Cyabra Reports First Quarter 2026 Results and Highlights Commercial Progress Following Nasdaq Listing
Rhea-AI Summary
Cyabra (Nasdaq: CYAB) reported Q1 2026 revenue of approximately $1.4 million, up 12% year-over-year, and ARR of about $7.0 million, up 19%. Gross margin expanded to roughly 86%.
GAAP net loss was $10.8 million, driven by $5.2 million of share-based compensation and $3.4 million of one-time business-combination costs. Adjusted EBITDA loss was $3.2 million, and cash stood at $3.1 million. The company completed its Nasdaq listing, signed new Fortune 500 and public-sector agreements, and launched multiple platform enhancements and integrations.
Positive
- ARR increased 19% year-over-year to approximately $7.0 million
- Q1 2026 revenue grew 12% year-over-year to about $1.4 million
- Gross margin expanded to roughly 86%, up from 84% in Q1 2025
- Completed business combination with Trailblazer Merger and began trading as CYAB on Nasdaq
- Signed yearly agreement with a major Fortune 500 consumer brand
- Expanded two-year renewal with a global entertainment management customer
- Announced public-sector and commercial collaborations with Carahsoft, United Partners Network and Orchestra
- Launched new integrations with Meltwater and Talkwalker and added Douyin and WeChat support
- Introduced News Claims Analysis and an Authenticity Benchmark to broaden narrative intelligence capabilities
Negative
- GAAP net loss rose to $10.8 million, up from $3.3 million year-over-year
- Operating expenses increased to $13.0 million from $5.1 million in Q1 2025
- Adjusted EBITDA loss widened to $3.2 million from $2.6 million
- Results include $5.2 million in share-based compensation and $3.4 million in one-time business-combination expenses
- Cash and cash equivalents totaled approximately $3.1 million as of March 31, 2026
News Market Reaction – CYAB
In the May 18 session, CYAB gained 1.63%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 05 | Shareholder update | Positive | -32.9% | Outlined public-company execution plan and revenue base after de-SPAC. |
| Apr 29 | Board appointments | Positive | -0.7% | Named high-profile directors to support governance and expansion. |
| Apr 14 | Contract renewal | Positive | -10.9% | Expanded two-year, six-figure renewal with management firm. |
| Apr 07 | Conference sponsorship | Positive | +4.8% | Premium sponsorship and speaking role at Meltwater Summit 2026. |
| Mar 31 | Fortune 500 agreement | Positive | -22.6% | Announced yearly six-figure deal with major consumer brand. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
CYAB has often sold off on positive news, with most prior upbeat announcements followed by negative 24-hour reactions.
Over the last few months, Cyabra moved from announcing a major Fortune 500 agreement on Mar 31 to expanded contract renewals and conference visibility as a newly public company. A shareholder update on May 5 highlighted 2025 revenue of $5.70 million and growth priorities. Despite generally positive operational milestones, four of the last five news events were followed by negative price reactions, making today’s positive response to the first‑quarter 2026 earnings update a departure from that pattern.
Key Terms
GAAP financial
adjusted EBITDA financial
ARR financial
non-GAAP financial
business combination financial
Nasdaq regulatory
PIPE financing financial
going concern financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
GAAP net loss of
ARR increased
Recent Fortune 500 agreement, expanded customer renewal, public-sector activity and strategic collaborations reflect early execution against Cyabra’s post-listing priorities: recurring revenue growth, scalable distribution, deeper platform adoption
NEW YORK, May 15, 2026 (GLOBE NEWSWIRE) -- Cyabra, Inc. (Nasdaq: CYAB) ("Cyabra" or the "Company"), an AI-powered digital trust platform that helps governments and enterprises detect coordinated manipulation and protect digital trust and authenticity, today announced financial results for the first quarter ended March 31, 2026 and provided a corporate update.
“Cyabra entered the public markets with clear commercial momentum, expanding customer adoption and a growing recurring revenue foundation,” said Dan Brahmy, Cyabra Co-Founder and Chief Executive Officer. “During the first quarter, revenue increased
These developments reflect the execution of our strategy to expand recurring revenue, deepen platform adoption and broaden distribution through strategic collaborations.
