Fusemachines Q3 10-Q: Cash Falls to $1.45M, Going Concern Doubt Reaffirmed
FUSE sits 22% above its 52-week low of $0.318.
Summary
Fusemachines reported a $4.62 million Q3 net loss and $1.45 million of cash, reaffirmed going concern doubt, and faces a November 3 Nasdaq delisting hearing with $2.5 million of convertible notes due February 2027.
Updates
· Dow Jones Newswires — Fusemachines' Q3 loss was 15 cents a share on revenue up 2.8% sequentially, with the stock around $0.37.
Key Events · Earnings and Guidance · FUSE
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Q3 Loss Widens on Non-Cash Charge
Net loss was $4,623 thousand versus $1,174 thousand a year earlier, including a $2,212 thousand non-cash loss on the change in fair value of the forward purchase derivative liability.
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Cash Down to $1.45 Million
Cash and equivalents fell to $1,454 thousand from $4,221 thousand at December 31, 2025, after $4,807 thousand of cash used in operating activities over nine months.
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Going Concern Doubt Reaffirmed
Accumulated deficit reached $43,573 thousand and management states substantial doubt about the ability to continue as a going concern within one year.
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$2.5M Convertible Notes Due February 2027
August 2026 notes carry $2,500 thousand principal for $2,050 thousand cash (18% OID) at a $4.20 fixed conversion price; management expects cash repayment at maturity unless refinanced.
Analysis · FUSE · Technology
Fusemachines ended September with $1.45 million of cash after burning $4.81 million in operations over nine months, and management again says substantial doubt exists about continuing as a going concern. The quarter's $4.62 million net loss was driven mostly by a $2.21 million non-cash mark-to-market charge on the Meteora forward purchase derivative, not by cash spending. The real cash problem is the $2.5 million of 18% OID convertible notes due February 12, 2027: because the $4.20 conversion price is far above the current share price, management expects to repay in cash unless it refinances. A Nasdaq Hearings Panel hearing on the market-value delisting is set for November 3, 2026, so listing status and financing are both live risks at once.
How filings like this one have moved
In the 30 days to Nov 3, 2026, 50.3% of the 199 measured filings Wiseek scored 9 moved their stock by 5% or more by the next session's close. The median move was -0.29%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, FUSE was trading at $0.39 on NASDAQ in the Technology sector, with a market capitalization of approximately $12.4M. The 52-week trading range was $0.32 to $3.67. This filing was assessed with negative market sentiment and an importance score of 9 out of 10.