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Analogy 1: Coinbase for carbon credits

Analogy 2: A BlackRock focused on carbon assets

Analogy 3: UL (Underwriters Laboratories) for digital carbon credits

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• Carbon Credit Project Development & Origination: DevvStream identifies, finances, and manages projects that reduce greenhouse gas emissions globally to generate high-quality, verifiable carbon credits.
• Tokenized Carbon Credit Sales: The company converts verified carbon credits into blockchain-based digital assets, facilitating their sale to businesses and individuals seeking to offset their carbon footprint.

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DevvStream (DEVS) primarily sells its technology, infrastructure, and services to other companies and organizations (B2B) rather than directly to individual consumers. Its customers are typically entities involved in generating, validating, or trading environmental assets such as carbon credits, renewable energy credits, and water rights, which they seek to tokenize and manage on blockchain platforms like Hedera.

Based on publicly available information and announced partnerships, here are some of DevvStream's notable customer or partner companies:

• Madrone Environmental Services Ltd.: This is an environmental consulting firm that partners with DevvStream to validate and tokenize nature-based assets, including carbon credits, on the Hedera network. Madrone Environmental Services Ltd. does not appear to be a publicly traded company.
• EnergyFunders: DevvStream announced a partnership with EnergyFunders, an online investment platform focused on energy investments, to create tokenized energy assets. EnergyFunders does not appear to be a publicly traded company.

DevvStream's broader customer base also includes:

• Carbon Credit Project Developers and Asset Originators: Companies and organizations globally that develop projects (e.g., reforestation, sustainable agriculture, renewable energy) generating environmental assets, which DevvStream helps tokenize and bring to market for enhanced transparency and liquidity.

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Sunny Trinh, Chief Executive Officer

As co-founder and CEO of DevvStream, Sunny Trinh is responsible for building and executing the company's project pipeline through his network in sustainable technology and corporate relationships. He has over 25 years of experience in the technology sector, focusing directly on developing new verticals in ESG and carbon markets. Trinh also serves as the Chief Digital Alchemist for Devvio Inc., developing new business models in ESG and carbon markets. Before DevvStream, he led innovation as VP of Ecosystem at Avnet Inc. (AVT: NASDAQ) and was COO for Jooster. He also held a role as VP of Sales for Arrow Electronics (ARW: NYSE) where he led the design team for a Corvette driven by a quadriplegic. Trinh previously served as CEO for 9:Fish Surfboards and was an adjunct professor for Cal Lutheran University's MBA program, where he started the school's technology tract.

David Goertz, Chief Financial Officer

David Goertz provides accounting, assurance, taxation, and business advisory services to private and public companies, as well as not-for-profit organizations and incorporated professionals. He possesses specialized knowledge in the manufacturing, mining, real estate, and technology industries, and has a keen understanding of public company operations, restructurings, acquisitions, and IPOs.

Chris Merkel, Chief Operating Officer

Chris Merkel is the VP and Chief Operating Officer of DevvStream. With over 30 years of sales, operations, and general management experience, he previously spent 24 years managing strategic customers, growing technical services verticals, and held sales leadership roles at Avnet (AVT: NASDAQ) and Arrow Electronics (ARW: NYSE). He has worked with companies from pre-funded startups to global enterprises in various markets, including IIoT, consumer, industrial, and medical. Additionally, Merkel spent five years with Sierra Pacific Industries in a general sales and operations management role.

Jonathan Miller, Chief Communications Officer

Jonathan Miller is an accomplished communications professional with over 20 years of experience in developing integrated marketing and communications programs. He specializes in the automotive, robotics, consumer electronics, sustainability/ESG, and semiconductor domains. Miller's expertise includes brand identity, web design, video development, copywriting, print/layout, public relations, and event management. He has held several senior positions in Silicon Valley, most recently with Ambarella (Nasdaq: AMBA), a provider of AI vision processors. Prior to that, Miller was VP of Advanced Products for a consumer electronics startup whose technology patents were acquired by Facebook. He also taught eighth-grade English for seven years in the Oakland Unified School District.

Carl Stanton, Chairman (Board of Directors, also a key leader involved in DevvStream's SPAC merger)

Carl Stanton is the Chairman of DevvStream's Board of Directors. He is also the current CEO of Focus Impact Acquisition Corp., the SPAC partner involved in DevvStream's merger. Stanton brings nearly 30 years of private equity investment and board experience across more than 15 portfolio companies, having previously been the Former Head of Private Equity for Invesco and a Managing Partner of Wellspring Capital. His former firm closed funds totaling $3.1 billion during his tenure. Stanton is a seasoned private equity managing partner with a demonstrated 25-year history in the alternative investment management industry, skilled in alternative asset management, private equity, and corporate development. His broad management and investment experience spans across multiple portfolio companies in industries such as Industrial, Consumer, Packaging, Retail, and Restaurant. He is responsible for leading value creation, transition, and strategic planning activities on new investments and for overall financial performance.

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The key risks for DevvStream (DEVS) are primarily centered around its precarious financial health, ongoing challenges with Nasdaq listing compliance, and significant stock volatility.

