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DevvStream Corp.
DEVSCIK 0001854480NasdaqEmerging GrowthInvestors, NecA0CAFY ends Jul 31
Period
FY 2025
Revenue
$25.8K
Net Income
$-12.07M
Total Assets
$11.87M
Equity
$-19.59M
Shares Out
5.34M
Op. Cash Flow
$-6.43M
Business
DevvStream Corp. is an environmental asset generation company that develops and manages technology-based sustainability projects. It offers environmental assets including verified carbon credits and International Renewable Energy Certificates (I-RECs), and provides project development, project management, and carbon-credit streaming arrangements. The company operates three strategic segments: an offset portfolio, project investment and acquisitions, and project development and management, and also pursues digital asset treasury activities and technology partnerships for data management. DevvStream sells credits and attributes through marketplaces and trading platforms and targets corporate, government, and international buyers, with project activity focused in North America and international renewable energy markets.
Summary from filing dated 2025-11-06
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-07-31 | FY 2024 2024-07-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Revenue | 25,794 | 0 | — | — | |
| Cost of sales | −10,187 | 0 | — | — | |
| Gross profit | 15,607 | 0 | — | — | |
| Sales and marketing | 1 | 481,104 | — | — | |
| Depreciation | 953 | 1,771 | — | — | |
| General and administrative | 964,473 | 461,167 | — | — | |
| Professional fees | 8 | 6 | — | — | |
| Salaries and wages | 2 | 2 | — | — | |
| Total operating expenses | −12 | −9 | 5 | 2 | |
| Interest expense | −313,778 | −29,296 | — | — | |
| Accretion expense | −346,424 | −52,554 | — | — | |
| Change in fair value of derivative liabilities | 719,000 | −845,700 | — | — | |
| Change in fair value of warrant liabilities | 2 | 0 | 681,000 | 11 | |
| Change in fair value of mandatory convertible debentures | 70,500 | −27,500 | — | — | |
| Impairment of carbon credits | −1 | 0 | — | — | |
| Stop-loss provision loss | −1 | 0 | — | — | |
| Equity loss on investment in associate | −512,011 | 0 | — | — | |
| Gain on settlement of debt | 899,015 | 0 | — | — | |
| Foreign exchange loss | −31,664 | −107,634 | — | — | |
| Net loss before income taxes | −12 | −10 | 1 | 12 | |
| Current income tax expense | 0 | −72,546 | — | — | |
| Net loss | −12 | −10 | 23,947 | 12 | |
| Foreign currency translation | 1,448 | 127,123 | — | — | |
| Net loss and comprehensive loss | −12 | −10 | — | — | |
| Weighted average number of common shares outstanding - Basic (in shares) | 3 | 1 | 6 | 6 | |
| Weighted average number of common shares outstanding - Diluted (in shares) | 3 | 1 | 6 | 6 | |
| Loss per share - Basic (in dollars per share) | −4.79 | −8.49 | 0 | 0.4 | |
| Loss per share - Diluted (in dollars per share) | −4.79 | −8.49 | 0 | 0.4 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-07-31 | FY 2024 2024-07-31 | FY 2023 2023-12-31 | FY 2023 2023-07-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|---|
| Cash | 3 | 21,106 | 224,394 | — | 1 | |
| Trade receivable | 7,360 | 0 | — | — | — | |
| GST receivable | 140,646 | 85,658 | — | — | — | |
| Corporate taxes receivable | 171,573 | 0 | 13,937 | — | 0 | |
| Deferred financing costs | 138,720 | 0 | — | — | — | |
| Prepaid expenses | 175,896 | 35,141 | 4,091 | — | 367,169 | |
| Deposit on carbon credits purchase | 173,649 | 0 | — | — | — | |
| Carbon credits | 83,672 | 0 | — | — | — | |
| Total current assets | 4 | 141,905 | 318,195 | — | 2 | |
| Restricted cash | 6 | 0 | — | — | — | |
| Equipment | 0 | 953 | — | — | — | |
