Consilium holds 17.03% of Fusemachines (NASDAQ: FUSE) common shares

Rhea-AI Filing Summary

Fusemachines Inc. (FUSE) disclosed that Consilium Frontier Equity Fund LP, together with Jonathan Binder and Charles Cassel, beneficially owns 5,092,476 shares of its common stock, representing 17.03% of the company. All three reporting persons are shown with the same share amount and percentage, and each is reported to have sole voting and sole dispositive power over these shares, with no shared voting or investment power.

The ownership percentage is calculated based on 29,908,235 shares of common stock, consisting of 28,350,031 shares outstanding as of the closing of the business combination on October 22, 2025, plus 588,235 shares issued in a private placement that closed on December 23, 2025. The filing is an amendment to a Schedule 13G, which is used to report beneficial ownership of more than 5% of a class of registered equity securities.

Insights

Equity ownership analyst

Consilium and its principals report a 17.03% passive stake in Fusemachines.

The filing shows Consilium Frontier Equity Fund LP, along with Jonathan Binder and Charles Cassel, beneficially owning 5,092,476 shares of Fusemachines common stock. This represents 17.03% of the outstanding shares, signaling a sizable single-holder position but reported on a Schedule 13G, which is generally used for passive ownership rather than activist intent.

The percentage is based on 29,908,235 shares outstanding, combining 28,350,031 shares at the business combination closing on October 22, 2025 and 588,235 shares issued in a private placement on December 23, 2025. Each reporting person is listed with sole voting and dispositive power and no shared power, indicating centralized control of this block. The signatures dated January 15, 2026 simply confirm the accuracy of these ownership details at that time.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Fusemachines Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

36118R103

(CUSIP Number)

12/23/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 36118R103

1

Names of Reporting Persons

CONSILIUM FRONTIER EQUITY FUND LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 5,092,476.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,092,476.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,092,476.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

17.03 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: (1) Consists of 4,504,241 shares of Common Stock, $0.0001 par value per share (the "Common Stock") held by CONSILIUM FRONTIER EQUITY FUND LP, a Delaware partnership. Jonathan Binder and Charles Cassel are the managing members of CONSILIUM FRONTIER EQUITY FUND LP, and have voting and investment power over the Common Stock held by CONSILIUM FRONTIER EQUITY FUND LP. (2) Based on 29,908,235 shares of Common Stock comprised of 28,350,031 shares of Common Stock of the issuer deemed to be outstanding on October 22, 2025, the closing of the issuer's business combination, plus 588,235 shares of Common Stock issued in a private placement that closed on December 23, 2025.

SCHEDULE 13G

CUSIP No. 36118R103

1

Names of Reporting Persons

Jonathan Binder

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 5,092,476.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,092,476.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,092,476.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

17.03 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: (1) Consists of 4,504,241 shares of Common Stock, $0.0001 par value per share (the "Common Stock") held by CONSILIUM FRONTIER EQUITY FUND LP, a Delaware partnership. Jonathan Binder and Charles Cassel are the managing members of CONSILIUM FRONTIER EQUITY FUND LP, and have voting and investment power over the Common Stock held by CONSILIUM FRONTIER EQUITY FUND LP. (2) Based on 29,908,235 shares of Common Stock comprised of 28,350,031 shares of Common Stock of the issuer deemed to be outstanding on October 22, 2025, the closing of the issuer's business combination, plus 588,235 shares of Common Stock issued in a private placement that closed on December 23, 2025.

SCHEDULE 13G

CUSIP No. 36118R103

1

Names of Reporting Persons

Charles Cassel

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 5,092,476.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,092,476.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,092,476.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

