季報
季度報告
10-Q
2026-05-15
Fusemachines首份上市季度報告收入跌4%淨虧損
AI 繁中摘要
📄 申報類型：10-Q（季度報告）
🏢 公司：Fusemachines Inc.（股票代碼：FUSE）
📆 財政季度：2026年第一季度（截至2026年3月31日）
🔍 業績重點：
- 收入：187.9萬美元，較去年同期195.4萬美元下跌約4%📉
- 毛利：94.8萬美元（毛利率約50.4%），低於去年的109萬美元
- 營業虧損：303.5萬美元，較去年131.6萬美元大幅擴大⬆️，主因是行政開支（327.3萬美元）急增（含股權激勵40.6萬美元）
- 淨虧損：87.2萬美元（去年同期淨虧損25.3萬美元），但計入視同股息84萬美元後，歸屬普通股股東淨虧損為95.6萬美元
- 經調整非現金項目後，經營活動現金流為-222.4萬美元（去年同期-22.9萬美元），現金消耗顯著增加💰
📊 資產負債狀況（截至2026年3月31日）：
- 現金及等價物：177.4萬美元（2025年底為422.1萬美元，減少約58%）
- 總資產：494.4萬美元
- 總負債：1,997.7萬美元（主要為應付賬款479.7萬美元、應計費用467.7萬美元及遠期購買衍生負債810.4萬美元）
- 股東赤字：1,503.3萬美元（累計虧損3,610.1萬美元）
- 公司處於資不抵債狀態，股東權益為負數⚠️
📌 重大事件與變動：
- 2025年10月22日完成與SPAC（CSLM Acquisition Corp.）的業務合併，並於納斯達克上市，會計處理視為反向資本重組
- 2026年4月17日後續簽訂普通股購買協議，籌集額外資金
- 期內確認應付賬款豁免收益49.8萬美元、遠期購買衍生負債公允價值收益158.8萬美元，部分抵銷營運虧損
- 權益結構：已發行普通股28,939,240股，無優先股
📈 管理層展望與風險：
- 管理層在MD&A中指出公司仍處於虧損狀態，需要持續融資支持營運
- 客戶集中度風險：期內兩位客戶佔收入約26.9%；應收賬款方面四位客戶佔57.8%
- 公司將繼續專注AI解決方案及AI教育服務，但短期內盈利能力受壓
- 存在持續經營疑慮，現金餘額持續下降，需依賴後續融資或業務增長改善流動性
💡 對投資者的潛在影響：
- 公司上市後首份完整季度業績顯示虧損擴大，現金消耗加快，需關注其融資計劃及現金跑道
- 非現金公允價值變動及
展開英文正文
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us-gaap:CommonStockMember 2025-12-23 2025-12-23 0002033383 us-gaap:CommonStockMember 2025-12-23 0002033383 FUSE:PrivateWarrantsMember 2026-03-31 0002033383 FUSE:PublicWarrantsMember 2026-03-31 0002033383 FUSE:SettlementAgreementMember us-gaap:SubsequentEventMember 2026-04-10 2026-04-10 0002033383 FUSE:SettlementAgreementMember us-gaap:SubsequentEventMember 2026-04-10 0002033383 FUSE:CommonStockPurchaseAgreementMember us-gaap:SubsequentEventMember 2026-04-17 2026-04-17 0002033383 FUSE:CommonStockPurchaseAgreementMember us-gaap:SubsequentEventMember 2026-04-17 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 March 31, 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.) 251 West 30th Street, 5th Floor New York, New York 10001 (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 May 14, 2026, the registrant had 28,939,240 shares of voting common stock outstanding. Fusemachines Inc. FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2026 TABLE OF CONTENTS PART I - FINANCIAL INFORMATION Item 1. Interim Financial Statements Condensed Consolidated Balance Sheets as of March 31, 2026 (unaudited) and December 31, 2025 1 Condensed Consolidated Statement of Operations and Comprehensive Loss for the three months ended March 31, 2026 and 2025 (unaudited) 2 Condensed Consolidated Interim Statements of Stockholders’ Deficit 3 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (unaudited) 4 Notes to Condensed Consolidated Financial Statements (Unaudited) 5 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 28 Item 3. Quantitative and Qualitative Disclosures About Market Risk 42 Item 4. Controls and Procedures 42 PART II - OTHER INFORMATION 44 Item 1. Legal Proceedings 44 Item 1A. Risk Factors 44 Item 2. Unregistered Sales of Equity Securities and Use Of Proceeds 47 Item 3. Defaults Upon Senior Securities 47 Item 4. Mine Safety Disclosures 47 Item 5. Other Information 47 Item 6. Exhibits 48 SIGNATURES 49 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) March 31, 2026 December 31, 2025 (Unaudited) Assets Current assets: Cash and cash equivalents 1,774 4,221 Accounts receivable, current, net 1,242 1,264 Unbilled revenue 71 16 Prepaid expenses and other current assets 650 753 Total current assets 3,737 6,254 Property and equipment, net 292 305 Intangible assets, net 210 206 Deferred tax assets 11 11 Operating lease right-of-use assets 683 744 Other assets 11 16 Total assets 4,944 7,536 Liabilities and stockholders’ deficit Current liabilities: Accounts payable 4,797 5,012 Accrued expenses and other current liabilities 4,677 4,618 Related party loan payable, current 300 300 Operating lease liability, current 84 85 Forward purchase derivative liability 8,104 9,692 Short term debt 168 342 Total current liabilities 18,130 20,049 Accounts payable non-current 78 143 Warrant liability 62 121 Cumulative mandatorily