季報
季度報告
10-Q
2026-08-07
Fusemachines第二季收入跌12% 淨虧損收窄至284.9萬美元 現金僅餘36.8萬美元
AI 繁中摘要
Fusemachines Inc.（納斯達克：FUSE）公布截至2026年6月30日第二季度及上半年業績（10-Q文件）。
📊 業績重點
期內收入按年下跌：第二季收入179.4萬美元，對比去年同期203.4萬美元，跌幅約12%；上半年累計收入367.3萬美元，對比去年同期398.7萬美元，跌幅約8%。收入下跌主要反映AI解決方案及教育服務業務的項目時點波動。
盈利能力方面，虧損有所收窄：第二季淨虧損284.9萬美元，去年同期虧損378.6萬美元；上半年累計淨虧損372.1萬美元，去年同期虧損403.9萬美元。每股虧損第二季為0.10美元，去年同期為0.52美元；上半年每股虧損0.13美元，去年同期0.56美元。
💡 成本及營運開支
雖然整體收入下跌，但公司繼續投資於增長及上市後合規基建。第二季營運開支365.3萬美元，較去年同期的205.8萬美元大幅上升，主要由於一般及行政開支（297.8萬美元，去年同期156.6萬美元）上升，涵蓋上市後作為上市公司所需的合規、法律及專業服務費用，以及股權激勵開支增加。研發開支亦由去年同期的15.9萬美元增至29.2萬美元。
💰 財務狀況及流動性
截至2026年6月30日，現金及現金等價物僅餘36.8萬美元，對比2025年底的422.1萬美元大幅減少，上半年經營現金流為負351.1萬美元。公司目前總資產317.2萬美元，總負債2,052.6萬美元，股東權益赤字1,735.4萬美元。此外，公司持有遠期購買衍生負債（公允價值808.4萬美元），期內相關公允價值變動帶來正面收益160.8萬美元，屬非現金項目。
⚖️ 潛在風險及投資者關注
公司流動資金狀況緊張，管理層在MD&A中已討論持續經營風險，短期內或需依賴額外融資、債務重組或資產出售來支持營運。期後事項披露顯示，公司於2026年8月初與多名投資者訂立融資協議及窩輪認購安排，反映公司正積極尋求新資金來源。
整體而言，公司虧損收窄屬正面訊號，但收入下滑及現金消耗速度仍值得關注。投資者應密切留意後續融資進展及AI業務收入能否重拾增長動力。
展開英文正文
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us-gaap:SubsequentEventMember us-gaap:WarrantMember 2026-08-02 2026-08-02 0002033383 FUSE:SecondForwardPurchaseAgreementMember us-gaap:SubsequentEventMember 2026-08-02 2026-08-02 0002033383 FUSE:SecondCommonStockPurchaseWarrantMember us-gaap:SubsequentEventMember 2026-08-02 2026-08-02 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure FUSE:Segments iso4217:NPR xbrli:shares iso4217:NPR UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2026 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-42909 FUSEMACHINES INC. (Exact name of registrant as specified in its charter) Delaware 98-1602789 (State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.) 200 West 41st Street, 21st Floor New York, New York 10036 (Address of principal executive offices and zip code) (347) 212-5075 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.0001 per share FUSE Nasdaq Stock Market LLC Warrants to purchase shares of Common Stock FUSEW Nasdaq Stock Market LLC Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act: Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☒ Emerging growth company ☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ As of August 6, 2026, the registrant had 28,985,302 shares of voting common stock outstanding. Fusemachines Inc. FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2026 TABLE OF CONTENTS PART I - FINANCIAL INFORMATION Item 1. Interim Financial Statements Condensed Consolidated Balance Sheets as of June 30, 2026 (unaudited) and December 31, 2025 1 Condensed Consolidated Statement of Operations and Comprehensive Loss for the three and six months ended June 30, 2026 and 2025 (unaudited) 2 Condensed Consolidated Interim Statements of Stockholders’ Deficit 3 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025 (unaudited) 5 Notes to Condensed Consolidated Financial Statements (Unaudited) 6 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 27 Item 3. Quantitative and Qualitative Disclosures About Market Risk 43 Item 4. Controls and Procedures 43 PART II - OTHER INFORMATION 45 Item 1. Legal Proceedings 45 Item 1A. Risk Factors 45 Item 2. Unregistered Sales of Equity Securities and Use Of Proceeds 48 Item 3. Defaults Upon Senior Securities 48 Item 4. Mine Safety Disclosures 48 Item 5. Other Information 48 Item 6. Exhibits 49 SIGNATURES 50 Special Note Regarding Forward-Looking Statements This Quarterly Report on Form 10-Q (“Quarterly Report”) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These forward-looking statements are based on our management’s current beliefs and assumptions and on information currently available to our management, and are contained principally in the sections entitled “Business,” “Risk Factors,” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “anticipates,” “believes,” “best in class,” “could,” “seeks,” “estimates,” “expects,” “first-in-class,” “focused,” “goal,” “intends,” “may,” “objective,” “opportunity,” “pipeline,” “plans,” “potential,” “predicts,” “projects,” “pursuing,” “should,” “target,” “treatment option,” “will,” “would,” “might,” “can,” “continue” or similar expressions and the negatives of those terms. These forward-looking statements include, among other things, statements about: ● our ability to effectively operate our business segments; ● our ability to manage our research, development, expansion, growth and operating expenses; ● our ability to evaluate and measure our business, prospects and performance metrics; ● our ability to compete, directly and indirectly, and succeed in a highly competitive and evolving industry; ● our ability to respond and adapt to changes in technology and customer behavior; ● our ability to protect our intellectual property and to develop, maintain and enhance a strong brand; and ● other factors (including the risks contained in the section of this Quarterly Report on Form 10-Q entitled “Risk Factors”) relating to our industry, our operations and results of operations. Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended or planned. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results. Fusemachines Inc. and Subsidiaries Condensed Consolidated Interim Balance Sheets (all amounts in USD, in thousands, except number of shares and per share data) June 30, 2026 December 31, 2025 (Unaudited) Assets Current assets: Cash and cash equivalents 368 4,221 Accounts receivable, net 1,134 1,264 Unbilled revenue 16 16 Prepaid expenses and other current assets 469 753 Total current assets 1,987 6,254 Property and equipment, net 270 305 Intangible assets, net 226 206 Deferred tax assets 11 11 Operating lease right-of-use assets 664 744 Other assets 14 16 Total assets 3,172 7,536 Liabilities and stockholders’ deficit Current liabilities: Accounts payable 5,173 5,012 Accrued expenses and other current liabilities 4,972 4,618 Related party loan payable 300 300 Operating lease liability, current 89 85 Forward purchase derivative liability 8,084 9,692 Short term debt 119 342 Total current liabilities 18,737 20,049 Accounts payable non-current - 143 Warrant liability 72 121 Cumulative mandatorily redeemable common and preferred stock liability 1,050 1,048 Operating lease liability 667 751 Total liabilities 20,526 22,112 Commitments and Contingencies - Stockholder’s deficit: Convertible preferred stock ($0.0001 par value, 5,000,000 shares authorized as of June 30, 2026 and December 31, 2025, respectively; Nil shares issued as of June 30, 2026 and December 31, 2025, respectively ; Nil shares outstanding as of June 30, 2026 and December 31, 2025) - - Common stock ($0.0001 par value, 500,000,000 shares authorized as of June 30,2026 and December 31, 2025; 28,985,302 shares and 28,938,266 shares issued and outstanding as of June 30,2026 and December 31, 2025 respectively) 3 3 Additional paid in capital 32,329 31,311 Share subscription receivable (11,005) (11,005) Accumulated deficit (38,950) (35,145) Accumulated other comprehensive income 269 260 Total stockholders’ deficit (17,354) (14,576) Total liabilities and stockholders’ deficit 3,172 7,536 The accompanying notes are an integral part of these condensed consolidated interim financial statements. 1 Fusemachines Inc. and Subsidiaries Unaudited Condensed Consolidated Interim Statements of Operations and Comprehensive Loss (all amounts in USD, in thousands, except number of shares and per share data) 2026 2025 2026 2025 Three Month ended, June 30 Six Month ended, June 30 2026 2025 2026 2025 (Unaudited) (Unaudited) Revenue 1,794 2,034 3,673 3,987 Cost of revenue (831) (828) (1,762) (1,692) Gross Profit 963 1,206 1,911 2,295 Operating expenses: Selling and marketing 383 333 795 641 General and administrative 2,978 1,566 6,251 3,499 Research and development 292 159 590 324 Total operating expenses 3,653 2,058 7,636 4,464 Loss from operations (2,690) (852) (5,725) (2,169) Other (expense) income: Interest expense (52) (73) (106) (139) Loss on extinguishment of convertible notes payable - - - (391) Gain on extinguishment of payable 8 - 507 - Gain/(loss) on change in fair value of convertible notes and warrant liability (10) (2,860) 49 (1,344) Gain/(loss) on change in fair value of forward purchase derivative liability 20 - 1,608 - Other (expense) income (125) (1) (50) 4 Total other (expense)/income, net (159) (2,934) 2,008 (1,870) Loss before income taxes (2,849) (3,786) (3,717) (4,039) Provision for income tax - - (4) - Net loss (2,849) (3,786) (3,721) (4,039) Deemed dividend related to Shortfall Warrants modification - - (84) - Net loss attributable to common stockholders (i) (2,849) (3,786) (3,805) (4,039) Weighted-average common shares outstanding - basic and diluted (ii) 28,965,344 7,270,964 28,952,133 7,270,964 Net loss per common share - basic and diluted (i/ii) (0.10) (0.52) (0.13) (0.56) Comprehensive income (loss) Net loss (2,849) (3,786) (3,721) (4,039) Change in foreign currency translation adjustment - 9 - Total comprehensive loss (2,849) (3,786) (3,712) (4,039) The accompanying notes are an integral part of these condensed consolidated interim financial statements. 