F
Fusemachines Inc.
Period
FY 2025
Revenue
$7.71M
Net Income
$-928.0K
Total Assets
$7.54M
Equity
$-14.58M
Shares Out
28.94M
Op. Cash Flow
$-5.53M
Business
Fusemachines is a provider of enterprise AI solutions, including AI Studio (a foundational platform), AI Engines (specialized domain-specific tools), and AI Agents (workflow automation systems), complemented by professional services. The company delivers customization, model tuning, deployment, and bespoke AI solution development through Forward Deployed Engineers. It serves diverse industries including healthcare, finance, legal, retail, government, and technology, and operates AI training and fellowship programs to develop skilled talent.
Summary from 10-K filed 2026-07-01
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 |
|---|---|---|---|
| Revenue | 8 | 9 | |
| Cost of revenue | −3 | −4 | |
| Gross Profit | 4 | 5 | |
| Selling and marketing | 1 | 2 | |
| General and administrative | 8 | 10 | |
| Research and development | 720,000 | 732,000 | |
| Total operating expenses | 10 | 13 | |
| Loss from operations | −6 | −8 | |
| Interest expense | −268,000 | −234,000 | |
| Loss on extinguishment of convertible notes payable | −391,000 | — | |
| Loss on extinguishment of notes payable | — | −601,000 | |
| Loss on extinguishment of payable | — | −70,000 | |
| Gain/(Loss) on change in fair value of convertible notes and warranty liability | 7 | −6 | |
| Gain/(Loss) on change in fair value of forward purchase derivative liability | −1 | — | |
| Other (expense) income | 220,000 | −148,000 | |
| Total other expense/(income), net | 5 | −7 | |
| Loss before income taxes and equity in earnings of investee | −925,000 | −15 | |
| Provision for income tax | −3,000 | −31,000 | |
| Equity in earnings of investee, net of income tax provision of $0 and $0, respectively | — | −1,000 | |
| Net loss | −928,000 | −15 | |
| Change in foreign currency translation adjustment | 10,000 | 57,000 | |
| Total comprehensive loss | −918,000 | −15 | |
| Net loss per share - basic | −0.08 | −2.21 | |
| Net loss per share - diluted | −0.08 | −2.21 | |
| Weighted-average common shares outstanding - basic | 12 | 7 | |
| Weighted-average common shares outstanding - diluted | 12 | 7 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2025 2025-10-31 | FY 2025 2025-01-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 4 | 9 | — | 500,000 | — | |
| Accounts receivable, current, net | 1 | — | — | 1 | — | |
| Unbilled revenue | 16,000 | — | — | 113,000 | — | |
| Deferred transaction costs | — | — | — | 2 | — | |
| Prepaid expenses and other current assets | 753,000 | — | — | 219,000 | — | |
| Total current assets | 6 | — | — | 4 | — | |
| Property and equipment, net | 305,000 | — | — | 348,000 | — | |
| Intangible assets, net | 206,000 | — | — | 187,000 | — | |
| Accounts receivable, net | — | — | — | 4,000 | — | |
| Deferred tax asset | 11,000 | — | — | 10,000 | — | |
| Operating lease right-of-use assets | 744,000 | — | — | 870,000 | — | |
| Other assets | 16,000 | — | — | 5,000 | — | |
| Total assets | 8 | — | — | 6 | — | |
| Accounts payable | 5 | — | — | 7 | — | |
| Accrued expenses and other current liabilities | 5 | — | — | 4 | — | |
| Deferred revenue | — | — | — | 54,000 | — | |
| Convertible notes payable, at fair value, current | — | — | — | 9 | — | |
| Convertible notes payable, current | — | — | — | 255,000 | — | |
| Related party loan payable, current | 300,000 | — | — | 700,000 | — | |
| Operating lease liability, current | 85,000 | — | — | 74,000 | — | |
| Forward purchase derivative liability | 10 | — | — | — | — | |
| Short term debt | 342,000 | — | — | — | — | |
| Total current liabilities | 20 | — | — | 20 | — | |
| Accounts payable non-current | 143,000 | — | — | — | — | |
| Related party convertible notes payable, at fair value | — | — | — | 7 | — | |
| Convertible notes payable | — | — | — | 200,000 | — | |
| Warrant liability | 121,000 | — | — | 945,000 | — | |
| Cumulative mandatorily redeemable common and preferred stock liability | 1 | — | — | 1 | — | |
| Operating lease liability | 751,000 | — | — | 878,000 | — | |
| Total liabilities | 22 | — | — | 30 | — | |
| Commitments and Contingencies (Note 17) | — | — | — | — | — | |
| Convertible preferred stock ($0.0001 par value, 5,000,000 and 5,972,716 shares authorized as of December 31,2025 and December 31, 2024, respectively; Nil and 5,950,673 shares issued as of December 31, 2025 and December 31, 2024, respectively; Nil and 5,950,673 shares outstanding as of December 31, 2025 and December 31, 2024) | — | — | — | 8 | — | |
| Common stock ($0.0001 par value, 500,000,000 shares and 15,924,202 shares authorized as of December 31,2025 and December 31, 2024; 29,377,169 and 7,709,867 shares issued as of December 31,2025 and December 31,2024 respectively; 28,938,266 shares and 7,264,192 shares outstanding as of December 31,2025 and December 31, 2024, respectively) | 3,000 | — | 115 | 1,000 | — | |
| Additional paid in capital | 31 | — | — | 5 | — | |
| Treasury stock, at cost (Nil and 438,903 as of December 31,2025 and December 31, 2024, respectively) | — | −3 | — | −3 | — | |
| Share subscription receivable | −11 | — | — | — | — | |
