DevvStream Corp. Reports $10.2 Million Revenue for Nine Months Ending April 30, 2025

DevvStream Corp. reported its financial results for the nine months ending April 30, 2025, revealing a revenue of $10.2 million, a significant increase from zero revenue in the same period last year. The company recorded a gross profit of $7,476, with total operating expenses amounting to $9.3 million, leading to a net loss of $5.1 million, an improvement from a net loss of $6.8 million in the prior year. The loss per share for the nine months was $(0.23), compared to $(0.59) in the previous year.

The company experienced substantial changes in its financial position compared to the previous fiscal period. Total current assets surged to $1.1 million from $141,905, primarily due to the acquisition of carbon credits and increased receivables. However, current liabilities also rose sharply to $17.6 million from $8.5 million, largely driven by increased accounts payable and accrued liabilities, which totaled $10 million. This resulted in a working capital deficit of $16.4 million as of April 30, 2025.

Strategically, DevvStream completed a reverse takeover (RTO) with DevvStream Holdings Inc. on November 6, 2024, which was a pivotal event for the company. This transaction allowed the company to list on the NASDAQ under the ticker symbol "DEVS." The RTO involved a consolidation of shares and the issuance of new shares, significantly increasing the total number of shares outstanding to 30.1 million. The company also entered into an equity line of credit agreement with Helena Global Investment Opportunities, allowing it to raise up to $40 million through the sale of common shares.

Operationally, the company reported a notable increase in sales and marketing expenses, which rose to $832,188 from $365,406, reflecting its efforts to enhance market presence following the RTO. The company also reported a loss of $405,654 from its investment in Monroe Sequestration Partners, LLC, which it acquired as part of the RTO. As of April 30, 2025, the company had a total of 1,483,167 restricted stock units (RSUs) outstanding, indicating a focus on employee retention and incentivization.

Looking ahead, DevvStream's management expressed concerns regarding its ability to continue as a going concern, citing a need for additional capital to fund operations and strategic initiatives. The company is actively seeking financing options to address its working capital deficit and to support its growth in the carbon credit market. The management's outlook remains cautious, emphasizing the importance of securing adequate funding to sustain operations and achieve profitability in the future.