# FUSEMACHINES INC. (FUSE) · Edgar & Edgarette company card

> Fusemachines (FUSE) saw revenue fall 12.5% in FY2025 to $8 million, operating margin -77.2% against a 6.6% median for computer integrated systems design, equity -193% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 2033383 · fiscal year ended 2025-12-31 · 2 audited years read · [page](https://www.pops4.com/boards/company/FUSE) · [JSON](https://www.pops4.com/boards/company/FUSE.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $8M |
| Revenue growth, 1 year | -12.5% |
| Revenue growth per year | — |
| Operating margin | -77.2% (prior year -93.0%) |
| Net margin | -12.0% |
| Operating cash flow | −$6M |
| Capital spending | $53,000 |
| Free cash flow | −$6M |
| Cash | $4M |
| Long-term debt | $300,000 |
| Total assets | $8M |
| Total equity | −$15M |
| Equity ÷ assets | -193.4% |
| Return on equity | — |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Altman Z: -33.21 (distress zone)
- Piotroski F: 4 of 9 (middling)
- Beneish M: 0.3 (above the −1.78 line)
- Health Harbor boat: Rotting at the dock · four or more warning signs · filed late quarterly report notice, auditor change in the last 12 months; liabilities exceed assets (often from years of share buybacks, not always distress); operating cash flow was negative; operating loss: a margin of -77.2% in FY2025; revenue is hard to predict: its 80% range is ±28%

## Edgarette's reading

Exposure: revenue $7.7M (FY2025), total debt $300K. Experience: revenue down 12.5% on the year; operating margin -77.2%, up from -93.0%. Soundness: equity -193.4% of assets (liabilities exceed assets). Credibility: 2 audited years, moderate weight. Range: 80% of past cases like this landed between $5.0M and $8.9M next year (method v3, set from 749 SEC company-years; on a year the method never saw, 83% landed inside). A statistical range, not company guidance. Against peers (23 filers, $50M+ revenue, services-computer integrated systems design): operating margin -77.2% against a 6.6% median; growth -12.5% against 6.0%.

Range logged 2026-09-20, receipt 607d3a888536aa9c, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item 3.01 Exchange listing notice or transfer: 6, latest 2026-09-25 ([filing](https://www.sec.gov/Archives/edgar/data/2033383/000149315226044394/0001493152-26-044394-index.htm))
- Item NT 10-Q Late quarterly report notice: 1, latest 2025-11-17 ([filing](https://www.sec.gov/Archives/edgar/data/2033383/000149315225023841/0001493152-25-023841-index.htm))
- Item 4.01 Auditor change: 1, latest 2025-12-12 ([filing](https://www.sec.gov/Archives/edgar/data/2033383/000149315225027366/0001493152-25-027366-index.htm))
- Item 5.02 Director or officer change: 3, latest 2026-09-04 ([filing](https://www.sec.gov/Archives/edgar/data/2033383/000149315226041553/0001493152-26-041553-index.htm))

## Recent filings

- 8-K · filed 2026-11-03 · 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/2033383/000149315226049725/0001493152-26-049725-index.htm)
- 10-Q · filed 2026-11-03 · [filing](https://www.sec.gov/Archives/edgar/data/2033383/000149315226049667/0001493152-26-049667-index.htm)
- 8-K · filed 2026-10-23 · 1.01 Entry into a Material Definitive Agreement; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/2033383/000149315226048265/0001493152-26-048265-index.htm)
- S-1 · filed 2026-10-06 · [filing](https://www.sec.gov/Archives/edgar/data/2033383/000149315226045995/0001493152-26-045995-index.htm)
- 8-K · filed 2026-09-25 · 3.01 Notice of Delisting or Failure to Satisfy a Listing Rule; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/2033383/000149315226044394/0001493152-26-044394-index.htm)
- 8-K · filed 2026-09-18 · 3.01 Notice of Delisting or Failure to Satisfy a Listing Rule; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/2033383/000149315226043379/0001493152-26-043379-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0002033383.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=2033383

## Cite

POPS4, Edgar & Edgarette: FUSEMACHINES INC. (FUSE) company card, from the company's own SEC filings, accessed 2026-11-05, https://www.pops4.com/boards/company/FUSE. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.