.42 -24 11
Total Depreciation and Amortization (D&A)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.06 $0.08 $0.00 $0.00 $0.02 ($0.04) ($0.10) ($0.05) ($0.82) $3.05
Adjusted Weighted Average Basic Shares Outstanding		 9.02M 7.17M 9.02M 9.02M 8.82M 7.83M 4.50M 4.50M 4.48M 3.98M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 ($0.04) ($0.10) ($0.05) ($0.82) $3.05
Adjusted Weighted Average Diluted Shares Outstanding		 9.02M 7.22M 9.02M 9.02M 8.82M 7.83M 4.50M 4.50M 4.48M 3.98M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 9.02M 9.02M 9.02M 9.02M 4.50M 4.50M 4.50M 4.50M 2.45M 2.45M
Normalized Net Operating Profit after Tax (NOPAT)		 -0.14 -0.08 -0.26 -0.30 -0.37 -0.56 -0.47 -0.31 -0.39 -0.62
Debt Service Ratios		 - - - - - - - - - -
Payout Ratios		 - - - - - - - - - -

Financials Breakdown Chart

Key Financial Trends

Trailblazer Merger Corporation I (NASDAQ:TBMC) remains a pre-revenue special purpose acquisition company profile with no operating revenue across the periods provided. Over the last several years, the story has been dominated by large non-operating gains and losses, changes in redeemable noncontrolling interest, and heavy volatility in equity and balance sheet presentation rather than core business growth.

  • The company ended Q4 2025 with a net increase in cash and equivalents of $187,351, which is a modest positive after a weak operating quarter.
  • Q4 2025 showed a very large cash inflow from investing activities of $24.0 million, which helped offset operating losses and financing outflows.
  • Operating cash burn improved sharply in Q4 2025 versus Q3 2025, with operating cash outflow narrowing to $447,563 from $1.43 million.
  • Q2 2024 and Q1 2024 both posted positive net income, showing the company can be profitable when other income items are favorable.
  • The company has consistently maintained very limited capital expenditures, with property, plant and equipment at or near zero.
  • Revenue remained zero in every quarter provided, so results continue to depend on non-operating items rather than sales.
  • SG&A expenses have been relatively contained in some recent quarters, but they still represent the company’s main recurring operating cost.
  • Weighted average shares outstanding moved around materially over time, reflecting the company’s capital structure changes and making per-share trends harder to compare cleanly.
  • The balance sheet includes a large redeemable noncontrolling interest line in several periods, which is common in SPAC-related structures but adds complexity for investors.
  • Recent quarters also included meaningful other income / expense swings, suggesting reported earnings can be highly volatile from period to period.
  • Despite occasional profitable quarters, the company posted a Q4 2025 net loss of $3.9 million, a steep deterioration from prior quarters.
  • Q4 2025 financing cash flow was heavily negative at ($23.4 million), driven largely by repurchase of common equity.
  • Q3 2025 and Q4 2024 both showed significant operating losses, reinforcing the absence of a stable earnings base.
  • Cash from operations was negative in most periods shown, indicating the business has not generated sustained operating cash flow.
  • Q3 2025 and Q4 2025 both reflected net losses continuing operations of about $3.7 million to $3.9 million, suggesting the latest trend is still unfavorable.
  • The company’s earnings history is highly inconsistent year over year, with strong swings between profit and loss tied mainly to non-operating items.

Bottom line: TBMC’s financials look more like a transaction-driven SPAC balance sheet than a traditional operating company. The most recent quarter showed a smaller operating cash burn and a cash increase, but the ongoing lack of revenue, recurring losses, and large financing activity mean the stock remains highly dependent on corporate actions rather than business fundamentals.

07/21/26 06:29 PM ETAI Generated. May Contain Errors.

Trailblazer Merger Corporation I Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Trailblazer Merger Corporation I's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Trailblazer Merger Corporation I's net income appears to be on an upward trend, with a most recent value of -$8.29 million in 2025, rising from -$4.02 thousand in 2022. The previous period was $277.66 thousand in 2024. See where experts think Trailblazer Merger Corporation I is headed by visiting Trailblazer Merger Corporation I's forecast page.

Trailblazer Merger Corporation I's total operating income in 2025 was -$2.56 million, based on the following breakdown:
  • Total Gross Profit: $0.00
  • Total Operating Expenses: $2.56 million

Over the last 3 years, Trailblazer Merger Corporation I's total revenue changed from $0.00 in 2022 to $0.00 in 2025, a change of 0.0%.

Trailblazer Merger Corporation I's total liabilities were at $16.24 million at the end of 2025, a 126.1% increase from 2024, and a 5,657.4% increase since 2022.

In the past 3 years, Trailblazer Merger Corporation I's cash and equivalents has ranged from $34.39 thousand in 2022 to $607.82 thousand in 2023, and is currently $85.35 thousand as of their latest financial filing in 2025.

Over the last 3 years, Trailblazer Merger Corporation I's book value per share changed from 0.02 in 2022 to -4.01 in 2025, a change of -19,100.5%.


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Financial statements for NASDAQ:TBMC last updated on 7/16/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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Ready to give options a try? Your first trade (Ticker included) -INSIDE
Tired of trying tactic after tactic when it comes to options trades... only to be met with market noise and st...
Base Camp Trading | Sponsoredtc pixel
SPCX Warning - and Worst News for Stocks in 50 Years
Goldman Sachs and Morgan Stanley are now predicting what could be the worst news for the U.S. stock market in ...
TradeSmith | Sponsoredtc pixel
CODE RED: AI Meltdown Imminent?
After correctly predicting the 2008 and 2020 stock market meltdowns, I believe this AI company is about to tri...
Paradigm Press | Sponsoredtc pixel
Elon’s new "tollbooth"
The SpaceX IPO was valued at $1.75 trillion. But one analyst says fighting over those shares may be the wrong ...
Weiss Ratings | Sponsoredtc pixel