Net loss per share (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss Per Share

Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands except for share and per share amounts:

		2026				2025				2026				2025
		Three months Ended June 30,								Six months Ended June 30,
		2026				2025				2026				2025
Numerator:
Net loss per share attributable to common stockholders		$	(2,849	)		$	(3,786	)			(3,805	)			(4,039	)
Denominator:
Weighted-average common shares outstanding - basic and diluted			28,965,344				7,270,964				28,952,133				7,270,964
Net loss per share attributable to Fusemachines Inc. common stockholders - basic and diluted			(0.10	)			(0.52	)			(0.13	)			(0.56	)

Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands except for share and per share amounts-

		2025				2024
		Year Ended December 31,
		2025				2024
Numerator:
Net loss		$	(928	)		$	(15,383	)
Denominator:
Weighted-average common shares outstanding - basic and diluted			11,525,384				6,958,570
Net loss per share attributable to Fusemachines Inc. common stockholders - basic and diluted			(0.08	)			(2.21	)

Schedule of Outstanding Shares of Potentially Dilutive Securities

The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share for the periods presented because including them would have been antidilutive:

		June 30,				December 31,
		2026				2025
Common Stock Warrants			92,211				92,211
Stock options (1)			589,192				686,880
SPAC public and private placement warrants (2) (refer note 16)			13,458,750				13,458,750
Equity Share warrant (Refer note 15)			2,108,070				2,108,070
Issuance of warrants pursuant to conversion of convertible note (refer note 5)			30,000				30,000
Restricted stock units (RSU) (Refer note 8)			1,217,210				-
			17,495,433				16,375,911

(1)

Includes 6,772 stock options as of December 31, 2025 that were early exercised in exchange for non-recourse promissory notes. (Refer to “Note 8 - Stock-based Compensation “).

(2)

The SPAC public and private placement warrants were outstanding at CSLM Holding, Inc. prior to the business combination and were classified as equity and included in APIC in CSLM’s historical financial statements. The warrants became exercisable for shares of Fusemachines Inc. common stock 30 days after the consummation of the business combination and were excluded from diluted net loss per share as their inclusion would have been antidilutive.

The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share for the periods presented because including them would have been antidilutive:

		December 31,				December 31,
		2025				2024
Convertible Preferred Stock (as converted to common stock)			-				5,950,673
Common Stock Warrants			92,211				92,211
Stock options (1)			686,880				1,700,058
SPAC public and private placement warrants (2) (refer note 24)			13,458,750				-
Equity Share warrant (refer note 22)			2,108,070				-
Issuance of warrants pursuant to conversion of convertible note (refer note 10)			30,000				-
			16,375,911				7,742,942

(1)

Includes 6,772 stock options as of December 31, 2024, that were early exercised in exchange for non-recourse promissory notes. (Refer to “Note 14 - Stock-based Compensation “).

(2)

The SPAC public and private placement warrants were outstanding at CSLM Acquisition Corp. prior to the business combination and were classified as equity and included in APIC in CSLM’s historical financial statements. The warrants became exercisable for shares of Fusemachines Inc. common stock 30 days after the consummation of the business combination and were excluded from diluted net loss per share as their inclusion would have been antidilutive