FUSEMACHINES (FUSE) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 5, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 7, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the FUSE SEC filings page.
FUSEMACHINES (FUSE) reported $7.7M in revenue for fiscal year 2025, down 12.5% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 2 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Fusemachines’ reported earnings improved through cost and non-operating effects while cash generation weakened and financing remained central.
FY2025 net loss narrowed to$928K even as operating loss remained-$6.0M , so items below operating income materially shaped the headline result. Meanwhile, operating cash flow deteriorated to-$5.5M from-$2.2M , meaning the earnings improvement did not translate into cash generation.
Gross margin rose from
FY2025 financing cash flow was
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of FUSEMACHINES's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
FUSEMACHINES has an operating margin of -77.2%, meaning the company loses $77 on every $100 of revenue. This results in a profitability score of 31/100. This is up from -93.0% the prior year.
FUSEMACHINES's revenue declined 12.5% year-over-year, from $8.8M to $7.7M. This contraction results in a growth score of 7/100.
Not available for FUSEMACHINES, and counted as zero in the overall score.
FUSEMACHINES's current ratio of 0.31 is below the typical benchmark, resulting in a score of 2/100. This tight liquidity could limit financial flexibility if cash inflows slow.
FUSEMACHINES's operations used $5.5M of cash, and capex of $53K added to the outflow, for a free cash flow shortfall of $5.6M. This results in a cash flow score of 5/100.
Not available for FUSEMACHINES, and counted as zero in the overall score.
FUSEMACHINES scores -9.82, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($18.0M) relative to total liabilities ($22.1M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
FUSEMACHINES passes 4 of 9 financial strength tests. 1 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
FUSEMACHINES reported a net loss of $928K while operations used $5.5M of cash. With neither figure positive, the ratio between the two carries no quality signal.
FUSEMACHINES reported an operating loss of $6.0M against $268K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
FUSEMACHINES generated $1.8M in revenue in Q2 2026. This represents a decrease of 11.8% from the same quarter a year earlier. Against the prior quarter it is down 4.5%.
FUSEMACHINES's EBITDA was -$2.7M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 222.1% from the same quarter a year earlier. Against the prior quarter it is up 11.5%.
FUSEMACHINES reported -$2.8M in net income in Q2 2026. This represents a decrease of 1297.4% from the same quarter a year earlier. Against the prior quarter it is down 226.7%.
FUSEMACHINES earned -$0.10 per diluted share (EPS) in Q2 2026. Against the prior quarter it is down 233.3%.
Cash & Balance Sheet
FUSEMACHINES recorded an outflow of $1.3M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 1825.3% from the same quarter a year earlier. Against the prior quarter it is up 42.3%.
FUSEMACHINES held $368K in cash against $300K in long-term debt as of Q2 2026, with $18.7M of liabilities due within a year.
Not reported for Q2 2026.
Margins & Returns
FUSEMACHINES's gross margin was 53.7% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 5.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 3.2 percentage points.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not reported for Q2 2026.
Capital Allocation
FUSEMACHINES invested $292K in research and development in Q2 2026. This represents an increase of 83.6% from the same quarter a year earlier. Against the prior quarter it is down 2.0%.
FUSEMACHINES invested $7K in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 40.0% from the same quarter a year earlier. Against the prior quarter it is down 65.0%.
Not reported for Q2 2026.