redeemable common and preferred stock liability 1,018 1,048 Operating lease liability 689 751 Total liabilities 19,977 22,112 Commitments and Contingencies (Note 12) - Stockholders’ deficit: Convertible preferred stock ($0.0001 par value, 5,000,000 shares authorized as of March 31, 2026 and December 31, 2025, respectively; Nil shares issued as of March 31, 2026 and December 31, 2025, respectively ; Nil shares outstanding as of March 31, 2026 and December 31, 2025) - - Common stock ($0.0001 par value, 500,000,000 shares authorized as of March 31,2026 and December 31, 2025; 28,939,240 shares and 28,938,266 shares issued and outstanding as of March 31,2026 and December 31, 2025 respectively) 3 3 Additional paid in capital 31,801 31,311 Share subscription receivable (11,005) (11,005) Accumulated deficit (36,101) (35,145) Accumulated other comprehensive income 269 260 Total stockholders’ deficit (15,033) (14,576) Total liabilities and stockholders’ deficit 4,944 7,536 The accompanying notes are an integral part of these condensed consolidated interim financial statements. 1 Fusemachines Inc. and Subsidiaries 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 Three months ended March 31, 2026 2025 (Unaudited) Revenue 1,879 1,954 Cost of revenue (931) (864) Gross Profit 948 1,090 Operating expenses: Selling and marketing 412 308 General and administrative 3,273 1,933 Research and development 298 165 Total operating expenses 3,983 2,406 Loss from operations (3,035) (1,316) Other (expense) income: Interest expense (54) (66) Loss on extinguishment of convertible notes payable - (391) Gain on extinguishment of payable 498 Gain on change in fair value of convertible notes and warrant liability 60 1,516 Gain on change in fair value of forward purchase derivative liability 1,588 - Other (expense) income 75 4 Total other expense/(income), net 2,167 1,063 Loss before income taxes and equity in earnings of investee (868) (253) Provision for income tax (4) - Net loss (872) (253) Deemed dividend related to Shortfall Warrants modification (84) - Net loss attributable to common stakeholders (i) (956) (253) Weighted-average common shares outstanding - basic and diluted (ii) 28,938,764 7,270,965 Net Loss per common share - basic and diluted (i)/(ii) (0.03) (0.03) Comprehensive income (loss) Net loss (872) (253) Change in foreign currency translation adjustment 9 - Total comprehensive loss (863) (253) The accompanying notes are an integral part of these condensed consolidated interim financial statements. 2 Fusemachines Inc. and Subsidiaries Condensed Consolidated Interim Statements of Stockholders’ Deficit (all amounts in USD, in thousands, except number of shares and per share data) Shares Amount* Shares Amount* Amount Shares Amount* Amount Amount Amount Amount Convertible preferred stock* Common stock * Additional paid-in capital Treasury stock* Share Subscription Receivable Accumulated deficit Accumulated other comprehensive Income Total stockholders’ deficit Shares Amount Shares Amount Amount Shares Amount Amount Amount Amount Amount Balance at December 31, 2025 - - 28,938,266 $3 31,311 - $- $(11,005) $(35,145) 260 (14,576) Stock-based compensation - - - - 406 - - - - - 406 Net loss - - - - - - - - (872) - (872) Issuance of common stock upon cashless exercise of stock option - - 1,715 - 1 - - - - - 1 Shares withheld related to cashless exercise (741) - (1) - - - - - (1) Deemed dividend related to Shortfall Warrants modification (refer note 16) - - - - 84 - - - (84) - - Foreign currency translation - - - - - - - - - 9 9 Balance at March 31, 2026 (unaudited) - - 28,939,240 3 31,801 - - (11,005) (36,101) 269 (15,033) Convertible preferred stock * Common stock * Additional paid-in capital Treasury stock * Share Subscription Receivable Accumulated deficit Accumulated other comprehensive Income Total stockholders’ deficit Shares Amount Shares Amount Amount Shares Amount Amount Amount Amount 