The first quarter marked Cyabra’s transition from a private-company to a publicly traded company. Cyabra has spent the last seven years building the technology, evidence corpus, and institutional credibility required to operate in environments where trust, security, and public perception are under attack. In late March 2026, we completed our business combination and began trading on Nasdaq. Our Q1 results reflect revenue and margin growth while also including certain non-cash and one-time transaction-related costs associated with that milestone, principally
Our strategy is to continue expanding recurring revenue through new customers, renewals, upsells, and broader platform adoption; convert strategic collaborations into scalable distribution; and continue enhancing Cyabra’s capabilities across authenticity analysis, narrative intelligence, synthetic media analysis and evidence-based mitigation,” Mr. Brahmy continued. “Our work supports organizations including NATO, Korea’s Ministry of Foreign Affairs, and multiple global enterprises, and our research has been cited across thousands of media reports covering some of the world’s high-profile examples of online manipulation. We are focused on positioning Cyabra as a leading digital trust platform that brings authenticity assessment, coordination detection, synthetic media analysis, impersonation monitoring and evidence-based mitigation into a unified platform for institutions. Our objective is to help organizations assess authenticity, identify coordinated activity, and determine what requires a proportionate response.”
First Quarter 2026 Financial Highlights and Subsequent Commercial Developments
- ARR increased
19% year-over-year to approximately$7.0 million as of March 31, 2026, compared to approximately$5.9 million as of March 31, 2025 - Revenue increased
12% year-over-year to approximately$1.4 million for the first quarter of 2026, compared to approximately$1.3 million for the first quarter of 2025 - Gross margin expanded to approximately
86% for the first quarter of 2026, compared to approximately84% for the first quarter of 2025 - Secured a yearly agreement with a major Fortune 500 consumer brand supporting narrative analysis, proactive alerts, evidence-backed mitigation support and executive impersonation and fraud risk monitoring
- Signed expanded two-year customer renewal with a global entertainment management firm, expanding the scope of Cyabra's support to include real-time narrative and authenticity analysis, proactive threat alerts, impersonation monitoring and AI-generated misinformation monitoring
- NATO StratCom COE commissioned Cyabra to uncover AI-driven social media manipulation in a major 2026 report
- Announced collaboration with Carahsoft to deliver advanced disinformation detection solutions to the U.S. public sector
- Published analysis of an Iran-driven coordinated information operation that generated more than 145 million views online, with findings cited by The New York Times, Foreign Policy and additional international media outlets, demonstrating the scale and sophistication of coordinated manipulation activity across digital platforms
- Expanded public-sector footprint with a new European customer
- Announced strategic collaboration with Orchestra to deliver real-time brand safety at scale by combining Cyabra's AI-driven authenticity and narrative intelligence with Orchestra's communications and reputation expertise
- Announced strategic collaboration with United Partners Network to strengthen brand protection and combat disinformation across Europe
- Strengthened Board composition with the addition of leaders across national security, intelligence, diplomacy, public-company governance, cybersecurity, enterprise software and technology operations
- Completed business combination with Trailblazer Merger Corp. and commenced trading on Nasdaq under the ticker symbol "CYAB”
Recent Product Developments
Cyabra also continued to expand its platform capabilities with the launch of a new third-party integration scan flow, enabling customers to import and analyze data from leading social listening platforms directly in Cyabra, starting with Meltwater and Talkwalker. The new workflow is designed to allow customers to use Cyabra as an intelligence layer on top of existing social listening systems, helping teams better understand authenticity, narratives, authors, and visual content without replacing established workflows.
Cyabra also expanded the depth and reach of its analysis capabilities with support for Douyin and WeChat, significantly increasing coverage across the Chinese-language social platforms; conflicting-location detection on X -- formerly Twitter -- to help identify profiles displaying inconsistent location signals that may indicate inauthentic or state-coordinated activity; harmful content and emotion detection to provide greater insight into amplified content and related sentiment and contextual framing; and a new Authenticity Benchmark that helps customers determine whether observed levels of inauthentic behavior are typical or anomalous compared to similar environments.
Cyabra also introduced the News Claims Analysis module, a new capability that surfaces and analyzes claims circulating in news content and tracks how narratives move from online networks into mainstream media. The module is designed to give customers a structured view of how a narrative travels — from its origin in coordinated online activity through its absorption into traditional media channels — enabling earlier identification of narrative threats and more informed response decisions. News Claims Analysis represents a meaningful expansion of Cyabra's narrative intelligence capabilities and is part of the Company's broader strategy to unify authenticity analysis, coordination detection, synthetic media analysis and narrative intelligence into a single operating system for institutions.
