Cyabra (CYAB) Registration filing summary

Company overview and business model

• AI/ML platform monitors public social media and news data in real time to identify fake accounts, harmful narratives, sentiment patterns, and GenAI-generated text and images.

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

• Revenue is primarily SaaS subscriptions, generally several months to three years; additional models include two-to-three-year on-premises licenses and paid Managed Services reports.

• Commercialization began in 2022; a 13-person sales and marketing team works through direct outreach, resellers, and partners.

Financial performance and metrics

• FY2025 revenue was $5.7M, up 37% YoY; net loss was $12.8M versus $15.6M in FY2024.

• H1 2026 revenue was $3.3M, up 26% YoY; net loss was $14.2M versus $5.8M in H1 2025, including $5.4M stock-based compensation and $3.4M one-time Business Combination costs.

• ARR was $8.1M at June 30, 2026, versus $6.3M a year earlier; ARR was $6.1M at Dec. 31, 2025, unchanged YoY despite FY2025 revenue growth.

• Cash and cash equivalents were $0.8M at June 30, 2026; management reported insufficient liquidity for 12 months without further fundraising and substantial doubt about continued operations.

• Operating cash outflow was $5.0M in H1 2026 and $8.1M in FY2025; accumulated deficit reached $61.6M at June 30, 2026.

Use of proceeds and capital allocation

• Resale sales by selling shareholders generate no proceeds; cash exercise of registered pre-funded and Series A/B warrants could yield up to $1.12M, for working capital and general corporate purposes.

• The July 2026 PIPE generated approximately $6M gross and $5.3M net; net proceeds were designated for working capital and general corporate purposes.

• Warrant exercises may be cashless or never occur, so cash proceeds are uncertain.