FUSE Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.8M-11.8% | $1.9M-3.8% | N/A | N/A | $2.0M | $2.0M | N/A | N/A |
| Cost of Revenue | $831K+0.4% | $931K+7.8% | N/A | N/A | $828K | $864K | N/A | N/A |
| Gross Profit | $963K-20.1% | $948K-13.0% | N/A | N/A | $1.2M | $1.1M | N/A | N/A |
| R&D Expenses | $292K+83.6% | $298K+80.6% | N/A | N/A | $159K | $165K | N/A | N/A |
| SG&A Expenses | $3.0M+90.2% | $3.3M+69.3% | N/A | $42K+54.3% | $1.6M | $1.9M | N/A | $27K |
| Operating Income | -$2.7M-215.7% | -$3.0M-130.6% | N/A | -$1.1M-84.8% | -$852K | -$1.3M | N/A | -$613K |
| EBITDA | -$2.7M-222.1% | -$3.0M-133.2% | N/A | N/A | -$827K | -$1.3M | N/A | N/A |
| Interest Expense | -$52K+28.8% | -$54K+18.2% | N/A | $17.6M | -$73K | -$66K | N/A | N/A |
| Income Tax | N/A | $4K | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$2.8M-1297.4% | -$872K+57.7% | N/A | -$19.8M-14827.4% | -$204K-148.3% | -$2.1M-1492.3% | N/A | -$133K |
| EPS (Basic) | -$0.10+80.8% | -$0.030.0% | N/A | N/A | -$0.52 | -$0.03 | N/A | N/A |
| EPS (Diluted) | -$0.10 | -$0.03 | N/A | N/A | -$0.52 | -$0.03 | N/A | N/A |
| Diluted Shares (Avg) | 29M | 29M | N/A | N/A | 7M | 7M | N/A | N/A |
FUSE Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $3.2M | $4.9M | $7.5M+35.8% | $12.4M | N/A | N/A | $5.5M | N/A |
| Current Assets | $2.0M | $3.7M | $6.3M+51.6% | $12.4M | N/A | N/A | $4.1M | N/A |
| Cash & Equivalents | $368K | $1.8M | $4.2M+744.2% | $9.4M | N/A | N/A | $500K | N/A |
| Short-Term Investments | $0 | $0 | $0 | $12.3M | N/A | N/A | $0 | N/A |
| Accounts Receivable | $1.1M | $1.2M | $1.3M-11.4% | N/A | N/A | N/A | $1.4M | N/A |
| Long-Term Investments | $0 | $0 | $0 | $0 | N/A | N/A | $0 | N/A |
| Total Liabilities | $20.5M | $20.0M | $22.1M-25.9% | $55.0M | N/A | N/A | $29.9M | N/A |
| Current Liabilities | $18.7M | $18.1M | $20.0M-1.3% | $43.9M | N/A | N/A | $20.3M | N/A |
| Non-Current Liabilities | $1.8M | $1.8M | $2.1M-78.4% | $11.1M | N/A | N/A | $9.5M | N/A |
| Long-Term Debt | $300K | $300K | $300K-95.5% | N/A | N/A | N/A | $6.7M | N/A |
| Total Equity | -$17.4M+37.6% | -$15.0M+37.6% | -$14.6M+40.0% | -$42.6M-318.3% | -$27.8M-193.7% | -$24.1M-166.9% | -$24.3M | -$10.2M |
| Retained Earnings | -$39.0M | -$36.1M | -$35.1M-2.7% | -$32.9M | N/A | N/A | -$34.2M | N/A |
Not reported in any period shown, so not listed: Inventory, Goodwill.
FUSE Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$1.3M-1708.7% | -$2.2M-871.2% | -$5.3M-48.8% | -$92K | $80K | -$229K | -$3.6M | N/A |
| Depreciation & Amortization | $26K+4.0% | $24K-4.0% | N/A | N/A | $25K | $25K | N/A | N/A |
| Stock-Based Compensation | $52K-1.9% | $406K+524.6% | N/A | N/A | $53K | $65K | N/A | N/A |
| Capital Expenditures | $7K+40.0% | $20K+1900.0% | N/A | N/A | $5K | $1K | N/A | N/A |
| Free Cash Flow | -$1.3M-1825.3% | -$2.2M-875.7% | N/A | N/A | $75K | -$230K | N/A | N/A |
| Investing Cash Flow | -$59K-63.9% | -$56K-133.3% | -$3.9M | $3.8M | -$36K | -$24K | N/A | N/A |
| Financing Cash Flow | -$49K | -$174K-196.7% | $13.0M | -$3.8M | $0 | $180K | N/A | N/A |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
FUSE Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 53.7%-5.6pp | 50.4%-5.3pp | N/A | N/A | 59.3% | 55.8% | N/A | N/A |
| Operating Margin | -149.9% | -161.5% | N/A | N/A | -41.9% | -67.3% | N/A | N/A |
| Net Margin | -158.8% | -46.4% | N/A | N/A | -10.0% | -105.5% | N/A | N/A |
| Return on Assets | -89.8% | -17.6% | N/A | -160.6% | N/A | N/A | N/A | N/A |
| Current Ratio | 0.11 | 0.21 | 0.31+0.1x | 0.28 | N/A | N/A | 0.20 | N/A |
| Asset Turnover | 0.57 | 0.38 | N/A | N/A | N/A | N/A | N/A | N/A |
| FCF Margin | -72.1%-75.8pp | -119.4% | N/A | N/A | 3.7% | -11.8% | N/A | N/A |
Not reported in any period shown, so not listed: Return on Equity, Debt-to-Equity.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Note: Shareholder equity is negative (-$14.6M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.31), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Where FUSEMACHINES Ranks
Frequently Asked Questions
What is FUSEMACHINES's annual revenue?