First Quarter 2026 Results
Revenues for the three months ended March 31, 2026, were
Cyabra’s ARR was
Gross profit for the quarter was
Operating expenses were
Net loss for the three months ended March 31, 2026 was
Adjusted EBITDA loss was
As of March 31, 2026, Cyabra had approximately
A reconciliation of GAAP to non-GAAP measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading "Non-GAAP Financial Measures."
Market Opportunities and Strategic Priorities
Enterprises, governments and public figures increasingly need to identify inauthentic networks, synthetic content, impersonation risk, coordinated influence and narrative attacks before they cause reputational, operational or public-trust damage. Cyabra is executing against this need as the authenticity and intelligence layer that operates alongside leading social listening, media monitoring and investigative platforms — adding evidence-based analysis of actors, behaviors and content without replacing established workflows. With its solutions, Cyabra enables customers to assess authenticity, identify coordinated activity, and determine what requires a proportionate response.
Near-term priorities are focused on expanding recurring revenue, deepening adoption within existing customer relationships, converting strategic collaborations into scalable distribution, increasing penetration across enterprise and public-sector channels, and continuing to enhance Cyabra’s capabilities across narrative intelligence, authenticity analysis, synthetic content detection, impersonation monitoring and evidence-based mitigation.
About Cyabra
Cyabra is an AI-powered digital trust platform that helps governments, enterprises and public figures detect coordinated manipulation, understand online narratives and protect trust and authenticity in digital environments. Cyabra analyzes actors, behaviors and content across digital platforms to reveal coordinated influence activity, assess authenticity and enable evidence-based mitigation. The Company's platform supports use cases across disinformation defense, brand protection, public-sector intelligence, impersonation risk, synthetic content analysis and narrative threat detection.
For more information please visit www.cyabra.com
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and statements regarding Cyabra's intent, belief or expectations, including, but not limited to, statements regarding Cyabra's future results of operations and financial position, annual recurring revenue, expected revenue recognition, customer adoption, commercial momentum, platform capabilities, strategic collaborations, product development, market opportunity, competitive position, business strategy, public-company execution priorities and long-term stockholder value.
Some of these forward-looking statements can be identified by the use of forward-looking words, including "may," "should," "expect," "intend," "will," "estimate," "anticipate," "believe," "predict," "plan," "target," "project," "could," "would," "continue," "forecast" or the negatives of these terms or variations of them or similar expressions.
These statements relate to future events and involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include those set forth in Cyabra's filings with the Securities and Exchange Commission (the “SEC”). These risks and uncertainties include, among others, those described under the heading “Risk Factors” in Cyabra’s filings with the SEC. Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this press release. Cyabra undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
Contact
Investors: ir@cyabra.com | Media: pr@cyabra.com
Non-GAAP Financial Measures
This release includes financial measures that are not prepared in accordance with U.S. GAAP. Management uses these non-GAAP measures internally to evaluate ongoing operating performance and believes they provide investors with additional insight when used as a supplement to GAAP measures. Non-GAAP measures should not be considered in isolation from, or as a substitute for, GAAP measures. A reconciliation of GAAP to non-GAAP measures is provided in the financial tables included in this release.
Cyabra uses annualized recurring revenues (“ARR”) as a performance metric in managing its business. Cyabra defines ARR as of a specific date as the annualized recurring revenue of signed term-based contracts from all customers with a term of at least 12 months. ARR is calculated by dividing the total contract value of each signed contract with a term of at least 12 months by the number of years in the term. ARR represents the annualized contract value for all contractually binding term-based contracts at the end of a period. Management uses ARR to understand customer trends and the overall health of Cyabra’s business, helping it to formulate strategic business decisions
In addition to our financial results determined in accordance with GAAP, we believe Adjusted EBITDA, as a non-GAAP measure, is useful in evaluating our operating performance. We use Adjusted EBITDA to evaluate our ongoing operations. We believe that this non-GAAP financial measure, when taken together with the corresponding GAAP financial measures, provides meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our business, results of operations or outlook. In particular, we believe that the use of Adjusted EBITDA is helpful to our investors as it is a metric used by management in assessing our operating performance.
