FUSE on Nasdaq
Fusemachines Inc.
AI Fellowship Program, are designed to upskill students and professionals by providing hands-on experience with real world AI applications.3 From its latest annual report
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Last updated Oct 19, 2026.
Overview
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- TickerFUSE on Nasdaq1
- IndustryServices-Computer Integrated Systems Design1
- HeadquartersFort Lauderdale, Florida1
- Business address2400 East Commercial Boulevard, Suite 900, Fort Lauderdale, Fl 333082
- Filer categoryNon-accelerated filer, Smaller reporting company, Emerging growth company2
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AI Fellowship Program, are designed to upskill students and professionals by providing hands-on experience with real world AI applications.3 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
55.8%Gross margin4
-77.2%Operating margin4
-12.0%Net margin4
-12.5%Revenue growth, 20254
-$5.6MFree cash flow4
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
AI Solutions brought in 98% of the revenue Fusemachines Inc. broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2024 | 2025 |
|---|---|---|
| AI Solutions | $8.8M | $7.6M |
| AI Education Services | $133.0K |
Regions
United States brought in 95% of the revenue Fusemachines Inc. broke down this way in fiscal 2025.
Regions by year
| Regions | 2024 | 2025 |
|---|---|---|
| United States | $8.5M | $7.3M |
| Outside the United States | $267.0K | $372.0K |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue44¢$3.4M
- Research and development9¢$720.0K
- Other costs46¢$3.6M
- Income tax0¢$3.0K
Out of $7.7M in revenue.4 The company lost money this year.
Financial statements
Every line of the income statement as filed: the last 2 fiscal years, latest first.4
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Revenue | $7.7M | $8.8M |
| Cost of revenue | -$3.4M | -$4.0M |
| Gross Profit | $4.3M | $4.8M |
| Selling and marketing | $1.4M | $2.0M |
| General and administrative | $8.2M | $10.3M |
| Research and development | $720.0K | $732.0K |
| Total operating expenses | $10.3M | $13.0M |
| Loss from operations | -$6.0M | -$8.2M |
| Interest expense | -$268.0K | -$234.0K |
| Loss on extinguishment of convertible notes payable | -$391.0K | |
| Loss on extinguishment of notes payable | -$601.0K | |
| Loss on extinguishment of payable | -$70.0K | |
| Gain/(Loss) on change in fair value of convertible notes and warranty liability | $6.5M | -$6.1M |
| Gain/(Loss) on change in fair value of forward purchase derivative liability | -$1.1M | |
| Other (expense) income | $220.0K | -$148.0K |
| Total other expense/(income), net | $5.0M | -$7.2M |
| Loss before income taxes and equity in earnings of investee | -$925.0K | -$15.4M |
| Provision for income tax | -$3.0K | -$31.0K |
| Equity in earnings of investee, net of income tax provision of $0 and $0, respectively | -$1.0K | |
| Net loss | -$928.0K | -$15.4M |
| Change in foreign currency translation adjustment | $10.0K | $57.0K |
| Total comprehensive loss | -$918.0K | -$15.3M |
| Net loss per share - basic | -$0.08 | -$2.21 |
| Net loss per share - diluted | -$0.08 | -$2.21 |
| Weighted-average common shares outstanding - basic | 11.5M shares | 7.0M shares |
| Weighted-average common shares outstanding - diluted | 11.5M shares | 7.0M shares |
| EquityIn earnings of investee income tax provision | $0 | $0 |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 5 fiscal years (annual) or 6 quarters (quarterly), latest first.4
| Period ending | 2025-12-31 | 2025-10-31 | 2025-01-31 | 2024-12-31 | 2024-01-31 |
|---|---|---|---|---|---|
| Cash and cash equivalents | $4.2M | $9.4M | $500.0K | ||
| Accounts receivable, current, net | $1.3M | $1.4M | |||
| Unbilled revenue | $16.0K | $113.0K | |||
| Deferred transaction costs | $1.9M | ||||
