<span item_type="fundamental" item_id="a18fcbbdf6d005ff61282c5e8fbee984" counter_id="ST/US/TBMCR" env="prod"></span><span item_type="announcement" item_id="585333785058609409" env="prod"></span><p>Revenue: As of FY2025 Q3, the actual value is USD 0.</p><p>EPS: As of FY2025 Q3, the actual value is USD -0.82.</p><p>EBIT: As of FY2025 Q3, the actual value is USD -850.96 K.</p><p></p><h3>Segment Revenue</h3><ul><li>The company has not yet commenced any operations and will not generate any operating revenues until after the completion of a Business Combination.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1934945/000121390025113605/ea0264689-10q_trailblaz1.htm"></span></li></ul><h3>Operational Metrics</h3><ul><li>For the three months ended September 30, 2025, the company reported a net loss of $3,693,011, which includes general and administrative expenses of $563,783, a loss on debt extinguishment of promissory note of $6,222,973, and provision for income taxes of $49,807, offset by interest earned on marketable securities held in Trust Account of $287,177, and gain on change in fair value of promissory note $2,856,375.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1934945/000121390025113605/ea0264689-10q_trailblaz1.htm"></span></li><li>For the nine months ended September 30, 2025, the company reported a net loss of $4,384,093, which includes general and administrative expenses of $1,675,074, a loss on debt extinguishment of promissory note of $6,222,973, and provision for income taxes of $194,023, offset by interest earned on marketable securities held in Trust Account of $851,602, and gain on change in fair value of promissory note $2,856,375.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1934945/000121390025113605/ea0264689-10q_trailblaz1.htm"></span></li></ul><h3>Cash Flow</h3><ul><li>Net cash used in operating activities for the nine months ended September 30, 2025 was - $2,102,438.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1934945/000121390025113605/ea0264689-10q_trailblaz1.htm"></span></li><li>Net cash used in investing activities for the nine months ended September 30, 2025 was - $242,487.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1934945/000121390025113605/ea0264689-10q_trailblaz1.htm"></span></li><li>Net cash provided by financing activities for the nine months ended September 30, 2025 was $1,497,286.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1934945/000121390025113605/ea0264689-10q_trailblaz1.htm"></span></li></ul><h3>Unique Metrics</h3><ul><li>The company recorded a loss on extinguishment of promissory note amounting to $6,222,973.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1934945/000121390025113605/ea0264689-10q_trailblaz1.htm"></span></li><li>The company recognized a gain on change in fair value of promissory note of $2,856,375 during the three and nine months ended September 30, 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1934945/000121390025113605/ea0264689-10q_trailblaz1.htm"></span></li></ul><h3>Future Outlook and Strategy</h3><h4>Core Business Focus</h4><ul><li>The company intends to complete a Business Combination with Cyabra before the mandatory liquidation date.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1934945/000121390025113605/ea0264689-10q_trailblaz1.htm"></span></li></ul><h4>Non-Core Business</h4><ul><li>The company has extended the Termination Date by which it has to consummate a business combination up to six times, each such extension for an additional one month period, until March 30, 2026.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1934945/000121390025113605/ea0264689-10q_trailblaz1.htm"></span></li></ul><h3>Priority</h3><ul><li>The company is within 12 months of its mandatory liquidation date as of the time of filing of this Quarterly Report on Form 10-Q.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1934945/000121390025113605/ea0264689-10q_trailblaz1.htm"></span></li></ul>

TRAILBLAZER MERGER CORP I USD0.0001 CL A (S/R21/04/2028) | 10-Q: FY2025 Q3 Revenue: USD 0