Detailed financial statements for Fusemachines Inc. (FUSE): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Fusemachines Inc. develops and implements artificial intelligence as a service and machine learning software platforms. Their product suite features Fuse Anna, an AI assistant providing daily reminders for follow-ups, and Fuse Prospector, an AI-driven sales platform. The company also offers managed outbound services and delivers AI-as-a-service for crucial functions such as large-scale data processing, data governance, and cloud-based analytical solutions.
Analysis Summary
Balance sheet quality for FUSE: current ratio of 0.3, net cash position of $2.7M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | 0 | $6.9M | $7.4M | $533.0M | $7.7M |
| Cost of Revenue | 0 | $2.1M | $3.2M | -$12.9M | $3.4M |
| Gross Profit | 0 | $4.8M | $4.2M | $545.9M | $4.3M |
| Research & Development | 0 | $275000 | $604000 | 0 | $720000 |
| Selling, General & Admin | $49154 | $5.2M | $8.9M | 0 | $9.5M |
| Operating Expenses | $49154 | $5.5M | $9.5M | $519.3M | $10.3M |
| Operating Income | -$49154 | -$696000 | -$5.3M | $26.6M | -$6.0M |
| EBITDA | -$49154 | -$402000 | -$6.0M | $33.7M | -$380000 |
| Interest Expense | 0 | $158000 | $451000 | $24.2M | $268000 |
| Pre-tax Income | -$49154 | -$728000 | -$6.8M | $9.5M | -$925000 |
| Income Tax | 0 | $23000 | $11000 | $354000 | $3000 |
| Net Income | -$49154 | -$751000 | -$6.8M | $9.1M | -$928000 |
| EPS | $-0.00 | $-0.03 | $-0.71 | $1.37 | $-0.08 |
| EPS (Diluted) | $-0.00 | $-0.03 | $-0.71 | $1.37 | $-0.08 |
| Shares Outstanding (Diluted) | $23.7M | $26.5M | $9.5M | $6.7M | $11.5M |
Balance Sheet (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $20 | $903000 | $266000 | $500000 | $4.2M |
| Short-term Investments | 0 | 0 | $52.0M | 0 | 0 |
| Receivables | 0 | $1.0M | $1.3M | $1.7M | $1.4M |
| Inventory | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $20 | $2.0M | $1.8M | $4.1M | $6.3M |
| Property, Plant & Equipment | 0 | $1.4M | $1.4M | $1.2M | $1.0M |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | $29000 | $113000 | $187000 | $206000 |
| Total Assets | $842540 | $3.4M | $3.3M | $5.5M | $7.5M |
| Accounts Payable | 0 | $563000 | $1.2M | $6.5M | $5.0M |
| Short-term Debt | $126894 | $395000 | $191000 | $9.9M | $642000 |
| Total Current Liabilities | $866694 | $2.0M | $3.4M | $20.3M | $20.0M |
| Long-term Debt | 0 | $3.3M | $6.0M | $6.7M | 0 |
| Total Liabilities | $866694 | $7.2M | $11.8M | $29.9M | $22.1M |
| Retained Earnings | -$49154 | -$12.1M | -$18.8M | -$34.2M | -$35.1M |
| Total Equity | -$24154 | -$3.9M | -$8.5M | -$24.3M | -$14.6M |
| Total Debt | $126894 | $4.8M | $7.3M | $17.6M | $1.5M |
| Net Debt | $126874 | $3.9M | -$44.8M | $17.1M | -$2.7M |
| Working Capital | -$866674 | $9000 | -$1.6M | -$16.2M | -$13.8M |
Cash Flow (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income | -$751000 | -$6.8M | $26.3M | -$928000 |
| Depreciation & Amortization | $168000 | $253000 | $25.7M | $277000 |
| Stock-based Compensation | 0 | $2.2M | $27.8M | 0 |
| Change in Working Capital | -$131000 | $908000 | $4.4M | -$212000 |
| Operating Cash Flow | -$589000 | -$2.5M | $201.0M | -$5.5M |
| Capital Expenditure | -$221000 | -$294000 | -$9.2M | -$53000 |
| Acquisitions | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | -$149.5M | -$2.0M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$810000 | -$2.8M | $191.9M | -$5.6M |
Growth & Margins (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue Growth (YoY) | +8.2% | +7066.2% | -98.6% | ||
| Net Income Growth (YoY) | -1427.9% | -800.4% | +235.3% | -110.1% | |
| EPS Growth (YoY) | -1247.6% | -2408.8% | +293.0% | -105.9% | |
| Shares Change (YoY) | +11.7% | -64.1% | -29.7% | +72.2% | |
| FCF Growth (YoY) | -241.7% | +7031.2% | -102.9% | ||
| Gross Margin | 69.2% | 57.0% | 102.4% | 55.8% | |
| Operating Margin | -10.1% | -71.1% | 5.0% | -77.2% | |
| EBITDA Margin | -5.8% | -81.3% | 6.3% | -4.9% | |
| Net Margin | -10.9% | -90.9% | 1.7% | -12.0% | |
| FCF Margin | -11.8% | -37.2% | 36.0% | -72.4% | |
| Effective Tax Rate | -0.0% | -3.2% | -0.2% | 3.7% | -0.3% |
Per-Share Data (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| FCF Per Share | $-0.03 | $-0.29 | $28.66 | $-0.48 | |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | |
| Shares Outstanding (Basic) | $23.7M | $26.5M | $9.5M | $6.7M | $11.5M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Financial Health
| Piotroski F-Score | 3 |
| Altman Z-Score | -9.79 |
Key Ratios (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| P/E | -4638.10 | -357.60 | -15.34 | 8.39 | -20.50 |
| P/B | -9564.49 | -69.16 | -12.24 | -3.17 | -1.30 |
| P/S | 0.00 | 39.00 | 13.93 | 0.14 | 2.47 |
| Gross Margin | 0.0% | 69.2% | 57.0% | 102.4% | 55.8% |
| Operating Margin | 0.0% | -10.1% | -71.1% | 5.0% | -77.2% |
| Net Margin | 0.0% | -10.9% | -90.9% | 1.7% | -12.0% |
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Explore sector: Technology · Software - Application
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