| Prepaid expenses and other current assets | $753.0K | $219.0K | |||
| Total current assets | $6.3M | $4.1M | |||
| Property and equipment, net | $305.0K | $348.0K | |||
| Intangible assets, net | $206.0K | $187.0K | |||
| Accounts receivable, net | $4.0K | ||||
| Deferred tax asset | $11.0K | $10.0K | |||
| Operating lease right-of-use assets | $744.0K | $870.0K | |||
| Other assets | $16.0K | $5.0K | |||
| Total assets | $7.5M | $5.5M | |||
| Accounts payable | $5.0M | $6.5M | |||
| Accrued expenses and other current liabilities | $4.6M | $3.7M | |||
| Deferred revenue | $54.0K | ||||
| Convertible notes payable, at fair value, current | $9.0M | ||||
| Convertible notes payable, current | $255.0K | ||||
| Related party loan payable, current | $300.0K | $700.0K | |||
| Operating lease liability, current | $85.0K | $74.0K | |||
| Forward purchase derivative liability | $9.7M | ||||
| Short term debt | $342.0K | ||||
| Total current liabilities | $20.0M | $20.3M | |||
| Accounts payable non-current | $143.0K | ||||
| Related party convertible notes payable, at fair value | $6.5M | ||||
| Convertible notes payable | $200.0K | ||||
| Warrant liability | $121.0K | $945.0K | |||
| Cumulative mandatorily redeemable common and preferred stock liability | $1.0M | $1.0M | |||
| Operating lease liability | $751.0K | $878.0K | |||
| Total liabilities | $22.1M | $29.9M | |||
| Convertible preferred stock ($0.0001 par value, 5,000,000 and 5,972,716 shares authorized as of December 31,2025 and December 31, 2024, respectively; Nil and 5,950,673 shares issued as of December 31, 2025 and December 31, 2024, respectively; Nil and 5,950,673 shares outstanding as of December 31, 2025 and December 31, 2024) | $7.9M | ||||
| Common stock ($0.0001 par value, 500,000,000 shares and 15,924,202 shares authorized as of December 31,2025 and December 31, 2024; 29,377,169 and 7,709,867 shares issued as of December 31,2025 and December 31,2024 respectively; 28,938,266 shares and 7,264,192 shares outstanding as of December 31,2025 and December 31, 2024, respectively) | $3.0K | $85.0M | $1.0K | ||
| Additional paid in capital | $31.3M | $4.7M | |||
| Treasury stock, at cost (Nil and 438,903 as of December 31,2025 and December 31, 2024, respectively) | -$2.9M | -$2.9M | |||
| Share subscription receivable | -$11.0M | ||||
| Accumulated deficit | -$35.1M | -$34.2M | |||
| Accumulated other comprehensive income | $260.0K | $250.0K | |||
| Total stockholders deficit | -$14.6M | -$24.3M | |||
| Total liabilities and stockholders deficit | $7.5M | $5.5M | |||
| Convertible preferred stock, par value | $0.00 | $0.00 | |||
| Convertible preferred stock, shares authorized | 5.0M shares | 6.0M shares | |||
| Convertible preferred stock, shares issued | 6.0M shares | ||||
| Convertible preferred stock, shares outstanding | 6.0M shares | ||||
| Common stock, par value | $0.00 | $0.00 | $0.00 | ||
| Common stock, shares authorized | 500.0M shares | 15.9M shares | |||
| Common stock, shares issued | 29.4M shares | 29.2M shares | 7.7M shares | 3.6M shares | |
| Common stock, shares outstanding | 28.9M shares | 29.2M shares | 7.3M shares | ||
| Treasury stock, shares | 438.9K shares | 438.9K shares |
| Period ending | 2025-12-31 | 2025-10-31 | 2025-01-31 | 2024-12-31 | 2024-01-31 | 2023-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | $4.2M | $9.4M | $500.0K | |||
| Accounts receivable, current, net | $1.3M | $1.4M | ||||
| Unbilled revenue | $16.0K | $113.0K | ||||
| Deferred transaction costs | $1.9M | |||||
| Prepaid expenses and other current assets | $753.0K | $219.0K | ||||
| Total current assets | $6.3M | $4.1M | ||||
| Property and equipment, net | $305.0K | $348.0K | ||||
| Intangible assets, net | $206.0K | $187.0K | ||||
| Accounts receivable, net | $4.0K | |||||
| Deferred tax asset | $11.0K | $10.0K | ||||
| Operating lease right-of-use assets | $744.0K | $870.0K | ||||