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) - - - 0 Balance at December 31, 2024 5,950,673 7,865 7,264,192 1 4,699 438,903 (2,903) - (34,217) 250 (24,304) Balance 5,950,673 7,865 7,264,192 1 4,699 438,903 (2,903) - (34,217) 250 (24,304) Stock-based compensation - - - - 65 - - - - - 65 Net loss - - - - - - - - (253) - (253) Loss for extinguishment of convertible notes payable - - - - 391 - - - - - 391 Issuance of shares upon repayment of 2023 Promissory Notes - - 6,772 - 3 - - - - - 3 Balance at March 31, 2025 (unaudited) 5,950,673 7,865 7,270,964 1 5,158 438,903 (2,903) - (34,470) 250 (24,099) Balance 5,950,673 7,865 7,270,964 1 5,158 438,903 (2,903) - (34,470) 250 (24,099) * The number of shares of convertible preferred stock, common stock and treasury stock issued and outstanding prior to the Merger have been retroactively adjusted by the Exchange Ratio to give effect to the reverse recapitalization treatment of the Merger. * In connection with the consummation of the business combination, the Company adopted a new capital structure and amended the par value of its common stock from $0.00001 per share to $0.0001 per share. Accordingly, the historical equity presentation has been adjusted to reflect the revised par value of the Company’s common stock. The change resulted in a reclassification of amounts within stockholders’ equity from additional paid-in capital to common stock to reflect the increased par value per share. This reclassification had no impact on total stockholders’ equity. The accompanying notes are an integral part of these condensed consolidated interim financial statements. 3 Fusemachines Inc. and Subsidiaries Condensed Consolidated Interim Statements of Cash Flows (all amounts in USD, in thousands) 2026 2025 Three months ended March 31, 2026 2025 (Unaudited) Cash flows from operating activities Net Loss (872) (253) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation of property and equipment 24 25 Amortization of intangible asset 32 20 Provision for credit losses (36) 79 Stock-based compensation 406 65 Amortization of right-of-use assets 22 21 Changes in fair value of convertible notes at fair value, warrant liability (60) (1,516) Change in fair value of forward purchase derivative liability (1,588) - Accretion of cumulative mandatorily redeemable common and preferred stock liability 27 23 Loss on extinguishment of convertible notes payable 391 Gain on extinguishment of payable (498) - Changes in operating assets and liabilities: Accounts receivable, current, net (14) 7 Unbilled revenue (72) (20) Prepaid expenses and other current assets 97 52 Accounts receivable, net - 4 Other assets 6 (10) Accounts payable 78 1,086 Operating lease liabilities (19) (16) Accrued expenses and other current liabilities 243 (146) Deferred revenue - (41) Net cash used in operating activities (2,224) (229) Cash flows from investing activities Costs capitalized for internally developed software (36) (23) Purchases of property and equipment (20) (1) Net cash used in investing activities (56) (24) Cash flows from financing activities Proceeds from convertible notes payable - 180 Payment of director and officer insurance liability (short term debt) (202) - Proceeds from director and officer insurance liability (short term debt) 28 Net cash (used in) / provided by financing activities (174) 180 Effect of exchange rate changes on cash and cash equivalents 7 2 Net change in cash and cash equivalents (2,447) (71) Cash and cash equivalents at beginning of the period 4,221 500 Cash and cash equivalents at end of the period 1,774 429 Supplemental disclosures of cash flow information Cash paid for income taxes 10 10 Non-cash investing and financing activities: Common Stock issued upon cashless exercise of stock options 1 - Unpaid deferred transaction costs as of the end of the period - 213 Waiver of deferred transaction costs as of the end of the period - 505 Issuance of shares vested upon repayment and forgiveness of 2023 Promissory Notes - 3 (Loss)/Gain on extinguishment of debt (Refer Note no. 5 - Long-Term Debt) - (391) Purchase of property and equipment not yet paid 4 - Deemed dividend related to Shortfall Warrants modification 84 - The accompanying notes are an integral part of these condensed consolidated interim financial statements. 