Company: CSLMF
Filing Date: 2025-07-03
Form Type: DEFM14A
Source: 0001193125-25-155514
Chunk: 227

Company: CSLM ACQUISITION CORP.
Filing Date: 2025-07-03
Form: DEFM14A
Chunk 227
---
, no reconciliation of the financial measures included in the Projections is provided. The following table sets forth projections of Revenue, Revenue Growth, Gross Profit and Gross Profit Percentage for fiscal years 2024, 2025 and 2026 shared with CSLM.

|                | ($ in millions) | For the Fiscal Year Ended | 2024 |   |     |     | 2025 |   |     |     | 2026 |   |
|:---------------|:----------------|:--------------------------|-----:|:--|:----|:----|-----:|:--|:----|:----|-----:|:--|
| Revenue        |                 | $                         | 17.5 |   |     |     | 32.0 |   |     |     | 64.1 |   |
| Revenue Growth |                 |                           |  128 | % |     |     |   83 | % |     |     |  100 | % |
| Gross Profit   |                 | $                         | 10.8 |   |     |     | 23.4 |   |     |     | 49.3 |   |
| Gross Profit % |                 |                           | 61.7 | % |     |     | 73.0 | % |     |     | 76.8 | % |

127

Fusemachines has made numerous estimates and material assumptions with respect to,
regulatory, market and financial conditions and competition, market size, commercial efforts, industry performance, general business and economic conditions to forecast the Projections. The Projections are based on the following assumptions:

In 2024, Fusemachines plans to significantly invest in its sales and marketing so that it is able to add 40 new customers for its AI Solutions
business. The company already boasts of a strong retention in its clients with retention of customers expected to be 70% year-over- year, through 2026. This trajectory will increase revenues in 2025 to $32M, primarily driven by AI Product business
revenue which contributes about 44% and exceeds AI Solutions revenue in 2026. The product growth will be achieved by capturing the market share of clients in the financial services and consumer market sectors that manage large volumes of data.

Fusemachines has five internally developed software solutions, two of which (Squadery and Fuse Classroom) will help in the management of the
AI solutions business whereas the remaining solutions – AI Studio (ML