FUSE
Fusemachines Inc.Technology·Software - Application
$1.43
$41M market cap
Revenue
$9.6M
Free Cash Flow
$-7.6M
Rev Growth
+0.0%
FCF Margin
-79.1%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Fusemachines Inc. develops and delivers artificial intelligence (AI) as a service and machine learning software solutions. The company offers Fuse Anna which is an AI assistant for follow ups through daily reminders; and Fuse Prospector which is an artificial intelligence sales platform. Further, the company offers managed outbound services and AI as a service for big data processing, data management, and cloud analytics. Additionally, it offers Fusemachines AI fellowship program, which provides
2-Year Price History
$1.41-87.4%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 1.9 | -3.0 | -3.0 | -0.9 | -2.2 | -2.2 | -0.0 | 1.8 | 0.9 | 28.9 | <-999% | -54.8x | -- |
| Act | 2025-Q4 | 7.7 | -3.8 | -4.0 | 21.2 | -5.3 | -5.3 | -0.1 | 4.2 | 1.2 | 28.9 | <-999% | -- | -- |
Valuation & Metrics
Market Stats
Price$1.43
Market Cap$41M
Enterprise Value$41M
P/S Ratio4.3x
P/FCF--
EV/FCF--
FCF Margin (TTM)-79.1%
FCF Yield-18.3%
Dividend Yield (TTM)--
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$9.6M
Net Income$20.3M
Free Cash Flow$-7.6M
Revenue Growth (YoY)+0.0%
EBITDA Margin-70.0%
Net Margin211.7%
FCF Margin-79.1%
CapEx % of Revenue0.8%
SBC % of Revenue0.0%
ROIC-1330.9%
WC Change % Rev-1.4%
Interest Coverage-124.4x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares1.0M
Days to Cover2.8
Change (vs Prior)-51.2%
Need at least 2 settlement dates for chart
Employees
Headcount317
Revenue / Employee$30,262
Gross Profit / Employee$16,577
Cash Runway
2.8months
CRITICAL
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
2.5%(-26066.0% YoY)
9 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
1.0%(+1.0% YoY)
4 filers
Vanguard, iShares, SPDR
Market makers
0.0%(+0.0% YoY)
1 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| METEORA CAPITAL, LLC | $846K | $11.77 | −$186K | +$846K | -5.8% | $69.12B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $168K | $1.23 | +$102K | +$168K | +2.3% | $1.61T |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $133K | $0.95 | +$133K | +$133K | — | $4.04T |
| Calamos Advisors LLC | $71K | $1.65 | +$0 | +$71K | -0.0% | $20.82B |
| VANGUARD FIDUCIARY TRUST COPassive | $53K | $0.95 | +$53K | +$53K | — | $395.83B |
| STATE STREET CORPPassive | $52K | $0.95 | +$52K | +$52K | -0.2% | $2.89T |
| Alberta Investment Management Corp | $45K | $1.65 | +$0 | +$45K | -0.4% | $14.74B |
| MMCAP International Inc. SPC | $33K | $1.65 | +$0 | +$33K | -3.5% | $1.16B |
| RK Capital Management, LLC/FL | $18K | $0.95 | +$18K | +$18K | -26.7% | $43.5M |
| Vestcor Inc | $5K | $1.65 | +$0 | +$5K | -0.6% | $3.63B |
| Tower Research Capital LLC (TRC)MM | $0 | $1.65 | −$0 | +$0 | -0.6% | $3.84B |
| WOLVERINE ASSET MANAGEMENT LLC | $0 | $0.95 | +$0 | +$0 | +1.9% | $2.32B |
| UBS Group AG | $0 | $1.65 | −$0 | +$0 | -0.3% | $562.11B |
| CITIGROUP INC | $0 | $1.65 | +$0 | +$0 | -0.3% | $156.55B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BEARISH
Holders
-5.68%
avg per quarter
Holders (ex-self)
-5.39%
excl. this stock
Buyers (this Q)
-25.82%
6 buyers · $0.00B in
Sellers (this Q)
-6.10%
3 sellers · $0.00B out
alpha coverage: 87% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
+3.2%
how holders react when this stock falls
On quiet Qs
+2.6%
−10% to +10% baseline
On rallies (+10%+)
-17.8%
how they react when this stock rises
Holders' portfolio flow this Q
+2.0%
inflows — adds are organic
Sellers' portfolio flow this Q
+2.5%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-12.5%
Holder mid (any stock)
+2.6%
Holder rally (any stock)
-17.8%
Biggest decreases this quarter
METEORA CAPITAL, LLC−$186Kα-5.8Saba Capital Management, L.P.exited−$112KParkwood LLCexited−$61KCITADEL ADVISORS LLCexited−$52KD. E. Shaw & Co., Inc.exited−$33KVirtu Financial LLCexited−$20KJANE STREET GROUP, LLCexited−$19KYakira Capital Management, Inc.exited−$19KStoneX Group Inc.exited−$17KFOUNDERS FINANCIAL SECURITIES LLCexited−$17K
New buyers this quarter
Top-5 holders · 89.2%
METEORA CAPITAL, LLC--
GEODE CAPITAL MANAGEMENT, LLC--
VANGUARD CAPITAL MANAGEMENT LLC--
Calamos Advisors LLC--
VANGUARD FIDUCIARY TRUST CO--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
METEORA CAPITAL, LLC892KCalamos Advisors LLC75KSaba Capital Management, L.P.—Alberta Investment Management Corp48KParkwood LLC—MMCAP International Inc. SPC35KCITADEL ADVISORS LLC—D. E. Shaw & Co., Inc.—Yakira Capital Management, Inc.—RK Capital Management, LLC/FL19K
Corporate
Order Flow (FINRA, ~3w lag)
60.8%retail-6.4pp
3.6%dark+0.4pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Fusion Acquisition Corp: A Hollow Shell Running on Fumes and Paper Profits
Overall Risk
7/10
Fraud
2/10
Dilution
9/10
Insolvency
9/10
Earnings Overstated
8/10
Hidden Liabilities
6/10
Legal
3/10
Audit Warnings
9/10
Hidden Upside
5/10
Contextually Acceptable
8/10