Cyabra (CYAB) Registration filing summary

Company overview and business model

• AI/ML platform monitors public social and news data in real time to assess account authenticity and sentiment, detect bots, harmful narratives and GenAI content, and support brand and public-sector threat response.

• Revenue model centers on SaaS subscriptions, generally several months to three years; also offers two-to-three-year on-premises licenses and paid managed-service reports.

• Customers include governments, law enforcement agencies and commercial businesses; use cases span national security, election integrity, public safety and brand protection.

• SaaS and on-premises revenue is recognized ratably; managed-services revenue is recognized when the deliverable transfers to the customer.

Financial performance and metrics

• FY2025 revenue $5.707M, up 37% YoY from $4.155M; new customers contributed $1.3M, partly offset by non-renewals.

• FY2025 ARR was $6.1M, flat YoY; delayed high-value renewals and expansions, especially in the public sector, shifted into early 2026.

• FY2025 gross profit $4.841M vs. $3.373M; operating loss $11.970M vs. $9.198M; net loss $12.819M vs. $15.610M.

• FY2025 operating cash outflow $8.144M and financing inflow $7.597M; cash and cash equivalents were $294K at Dec. 31, 2025, with accumulated deficit of $47.373M.

• Management and auditors cite substantial doubt about ability to continue as a going concern; additional financing is needed to sustain operations.

Use of proceeds and capital allocation

• No proceeds go to the issuer from selling shareholders’ resales; issuer bears registration costs, while selling shareholders bear their sale commissions and related expenses.

• Cash exercise of all 400,000 PIPE Warrants at $11.50 per share would yield $4.6M gross; proceeds are earmarked for working capital, capex, product development, and U.S. and international sales and marketing.

• PIPE Warrants may expire unexercised or be exercised cashlessly by eligible holders, so warrant proceeds may be limited or zero.

• Dividend policy is to retain available funds and future earnings for operations and expansion; no dividends are anticipated in the foreseeable future.