CSLM Acquisition Corp. Reports Significant Decrease in Net Income and Revenue for Fiscal Year 2024

CSLM Acquisition Corp. has reported its financial results for the fiscal year ending December 31, 2024, revealing a net income of $172,315, a significant decrease from the previous year's net income of $4,626,782. The company’s total revenue for 2024 was primarily derived from dividends on marketable securities held in its trust account, amounting to $2,032,507, down from $3,736,950 in 2023. The decline in profitability is attributed to increased operating expenses, which rose to $1,860,192 from $1,648,438 in the prior year, driven by higher legal and accounting costs.

In terms of operational changes, CSLM has undergone significant restructuring, including a name change from Consilium Acquisition Corp I, Ltd. to CSLM Acquisition Corp. in July 2023. The company has also extended its timeline to complete a business combination, now set for July 18, 2025, following shareholder approval for monthly extensions. This decision was made after 14,202,813 Class A shares were tendered for redemption in June 2023, reflecting a strategic move to maintain liquidity and operational flexibility.

As of December 31, 2024, CSLM reported total assets of $16,174,948, a sharp decline from $52,162,898 in 2023, primarily due to a reduction in marketable securities held in the trust account, which decreased from $51,976,918 to $16,053,202. The company’s liabilities also increased, totaling $10,819,675, compared to $8,503,717 in the previous year. The increase in liabilities is largely attributed to a rise in accounts payable and accrued expenses, as well as a promissory note from a related party that increased to $2,750,000.

CSLM's management has indicated that the company is actively pursuing a merger with Fusemachines, Inc., a provider of enterprise AI products. The merger agreement, signed in January 2024, is expected to enhance CSLM's market position and operational capabilities. However, the completion of this merger is contingent upon various conditions, including shareholder approval and regulatory reviews, which may introduce uncertainties regarding the timeline and success of the transaction.

Looking ahead, CSLM's management remains focused on executing the business combination with Fusemachines while navigating the challenges posed by market conditions and operational costs. The company has expressed confidence in its ability to leverage its management team's extensive experience in frontier growth markets to identify and capitalize on strategic opportunities. However, the ongoing financial uncertainties and the need for additional funding to support operations and potential acquisitions remain critical factors that could impact the company's future performance.