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Merlin vs Fusemachines: MRLN and FUSE compared
Merlin is the larger company: $2.2M of revenue in its latest quarter (Q2 2026) against $1.8M for Fusemachines (Q3 2026). Fusemachines is growing faster (+3% against -29% a year earlier).
Where the money goes: MRLN and FUSE
Merlin (MRLN) · Q2 2026
Merlin, Q2 2026: revenue $2.2M (-29% year over year), net loss $58.4M, operating cash flow −$27.3M. The chart follows the revenue to costs, profit and cash.
Fusemachines (FUSE) · Q3 2026
Fusemachines, Q3 2026: revenue $1.8M (+3% year over year), operating margin -125.4%, net loss $4.6M, operating cash flow −$1.3M. The chart follows the revenue to costs, profit and cash.
| Merlin (MRLN) | Fusemachines (FUSE) | |
|---|---|---|
| Latest quarter | Q2 2026 | Q3 2026 |
| Revenue | $2.2M | $1.8M |
| Revenue growth, Y/Y | -29% | +3% |
| Operating margin | n/m | -125.4% |
| Net earnings | −$58.4M | −$4.6M |
| Net margin | — | -250.6% |
| Operating cash flow | −$27.3M | −$1.3M |
Where the revenue comes from
Fusemachines
- AI Solutions: $1.8M (99%)
- AI Education Services: $20K (1%)
Questions
Which is bigger, Merlin or Fusemachines?
Merlin is the larger company: $2.2M of revenue in its latest quarter (Q2 2026) against $1.8M for Fusemachines (Q3 2026).
Is Merlin or Fusemachines growing faster?
Fusemachines is growing faster (+3% against -29% a year earlier).
More: Merlin earnings · how Merlin makes money · Fusemachines earnings · how Fusemachines makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Aug 14, 2026; 10-Q filed Nov 3, 2026). Fiscal quarters can end on different dates. Not investment advice.