2 Fusemachines Inc. and Subsidiaries Unaudited Condensed Consolidated Interim Statements of Stockholder’ Deficit (all amounts in USD, in thousands, except number of shares and per share data) Three months ended June 30, 2026 Shares Amount* Shares Amount* Additional paid-in capital Amount Shares Amount* Share Subscription Receivable Amount Accumulated deficit Amount other comprehensive Income Amount Total stockholders’ deficit Amount Convertible preferred stock* Common stock * Treasury stock* Accumulated Three months ended June 30, 2026 Shares Amount Shares Amount Additional paid-in capital Amount Shares Amount Share Subscription Receivable Amount Accumulated deficit Amount other comprehensive Income Amount Total stockholders’ deficit Amount Balance at March 31, 2026 - - 28,939,240 $3 31,801 - $- $(11,005) $(36,101) 269 (15,033) Stock-based compensation - - - - 472 - - - - - 472 Net loss - - - - - - - - (2,849) - (2,849) Issuance of common stock upon exercise of stock option - - 26,321 - 18 - - - - - 18 Issuance of common stock upon cashless exercise of stock option - - 19,741 - 38 - - - - - 38 Foreign currency translation - - - - - - - - - - - Balance at June 30, 2026 (unaudited) - - 28,985,302 3 32,329 - - (11,005) (38,950) 269 (17,354) Convertible preferred stock* Common stock * Treasury stock* Accumulated Three months ended June 30, 2025 Shares Amount Shares Amount Additional paid-in capital Amount Shares Amount Share Subscription Receivable Amount Accumulated deficit Amount other comprehensive Income Amount Total stockholders’ deficit Amount Balance at March 31, 2025 5,950,673 7,865 7,270,964 1 5,158 438,903 (2,903) - (34,470) 250 (24,099) Stock-based compensation - - - - 53 - - - - - 53 Net loss - - - - - - - (3,786) (3,786) Balance at June 30, 2025 (unaudited) 5,950,673 7,865 7,270,964 1 5,211 438,903 (2,903) - (38,256) 250 (27,832) 3 Fusemachines Inc. and Subsidiaries Unaudited Condensed Consolidated Interim Statements of Stockholder’ Deficit (all amounts in USD, in thousands, except number of shares and per share data) Six months ended June 30, 2026 Shares Amount* Shares Amount* Additional paid-in capital Amount Shares Amount* Share Subscription Receivable Amount Accumulated deficit Amount other comprehensive Income Amount Total stockholders’ deficit Amount Convertible preferred stock* Common stock * Treasury stock* Accumulated Six months ended June 30, 2026 Shares Amount Shares Amount Additional paid-in capital Amount Shares Amount Share Subscription Receivable Amount Accumulated deficit Amount other comprehensive Income Amount Total stockholders’ deficit Amount Balance at December 31, 2025 - - 28,938,266 3 31,311 - - (11,005) (35,145) 260 (14,576) Stock-based compensation - - - - 878 - - - - - 878 Net loss - - - - - - - - (3,721) - (3,721) Issuance of common stock upon cashless exercise of stock option - - 21,456 - 39 - - - - - 39 Shares withheld related to cashless exercise - - (741) - (1) - - - - - (1) Deemed dividend related to Shortfall Warrants modification ( refer note 15 ) - - - - 84 - - - (84) - - Issuance of common stock upon exercise of stock option - - 26,321 - 18 - - - - - 18 Foreign currency translation - - - - - - - - - 9 9 Balance at June 30, 2026 (unaudited) - - 28,985,302 3 32,329 - - (11,005) (38,950) 269 (17,354) Convertible preferred stock* Common stock * Treasury stock* Accumulated Six months ended June 30, 2025 Shares Amount Shares Amount Additional paid-in capital Amount Shares Amount Share Subscription Receivable Amount Accumulated deficit Amount other comprehensive Income Amount Total stockholders’ deficit Amount Balance at December 31, 2024 9,043,234 7,865 11,039,388 2 4,698 667,000 (2,903) - (34,217) 250 (24,305) Retroactive application of recapitalization (3,092,561) - (3,775,196) (1) 1 (228,097) - - - - - Balance at December 31, 2024 5,950,673 7,865 7,264,192 1 4,699 438,903 (2,903) - (34,217) 250 (24,305) Balance 5,950,673 7,865 7,264,192 1 4,699 438,903 (2,903) - (34,217) 250 (24,305) Stock-based compensation - - - - 118 - - - - - 118 Net loss - -