CSLM Acquisition Corp. reported a net loss of $2.06 million for the first quarter of 2025, a significant decline from a net income of $148,092 in the same period of 2024. The loss was primarily driven by a $1.82 million loss on extinguishment of debt, alongside various operational expenses including $285,954 in legal and accounting fees and $45,866 in insurance costs. The company’s operating expenses totaled $407,611, down from $566,250 in the prior year, indicating a reduction in overall operational costs.
As of March 31, 2025, CSLM Acquisition Corp. held $3,213 in cash, a decrease from $83,227 at the end of 2024. The company’s total assets increased slightly to $16.35 million from $16.17 million, primarily due to an increase in marketable securities held in the Trust Account, which rose to $16.31 million. However, the company also reported a working capital deficit of $4.52 million, up from $4.06 million at the end of the previous fiscal year, reflecting ongoing liquidity challenges.
Strategically, CSLM Acquisition Corp. is in the process of completing a merger with Fusemachines Inc., which was formalized through a merger agreement on January 22, 2024. The company has made amendments to this agreement, including provisions for increased borrowing from its sponsor and adjustments to the PIPE investment amount. As part of its operational strategy, CSLM has extended the deadline for completing its business combination to July 18, 2025, allowing more time to finalize the merger.
The company has also seen a significant reduction in its shareholder base, with 14,202,813 Class A shares tendered for redemption in July 2023, resulting in a payout of approximately $149.5 million. This trend continued with an additional 3,399,500 shares redeemed in August 2024. As of March 31, 2025, the company had 1,372,687 Class A shares subject to possible redemption, reflecting ongoing shareholder adjustments in response to the merger process.
Looking ahead, CSLM Acquisition Corp. faces substantial uncertainty regarding its ability to continue as a going concern, primarily due to its reliance on related party loans and the successful completion of its business combination. The company has indicated that it will continue to seek financing options and explore potential business combinations, but there are no guarantees that these efforts will be successful within the anticipated timeframe.