Fuse Group Financials

FUST

Source SEC Filings (10-K/10-Q) Updated Feb 12, 2026 Currency USD FYE September

This page shows Fuse Group (FUST) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 11 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).

Financial Health Signals

Piotroski F-Score Weak

0/9

Fuse Group passes 0 of 9 financial strength tests. No profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Low Quality

1.02x

For every $1 of reported earnings, Fuse Group generates $1.02 in operating cash flow (-$290K OCF vs -$284K net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-80.8x

Fuse Group earns $-80.8 in operating income for every $1 of interest expense (-$278K vs $3K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Revenue

$46K

YoY-86.2%

5Y CAGR-42.8%

10Y CAGR+4.9%

Fuse Group generated $46K in revenue in fiscal year 2025. This represents a decrease of 86.2% from the prior year.

EBITDA

N/A

Free Cash Flow

N/A

Net Income

-$284K

YoY-602.9%

Fuse Group reported -$284K in net income in fiscal year 2025. This represents a decrease of 602.9% from the prior year.

EPS (Diluted)

$-0.02

Fuse Group earned $-0.02 per diluted share (EPS) in fiscal year 2025.

Cash & Debt

$21K

YoY-68.7%

5Y CAGR-35.8%

10Y CAGR+4.5%

Fuse Group held $21K in cash against $97K in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

13M

YoY+0.0%

Fuse Group had 13M shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Gross Margin

100.0%

YoY+0.0pp

5Y CAGR+26.9pp

10Y CAGR+30.4pp

Fuse Group's gross margin was 100.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.0 percentage points from the prior year.

Operating Margin

-604.8%

YoY-594.8pp

5Y CAGR-598.8pp

Fuse Group's operating margin was -604.8% in fiscal year 2025, reflecting core business profitability. This is down 594.8 percentage points from the prior year.

Net Margin

-617.5%

YoY-605.4pp

5Y CAGR-610.7pp

10Y CAGR-601.4pp

Fuse Group's net profit margin was -617.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 605.4 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

FUST Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$46K-86.2%	$332K	$0-100.0%	$200K-71.4%	$700K-6.7%	$750K
Cost of Revenue	$0	$0	$0-100.0%	$10K-87.6%	$81K-59.8%	$201K
Gross Profit	$46K-86.2%	$332K	$0-100.0%	$190K-69.3%	$619K+12.8%	$549K
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$324K-6.3%	$346K-12.1%	$393K-28.7%	$551K-9.0%	$606K+15.8%	$523K
Operating Income	-$278K-733.1%	-$33K+92.7%	-$455K-4.9%	-$434K+59.3%	-$1.1M-2252.1%	-$45K
Interest Expense	$3K-32.6%	$5K-70.5%	$17K+103.4%	$8K+109.7%	$4K+308.6%	$992
Income Tax	$2K0.0%	$2K0.0%	$2K0.0%	$2K0.0%	$2K-40.0%	$4K
Net Income	-$284K-602.9%	-$40K+91.5%	-$475K-6.8%	-$444K+56.6%	-$1.0M-1891.6%	-$51K
EPS (Diluted)	$-0.02	$0.00	N/A	N/A	N/A	N/A

Metric	Q1'26	Q1'25	Q3'25	Q2'25	Q1'24	Q3'24	Q2'24	Q1'23
Revenue	$8K0.0%	$8K-70.5%	$26K	$0-100.0%	$20K-75.8%	$82K-17.5%	$100K+398.9%	$20K
Cost of Revenue	N/A	$0	$0	$0	$0	$0	$0	$0
Gross Profit	$8K0.0%	$8K-70.5%	$26K	$0-100.0%	$20K-75.8%	$82K-17.5%	$100K+398.9%	$20K
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$39K0.0%	$39K-60.3%	$98K+20.4%	$81K+21.6%	$67K+3.7%	$64K-41.8%	$111K+73.2%	$64K
Operating Income	$31K+200.0%	-$31K+56.6%	-$72K+11.6%	-$81K-73.3%	-$47K-361.3%	$18K+219.0%	-$15K+74.6%	-$59K
Interest Expense	$813-39.6%	$1K-2.3%	$1K	$0-100.0%	$947-17.2%	$1K-31.0%	$2K+23.0%	$1K
Income Tax	$2K	$0	$0	$0-100.0%	$2K	$0	$0-100.0%	$2K
Net Income	$32K+200.0%	-$32K+55.6%	-$73K+9.9%	-$81K-61.8%	-$50K-390.5%	$17K+203.4%	-$17K+73.5%	-$63K
EPS (Diluted)	$0.00	$0.00	N/A	N/A	$0.00	N/A	N/A	N/A

