Fuse Group Holding Inc (FUST) reported QQ1 2025 results showing a stark revenue-to-expense gap and a continuation of meaningful net losses despite a marginal YoY revenue stability. Revenue was reported at 19,942 (USD thousands) with gross profit equal to revenue, suggesting minimal disclosed cost of revenue in the period and an unusually high gross margin presentation. Operating expenses of 66,798 led to an operating loss of 46,856 and a net loss of 50,203, with a diluted EPS of -0.0038. QoQ comparisons reveal a severe decline from the prior quarter (Q4 2024 revenue of 129,885 and net income of 22,221), implying seasonality, potential one-time items, or a spike in G&A that compressed the quarter. Cash flow from operations was negative at -48,187, driving a net cash decrease of 48,785 for the period and leaving cash at 18,816 at period end. The balance sheet indicates a highly leveraged and arguably fragile liquidity position: total debt of 100,600, cash of 18,816, and a net debt of 81,784, with liabilities materially exceeding assets in the reported snapshot and negative shareholders’ equity (-217,002). Liquidity ratios are weak (current/quick ratio ~0.19; cash ratio ~0.13), underscoring vulnerability to working capital shocks. The trailing four-quarter data show a material swing from a positive Q4 2024 result to a negative QQ1 2025, highlighting the volatility inherent in a small-cap, niche mining-advisory business in a cyclical sector. Management commentary is not provided in the supplied transcript data, limiting the ability to quote or corroborate call-driven narrative at this time. Overall, the QQ1 2025 print signals substantial near-term execution risk, heavy fixed-cost absorption, and a balance-sheet and cash-flow challenge that investors should monitor closely, particularly around debt maturities, cost controls, and potential strategic actions.