| For the three months ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Revenues | $ | 1,415 | $ | 1,260 | ||||
| Cost of revenues | 192 | 196 | ||||||
| Gross profit | 1,223 | 1,064 | ||||||
| Operating costs and expenses | ||||||||
| Research and development expenses | 5,508 | 1,851 | ||||||
| Sales and marketing expenses | 1,255 | 1,736 | ||||||
| General and administrative expenses | 6,284 | 1,515 | ||||||
| Total operating loss | (11,824 | ) | (4,038 | ) | ||||
| Finance income | 1,054 | 724 | ||||||
| Loss before taxes on income | (10,770 | ) | (3,314 | ) | ||||
| Taxes on income | - | - | ||||||
| Net loss for the period | $ | (10,770 | ) | $ | (3,314 | ) | ||
| Loss per share attributable to ordinary shareholders | ||||||||
| Basic and diluted loss per share | $ | (3.10 | ) | $ | (1.47 | ) | ||
| Weighted average number of ordinary shares outstanding used in computation of basic and diluted loss per share | 3,471,031 | 2,356,837 | ||||||
| March 31, 2026 | December 31, 2025 | ||||||||
| Assets | |||||||||
| Current assets | |||||||||
| Cash and cash equivalents | $ | 3,122 | $ | 294 | |||||
| Restricted cash | 193 | 22 | |||||||
| Accounts receivable | 216 | 269 | |||||||
| Other current assets | 241 | 152 | |||||||
| Total current assets | 3,772 | 737 | |||||||
| Non-current assets | |||||||||
| Operating right-of-use asset | 493 | 575 | |||||||
| Property and equipment, net | 137 | 146 | |||||||
| Other assets | 125 | - | |||||||
| Total non-current assets | 755 | 721 | |||||||
| Total assets | 4,527 | 1,458 | |||||||
| Liabilities, redeemable convertible preferred shares and capital deficiency | |||||||||
| Current liabilities | |||||||||
| Trade accounts payable | 2,484 | 1,775 | |||||||
| Accrued expenses | 4,700 | 476 | |||||||
| Short term loans | 2,237 | 5,768 | |||||||
| Operating lease liability | 390 | 380 | |||||||
| Deferred revenues | 2,288 | 2,816 | |||||||
| Employees and related | 2,944 | 1,298 | |||||||
| Other current liabilities | 1,180 | 94 | |||||||
| Convertible notes | - | 12,869 | |||||||
| Liability with respect to warrants | 142 | - | |||||||
| Total current liabilities | 16,365 | 25,476 | |||||||
| Non-current liabilities | |||||||||
| Operating lease liability | 169 | 268 | |||||||
| Long-term deferred revenues | 41 | 115 | |||||||
| Liability with respect to warrants | - | 370 | |||||||
| Total non-current liabilities | 210 | 753 | |||||||
| Total liabilities | 16,575 | 26,229 | |||||||
| Commitments and contingent liabilities | |||||||||
| Redeemable convertible preferred shares: | |||||||||
| Redeemable Preferred A and A-1 shares, NIS 0.01 par value: 0 and 607,373 shares authorized as of March 31, 2026 and December 31, 2025, respectively, 0 and 515,186 issued and outstanding as of March 31, 2026 and December 31, 2025, respectively. Aggregate liquidation preference of | - | 15,268 | |||||||
| Capital deficiency: | |||||||||
| Series A Convertible Preferred Stock of Holdings, | - | - | |||||||
| Series B Convertible Preferred Stock of Holdings, | - | - | |||||||
| Series C Convertible Preferred Stock of Holdings, | - | - | |||||||
| Class A common stock | 2 | 2 | |||||||
| Additional paid in capital | 46,093 | 7,332 | |||||||
| Accumulated deficit | (58,143 | ) | (47,373 | ) | |||||
| Total capital deficiency | (12,048 | ) | (40,039 | ) | |||||
| Total liabilities, redeemable convertible preferred shares and capital deficiency | $ | 4,527 | $ | 1,458 | |||||
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2026 | 2025 | |||||||
| USD | USD | |||||||
| thousands | thousands | |||||||
| Cash flows – operating activities | ||||||||
| Net loss for the period | $ | (10,770 | ) | $ | (3,314 | ) | ||
| Adjustments: | ||||||||
| Depreciation | 14 | 14 | ||||||
| Interest expense | 173 | - | ||||||
| Share based payments | 4,208 | 1,389 | ||||||