FUSEMACHINES (FUSE) reported $7.7M in total revenue for fiscal year 2025. This represents a -12.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is FUSEMACHINES's revenue growing?
FUSEMACHINES (FUSE) revenue declined by 12.5% year-over-year, from $8.8M to $7.7M in fiscal year 2025.
Is FUSEMACHINES profitable?
No, FUSEMACHINES (FUSE) reported a net income of -$928K in fiscal year 2025, with a net profit margin of -12.0%.
What is FUSEMACHINES's EBITDA?
FUSEMACHINES (FUSE) had EBITDA of -$5.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does FUSEMACHINES have?
As of fiscal year 2025, FUSEMACHINES (FUSE) had $4.2M in cash and equivalents against $300K in long-term debt.
What is FUSEMACHINES's gross margin?
FUSEMACHINES (FUSE) had a gross margin of 55.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is FUSEMACHINES's operating margin?
FUSEMACHINES (FUSE) had an operating margin of -77.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is FUSEMACHINES's net profit margin?
FUSEMACHINES (FUSE) had a net profit margin of -12.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is FUSEMACHINES's free cash flow?
FUSEMACHINES (FUSE) recorded an outflow of $5.6M in free cash flow during fiscal year 2025. This represents a -151.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is FUSEMACHINES's operating cash flow?
FUSEMACHINES (FUSE) recorded an outflow of $5.5M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are FUSEMACHINES's total assets?
FUSEMACHINES (FUSE) had $7.5M in total assets as of fiscal year 2025, including both current and long-term assets.
What are FUSEMACHINES's capital expenditures?
FUSEMACHINES (FUSE) invested $53K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does FUSEMACHINES spend on research and development?
FUSEMACHINES (FUSE) invested $720K in research and development during fiscal year 2025.
What is FUSEMACHINES's current ratio?
FUSEMACHINES (FUSE) had a current ratio of 0.31 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is FUSEMACHINES's return on assets (ROA)?
FUSEMACHINES (FUSE) had a return on assets of -12.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is FUSEMACHINES's P/E ratio?
FUSEMACHINES (FUSE) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $18.0M as of Sep 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is FUSEMACHINES's price-to-sales ratio?
FUSEMACHINES (FUSE) trades at 2.3x sales, its market capitalization divided by revenue of $7.7M revenue, FY2025. The market capitalization is $18.0M as of Sep 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does FUSEMACHINES's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, FUSEMACHINES (FUSE) held $4.2M in cash, cash equivalents and investments, and reported an operating cash outflow of $5.5M over that year. Dividing the one by the other, the reported balance equals about 9 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
Why is FUSEMACHINES's debt-to-equity ratio negative or not reported?
FUSEMACHINES (FUSE) has negative shareholder equity of -$14.6M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is FUSEMACHINES's Altman Z-Score?
FUSEMACHINES (FUSE) has an Altman Z-Score of -9.82, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is FUSEMACHINES's Piotroski F-Score?
FUSEMACHINES (FUSE) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are FUSEMACHINES's earnings high quality?
FUSEMACHINES (FUSE) reported a net loss of $928K while operations used $5.5M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can FUSEMACHINES cover its interest payments?
FUSEMACHINES (FUSE) reported an operating loss of $6.0M against $268K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is FUSEMACHINES?
FUSEMACHINES (FUSE) scores 8 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.