FUST Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$35K-59.4%	$85K+18.2%	$72K-32.0%	$106K-35.7%	$165K-86.7%	$1.2M
Current Assets	$35K-59.4%	$85K+117.5%	$39K-12.8%	$45K-71.6%	$158K-22.5%	$204K
Cash & Equivalents	$21K-68.7%	$68K+154.3%	$27K-19.4%	$33K-75.6%	$136K-30.3%	$194K
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$0	$0	$0	$0	$0	$0
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$485K+92.4%	$252K+0.9%	$250K-52.5%	$526K+274.9%	$140K-26.6%	$191K
Current Liabilities	$320K+109.6%	$153K+64.0%	$93K+147.9%	$38K+10.8%	$34K-58.0%	$81K
Long-Term Debt	$97K-3.7%	$101K-2.4%	$104K-2.5%	$106K-2.4%	$109K-30.2%	$156K
Total Equity	-$451K-170.1%	-$167K+6.2%	-$178K+57.6%	-$420K-1794.5%	$25K-97.6%	$1.0M
Retained Earnings	-$8.2M-3.6%	-$7.9M-0.5%	-$7.9M-6.4%	-$7.4M-6.4%	-$7.0M-17.2%	-$6.0M

Metric	Q1'26	Q1'25	Q3'25	Q2'25	Q1'24	Q3'24	Q2'24	Q1'23
Total Assets	$30K0.0%	$30K+15.8%	$26K-44.3%	$47K+65.3%	$28K-67.0%	$85K+37.6%	$62K-31.9%	$91K
Current Assets	$30K0.0%	$30K+15.8%	$26K-44.3%	$47K+65.3%	$28K-67.0%	$85K+97.6%	$43K-33.9%	$65K
Cash & Equivalents	$20K0.0%	$20K+143.5%	$8K-79.6%	$41K+118.6%	$19K-72.2%	$68K+77.7%	$38K-32.6%	$56K
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	-$453K-188.3%	$513K+29.1%	$397K+15.3%	$345K+40.6%	$245K-2.8%	$252K-21.1%	$320K-3.7%	$332K
Current Liabilities	$350K0.0%	$350K+51.0%	$232K+10.1%	$211K+43.9%	$146K-4.2%	$153K-9.6%	$169K-6.5%	$181K
Long-Term Debt	$95K0.0%	$95K-2.9%	$98K-0.6%	$99K-1.9%	$101K-0.6%	$101K-1.2%	$102K-0.8%	$103K
Total Equity	$483K+200.0%	-$483K-30.0%	-$371K-24.5%	-$298K-37.4%	-$217K-30.1%	-$167K+35.3%	-$258K-6.9%	-$241K
Retained Earnings	$8.3M+200.0%	-$8.3M-1.4%	-$8.2M-0.9%	-$8.1M-1.0%	-$8.0M-0.6%	-$7.9M+0.5%	-$8.0M-0.2%	-$8.0M

FUST Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$290K-383.1%	-$60K+86.4%	-$440K+2.2%	-$450K-669.7%	-$58K+7.0%	-$63K
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$0	$0	N/A	N/A	N/A	N/A
Financing Cash Flow	$243K+141.0%	$101K-76.7%	$433K+24.8%	$347K+66259.4%	-$525-100.3%	$155K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q1'25	Q3'25	Q2'25	Q1'24	Q3'24	Q2'24	Q1'23
Operating Cash Flow	$24K+200.0%	-$24K+71.4%	-$82K-8.6%	-$76K-56.9%	-$48K-287.1%	$26K+246.4%	-$18K+75.9%	-$73K
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	$0	N/A	N/A	$0	N/A	N/A	N/A
Financing Cash Flow	$23K0.0%	$23K-53.8%	$49K-49.6%	$98K+16476.6%	-$598-0.8%	-$593+23.4%	-$774-100.8%	$103K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

