DEVS

DevvStream is not a business you can value — it is a going-concern question. FY2025 revenue was $25.8K against a net loss of -$12.1M and operating cash burn of -$6.43M, so the income statement is essentially all cost and no commerce. The balance sheet is worse: cash & equivalents are $0.00, total liabilities ($31.5M) exceed total assets ($11.9M) by more than 2.6x, and stockholders' equity is negative -$19.6M with an accumulated deficit of -$33.8M. Current liabilities ($18.8M) are 4.3x current assets ($4.34M). A company with zero cash and negative book equity is technically insolvent and survives only by raising outside capital.

The filing shows exactly how it raises that capital, and it is punishing to shareholders. Between May and August 2025 the Company issued millions of shares to Helena under an Equity Line of Credit at prices sliding from ~$0.60 down to ~$0.18, with proceeds used for 'working capital' and to service convertible-note obligations under the Helena Note Purchase Agreement. This is a self-reinforcing dilution spiral: no cash, no revenue, so it sells stock at ever-lower prices to pay debt, which drives the stock lower, which forces more shares. The stock reflects it — from $1.83 quoted on Nasdaq in late October 2025 to $0.12 now, a ~93% collapse, leaving a market cap of just $469K on 3.84M shares (post-consolidation from the November 2024 de-SPAC).