Fusemachines Inc. (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 Oct 22, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the S-1 for Q2 FY2026, filed Oct 6, 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 Inc. (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).
Revenue contracted, but the larger story is a still-loss-making business whose financing—not operations—supported a deeply strained balance sheet.
Between FY2024 and FY2025, the accounting loss narrowed from$15.4M to$928K , while operating cash flow worsened from-$2.2M to-$5.5M . The earnings improvement therefore did not translate into a healthier cash engine, making cash generation the more important measure of operating progress.
Gross margin remained broadly stable despite lower revenue, while operating margin stayed deeply negative; this indicates the main strain sits below direct delivery costs rather than in a collapse of core project economics. SG&A fell from
FY2025 liabilities of
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed: here 4 of 6, with the others left out rather than counted as zero. 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 Inc.'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 Inc. 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 Inc.'s revenue declined 12.5% year-over-year, from $8.8M to $7.7M. This contraction results in a growth score of 8/100.
Not available for Fusemachines Inc., so it is left out of the overall score, which averages the 4 of 6 dimensions that can be computed.
Fusemachines Inc.'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 Inc.'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 Inc., so it is left out of the overall score, which averages the 4 of 6 dimensions that can be computed.
Fusemachines Inc. scores -10.01, below the 1.81 distress threshold. The score is pulled down most by an accumulated deficit of $35.1M against total assets of $7.5M. 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 Inc. passes 4 of 9 financial strength tests. 1 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 operating efficiency signals passes.
Fusemachines Inc. 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.
Key Financial Metrics
Earnings & Revenue
Fusemachines Inc. 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 Inc.'s EBITDA was -$2.7M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Fusemachines Inc. reported a net loss of $2.8M in Q2 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Fusemachines Inc. earned -$0.10 per diluted share (EPS) in Q2 2026. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Cash & Balance Sheet
Fusemachines Inc. 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. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Fusemachines Inc. 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 Inc.'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 Inc. 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 Inc. 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 | Q2'26S-1 | Q1'2610-Q | Q4'25S-1 | Q3'2510-Q | Q2'25S-1 | Q1'2510-Q | Q4'24S-1 | 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 | $3.4M+77.0% | $3.7M+64.4% | N/A | $42K+54.3% | $1.9M | $2.2M | N/A | $27K |
| Operating Income | -$2.7Mn/m | -$3.0Mn/m | N/A | -$1.1Mn/m | -$852K | -$1.3M | N/A | -$613K |
| EBITDA | -$2.7Mn/m | -$3.0Mn/m | N/A | N/A | -$827K | -$1.3M | N/A | N/A |
| Interest Expense | N/A | N/A | N/A | $17.6M | N/A | N/A | N/A | N/A |
| Income Tax | N/A | $4K | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$2.8Mn/m | -$956Kn/m | N/A | -$19.8Mn/m | -$204K-148.3% | -$2.1M-1492.3% | N/A | -$133K |
| EPS (Basic) | -$0.10 | -$0.03 | 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 | Q2'26S-1 | Q1'2610-Q | Q4'25S-1 | Q3'2510-Q | Q2'25S-1 | Q1'2510-Q | Q4'24S-1 | 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 | N/A | 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 | $0n/m | $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 | -$17.4Mn/m | -$15.0Mn/m | -$14.6Mn/m | -$42.6Mn/m | -$27.8Mn/m | -$24.1Mn/m | -$24.3M | -$10.2M |
| Retained Earnings | -$39.0M | -$36.1M | -$35.1Mn/m | -$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 | Q2'26S-1 | Q1'2610-Q | Q4'25S-1 | Q3'2510-Q | Q2'25S-1 | Q1'2510-Q | Q4'24S-1 | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$1.3M-1708.7% | -$2.2Mn/m | -$5.3Mn/m | -$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% | -$2.2Mn/m | N/A | N/A | $75K | -$230K | N/A | N/A |
| Investing Cash Flow | -$59Kn/m | -$56Kn/m | -$3.9M | $3.8M | -$36K | -$24K | N/A | N/A |
| Financing Cash Flow | -$49Kn/m | -$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 | Q2'26S-1 | Q1'2610-Q | Q4'25S-1 | Q3'2510-Q | Q2'25S-1 | Q1'2510-Q | Q4'24S-1 | 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% | -50.9% | N/A | N/A | -10.0% | -105.5% | N/A | N/A |
| Return on Assets | -89.8% | -19.3% | 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, Liabilities-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 the debt-to-equity, liabilities-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 Inc. Ranks
Frequently Asked Questions
What is Fusemachines Inc.'s annual revenue?
Fusemachines Inc. (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 Inc.'s revenue growing?
Fusemachines Inc. (FUSE) revenue declined by 12.5% year-over-year, from $8.8M to $7.7M in fiscal year 2025.
Is Fusemachines Inc. profitable?
No, Fusemachines Inc. (FUSE) reported a net loss of $928K in fiscal year 2025, with a net profit margin of -12.0%.
What is Fusemachines Inc.'s EBITDA?
Fusemachines Inc. (FUSE) had EBITDA of -$5.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Fusemachines Inc. have?
As of fiscal year 2025, Fusemachines Inc. (FUSE) had $4.2M in cash and equivalents against $300K in long-term debt.
What is Fusemachines Inc.'s gross margin?
Fusemachines Inc. (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 Inc.'s operating margin?
Fusemachines Inc. (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 Inc.'s net profit margin?
Fusemachines Inc. (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 Inc.'s free cash flow?
Fusemachines Inc. (FUSE) recorded an outflow of $5.6M in free cash flow during fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. 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 Inc.'s operating cash flow?
Fusemachines Inc. (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 Inc.'s total assets?
Fusemachines Inc. (FUSE) had $7.5M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Fusemachines Inc.'s capital expenditures?
Fusemachines Inc. (FUSE) invested $53K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Fusemachines Inc. spend on research and development?
Fusemachines Inc. (FUSE) invested $720K in research and development during fiscal year 2025.
What is Fusemachines Inc.'s current ratio?
Fusemachines Inc. (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 Inc.'s return on assets (ROA)?
Fusemachines Inc. (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 Inc.'s P/E ratio?
Fusemachines Inc. (FUSE) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $11.0M as of Oct 22, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Fusemachines Inc.'s price-to-sales ratio?
Fusemachines Inc. (FUSE) trades at 1.4x sales, its market capitalization divided by $7.7M revenue, FY2025. The market capitalization is $11.0M as of Oct 22, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Fusemachines Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Fusemachines Inc. (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 Inc.'s debt-to-equity ratio negative or not reported?
Fusemachines Inc. (FUSE) has negative shareholder equity of -$14.6M as of fiscal year 2025, so no debt-to-equity or liabilities-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 Inc.'s Altman Z-Score?
Fusemachines Inc. (FUSE) has an Altman Z-Score of -10.01, 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 Inc.'s Piotroski F-Score?
Fusemachines Inc. (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 Inc.'s earnings high quality?
Fusemachines Inc. (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.
How financially healthy is Fusemachines Inc.?
Fusemachines Inc. (FUSE) scores 12 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is the average 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. For Fusemachines Inc. it averages the 4 of 6 dimensions that can be computed; the others are left out rather than counted as zero. 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.