| Accumulated deficit | −35 | — | — | −34 | — | |
| Accumulated other comprehensive income | 260,000 | — | — | 250,000 | — | |
| Total stockholders deficit | −15 | — | — | −24 | −8 | |
| Total liabilities and stockholders deficit | 8 | — | — | 6 | — |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 |
|---|---|---|---|
| Depreciation of property and equipment | 96,000 | 109,000 | |
| Amortization of intangible asset | 93,000 | 70,000 | |
| Provision for credit losses | 55,000 | 540,000 | |
| Stock-based compensation | 231,000 | 1 | |
| Amortization of right-of-use assets | 88,000 | 110,000 | |
| Changes in fair value of convertible notes at fair value, warranty liability and forward purchase agreement liability | −7 | 6 | |
| Change in fair value of forward purchase derivative liability | 1 | — | |
| Accretion of cumulative mandatorily redeemable common and preferred stock liability | 99,000 | 80,000 | |
| Equity method investment obtained in exchange for services | — | −122,000 | |
| Impairment of Equity investments | — | 120,000 | |
| Equity in earnings of investee | — | 2,000 | |
| Loss on extinguishment of convertible notes payable | 391,000 | 601,000 | |
| Unrealized foreign exchange gain/(loss) | 27,000 | 49,000 | |
| Deferred income taxes | −2,000 | −11,000 | |
| Accounts receivable, current, net | 47,000 | −904,000 | |
| Unbilled revenue | 82,000 | −39,000 | |
| Prepaid expenses and other current assets | −74,000 | −85,000 | |
| Accounts receivable, net | 4,000 | 18,000 | |
| Other assets | 22,000 | −2,000 | |
| Accounts payable | −200,000 | 4 | |
| Operating lease liabilities | −73,000 | −87,000 | |
| Accrued expenses and other current liabilities | 34,000 | 2 | |
| Deferred revenue | −54,000 | 33,000 | |
| Net cash used in operating activities | −6 | −2 | |
| Costs capitalized for internally developed software | −112,000 | −144,000 | |
| Purchases of property and equipment | −53,000 | −15,000 | |
| Payment made to Capital Creditors | — | −20,000 | |
| Disposal of property and equipment | — | 3,000 | |
| Net cash used in investing activities | −165,000 | −176,000 | |
| Proceeds from convertible notes payable | 180,000 | 455,000 | |
| (Repayment)/ Proceeds from related party loan payable | −700,000 | 700,000 | |
| Proceeds from convertible note payable, at fair value | — | 7 | |
| Payments on notes payable, net of penalty and lender fees | — | −3 | |
| Payment of deferred transaction costs | −836,000 | −2,000 | |
| Common stock repurchase | — | −2 | |
| Proceeds from reverse recapitalization | 9 | — | |
| Proceeds from issuance of shares pursuant to PIPE transaction | 1 | — | |
| Debt Extinguishment cost paid | — | −53,000 | |
| Exercise of stock options | — | 12,000 | |
| Proceeds from director and officer insurance funding (short term debt) | 382,000 | — | |
| Payment of director and officer insurance funding (short term debt) | −40,000 | — | |
| Net cash provided by financing activities | 9 | 3 | |
| Effect of exchange rate changes on cash and cash equivalents | −3,000 | −1,000 | |
| Net change in cash and cash equivalents | 4 | 234,000 | |
| Cash paid for interest | — | 26,000 | |
| Cash paid for income taxes | 31,000 | 10,000 | |
| Purchase of property and equipment through capital advances | — | 38,000 | |
| Common Stock issued upon cashless exercise of stock options | 707,000 | — | |
| Unpaid deferred transaction costs as of the end of the period | 242,000 | 2 | |
| Waiver of deferred transaction costs as of the end of the period | 1 | — | |
| Issuance of shares vested upon repayment and forgiveness of 2023 Promissory Notes | 3,000 | 899,000 | |
| Issuance of subscription receivable | −11 | — | |
| Settlement of non-recourse 2023 promissory note in exchange for common stock repurchase consideration | — | 903,000 | |
| Issuance of shares as a result of conversion of related party convertible notes at fair value | 4 | — | |
| Issuance of shares as a result of conversion of convertible notes at fair value | 5 | — | |
| Issuance of shares as a result of conversion of convertible notes | 668,000 | — | |
| Conversion of convertible preferred stock into common stock in connection with the reverse recapitalization | 8 | — | |
| Treasury stock repurchase cancellation upon reverse recapitalization | −3 | — | |
| Shares issued to a vendor of Legacy Fusemachines to settle outstanding invoices. | 198,000 | — | |
| (Loss)/Gain on extinguishment of debt (Refer Note no. 10 - Long Term Debt) | −391,000 | — | |
| Extinguishment of debt (Refer Note no. 10 - Long Term Debt and Note no.17 - Commitments and Contingencies) | — | 4 | |
| Settlement of vendor payable by SPAC sponsor accounted as a capital contribution | 137,000 | — | |
| Recognition of debt at fair value (Refer Note no. 10 - Long Term Debt and Note no.17 - Commitments and Contingencies) | — | 4 | |
| Investment in Equity securities | — | 122,000 |
Filings
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Frequently asked questions
What is Fusemachines Inc.'s CIK number?
Fusemachines Inc.'s SEC CIK number is 0002033383 (2033383). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Fusemachines Inc.'s SEC filings?
All of Fusemachines Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.