Fusemachines Inc.
For the period ended Sep 30, 2026. Filed Nov 3, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 3, 2026
FUSE$0.33+18.8%Stored close · as of Nov 6, 2026
Contents
Item 1. Condensed Consolidated Balance Sheets as of September 30, 2026 (unaudited) and December 31, 2025
Condensed Consolidated Interim Balance Sheets
| September 30, 2026 | December 31, 2025 | |
|---|---|---|
| (Unaudited) | ||
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | 1,454 | 4,221 |
| Accounts receivable, net | 1,400 | 1,264 |
| Unbilled revenue | 16 | 16 |
| Prepaid expenses and other current assets | 575 | 753 |
| Customer incentive asset, current | 193 | - |
| Total current assets | 3,638 | 6,254 |
| Property and equipment, net | 244 | 305 |
| Customer incentive asset, non-current | 364 | - |
| Intangible assets, net | 259 | 206 |
| Deferred tax assets | 11 | 11 |
| Operating lease right-of-use assets | 482 | 744 |
| Other assets | 11 | 16 |
| Total assets | 5,009 | 7,536 |
| Liabilities and stockholders’ deficit | ||
| Current liabilities: | ||
| Accounts payable | 4,527 | 5,012 |
| Accrued expenses and other current liabilities | 4,734 | 4,618 |
| Convertible notes payable, current | 1,245 | - |
| Related party loan payable, current | 300 | 300 |
| Forward purchase derivative liability | 708 | 9,692 |
| Operating lease liability, current | 45 | 85 |
| Short term debt | 64 | 342 |
| Cumulative mandatorily redeemable common and preferred stock liability, current | 1,063 | |
| Total current liabilities | 12,686 | 20,049 |
| Accounts payable non-current | - | 143 |
| Warrant liability | 30 | 121 |
| Cumulative mandatorily redeemable common and preferred stock liability, non-current | - | 1,048 |
| Operating lease liability | 508 | 751 |
| Total liabilities | 13,224 | 22,112 |
| Commitments and Contingencies | - | - |
| Stockholder’s deficit: | ||
| Convertible preferred stock ($0.0001 par value, 5,000,000 shares authorized as of September 30, 2026 and December 31, 2025, respectively; Nil shares issued as of September 30, 2026 and December 31, 2025, respectively; Nil shares outstanding as of September 30, 2026 and December 31, 2025) | - | - |
| Common stock ($0.0001 par value, 500,000,000 shares authorized as of September 30, 2026 and December 31, 2025; 32,424,711 shares and 28,938,266 shares issued and outstanding as of September 30,2026 and December 31, 2025, respectively) | 4 | 3 |
| Additional paid in capital | 35,821 | 31,311 |
| Share subscription receivable | (738) | (11,005) |
| Accumulated deficit | (43,573) | (35,145) |
| Accumulated other comprehensive income | 271 | 260 |
| Total stockholders’ deficit | (8,215) | (14,576) |
| Total liabilities and stockholders’ deficit | 5,009 | 7,536 |
Condensed Consolidated Interim Statements of Operations and Comprehensive Loss
| Three Months ended, September 30 | Nine Months ended, September 30 | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| (Unaudited) · (Unaudited) | ||||
| Revenue | 1,845 | 1,792 | 5,518 | 5,779 |
| Cost of revenue | (864) | (796) | (2,626) | (2,488) |
| Gross Profit | 981 | 996 | 2,892 | 3,291 |
| Operating expenses: | ||||
| Selling and marketing | 356 | 293 | 1,151 | 934 |
| General and administrative | 2,653 | 1,632 | 8,904 | 5,131 |
| Research and development | 286 | 165 | 876 | 489 |
| Total operating expenses | 3,295 | 2,090 | 10,931 | 6,554 |
| Loss from operations | (2,314) | (1,094) | (8,039) | (3,263) |
| Other (expense) income: | ||||
| Interest expense | (353) | (74) | (459) | (213) |
| Loss on extinguishment of convertible notes payable | - | - | - | (391) |
| Gain on extinguishment of payable | 105 | - | 612 | - |
| Gain/(loss) on change in fair value of convertible notes and warrant liability | 42 | (61) | 91 | (1,405) |
| Loss on change in fair value of forward purchase derivative liability | (2,212) | - | (604) | - |
| Other (expense) income | 109 | 55 | 59 | 59 |
| Total other (expense)/income, net | (2,309) | (80) | (301) | (1,950) |
| Loss before income taxes | (4,623) | (1,174) | (8,340) | (5,213) |
| Provision for income tax | - | - | (4) | - |
| Net loss | (4,623) | (1,174) | (8,344) | (5,213) |
| Deemed dividend related to Shortfall Warrants modification | (84) | - | ||
| Net loss attributable to common stockholders (i) | (4,623) | (1,174) | (8,428) | (5,213) |
| Weighted-average common shares outstanding - basic and diluted (ii) | 30,586,609 | 7,672,654 | 29,502,942 | 7,406,332 |
| Net loss per common share - basic and diluted (i/ii) | (0.15) | (0.15) | (0.29) | (0.70) |
| Other Comprehensive income (loss) | ||||
| Net loss | (4,623) | (1,174) | (8,344) | (5,213) |
| Change in foreign currency translation adjustment | 2 | 8 | 11 | 8 |
| Total comprehensive loss | (4,621) | (1,166) | (8,333) | (5,205) |
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