Cyabra (CYAB) Registration filing summary

Company overview and business model

• Israeli-founded online disinformation intelligence provider; its AI/ML platform analyzes public social and news data to detect fake accounts, harmful narratives, and GenAI content in real time.

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

• Serves government and public-sector users in national security, election security, and law enforcement, alongside businesses seeking brand protection and consumer insights.

Financial performance and metrics

• 9M 2025 revenue $4.078m, up 36% YoY; ARR $6.7m at September 30, 2025 versus $4.9m a year earlier, up 37%.

• 9M 2025 gross profit $3.494m versus $2.410m YoY; operating loss $9.615m versus $6.307m, while net loss narrowed to $8.501m from $10.076m.

• FY 2024 revenue $4.155m, up 116% YoY; ARR was $6.1m at year-end versus $3.5m a year earlier, up 74%. FY 2024 net loss was $15.610m versus $6.550m in FY 2023.

• As of September 30, 2025, accumulated deficit was $43.1m, cash and cash equivalents were $0.927m, and 9M operating cash outflow was $6.525m; management cited substantial doubt about funding operations for 12 months without further financing.

Use of proceeds and capital allocation

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

• Cash exercise of all 450,000 PIPE warrants at $11.50 per share could generate gross proceeds of $5.175m; proceeds are intended for working capital, capex, product development, and U.S. and international sales and marketing.

• Warrants may expire unexercised or be exercised cashlessly by eligible holders, so cash proceeds may be limited or zero; available funds and future earnings are intended to support operations and expansion rather than near-term dividends.