17.03 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: (1) Consists of 4,504,241 shares of Common Stock, $0.0001 par value per share (the "Common Stock") held by CONSILIUM FRONTIER EQUITY FUND LP, a Delaware partnership. Jonathan Binder and Charles Cassel are the managing members of CONSILIUM FRONTIER EQUITY FUND LP, and have voting and investment power over the Common Stock held by CONSILIUM FRONTIER EQUITY FUND LP. (2) Based on 29,908,235 shares of Common Stock comprised of 28,350,031 shares of Common Stock of the issuer deemed to be outstanding on October 22, 2025, the closing of the issuer's business combination, plus 588,235 shares of Common Stock issued in a private placement that closed on December 23, 2025.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Fusemachines Inc.
(b)	Address of issuer's principal executive offices: 251 West 30th Street, 5th Floor New York. New York 10001
Item 2.
(a)	Name of person filing: CONSILIUM FRONTIER EQUITY FUND LP Jonathan Binder Charles Cassel
(b)	Address or principal business office or, if none, residence: c/o Fuseachines Inc. 251 West 30th Street, 5th Floor New York. New York 10001
(c)	Citizenship: CONSILIUM FRONTIER EQUITY FUND LP - Delaware Jonathan Binder - USA Charles Cassel - USA
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 36118R103
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: CONSILIUM FRONTIER EQUITY FUND LP- 5,092,476 Jonathan Binder - 5,092,476 Charles Cassel - 5,092,476 Consists of 5,092,476 shares of Common Stock held by CONSILIUM FRONTIER EQUITY FUND LP, a Delaware limited partnership. Jonathan Binder Charles Cassel are the managing members of CONSILIUM FRONTIER EQUITY FUND LP, and have voting and investment power over the Common Stock held by CONSILIUM FRONTIER EQUITY FUND LP.
(b)	Percent of class: CONSILIUM FRONTIER EQUITY FUND LP - 17.03 % Jonathan Binder - 17.03 % Charles Cassel - 17.03 % The foregoing percentages are based on 29,908,235 shares of Common Stock comprised of 28,350,031 shares of Common Stock outstanding as of October 22, 2025, the closing of the business combination, plus 588,235 shares of Common Stock issued in a private placement that closed on December 23, 2025.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: CONSILIUM FRONTIER EQUITY FUND LP- 5,092,476 Jonathan Binder - 5,092,476 Charles Cassel - 5,092,476
	(ii) Shared power to vote or to direct the vote: CONSILIUM FRONTIER EQUITY FUND LP -0 Jonathan Binder -0 Charles Cassel - 0
	(iii) Sole power to dispose or to direct the disposition of: CONSILIUM FRONTIER EQUITY FUND LP - 5,092,476 Jonathan Binder - 5,092,476 Charles Cassel - 5,092,476
	(iv) Shared power to dispose or to direct the disposition of: CONSILIUM FRONTIER EQUITY FUND LP - 0 Jonathan Binder -0 Charles Cassel - 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.	Certifications:
	Not Applicable

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

CONSILIUM FRONTIER EQUITY FUND LP

Signature:	/s/ Charles Cassel
Name/Title:	Charles Cassel, Managing Member
Date:	01/15/2026

Jonathan Binder

Signature:	/s/ Jonathan Binder
Name/Title:	Jonathan Binder
Date:	01/15/2026

Charles Cassel

Signature:	/s/ Charles Cassel
Name/Title:	Charles Cassel
Date:	01/15/2026

Exhibit Information

Exhibit 1 Joint Filing Agreement

FAQ

What percentage of Fusemachines Inc. (FUSE) does Consilium Frontier Equity Fund LP report owning?

Consilium Frontier Equity Fund LP, together with Jonathan Binder and Charles Cassel, reports beneficial ownership of 5,092,476 shares of Fusemachines common stock, representing 17.03% of the outstanding class.

How many Fusemachines (FUSE) shares does the 17.03% stake rely on as the total outstanding?

The 17.03% ownership is calculated based on 29,908,235 shares of Fusemachines common stock, consisting of 28,350,031 shares outstanding at the business combination closing on October 22, 2025 plus 588,235 shares issued in a private placement that closed on December 23, 2025.

Who are the reporting persons in the Fusemachines (FUSE) Schedule 13G/A amendment?

The reporting persons are Consilium Frontier Equity Fund LP, Jonathan Binder, and Charles Cassel. Binder and Cassel are described as managing members of Consilium Frontier Equity Fund LP with voting and investment power over the shares held by the fund.

What voting and dispositive powers are reported over the Fusemachines (FUSE) shares?

Each of Consilium Frontier Equity Fund LP, Jonathan Binder, and Charles Cassel is reported to have sole voting power over 5,092,476 shares and sole dispositive power over 5,092,476 shares, with no shared voting or dispositive power.

What events are referenced in calculating the Fusemachines (FUSE) share base for this 13G/A?

The share base references the closing of Fusemachines’ business combination on October 22, 2025, when 28,350,031 shares were deemed outstanding, and a private placement that closed on December 23, 2025, issuing an additional 588,235 shares of common stock.

Is the Consilium filing on Fusemachines (FUSE) a Schedule 13G or 13D?

The document is an Amendment No. 1 to Schedule 13G, which is a beneficial ownership report typically used by investors who are not seeking to change or influence control of the issuer.