Free cash flow remains deeply negative, with quarterly outflows reaching $8.2 million in 2025Q3, highlighting the significant capital requirements needed to fund operations in the absence of meaningful revenue.
| Cash from Operations | -2.95M | -6.43M | -2.15M | -4.55M | -3.79M | -539.79K |
| Operating CF Margin % | - | -24927.91% | - | - | - | - |
| Operating CF Growth % | -1866.1% | -199.03% | 52.76% | -20.25% | -601.21% | - |
| Net Income | -7.75M | -12.07M | -13.7M | -7.89M | -96.79K | 4.88M |
| Depreciation & Amortization | 231 | 953 | 2.46K | 2.47K | 1.06K | 0 |
| Stock-Based Compensation | 174.64K | 582.97K | 1.79M | 2.46M | 1.03M | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -56.49K | 5.57M | 1.38M | -8.74K | -3.73M | -5.43M |
| Working Capital Changes | 666.84K | -517.89K | 8.38M | 884.64K | 42K | 9.86K |
| Change in Receivables | -1.8K | -7.36K | -54.31K | -58.96K | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 2.08M | 1.66M | 0 | 13 | -1.4M | -298.99M |
| Capital Expenditures | 0 | 0 | 0 | 0 | -6.39K | 0 |
| CapEx % of Revenue | 0% | - | - | - | - | - |
| Acquisitions | 1.66M | 1.66M | 0 | 13 | 0 | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | 518.14K | 0 | 0 | 0 | -1.4M | 0 |
| Cash from Financing | -8.57M | 14.6M | 1.54M | 403.31K | 56.63K | 301.31M |
| Debt Issued (Net) | 61.24K | 9.4M | 1.3M | 2.5M | 0 | 0 |
| Equity Issued (Net) | 481.53K | 0 | 0 | -240.21M | 56.63K | 306.41M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -240.21M | 0 | 0 |
| Other Financing | -9.11M | 5.2M | 244.48K | 238.11M | 0 | -5.1M |
| Net Change in Cash | -7.76M | 9.83M | -650.89K | -4.36M | 1.84K | 1.78M |
| Free Cash Flow | -2.95M | -6.43M | -2.15M | -4.55M | -3.79M | -539.79K |
| FCF Margin % | -24584.41% | -24927.91% | - | - | - | - |
| FCF Growth % | -123.9% | -199.03% | 52.76% | -20.05% | -602.39% | - |
| FCF per Share | -0.30 | -2.55 | -0.63 | -1.50 | -1.36 | -0.19 |
| FCF Conversion (FCF/Net Income) | 0.38x | 0.53x | 0.16x | 0.58x | 0.45x | -0.11x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 |
Capital exhaustion and dilution
According to historical financial statements, the company exhibits a persistent divergence between net income and operating cash flow, with OCF/NI ratios frequently failing to provide a meaningful signal of operational health due to the lack of consistent, positive earnings across the reported ten-quarter period.
The lack of a stable relationship between net income and operating cash flow suggests that accounting earnings are heavily influenced by non-cash items or non-operating adjustments. Investors should monitor this gap, as it indicates that the company's reported bottom line does not reflect the underlying cash-consuming nature of its carbon project development activities.
As reported in financial filings, the company's free cash flow trajectory remains deeply negative, with quarterly outflows reaching as high as $8.2 million in 2025Q3, underscoring the significant capital requirements necessary to sustain its current project-based business model in the absence of meaningful revenue.
The consistent negative free cash flow suggests that the company is currently in a capital-intensive phase where project development costs far exceed the cash generated from operations. This trend warrants further investigation into how long the company can sustain such burn rates without recurring to dilutive financing or external capital injections.
Based on reported figures, working capital changes have shown extreme volatility, swinging from a $3.1 million inflow in 2024Q2 to a $670.5K inflow in 2026Q1, which suggests that the company's cash position is highly sensitive to the timing of project-related payables and receivables.
This erratic movement in working capital may indicate that the company is managing its liquidity through the timing of project milestones rather than through operational efficiency. Such fluctuations make it difficult to forecast future cash needs and suggest that the company's cash flow is highly susceptible to project-specific delays.
As indicated by recent financial data, the company has engaged in significant capital deployment activities, including substantial share buybacks in 2024Q1 and 2023Q2, which appears counterintuitive given the persistent operating losses and the ongoing need for capital to fund carbon project development.
The decision to allocate capital toward share buybacks while simultaneously burning cash to fund operations may indicate a management focus on supporting the stock price or managing dilution. Investors should monitor whether these deployment choices align with the long-term goal of scaling the carbon credit portfolio or if they represent a misallocation of scarce resources.
Based on reported financial statements, the cash flow statement obscures the true cost of operations by masking significant stock-based compensation and potential capitalized project costs that do not appear as immediate cash outflows, potentially understating the true economic burn rate of the business.
The reliance on stock-based compensation to manage cash expenses suggests that the company is effectively trading future equity value for current operational survival. This practice warrants further investigation, as it may hide the true cost of talent and project development from the cash flow statement, leading to an overly optimistic view of the company's cash runway.
Quick answers to the most common questions about buying DEVS stock.
DevvStream Corp. Common Stock (DEVS) generated $-6.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
DevvStream Corp. Common Stock (DEVS) reported negative free cash flow of $6.4M in 2025, indicating capital requirements exceeded cash from operations.
DevvStream Corp. Common Stock (DEVS) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.