1. Financial Health and Liquidity Concerns: DevvStream faces substantial financial challenges, characterized by poor financial strength, persistent debt issuance, and negative earnings quality. The company has reported a negative operating margin and net margin, reflecting considerable operational inefficiencies and substantial net losses. Liquidity issues are evident with a current ratio of 0.23 and a negative equity position. Furthermore, an Altman Z-Score of -8.19 places the company in a distressed zone, indicating a high risk of bankruptcy. The company also operates with a significant working capital deficit, where current liabilities exceed current assets, and relies on external financing to sustain its operations. In fiscal year 2025, DevvStream reported a net loss of $11.8 million.
2. Nasdaq Listing and Compliance Issues: DevvStream has a history of non-compliance with Nasdaq listing rules, including receiving notices for delayed filings of annual 10-K and quarterly 10-Q reports. While the company has shown responsiveness in addressing some of these delays, such as swiftly resolving a Form 10-Q filing delay in January 2025, the recurrence of such issues, including a previous determination to delist shares in August 2021 and a management cease trade order, highlights an ongoing risk to its public listing status.
3. Stock Volatility and Shareholder Dilution: The company's stock experiences high price fluctuations, with a volatility of 163.13. There is also limited institutional interest in DevvStream, with only 0.04% institutional ownership. A high Price-to-Sales (P/S) ratio of 211.26 suggests potential overvaluation. Additionally, shareholders have experienced substantial dilution in the past year.

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The increasing scrutiny and potential invalidation or significant devaluation of certain types of voluntary carbon credits (e.g., nature-based solutions like avoided deforestation) due to ongoing concerns about their additionality, permanence, and overall environmental integrity, leading to a shift in market demand towards higher-quality, more rigorously verified credits.

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DevvStream (symbol: DEVS) operates within the global carbon markets, which represent their primary addressable market for their main products and services. The company specializes in carbon management, environmental asset monetization, and the development, investment, and sale of carbon credits, leveraging blockchain technology for transparency and efficiency.

The addressable markets for DevvStream's offerings are significant and are primarily focused on the **global** carbon markets, which include both compliance and voluntary markets. The estimated market sizes are as follows:

• The global compliance carbon markets are estimated at nearly **$1 trillion annually**.
• The global voluntary carbon market was estimated at approximately **$2.0 billion in 2022** and is projected to reach as much as **$250 billion by 2030**.
• The total global carbon market, encompassing both compliance and voluntary carbon credits, was estimated to be nearly **$1 trillion in 2022**.
• More recent estimates from 2023 projected the total addressable market (TAM) for carbon credits globally to be **$1.16 trillion in 2023**, with an expected growth to **$2.68 trillion by 2028**.

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DevvStream (NASDAQ: DEVS) anticipates several key drivers for its future revenue growth over the next two to three years:

1. Carbon-Credit Monetization: The company expects revenue growth in fiscal 2026 to be significantly driven by the monetization of carbon credits.
2. I-REC Brokerage: Growth is also projected from its I-REC (International Renewable Energy Certificate) brokerage activities in fiscal 2026.
3. Yield Income from Solana Staking Program: DevvStream forecasts revenue generation from its Solana staking program, providing yield income in fiscal 2026.
4. Acquisitions and Technology Integration: Management views acquisitions and the integration of new technologies as central to achieving scale and expanding recurring revenue streams over the medium term.
5. Tokenization Initiatives: The company's efforts to tokenize sustainability assets, allowing them to become digitized and API-linked across global markets, are expected to provide an additional growth vector.

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Share Issuance

• DevvStream completed a one-for-ten (1:10) reverse stock split, effective August 8, 2025, to increase its market price per share and regain compliance with Nasdaq's minimum bid requirement. Prior to the split, approximately 35,416,734 common shares were outstanding, which were adjusted to approximately 3,541,673 post-split.
• In 2023, the net common equity issued/repurchased by DevvStream was -$180 million, indicating a net issuance of common equity.
• As of November 3, 2025, there were 3,841,642 common shares of DevvStream outstanding.

Inbound Investments

• DevvStream closed an initial $10 million tranche under a $300 million senior secured convertible note facility with Helena Partners on July 18, 2025. This facility is intended to provide liquidity and support the launch of the company's digital-asset treasury.
• The company secured access to up to $43 million in additional financing in connection with its business combination and Nasdaq listing, aiming to accelerate its mission in carbon markets.
• In September 2023, DevvStream undertook a bridge financing of up to US$7.5 million through a non-brokered private placement of unsecured convertible notes, bearing 15% interest per annum.

Outbound Investments

• DevvStream has launched a digital-asset treasury program that includes purchases of liquid digital assets such as Bitcoin and Solana, with approximately 12,185 SOL currently staked and earning an estimated 6.29% annualized yield.
• The company acquired a 50% equity stake in Monroe Sequestration Partners LLC, a carbon sequestration hub facility with 260 MMT CO2 storage capacity.
• DevvStream signed an agreement to purchase 1.2 million carbon credits for the conservation of 200,000 hectares of Amazon territory from the Ipixuna REDD+ Project in Brazil.

Capital Expenditures

• DevvStream's cash flow statements for recent years show minimal capital expenditures, often reported as "n/a" or very low figures (e.g., -$0.01 million in certain periods). The company operates a "capital-light" business model, focusing on project development and acquisitions in the environmental asset and carbon credit sectors.