Detailed financial statements for Trailblazer Acquisition Corp. Unit (BLZRU): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
These units offer an investment in Trailblazer Acquisition Corp., a Special Purpose Acquisition Company (SPAC). Each unit consists of one Class A ordinary share and one-third of a redeemable warrant, with full warrants allowing for the purchase of a share at $11.50. This SPAC aims to complete mergers within the media, communications, sports, entertainment, technology, and consumer retail industries.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $10.29, BLZRU trades at a P/E of 44.86 and an ROE of 2.84%. Market capitalisation stands at $351M.
Balance sheet quality for BLZRU: current ratio of 10.3. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of -$315460 represents -11% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2025 |
|---|---|
| Revenue | 0 |
| Cost of Revenue | 0 |
| Gross Profit | 0 |
| Research & Development | 0 |
| Selling, General & Admin | $250048 |
| Operating Expenses | $250048 |
| Operating Income | -$250048 |
| EBITDA | -$250048 |
| Interest Expense | 0 |
| Pre-tax Income | $3.0M |
| Income Tax | 0 |
| Net Income | $3.0M |
| EPS | $0.09 |
| EPS (Diluted) | $0.09 |
| Shares Outstanding (Diluted) | $34.4M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | 0 | 0 |
| Operating Income | -$87287 | -$143955 | -$179278 | -$122707 |
| EBITDA | -$87287 | -$143955 | -$179278 | -$122707 |
| Net Income | $489325 | $2.5M | $2.3M | $2.4M |
| EPS | $0.01 | $0.07 | $0.07 | $0.07 |
| EPS (Diluted) | $0.01 | $0.07 | $0.07 | $0.07 |
Balance Sheet (10y)
| Year | 2025 |
|---|---|
| Cash & Equivalents | $1.2M |
| Short-term Investments | 0 |
| Receivables | 0 |
| Inventory | 0 |
| Total Current Assets | $1.3M |
| Property, Plant & Equipment | 0 |
| Goodwill | 0 |
| Intangible Assets | 0 |
| Total Assets | $279.6M |
| Accounts Payable | 0 |
| Short-term Debt | 0 |
| Total Current Liabilities | $122756 |
| Long-term Debt | 0 |
| Total Liabilities | $11.8M |
| Retained Earnings | -$10.5M |
| Total Equity | $267.7M |
| Total Debt | 0 |
| Net Debt | -$1.2M |
| Working Capital | $1.1M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $1.3M | $1.2M | $1.0M | $951192 |
| Total Assets | $277.0M | $279.6M | $281.9M | $284.2M |
| Total Liabilities | $11.8M | $11.8M | $292.5M | $11.9M |
| Total Equity | $265.2M | $267.7M | $270.0M | $272.4M |
| Total Debt | 0 | 0 | 0 | 0 |
Cash Flow (10y)
| Year | 2025 |
|---|---|
| Net Income | $3.0M |
| Depreciation & Amortization | 0 |
| Stock-based Compensation | 0 |
| Change in Working Capital | -$82828 |
| Operating Cash Flow | -$315456 |
| Capital Expenditure | -$4 |
| Acquisitions | 0 |
| Stock Repurchased | 0 |
| Dividends Paid | 0 |
| Free Cash Flow | -$315460 |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2026-Q2 |
|---|---|---|
| Operating Cash Flow | -$235328 | $276 |
| Capital Expenditure | 0 | 0 |
| Free Cash Flow | -$235330 | $276 |
| Dividends Paid | 0 | 0 |
| Stock-based Compensation | 0 | 0 |
Growth & Margins (10y)
| Year | 2025 |
|---|---|
| Effective Tax Rate | 0.0% |
Per-Share Data (10y)
| Year | 2025 |
|---|---|
| FCF Per Share | $-0.01 |
| Dividends Per Share | $0.00 |
| Shares Outstanding (Basic) | $34.4M |
What to look at in Financial Services
Asset managers, brokers, fintech, exchanges. They are not banks — look at AUM, fees and FCF quality.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — Good asset managers have >30% margins thanks to scalability
- ROE — Quality financial services have a consistent ROE >15%
- FCF / Net Income — Earnings quality — >90% expected in capital-light businesses
- Debt / Equity — Fintech and brokers with high D/E are time bombs in crises
- P/E vs own 5y — Asset managers have stable multiples in well-known ranges
- Dividend yield + buybacks — These businesses return a lot of capital — look at total yield (div + buybacks)
Profitability
| Return on Equity | 2.84% |
| Return on Invested Capital | -0.19% |
| Return on Assets | 2.69% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 5.94 |
Key Ratios (10y)
| Year | 2025 |
|---|---|
| P/E | 115.32 |
| P/B | 1.29 |
| P/S | 0.00 |
| Gross Margin | 0.0% |
| Operating Margin | 0.0% |
| Net Margin | 0.0% |
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