| Other assets | $16.0K | $5.0K | ||||
| Total assets | $7.5M | $5.5M | ||||
| Accounts payable | $5.0M | $6.5M | ||||
| Accrued expenses and other current liabilities | $4.6M | $3.7M | ||||
| Deferred revenue | $54.0K | |||||
| Convertible notes payable, at fair value, current | $9.0M | |||||
| Convertible notes payable, current | $255.0K | |||||
| Related party loan payable, current | $300.0K | $700.0K | ||||
| Operating lease liability, current | $85.0K | $74.0K | ||||
| Forward purchase derivative liability | $9.7M | |||||
| Short term debt | $342.0K | |||||
| Total current liabilities | $20.0M | $20.3M | ||||
| Accounts payable non-current | $143.0K | |||||
| Related party convertible notes payable, at fair value | $6.5M | |||||
| Convertible notes payable | $200.0K | |||||
| Warrant liability | $121.0K | $945.0K | ||||
| Cumulative mandatorily redeemable common and preferred stock liability | $1.0M | $1.0M | ||||
| Operating lease liability | $751.0K | $878.0K | ||||
| Total liabilities | $22.1M | $29.9M | ||||
| Convertible preferred stock ($0.0001 par value, 5,000,000 and 5,972,716 shares authorized as of December 31,2025 and December 31, 2024, respectively; Nil and 5,950,673 shares issued as of December 31, 2025 and December 31, 2024, respectively; Nil and 5,950,673 shares outstanding as of December 31, 2025 and December 31, 2024) | $7.9M | |||||
| Common stock ($0.0001 par value, 500,000,000 shares and 15,924,202 shares authorized as of December 31,2025 and December 31, 2024; 29,377,169 and 7,709,867 shares issued as of December 31,2025 and December 31,2024 respectively; 28,938,266 shares and 7,264,192 shares outstanding as of December 31,2025 and December 31, 2024, respectively) | $3.0K | $85.0M | $1.0K | |||
| Additional paid in capital | $31.3M | $4.7M | ||||
| Treasury stock, at cost (Nil and 438,903 as of December 31,2025 and December 31, 2024, respectively) | -$2.9M | -$2.9M | ||||
| Share subscription receivable | -$11.0M | |||||
| Accumulated deficit | -$35.1M | -$34.2M | ||||
| Accumulated other comprehensive income | $260.0K | $250.0K | ||||
| Total stockholders deficit | -$14.6M | -$24.3M | -$8.5M | |||
| Total liabilities and stockholders deficit | $7.5M | $5.5M | ||||
| Convertible preferred stock, par value | $0.00 | $0.00 | ||||
| Convertible preferred stock, shares authorized | 5.0M shares | 6.0M shares | ||||
| Convertible preferred stock, shares issued | 6.0M shares | |||||
| Convertible preferred stock, shares outstanding | 6.0M shares | |||||
| Common stock, par value | $0.00 | $0.00 | $0.00 | |||
| Common stock, shares authorized | 500.0M shares | 15.9M shares | ||||
| Common stock, shares issued | 29.4M shares | 29.2M shares | 7.7M shares | 3.6M shares | ||
| Common stock, shares outstanding | 28.9M shares | 29.2M shares | 7.3M shares | |||
| Treasury stock, shares | 438.9K shares | 438.9K shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.4
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net Loss | -$928.0K | -$15.4M |
| Depreciation of property and equipment | $96.0K | $109.0K |
| Amortization of intangible asset | $93.0K | $70.0K |
| Provision for credit losses | $55.0K | $540.0K |
| Stock-based compensation | $231.0K | $1.1M |
| Amortization of right-of-use assets | $88.0K | $110.0K |
| Changes in fair value of convertible notes at fair value, warranty liability and forward purchase agreement liability | -$6.5M | $6.1M |
| Change in fair value of forward purchase derivative liability | $1.1M | |
| Accretion of cumulative mandatorily redeemable common and preferred stock liability | $99.0K | $80.0K |
| Equity method investment obtained in exchange for services | -$122.0K | |
| Impairment of Equity investments | $120.0K | |
| Equity in earnings of investee | $2.0K | |
| Loss on extinguishment of convertible notes payable | $391.0K | $601.0K |
| Loss on extinguishment of payable | $70.0K | |
