Company: CSLMF
Filing Date: 2025-07-03
Form Type: DEFM14A
Source: 0001193125-25-155514
Chunk: 116

Company: CSLM ACQUISITION CORP.
Filing Date: 2025-07-03
Form: DEFM14A
Chunk 116
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 2025 revenue: 5.0x to 6.0x |

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The overall range of enterprise value as determined by the Guideline Public Company method using the Projections was approximately $160,100,000 to $192,200,000 (rounded). After adding the estimated cash balance ($300,000) and subtracting the estimated debt balance ($2,999,000), the indicated equity value range for Fusemachines under the Guideline Public Company method was estimated to be between approximately $157,401,000 and $189,501,000. Guideline Transaction Analysis The market transaction method is a variation of the market approach where transactions involving the actual sale or purchase of Fusemachines’ enterprise value, or the enterprise value of similar companies are analyzed to provide an indication of fair market value. In the present instance, Marshall & Stevens’ transaction search yielded 21 comparable transactions. Marshall & Stevens reviewed and analyzed selected historical and projected information about Fusemachines provided by Fusemachines’ management and compared this information to certain financial information of twenty-one (21) market transactions that Marshall & Stevens deemed to be reasonably comparable to Fusemachines (each a “Guideline Transaction” or “Transaction” and, collectively, the “Guideline Transactions” or “Transactions”). For the Guideline Transactions, Marshall & Stevens based their selection on discussions with management and industry research. In their search for Guideline Transactions, Marshall & Stevens considered factors that coincide with Fusemachines’ business model, the geography and the markets Fusemachines serves, exposure to similar industry dynamics. Marshall & Stevens reviewed, among other data points, the Guideline Transactions’ enterprise value (“EV”) as a multiple of revenue for the second (“CY 2025”) forecast for each Guideline Company. Marshall & Stevens quantitatively considered the execution risk of management’s projections as an offset in the consideration of the multiple selections. Given the expected growth profile of Fusemachines, the CY 2025 forecasted revenue value indications were utilized as the more normalized performance years. The selected multiples were as follows:

| • |     | EV / CY 2025 revenue: 4.6x to 6.8x |

The overall range of enterprise value as determined by the guideline transactions method using the Projections was approximately $147,300,000 to $217,800,000 (rounded). After adding the estimated cash balance ($300,000) and subtracting the estimated debt balance ($2,999,000), the indicated equity value range for