FUST Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	100.0%0.0pp	100.0%	N/A	95.0%+6.6pp	88.4%+15.3pp	73.1%
Operating Margin	-604.8%-594.8pp	-10.1%	N/A	-216.8%-64.6pp	-152.3%-146.2pp	-6.0%
Net Margin	-617.5%-605.4pp	-12.2%	N/A	-222.3%-76.0pp	-146.3%-139.4pp	-6.9%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-818.1%-770.8pp	-47.3%+610.3pp	-657.6%-238.7pp	-418.8%+201.6pp	-620.4%-616.3pp	-4.2%
Current Ratio	0.11-0.5	0.56+0.1	0.42-0.8	1.20-3.5	4.67+2.1	2.53
Debt-to-Equity	-0.22+0.4	-0.61-0.0	-0.58-0.3	-0.25-4.7	4.40+4.3	0.15
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q1'25	Q3'25	Q2'25	Q1'24	Q3'24	Q2'24	Q1'23
Gross Margin	100.0%0.0pp	100.0%0.0pp	100.0%	N/A	100.0%0.0pp	100.0%0.0pp	100.0%0.0pp	100.0%
Operating Margin	405.4%+810.8pp	-405.4%-129.1pp	-276.2%	N/A	-235.0%-256.7pp	21.8%+36.9pp	-15.1%+281.9pp	-297.0%
Net Margin	422.9%+845.8pp	-422.9%-141.4pp	-281.5%	N/A	-251.8%-272.7pp	21.0%+37.8pp	-16.8%+299.0pp	-315.7%
Return on Equity	6.7%	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	108.4%+216.7pp	-108.4%+174.3pp	-282.6%-108.0pp	-174.6%+3.8pp	-178.4%-202.7pp	24.3%+51.3pp	-27.0%+42.4pp	-69.4%
Current Ratio	0.090.0	0.09-0.0	0.11-0.1	0.22+0.0	0.19-0.4	0.56+0.3	0.26-0.1	0.36
Debt-to-Equity	0.20+0.4	-0.20+0.1	-0.26+0.1	-0.33+0.1	-0.46+0.1	-0.61-0.2	-0.40+0.0	-0.43
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: Shareholder equity is negative (-$451K), 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 (0.11), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is Fuse Group's annual revenue?

Fuse Group (FUST) reported $46K in total revenue for fiscal year 2025. This represents a -86.2% 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 Fuse Group's revenue growing?

Fuse Group (FUST) revenue declined by 86.2% year-over-year, from $332K to $46K in fiscal year 2025.

Is Fuse Group profitable?

No, Fuse Group (FUST) reported a net income of -$284K in fiscal year 2025, with a net profit margin of -617.5%.

What is Fuse Group's earnings per share (EPS)?

Fuse Group (FUST) reported diluted earnings per share of $-0.02 for fiscal year 2025. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

How much debt does Fuse Group have?

As of fiscal year 2025, Fuse Group (FUST) had $21K in cash and equivalents against $97K in long-term debt.

What is Fuse Group's gross margin?

Fuse Group (FUST) had a gross margin of 100.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Fuse Group's operating margin?

Fuse Group (FUST) had an operating margin of -604.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Fuse Group's net profit margin?

Fuse Group (FUST) had a net profit margin of -617.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Fuse Group's operating cash flow?

Fuse Group (FUST) generated -$290K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Fuse Group's total assets?

Fuse Group (FUST) had $35K in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does Fuse Group have outstanding?

Fuse Group (FUST) had 13M shares outstanding as of fiscal year 2025.

What is Fuse Group's current ratio?

Fuse Group (FUST) had a current ratio of 0.11 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Fuse Group's debt-to-equity ratio?

Fuse Group (FUST) had a debt-to-equity ratio of -0.22 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Fuse Group's return on assets (ROA)?

Fuse Group (FUST) had a return on assets of -818.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Fuse Group's cash runway?

Based on fiscal year 2025 data, Fuse Group (FUST) had $21K in cash against an annual operating cash burn of $290K. This gives an estimated cash runway of approximately 1 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Why is Fuse Group's debt-to-equity ratio negative or unusual?

Fuse Group (FUST) has negative shareholder equity of -$451K as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. 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 Fuse Group's Piotroski F-Score?

Fuse Group (FUST) has a Piotroski F-Score of 0 out of 9, indicating weak 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Fuse Group's earnings high quality?

Fuse Group (FUST) has an earnings quality ratio of 1.02x, considered low quality (accrual-driven). 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 Fuse Group cover its interest payments?

Fuse Group (FUST) has an interest coverage ratio of -80.8x, meaning it can struggle to cover its interest obligations. 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.