| Unrealized foreign exchange gain/(loss) | $27.0K | $49.0K |
| Deferred income taxes | -$2.0K | -$11.0K |
| Accounts receivable, current, net | $47.0K | -$904.0K |
| Unbilled revenue | $82.0K | -$39.0K |
| Prepaid expenses and other current assets | -$74.0K | -$85.0K |
| Accounts receivable, net | $4.0K | $18.0K |
| Other assets | $22.0K | -$2.0K |
| Accounts payable | -$200.0K | $3.7M |
| Operating lease liabilities | -$73.0K | -$87.0K |
| Accrued expenses and other current liabilities | $34.0K | $1.7M |
| Deferred revenue | -$54.0K | $33.0K |
| Net cash used in operating activities | -$5.5M | -$2.2M |
| Costs capitalized for internally developed software | -$112.0K | -$144.0K |
| Purchases of property and equipment | -$53.0K | -$15.0K |
| Payment made to Capital Creditors | -$20.0K | |
| Disposal of property and equipment | $3.0K | |
| Net cash used in investing activities | -$165.0K | -$176.0K |
| Proceeds from convertible notes payable | $180.0K | $455.0K |
| (Repayment)/ Proceeds from related party loan payable | -$700.0K | $700.0K |
| Proceeds from convertible note payable, at fair value | $6.5M | |
| Payments on notes payable, net of penalty and lender fees | -$3.0M | |
| Payment of deferred transaction costs | -$836.0K | -$2.0K |
| Common stock repurchase | -$2.0M | |
| Proceeds from reverse recapitalization | $9.4M | |
| Proceeds from issuance of shares pursuant to PIPE transaction | $1.0M | |
| Debt Extinguishment cost paid | -$53.0K | |
| Exercise of stock options | $12.0K | |
| Proceeds from director and officer insurance funding (short term debt) | $382.0K | |
| Payment of director and officer insurance funding (short term debt) | -$40.0K | |
| Net cash provided by financing activities | $9.4M | $2.6M |
| Effect of exchange rate changes on cash and cash equivalents | -$3.0K | -$1.0K |
| Net change in cash and cash equivalents | $3.7M | $234.0K |
| Cash paid for interest | $26.0K | |
| Cash paid for income taxes | $31.0K | $10.0K |
| Purchase of property and equipment through capital advances | $38.0K | |
| Common Stock issued upon cashless exercise of stock options | $707.0K | |
| Unpaid deferred transaction costs as of the end of the period | $242.0K | $1.7M |
| Waiver of deferred transaction costs as of the end of the period | $1.2M | |
| Issuance of shares vested upon repayment and forgiveness of 2023 Promissory Notes | $3.0K | $899.0K |
| Issuance of subscription receivable | -$11.0M | |
| Settlement of non-recourse 2023 promissory note in exchange for common stock repurchase consideration | $903.0K | |
| Issuance of shares as a result of conversion of related party convertible notes at fair value | $4.2M | |
| Issuance of shares as a result of conversion of convertible notes at fair value | $5.3M | |
| Issuance of shares as a result of conversion of convertible notes | $668.0K | |
| Conversion of convertible preferred stock into common stock in connection with the reverse recapitalization | $7.9M | |
| Treasury stock repurchase cancellation upon reverse recapitalization | -$2.9M | |
| Shares issued to a vendor of Legacy Fusemachines to settle outstanding invoices. | $198.0K | |
| (Loss)/Gain on extinguishment of debt (Refer Note no. 10 - Long Term Debt) | -$391.0K | |
| Extinguishment of debt (Refer Note no. 10 - Long Term Debt and Note no.17 - Commitments and Contingencies) | $4.1M | |
| Settlement of vendor payable by SPAC sponsor accounted as a capital contribution | $137.0K | |
| Issuance of warrants related to forward purchase agreement and convertible note agreement(refer note 10 &22) | $1.0M | |
| Recognition of debt at fair value (Refer Note no. 10 - Long Term Debt and Note no.17 - Commitments and Contingencies) | $3.8M | |
| Investment in Equity securities | $122.0K | |
| Transfer of Fusemachines Inc. common stock to third party purchaser | $151.0K |
No quarter-by-quarter statement was filed.
