An excellent attempt to translate. There is some explanation here in addition to the translation as I see.
I checked the lexicon for the words in the firsr line

Tab Suffering loss to a degree of perishing
Bat Becoming unable to proceed with the journey ( of life)
Yada for ever, (as it is not yad with a gezm which would have meant hand otherwise)
Abi disagreeing and refusing ( with the decree of our Creator here)
Lahab Burning with thirst
wa tab and he( or such nation) will suffer and perish.

So in simple english, is it meaning??

Those people ( or nation) who refuse and disagree to follow the command of our creator, they will eventually suffer a major loss to a degree that they will perish and will be

like those who are burning with thirst ( for lack of truth ) and they will be unable to continue the life journey ( in comfort ) for ever. And they will perish.

Regards
Knowledge thirsty