4 Fusemachines Inc. and Subsidiaries Notes to the Condensed Consolidated Interim Financial Note 1. Organization Fusemachines Inc. (“Company” or “Pubco”) provide enterprise artificial intelligence solutions and services across North America, Latin America and Asia. The Company was originally incorporated on April 13, 2021 under the name CSLM Acquisition, Corp. (“CSLM”), as a Cayman Islands exempted Company, a special purpose acquisition company (“SPAC”) formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. Upon consummation of the Business Combination, Fusemachines USA, Inc. (“Legacy Fusemachines”) became the surviving corporation and a wholly-owned subsidiary of the Company. The Company operated through the following legal entities and branch: ● Fusemachines USA, Inc (Wholly Owned Subsidiary) ● Fusemachines Nepal Inc. (Wholly Owned Holding Company) ● Fusemachines Nepal Private Ltd. (Majority Owned Subsidiary) ● Fusemachines Canada Inc (Wholly Owned Subsidiary) ● Fusemachines India Inc. (Dormant Holding Company) ● Fusemachine Inc. Dominican Republic (Wholly Owned Branch) Business Oxygen Private Limited (“BO2”), a Company domiciled in Nepal holds certain redeemable common and preferred stock of Fusemachines Nepal Private Ltd. Merger Agreement and Business Combination In January 2024, the Company entered into an Agreement and Plan of Merger (as amended in August 2024 and February 2025, the “Business Combination Agreement”) with CSLM Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of CSLM (“Merger Sub”), and Fusemachines USA, Inc. (formerly Fusemachines Inc.) (“Legacy Fusemachines”). On October 22, 2025, the Company consummated the business combination whereby (a) CSLM merged with and into CSLM Holdings, Inc., a Delaware corporation and wholly owned subsidiary of CSLM at which time the separate existence of CSLM ceased and CSLM Holdings became the surviving corporation (“Pubco”) in accordance with the Delaware General Corporation Law (“DGCL”), the Cayman Islands Companies Act (As Revised) (the “Companies Act”), the Certificate of Merger, (the “Certificate of Merger”), and the amended and restated memorandum and articles of association of CSLM (the “Domestication”); (b) the merger (the “Merger”) of Merger Sub with and into Legacy Fusemachines, pursuant to which, at the closing of the transactions contemplated by the Business Combination Agreement (the “Closing”), the separate corporate existence of Merger Sub ceased and Legacy Fusemachines became the surviving corporation and a wholly-owned subsidiary of Pubco, pursuant to the terms of the Business Combination Agreement and in accordance with the laws of the State of Delaware, as more fully described elsewhere in the Proxy Statement/Prospectus; and (c) the other transactions contemplated by the Business Combination Agreement and documents related thereto (such transactions, together with the Domestication and the Merger, the “Business Combination”). In connection with the Business Combination, Pubco was renamed “Fusemachines Inc.” (the “Company”) and Fusemachines Inc. was renamed “Fusemachines USA, Inc.” (“Legacy Fusemachines”). The common stock of the Company began trading on The Nasdaq Stock Market (Nasdaq Global Market) under the symbol “FUSE”, and the warrants trade under the symbol “FUSEW”, beginning on October 23, 2025. The Merger between CSLM and Legacy Fusemachines was accounted for as a reverse recapitalization. See Note 14 - Reverse Capitalization for more information. Throughout the notes to the unaudited condensed consolidated interim financial statements, unless