FUSEWNasdaqServices-Computer Integrated Systems DesignUS GAAP · USD

Fusemachines Inc.

Fusemachines Inc. is a U.S.-based technology services company focused on computer-integrated systems design and AI-enabled software solutions. The company appears to operate as a services and solutions provider rather than a product manufacturer, with its business centered on delivering technology implementation, integration, and related support to clients.

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Revenue7.7m USD
−12.5 %y/y
Operating profit (EBIT)-6.0m USD
+27.3 %y/y
EBIT margin-77.2%
+15.8 ppy/y
Net income-0.9m USD
+94.0 %y/y
Free cash flow-5.6m USD
−151.9 %y/y

Fiscal year 2025 · change from previous year

Development 2024–2025

-10-50510m USD2024: 8.8 m USD2024: EBIT -8.2 m USD20242025: 7.7 m USD2025: EBIT -6.0 m USD20257.7-6.0
RevenueOperating profit (EBIT)
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Business

Share of revenue
AI and machine learning solutions35 %

Custom AI models, automation tools, and machine learning applications built for client use cases.

Systems integration and implementation30 %

Design, integration, and deployment of enterprise software and technology stacks.

Software development services20 %

Application development, customization, and engineering support for client projects.

Data and analytics consulting15 %

Advisory and implementation work around data strategy, analytics, and decision support.

Products

Reported · share of revenue
98.3%FY2025100 %
  • AI Solutions98.3 %
  • AI Education Services1.7 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Fusemachines likely sells primarily to enterprise and institutional customers that need AI, software, and systems integration expertise but do not want to build those capabilities entirely in-house. Its customer base is probably concentrated in organizations pursuing digital transformation, automation, and data-driven operations.

Enterprise clients

Buy AI, software, and systems integration services to modernize operations and automate workflows.

Mid-market businesses

Purchase implementation and development services when they lack in-house AI or engineering depth.

Public sector and institutions

May use analytics and technology services for digital transformation and operational efficiency.

Strategy

The company’s strategic position appears tied to building and delivering AI-enabled services that help clients adopt modern technology without assembling large internal teams. Its competitive edge likely depends on technical execution, client trust, and the ability to translate AI concepts into usable enterprise systems.

Grow AI solution deliveryShort term

AI demand is a core driver of client spending and service differentiation.

Strengthen enterprise implementation capabilityMedium term

Execution quality is critical in systems design and integration projects.

Broaden client base across industriesMedium term

Diversification reduces dependence on a small number of project customers.

Geography

The available filings do not disclose a country-level revenue split, so the geographic profile cannot be mapped precisely from the provided excerpts. As a U.S.-based company, Fusemachines is likely anchored in the United States while serving clients across other markets through project delivery and remote technical work.

Risks

Fusemachines faces typical services-company risks: project concentration, client budget sensitivity, and execution risk on complex technology engagements. Because the business depends on specialized talent and client adoption of AI projects, margins and growth can be affected by hiring, delivery quality, and slower-than-expected enterprise spending.

Sorted by severity
Customer concentration and project dependencyHigh

Services revenue often depends on a limited number of large engagements, creating volatility if projects end or are delayed.

Exposure: Enterprise and project-based contracts

Execution and delivery riskHigh

Custom AI and systems integration work can run over budget or fail to meet client expectations.

Exposure: Implementation and software development projects

Talent availability and retentionMedium

The company’s value proposition depends on specialized technical staff, making hiring and retention central to service quality.

Exposure: Engineering and AI delivery teams

Competitive pricing pressureMedium

The company competes with larger IT services firms and niche AI consultancies that may have broader scale or brand recognition.

Exposure: Systems integration and AI services

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Accounting

Judgemental items
Revenue recognition on services contracts

Project-based work may be recognized over time or at milestones, affecting timing of revenue and profit.

Impact: Quarterly comparability and margin volatility

Contract assets and unbilled receivables

Services delivered before billing can create balance-sheet assets that depend on collection and project completion.

Impact: Working capital and cash conversion

Cost estimates and project provisions

Implementation projects require judgment on labor, subcontracting, and completion costs.

Impact: Gross margin and operating income

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Last updated: 24/09/2026

Fusemachines Inc. (Nasdaq) – Services-Computer Integrated Systems Des | Financial Analysis – Clarifo