Trailblazer Merger Corp I Cashflow Statement

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Financial Statements

Income Statement Balance Sheet Cashflow Statement

Consolidated Statements of Cash Flows

In millions of USD, except per-share amounts

	FY2025 12 months to Dec 31, 2025	FY2024 12 months to Dec 31, 2024	FY2023 12 months to Dec 31, 2023
Cash Flows from Operating Activities:
Net (loss) income
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Stock-based compensation expense to certain officers and directors
Loss on debt extinguishment of promissory note
Loss on change in fair value of promissory note and forward settlement contract
Interest earned on marketable securities held in Trust Account
Deferred tax provision from income taxes
(Benefit) Deferred tax provision from income taxes
Changes in operating assets and liabilities:
Prepaid expenses
Prepaid insurance
Accounts payable and accrued expenses
Income taxes payable
Excise tax payable
Net cash used in operating activities
Cash Flows from Investing Activities:
Investment of cash into Trust Account
Extension deposit into Trust Account
Cash withdrawn from Trust Account to pay franchise and income taxes
Proceeds from Trust Account to pay the redeeming stockholders
Cash withdrawn from Trust Account to pay the redeeming stockholders
Net cash provided by investing activities
Cash Flows from Financing Activities:
Proceeds from sale of units, net of underwriting discounts paid
Proceeds from sale of private placement units
Proceeds from promissory note - related party
Repayment of promissory note - related party
Redemption payment to redeeming stockholders
Payment of offering costs
Net cash used in financing activities
Net Change in Cash and Restricted Cash
Cash and Restricted Cash – Beginning of period
Cash and Restricted Cash – End of period
Cash
Cash and Restricted Cash, end of period
Cash
Cash – restricted
Supplementary cash flow information:
Cash paid for income taxes
Non-Cash investing and financing activities:
Offering costs included in accrued offering costs
Excise tax payable
Remeasurement of carrying value to redemption value
Deferred underwriting fee payable

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