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Fusemachines 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.
The business is unprofitable at the operating level (-77.18% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 12.5% YoY. The question is whether this is cyclical or a structural shift.
ROIC dropped from -36.74% to -48.50%, capital efficiency is deteriorating. Negative free cash flow of -$6M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (FY)
$8M
▼ -12.5% YoY
Net Income (TTM)
$178K
▲ +94.0% YoY
Op. Margin
-77.18%
▲ +15.8pp YoY
ROIC
-48.50%
▼ -11.8pp YoY
Cash Flow & Balance Sheet
FCF (FY)
-$6M
▼ -151.9% YoY
Op. Cash Flow (FY)
-$6M
▼ -151.2% YoY
Net Debt
-$233K
Net Cash Position
Cash & Equiv.
$2M
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