FUSE

MKT CAP:$53M

Fusemachines Inc.

Market Cap

$53M

Technology·Software - Application·🇺🇸 United States·NASDAQ

Technology·Software App·🇺🇸·NASDAQ

Stock Price

$1.97+$0.27 (+15.88%)

Apr 21, 2026

Company Details

Fusemachines Inc. develops and delivers artificial intelligence (AI) as a service and machine learning software solutions. The company offers Fuse Anna which is an AI assistant for follow ups through daily reminders; and Fuse Prospector whi...

CEO

Sameer Raj Maskey

IPO Date

Mar 7, 2022

Website

fusemachines.com

Key Metrics TTM

Revenue

$4M

+115.0% YoY

Net Income

-$24M

EPS (Diluted)

-$3.55

Free Cash Flow

-$260.4K

Revenue / Share

$0.72

Gross Margin

56.1%

Operating Margin

-101.1%

Net Margin

-571.1%

FCF Margin

-6.3%

P/S

12.9x

P/E

—

Earnings Reports

FY 2025

Dec 30, 2025

$8MEPS -$0.08

Q3 2025

Sep 29, 2025

$0EPS -$3.46

Q2 2025

Jun 29, 2025

$0EPS -$0.03

Q1 2025

Feb 25, 2025

$2M+1.9%EPS -$0.01

Q4 2024

Feb 25, 2025

$2MEPS -$0.04

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 21	$0	$0	-$47.3K
Q3 21	$0	$0	-$47.3K
Q4 21	$0	$0	-$1.8K
Q1 22	$0	$0	-$244.4K
Q2 22	$0	$0	-$408.2K
Q3 22	$0	$0	-$194.5K
Q4 22	$0	$0	-$216.0K
Q1 23	$0	$0	-$486.6K
Q2 23	$0	$0	-$225.6K
Q3 23	$0	$0	-$312.4K
Q4 23	$0	$0	-$595.5K
Q1 24	$2M	$1M	-$2M
Q4 24	$2M	$1M	-$1M
Q1 25	$2M	$1M	-$1M
Q2 25	$0	$0	-$374.4K
Q3 25	$0	$0	-$1M

Valuation

Quarter	P/S	P/E
Q2 21	—	—
Q3 21	—	—
Q4 21	—	—
Q1 22	—	—
Q2 22	—	—
Q3 22	—	102.9x
Q4 22	—	25.9x
Q1 23	—	13.8x
Q2 23	—	8.8x
Q3 23	—	8.7x
Q4 23	—	11.5x
Q1 24	27.8x	—
Q4 24	13.0x	—
Q1 25	8.8x	—
Q2 25	8.8x	—
Q3 25	12.9x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$2M	-$2M
Q2 22	-$61.0K	-$61.0K
Q4 22	$355.1K	$355.1K
Q1 23	-$272.5K	-$272.6K
Q2 23	$683.1K	$683.1K
Q3 23	$2M	$2M
Q4 23	$622.0K	$622.0K
Q1 24	-$1M	-$2M
Q4 24	$305.0K	$304.0K
Q1 25	-$229.0K	-$253.0K
Q2 25	-$230.1K	-$230.1K
Q3 25	-$81.3K	-$81.3K

Capital Expenditures

Quarter	CapEx
Q1 22	$0
Q2 22	$4
Q4 22	$0
Q1 23	$3
Q2 23	$3
Q3 23	$0
Q4 23	$5
Q1 24	$38.0K
Q4 24	$1.0K
Q1 25	$24.0K
Q2 25	$4
Q3 25	$3

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	—	+762.1%
Q3 22	—	+310.8%
Q4 22	—	+11842.9%
Q1 23	—	+99.1%
Q2 23	—	-44.7%
Q3 23	—	+60.6%
Q4 23	—	+175.7%
Q1 24	—	+669.8%
Q4 24	—	+1459.2%
Q1 25	—	+946.9%
Q2 25	—	-37.1%
Q3 25	-100.0%	-69.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$0	—
Q2 22	$0	—
Q4 22	$0	—
Q1 23	$0	—
Q2 23	$0	—
Q3 23	$0	—
Q4 23	$0	—
Q1 24	$549.0K	28.6%
Q4 24	-$104.0K	-4.8%
Q1 25	$65.0K	3.3%
Q2 25	$0	—
Q3 25	$0	—

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q2 21	—	—	—	$47.3K
Q3 21	—	—	—	$47.3K
Q4 21	—	—	—	$1.8K
Q1 22	—	—	—	$244.4K
Q2 22	—	—	—	$408.2K
Q3 22	—	—	—	$194.5K
Q4 22	—	—	—	$216.0K
Q1 23	—	—	—	$486.6K
Q2 23	—	—	—	$225.6K
Q3 23	—	—	—	$312.4K
Q4 23	—	—	—	$595.5K
Q1 24	$221.0K	$2M	$648.0K	—
Q4 24	$136.0K	$2M	$388.0K	—
Q1 25	$165.0K	$2M	$308.0K	—
Q2 25	—	—	—	$374.4K
Q3 25	—	—	—	$1M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 21	$20	$0	$20
Q1 22	$400.7K	$0	$400.7K
Q2 22	$339.6K	$0	$339.6K
Q4 22	$224.5K	$195M	$195M
Q1 23	$251.9K	$197M	$197M
Q2 23	$173.9K	$199M	$199M
Q3 23	$64.5K	$51M	$51M
Q4 23	$138.3K	$52M	$52M
Q1 24	$91.1K	$53M	$53M
Q2 24	$62.7K	$54M	$54M
Q3 24	$47.4K	$16M	$16M
Q4 24	$500.0K	$16M	$17M
Q1 25	$429.0K	$16M	$17M
Q2 25	$14.0K	$17M	$17M
Q3 25	$9.3K	$12M	$12M
Q4 25	$4M	$0	$4M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 21	24M	—	—
Q3 21	21M	-13.0%	—
Q4 21	24M	+15.0%	—
Q1 22	24M	0.0%	—
Q2 22	23M	-1.1%	-1.1%
Q3 22	24M	+1.2%	+15.0%
Q4 22	24M	0.0%	0.0%
Q1 23	24M	0.0%	0.0%
Q2 23	24M	0.0%	+1.2%
Q3 23	14M	-43.0%	-43.0%
Q4 23	10M	-29.7%	-59.9%
Q1 24	27M	+178.5%	+11.7%
Q4 24	6M	-76.9%	-74.2%
Q1 25	27M	+333.3%	+95.9%
Q2 25	6M	-76.9%	-35.7%
Q3 25	6M	-6.4%	-78.4%

Shares Outstanding