Fusemachines Inc. FUSE
is a leading provider of enterprise AI solutions, offering AI products including AI Studio, AI Engines, and AI Agents, along with supporting
services to organizations across a wide range of industries. With more than a decade of experience, we help enterprises integrate AI
into their operations to improve efficiency, reduce costs, and drive innovation. Our products and services are uniquely supported by
a global talent pool largely sourced from underserved communities, enabling us to deliver high quality AI solutions at scale while advancing
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Revenue | $7.7M | $8.8M | — |
| Cost of revenue | $3.4M | $4.0M | — |
| Gross profit | $4.3M | $4.8M | — |
| R&D | $720.0K | $732.0K | — |
| SG&A | $8.2M | $10.3M | — |
| Total operating expenses | $10.3M | $13.0M | — |
| Operating income | -$6.0M | -$8.2M | — |
| Interest expense | $268.0K | $234.0K | — |
| Pre-tax income | -$925.0K | -$15.4M | — |
| Income tax | $3.0K | $31.0K | — |
| Net income | -$928.0K | -$15.4M | — |
| EPS, basic | -0.08 | -2.21 | — |
| EPS, diluted | -0.08 | -2.21 | — |
| Shares, diluted (wtd. avg.) | $11.5M | $7.0M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Cash and equivalents | $9.4M | $500.0K | — |
| Receivables | $1.3M | $1.4M | — |
| Total current assets | $6.3M | $4.1M | — |
| Property, plant and equipment | $305.0K | $348.0K | — |
| Other intangibles | $206.0K | $187.0K | — |
| Total assets | $7.5M | $5.5M | — |
| Accounts payable | $5.0M | $6.5M | — |
| Short-term debt | $300.0K | $9.9M | — |
| Total current liabilities | $20.0M | $20.3M | — |
| Long-term debt | $300.0K | $6.7M | — |
| Total liabilities | $22.1M | $29.9M | — |
| Retained earnings | -$35.1M | -$34.2M | — |
| Total equity | -$14.6M | -$24.3M | -$8.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Operating cash flow | -$5.5M | -$2.2M | — |
| Depreciation and amortisation | $96.8K | $108.6K | — |
| Stock-based compensation | $231.0K | $1.1M | — |
| Capital expenditure | $53.0K | $15.0K | — |
| Investing cash flow | -$165.0K | -$176.0K | — |
| Financing cash flow | $9.4M | $2.6M | — |
| Buybacks | — | $2.0M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001493152-26-019155.
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