| Deferred financing costs, long-term | 172,925 | 0 | — | — | — | |
| Deposit on carbon credits purchase, long-term | 247,754 | 0 | — | — | — | |
| Investment in associate | 707,989 | 0 | — | — | — | |
| Total assets | 12 | 142,858 | 63 | — | 239 | |
| Accounts payable and accrued liabilities | 11 | 6 | 4 | — | 1 | |
| Accounts payable and accrued liabilities - related parties | 794,990 | 478,072 | — | — | — | |
| Mandatory convertible debentures | 0 | 127,500 | — | — | — | |
| Derivative liabilities | 72,500 | 919,250 | — | — | — | |
| Warrant liabilities | 6 | 0 | — | — | — | |
| Stock option liabilities | 133,465 | 0 | — | — | — | |
| Stop loss provision liabilities | 1 | 0 | — | — | — | |
| Total current liabilities | 19 | 9 | 52 | — | 2 | |
| Total liabilities | 31 | 9 | 53 | — | 12 | |
| Common shares (No par value, unlimited common shares authorized; 3,541,668 common shares issued and outstanding) (July 31, 2024 - 1,163,871) | 0 | 0 | — | — | — | |
| Additional paid in capital | 14 | 13 | 0 | — | 0 | |
| Subscription receivable | −20,000 | 0 | — | — | — | |
| Accumulated other comprehensive income | 45,001 | 43,553 | — | — | — | |
| Deficit | −34 | −22 | −9 | — | −10 | |
| Total shareholders' deficiency | −20 | −8 | −9 | −54,762 | −10 | |
| Total liabilities and shareholders' deficiency | 12 | 142,858 | 63 | — | 239 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-07-31 | FY 2024 2024-07-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Share based compensation | 582,966 | 1 | — | — | |
| Change in fair value of warrant liabilities | −2 | 0 | −681,000 | −11 | |
| Change in fair value of stock option liabilities | −196,625 | 0 | — | — | |
| Gain on settlement of accounts payable | −899,015 | 0 | — | — | |
| Non-cash general and administrative | 0 | 50,000 | — | — | |
| Accrued interest | 305,592 | 19,024 | — | — | |
| Accretion expense | 346,424 | 52,554 | — | — | |
| Trade receivable | −7,360 | 0 | — | — | |
| GST receivable | −54,988 | 0 | — | — | |
| Corporate taxes receivables | −171,573 | −39,121 | — | — | |
| Carbon credits | −143,211 | 0 | — | — | |
| Prepaid expenses | −140,755 | 267,294 | 363,078 | 452,365 | |
| Accounts payable and accrued liabilities | 6 | 6 | 3 | 345,676 | |
| Net cash used in operating activities | −6 | −2 | −3 | −967,054 | |
| Cash assumed on RTO | 2 | 0 | — | — | |
| Net cash provided by investing activity | 2 | 0 | 180 | 999,121 | |
| Proceeds from convertible debentures | 9 | 883,516 | — | — | |
| Proceeds from warrant exercise | 86,237 | 176,113 | — | — | |
| Proceeds from issuance of mandatory convertible debentures | 0 | 50,000 | — | — | |
| Proceeds from PIPE financing | 2 | 0 | — | 0 | |
| Proceeds from ELOC drawdown | 3 | 0 | — | — | |
| Net cash provided by financing activities | 15 | 1 | −178 | 0 | |
| Effect of exchange rate changes on cash | 1,448 | −29,547 | — | — | |
| Net increase (decrease) in cash | 10 | −468,865 | — | — | |
| Taxes paid | 0 | 0 | 2 | 0 | |
| Interest paid | 0 | 0 | — | — | |
| Repayment of convertible debentures from ELOC drawdown proceeds | 448,151 | 0 | — | — | |
| Fair value of warrants exercised | 389,729 | 0 | — | — | |
| Fair value of securities issued for the RTO (Note 4) | 3 | 0 | — | — | |
| Fair value of securities issued for settlement of accounts payable | 11 | 0 | — | — | |
| Fair value of securities issued for services | 585,155 | 0 | — | — | |
| Fair value of securities issued for carbon credits | 2 | 0 | — | — | |
| Fair value of securities issued for the acquisition of interest in associate | 1 | 0 | — | — | |
| Fair value of securities issued for ELOC commitment | 363,333 | 0 | — | — |
Filings
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