[SCHEDULE 13G/A] Fusemachines Inc. Amended Passive Investment Disclosure

Rhea-AI Filing Summary

Frontier Equity Fund LP and its principals report major ownership stakes in Fusemachines Inc. common stock. Frontier Equity Fund LP reports beneficial ownership of 5,092,476 shares, representing 17.03% of the outstanding common stock.

Jonathan Binder and Charles Cassel each report beneficial ownership of 5,656,888 and 5,656,889 shares, respectively, or 18.91% of the class. These percentages are calculated using 29,908,235 Fusemachines shares outstanding, including shares issued at the closing of a business combination and a private placement completed on December 23, 2025.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

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 5,656,888.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,656,888.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,656,888.00

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)

18.91 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: (1) Consists of (a) 564,412 shares of Common Stock issued to Mr. Binder in connection with the consummation of the issuer's business combination, and (b) 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 5,656,889.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,656,889.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,656,889.00

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)

18.91 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: (1) Consists of (a) 564,413 shares of Common Stock issued to Mr. Binder in connection with the consummation of the issuer's business combination, and (b) 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 - 5,656,888* Charles Cassel - 5,656,889* *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 - 18.91 % Charles Cassel - 18.91 % 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 - 5,656,888 Charles Cassel - 5,656,889
	(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 - 5,656,888 Charles Cassel 5,656,889
	(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:	02/02/2026

Jonathan Binder

Signature:	/s/ Jonathan Binder
Name/Title:	Jonathan Binder
Date:	02/02/2026

Charles Cassel

Signature:	/s/ Charles Cassel
Name/Title:	Charles Cassel
Date:	02/02/2026

Exhibit Information

Exhibit 1 Joint Filing Agreement

FAQ

What does Frontier Equity Fund disclose about its Fusemachines (FUSE) ownership?

Frontier Equity Fund LP reports beneficial ownership of 5,092,476 Fusemachines common shares, representing 17.03% of the class. This stake is based on 29,908,235 shares outstanding, including shares issued at business combination closing and a December 23, 2025 private placement.

How much of Fusemachines (FUSE) stock does Jonathan Binder beneficially own?

Jonathan Binder reports beneficial ownership of 5,656,888 Fusemachines common shares, equal to 18.91% of the outstanding class. His stake includes shares held directly and shares held through Frontier Equity Fund LP, over which he shares voting and investment power as a managing member.

What is Charles Cassel’s reported ownership stake in Fusemachines (FUSE)?

Charles Cassel reports beneficial ownership of 5,656,889 Fusemachines common shares, or 18.91% of the class. His reported stake reflects shares held directly and through Frontier Equity Fund LP, where he serves as a managing member with voting and investment authority over the fund’s Fusemachines shares.

On what share count are the reported Fusemachines (FUSE) ownership percentages based?

The reported ownership percentages use a total of 29,908,235 Fusemachines common shares. This figure combines 28,350,031 shares outstanding at the October 22, 2025 business combination closing and 588,235 additional shares issued in a private placement that closed on December 23, 2025.

Do Frontier Equity Fund and its principals report shared voting power in Fusemachines (FUSE)?

The filing states that Frontier Equity Fund LP, Jonathan Binder, and Charles Cassel each have sole voting and sole dispositive power over their reported Fusemachines shares. Shared voting power and shared dispositive power are each reported as zero for all three reporting persons.