| Share based payments for advisory services | 1,009 | - | ||||||
| Exchange rate differences | 32 | 15 | ||||||
| Revaluation of financial liabilities accounted at fair value | (1,259 | ) | (701 | ) | ||||
| Changes in operating assets and liabilities: | ||||||||
| (Decrease) increase in other current assets | (25 | ) | 27 | |||||
| Increase in accounts receivable | 53 | 26 | ||||||
| Increase (decrease) in trade accounts payable | 709 | 157 | ||||||
| Change in ROU asset and lease liability | (6 | ) | (19 | ) | ||||
| (Decrease) increase in deferred revenues | (603 | ) | 1,207 | |||||
| Increase in employees and related | 1,645 | 46 | ||||||
| Increase (decrease) in other current liabilities | 2,222 | (120 | ) | |||||
| Net cash used in operating activities | (2,598 | ) | (1,273 | ) | ||||
| Cash flows – investing activity | ||||||||
| Purchase of property and equipment | (5 | ) | (12 | ) | ||||
| Net cash used in investing activity | (5 | ) | (12 | ) | ||||
| Cash flows – financing activities | ||||||||
| Receipt of loans | 2,655 | 1,371 | ||||||
| Repayment of loans | (6,370 | ) | (312 | ) | ||||
| Exercise of options and warrants | 3 | 1 | ||||||
| Cash received from Merger Agreement upon the effectiveness of the Business Combination | 1,336 | - | ||||||
| Proceeds from PIPE, net of transaction costs | 8,000 | - | ||||||
| Net cash provided by financing activities | 5,624 | 1,060 | ||||||
| Increase (decrease) in cash, cash equivalents and restricted cash | 3,021 | (225 | ) | |||||
| Exchange rate differences on cash and cash equivalents and restricted cash | (22 | ) | (15 | ) | ||||
| Cash, cash equivalents and restricted cash at the beginning of period | 316 | 946 | ||||||
| Cash, cash equivalents and restricted cash at the end of the period | 3,315 | 706 | ||||||
| Supplemental disclosures of cash flow information: | ||||||||
| Interest paid | $ | 179 | $ | 31 | ||||
| Supplemental disclosure of non-cash activity: | ||||||||
| Conversion of redeemable preferred shares | $ | 15,268 | $ | - | ||||
| Conversion of convertible notes | $ | 12,676 | $ | - | ||||
| Conversion of warrant liability to equity | $ | 390 | $ | - | ||||
| Cash, cash equivalent and restricted cash at the end of the period: | ||||||||
| Cash and cash equivalents | $ | 3,122 | $ | 688 | ||||
| Restricted cash | $ | 193 | $ | 19 | ||||
Non-GAAP Financial Measure
The Company uses Adjusted EBITDA as a non-GAAP financial measure in evaluating its operating performance. Adjusted EBITDA is not a financial measure calculated in accordance with GAAP and should not be considered as a substitute for net loss or any other financial measure calculated in accordance with GAAP. The Company believes Adjusted EBITDA provides useful supplemental information to investors and others in understanding and evaluating its operating results in the same manner as management.
| Reconciliation of Net Loss to Adjusted EBITDA U.S. dollars in thousands | |||||||
| Three Months Ended March 31, 2026 | Three Months Ended March 31, 2025 | ||||||
| Net loss | $ | (10,770 | ) | $ | (3,314 | ) | |
| Depreciation and amortization | 14 | 14 | |||||
| Income taxes | — | — | |||||
| Finance income, net | (1,054 | ) | (724 | ) | |||
| EBITDA | $ | (11,810 | ) | $ | (4,024 | ) | |
| Stock-based compensation expenses | 5,217 | 1,389 | |||||
| Non-recurring expenses related to the Business Combination | 3,438 | — | |||||
| Adjusted EBITDA | $ | (3,155 | ) | $ | (2,635 | ) | |
Footnotes:
(1) Represents non-cash charges associated with stock-based compensation expense, which is a significant recurring expense in the Company’s business and an important part of its compensation strategy.
(2) Represents non-recurring costs related to the Business Combination, including bonus expenses to several employees in connection with the Business Combination.
