TBMCU · Trailblazer Merger Corp I - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | - | - | - | - | - | - | - | - | - |
| Cost of Revenue | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - | - | - | - |
| SG&A | - | $532.8K | $445.6K | - | - | - | - | - | - |
| Total Operating Expenses | - | $563.8K | - | $388.3K | - | - | $194.1K | $625 | $53.0K |
| D&A | - | - | - | - | - | - | - | - | - |
| Operating Income | - | ($532.8K) | ($572.5K) | ($388.3K) | - | - | ($194.1K) | ($625) | ($53.0K) |
| Interest Expense | - | - | - | - | - | - | - | - | - |
| Income Tax | - | $199.9K | $196.7K | $188.9K | - | - | $177.3K | $139.9K | ($10.5K) |
| Net Income | - | $145.3K | $217.5K | $372.4K | - | - | $522.9K | $390.9K | ($249.6K) |
| EPS - Basic | - | - | - | - | - | - | - | - | - |
| EPS - Diluted | - | - | - | - | - | - | - | - | - |
Balance Sheet
| Line item | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $85.4K | $19.2K | $99.4K | $578.6K | $63.8K | $607.8K | $675.5K | $731.5K | $34.4K |
| Accounts Receivable | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - |
| Current Assets | $212.7K | $24.00M | $1.39M | $845.5K | $901.7K | $749.8K | $821.4K | $902.3K | $36.5K |
| Total Assets | $4.31M | $28.10M | $28.99M | $28.12M | $27.73M | $73.77M | $72.87M | $72.10M | $301.9K |
| Current Liabilities | $14.17M | $34.05M | $7.06M | $5.95M | $5.11M | $942.3K | $933.9K | $683.3K | $282.0K |
| Long-term Debt | - | - | - | - | - | - | - | - | - |
| Total Liabilities | $16.24M | $36.12M | $9.13M | $8.02M | $7.18M | $3.22M | $3.00M | $2.75M | $2.53M |
| Stockholders' Equity | ($15.94M) | ($5.00M) | ($7.58M) | ($2.71M) | ($6.08M) | ($1.68M) | ($1.57M) | ($1.43M) | $19.8K |
| Retained Earnings | ($15.94M) | ($11.87M) | ($7.58M) | ($6.86M) | ($6.08M) | ($1.68M) | ($1.57M) | ($1.43M) | ($5.2K) |
Cash Flow
| Line item | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | - | - | - | ($182.1K) | - | - | - | - | ($6.0K) |
| Investing Cash Flow | - | - | - | ($537.1K) | - | - | - | - | ($70.38M) |
| Financing Cash Flow | - | - | - | $690.0K | - | - | - | - | $71.43M |
| CapEx | - | - | - | - | - | - | - | - | - |
| Free Cash Flow | - | - | - | - | - | - | - | - | - |
Ratios
| Metric | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|
| Profitability | |||||||||
| Gross margin | - | - | - | - | - | - | - | - | - |
| Operating margin | - | - | - | - | - | - | - | - | - |
| EBITDA margin | - | - | - | - | - | - | - | - | - |
| Net margin | - | - | - | - | - | - | - | - | - |
| Free cash flow margin | - | - | - | - | - | - | - | - | - |
| FCF / Net income | - | - | - | - | - | - | - | - | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | - | - | - | - | - | - | - | - | - |
| Effective tax rate | - | 57.9% | 47.5% | 33.7% | - | - | 25.3% | 26.4% | - |
| Return on assets | - | 0.5% | 0.8% | 1.3% | - | - | 0.7% | 0.5% | -82.7% |
| Return on equity | - | -2.9% | -2.9% | -13.8% | - | - | -33.3% | -27.4% | -1259.7% |
| Return on invested capital | - | - | - | - | - | - | - | - | - |
| Liquidity | |||||||||
| Current ratio | 0.02 | 0.70 | 0.20 | 0.14 | 0.18 | 0.80 | 0.88 | 1.32 | 0.13 |
| Quick ratio | 0.02 | 0.70 | 0.20 | 0.14 | 0.18 | 0.80 | 0.88 | 1.32 | 0.13 |
| Cash ratio | 0.01 | 0.00 | 0.01 | 0.10 | 0.01 | 0.65 | 0.72 | 1.07 | 0.12 |
| Leverage | |||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | - | - | - | - |
| Equity multiplier | -0.27 | -5.62 | -3.82 | -10.40 | -4.56 | -43.99 | -46.44 | -50.59 | 15.24 |
| Liabilities / Assets | 3.77 | 1.29 | 0.31 | 0.29 | 0.26 | 0.04 | 0.04 | 0.04 | 8.37 |
| Efficiency | |||||||||
| Asset turnover | - | - | - | - | - | - | - | - | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - |
| Valuation | |||||||||
| P / E | - | - | - | - | - | - | - | - | - |
| P / B | - | - | - | - | - | - | - | - | - |
| P / S | - | - | - | - | - | - | - | - | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - |
| Growth | |||||||||
| Revenue growth (YoY) | - | - | - | - | - | - | - | - | - |
| Revenue CAGR (3y) | - | - | - | - | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | - | - | - | - | - | - | - | - | - |
| Net income growth (YoY) | - | - | - | - | - | - | - | - | - |
| EPS growth (YoY) | - | - | - | - | - | - | - | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | - | - | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -162.1% | - | - | - | -262.6% | - | - | - | - |
Peer comparison
Same SIC group: Blank Checks
Comparing Trailblazer Merger Corp I against the 5 most active filers in the same SIC group.