Leadership
Who has led Fusemachines Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
- Chief executive officerSameer Maskey Oct 28, 2025 to now7
- Chief financial officerChristine Chambers Jan 8, 2026 to Sep 8, 20268
- Chief financial officerDavid R. Wells Sep 8, 2026 to now9
Board members and other officers (11)
- Head of TechnologyAnish Joshi Oct 28, 2025 to now10
- OfficerChristine Chambers Oct 28, 2025 to now11
- Head of StrategyParag Shrestha Oct 28, 2025 to now12
- Vice President of AI ServicesRobert Traghetto Oct 28, 2025 to now13
- OfficerSameer Maskey Oct 28, 2025 to now14
- Board memberJulia Bell Hirschberg Jun 17, 2026 to now15
- Board memberBharat Krish Oct 28, 2025 to now16
- Board memberSameer Maskey Oct 28, 2025 to now7
- Board memberSanjay K. Shrestha Oct 28, 2025 to now17
- Board memberTimothy Edward Gocher Oct 28, 2025 to now18
- Board memberSalman Alam Dec 30, 2025 to now19
Former names
- CSLM Holdings Inc.Nov 27, 2024 to Oct 22, 20252
Timeline
- Oct 28, 2025New chief executive Sameer Maskey becomes CEO7
Filings
95 filings to the SEC since October 2021: 1 annual reports, 3 quarterly reports, 22 major events, 25 insider forms, 5 large holders, 39 other. The latest 20:
- Oct 13, 2026EFFECT EDGAR
- Oct 6, 2026S-1 EDGAR
- Sep 25, 20268-K EDGAR
- Sep 18, 20268-K EDGAR
- Sep 15, 20268-K EDGAR
- Sep 8, 20263 EDGAR
- Sep 4, 20268-K EDGAR
- Aug 12, 20268-K EDGAR
- Aug 11, 2026424B3 EDGAR
- Aug 7, 20268-K EDGAR
- Aug 7, 202610-Q EDGAR
- Aug 4, 2026424B3 EDGAR
- Aug 4, 20268-K EDGAR
- Jul 24, 20268-K EDGAR
- Jul 9, 2026S-8 EDGAR
- Jul 8, 20268-K EDGAR
- Jul 2, 20268-K EDGAR
- Jul 2, 20264/A EDGAR
- Jul 2, 20264/A EDGAR
- Jun 17, 20263 EDGAR
The 95 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Consilium Extended Opportunities Fund, L.P.SCHEDULE 13G/A, 2 filings Dec 12, 2025 to Feb 2, 202620
- Consilium Frontier Equity Fund, L.P.SCHEDULE 13G/A, 3 filings Dec 12, 2025 to Feb 2, 202621
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Meteora Capital, LLC | 892,130 | $936.7K | 0.1% | No change |
| Vanguard Capital Management LLC | 140,187 | $147.2K | 0.0% | No change |
| Geode Capital Management, LLC | 134,107 | $140.8K | 0.0% | −43,330 |
| Calamos Advisors LLC | 75,000 | $78.8K | 0.0% | No change |
| Vanguard Fiduciary Trust Co | 55,855 | $58.6K | 0.0% | No change |
| State Street Corp | 54,500 | $57.2K | 0.0% | No change |
| Alberta Investment Management Corp | 47,500 | $49.9K | 0.0% | No change |
| MMCAP International Inc. SPC | 35,000 | $36.8K | 0.0% | No change |
| Northern Trust Corp | 28,442 | $29.9K | 0.0% | New |
| Ground Swell Capital, LLC | 26,869 | $28.2K | 0.0% | New |
| Jane Street Group, LLC | 13,710 | $14.4K | 0.0% | New |
| Tower Research Capital LLC (TRC) | 6,868 | $7.2K | 0.0% | +6,009 |
| Morgan Stanley | 5,000 | $5.2K | 0.0% | New |
| UBS Group AG | 2,292 | $2.4K | 0.0% | +2,267 |
| Wolverine Asset Management LLC | 621 | $652 | 0.0% | No change |
| Barclays PLC | 73 | $77 | 0.0% | New |
| Vestcor Inc | 5,500 | $6 | 0.0% | No change |
| Caitong International Asset Management Co., Ltd | 6 | $6 | 0.0% | New |
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10SEC EDGARAnish Joshi, Head of Technology
- 11SEC EDGARChristine Chambers, Officer
- 12SEC EDGARParag Shrestha, Head of Strategy
- 13
- 14SEC EDGARSameer Maskey, Officer
- 15SEC EDGARJulia Bell Hirschberg, Board member
- 16SEC EDGARBharat Krish, Board member
- 17SEC EDGARSanjay K. Shrestha, Board member
- 18SEC EDGARTimothy Edward Gocher, Board member
- 19SEC EDGARSalman Alam, Board member
- 20
- 21