DevvStream Corp. (DEVS) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: March 19, 2026

Risk Assessment Details

Potential Dilution: 1172.93% of current shares
Recent Dilution: 361.73% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
4.4M
Potential Supply
51M
Additional shares possible
Splits
1 Split 1 Reverse
Past 2 years

Summary

DEVS currently has 4.38M outstanding shares. with significant dilution risk as 51.4M authorized shares could dilute existing holders by 1172.9%. The company has significantly diluted shareholders by 361.73% over the past 2 years, indicating aggressive capital raising. Recent corporate actions include 1 stock split (positive for accessibility) and 1 reverse split (concerning signal).

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
Mar 19, 2026

8-K filing: DevvStream Corp. entered into a Conversion Agreement with Focus Impact Partners, LLC, and Focus Impact Sponsor, LLC, to convert $5,490,736 of debt and consulting fees into 6,083,244 Common Shares at a conversion price of $0.9026 per share. ($5.49M proceeds)

4.4M 51M
Dec 16, 2025

10-Q filing | 4.4M shares outstanding

4.4M 51M
Dec 03, 2025

8-K filing: DevvStream Corp. entered into an Agreement and Plan of Merger with Southern Energy Renewables Inc. and Sierra Merger Sub, Inc., involving a PIPE investment where the Southern Investor purchased common shares of DevvStream Corp. at $15.58 per share for approximately $2,000,000. ($2.0M proceeds)

3.8M 52M
Oct 20, 2025

S-1/A filing: The company is offering senior secured convertible notes to Helena Global Investment Opportunities 1 Ltd. for up to $300 million, which are convertible into common shares.

3.8M 52M
Sep 30, 2025

S-1/A filing: This S-1/A filing from 2025-09-30 details a combination offering involving the potential sale of senior secured convertible notes to Helena Global Investment Opportunities 1 Ltd., which are convertible into common shares, with a total offering amount of up to $300 million.

3.8M 52M
Aug 22, 2025

S-1 filing: This S-1 filing outlines a proposed offering of senior secured convertible notes to Helena Global Investment Opportunities 1 Ltd., potentially convertible into common stock, with the proceeds intended for purchasing digital assets.

3.5M 13M
Aug 08, 2025
Stock Split

8-K filing: Stock split 1-for-10 | Outstanding: 33,461,734 → 3,541,673

3.5M 13M
Jul 02, 2025

S-1/A filing: This S-1/A filing relates to the resale of 26,419,091 common shares by selling stockholders, including shares issuable upon exercise of warrants and conversion of convertible notes.

33M 140M
Jul 01, 2025

S-1/A filing: This prospectus relates to the resale of 26,419,091 Common Shares of DevvStream Corp. offered by the selling stockholders.

33M 130M
Jun 27, 2025

S-1/A filing: This is a pre-effective amendment to a Form S-1 registration statement for DevvStream Corp, incorporating the Form 10-Q filed on June 23, 2025, which discloses warrants and shares outstanding.

33M 150M
Jun 23, 2025

10-Q filing | 33.5M shares outstanding

33M 150M
Jun 13, 2025

S-1/A filing: This S-1/A filing relates to the resale of 26,419,091 common shares by selling stockholders, including shares issuable upon exercise of warrants and underlying convertible notes.

33M 150M
May 12, 2025

8-K filing: DevvStream has reversed a previously disclosed carbon credit transaction, resulting in the re-assignment and cancellation of 900,000 common shares, which reduces the total number of shares outstanding.

30M 150M
Apr 16, 2025

10-Q filing | 30.1M shares outstanding

30M 150M
Mar 25, 2025

S-1 filing: This prospectus relates to the resale of 27,133,026 Common Shares offered by the Selling Stockholders.

30M 150M
Mar 12, 2025

S-1 filing: This S-1 filing details the offering of Common Shares under an ELOC Agreement with Helena Global Investment Opportunities I Ltd., involving the potential issuance of up to 114,285,714 shares, along with 682,556 Commitment Shares, with proceeds potentially reaching $40 million for general corporate purposes.

28M 110M
Jan 23, 2025

10-Q filing | 28.3M shares outstanding

28M 0
Nov 13, 2024

8-K filing: New PubCo issued 557,290 common shares to the Sponsor in a private placement and issued new convertible notes to the Sponsor and the Consultant in exchange for the cancellation and conversion of previous notes and unpaid fees; additionally, the maturity dates of existing convertible notes held by Devvio and Envviron were extended.

6.7M 0
Oct 30, 2024

8-K filing: Focus Impact Acquisition Corp. amended the Sponsor Side Letter Agreement to allow the Sponsor to transfer up to 5,750,000 shares of common stock to advisors, PIPE investors, and the Investor in connection with the ELOC Agreement; FIAC also entered into a contribution and exchange agreement with Crestmont Investments LLC, PIPE Agreements with investors, and an ELOC Agreement with Helena Global Investment Opportunities I Ltd. ($2.25M proceeds)

6.7M 0
Aug 19, 2024

10-Q filing | 6.7M shares outstanding

6.7M 0
May 21, 2024

10-Q filing | 6.7M shares outstanding

6.7M 0
Apr 08, 2024

10-K filing | 6.7M shares outstanding

6.7M 0
Nov 14, 2023

10-Q filing | 5.7M shares outstanding

5.7M 0
Aug 15, 2023

10-Q filing | 5.7M shares outstanding

5.7M 0
May 23, 2023

10-Q filing | 23.0M shares outstanding

23M 0
Apr 24, 2023

8-K filing: Focus Impact Acquisition Corp. adjourned the Extension Meeting regarding extending the date to consummate a business combination and reports that 18,072,784 shares of Class A Common Stock were tendered for redemption, resulting in 4,927,216 shares of Class A Common Stock outstanding if redemptions are not withdrawn.

4.9M 0
Apr 21, 2023

8-K filing: Focus Impact Acquisition Corp. filed a definitive proxy statement for a special meeting of stockholders to consider extending the date to consummate a business combination, with a redemption deadline for Class A common stock set at April 20, 2023, and an initial number of 18,672,328 shares tendered for redemption.

23M 0
Apr 06, 2023

10-K filing | 23.0M shares outstanding

23M 0
Nov 14, 2022

10-Q filing | 23.0M shares outstanding

23M 0
Aug 11, 2022

10-Q filing | 23.0M shares outstanding

23M 0
May 23, 2022

10-Q filing | 23.0M shares outstanding

23M 0
Apr 01, 2022

10-K filing | 23.0M shares outstanding

23M 0
Dec 15, 2021

10-Q filing | 5.8M shares outstanding

5.8M 0
Nov 08, 2021

8-K filing: Focus Impact Acquisition Corp. consummated an initial public offering of 23,000,000 units at $10.00 per Unit and a private placement with Focus Impact Sponsor, LLC of 11,200,000 private placement warrants at a price of $1.00 per warrant. ($241.2M proceeds)

5.8M 0
Nov 01, 2021

8-K filing: Focus Impact Acquisition Corp. consummated its IPO of 23,000,000 units at $10.00 per unit, generating gross proceeds of $230,000,000, and completed a private placement of 11,200,000 private placement warrants to Focus Impact Sponsor, LLC at $1.00 per warrant, generating proceeds of $11,200,000. ($241.2M proceeds)

5.8M 0
Oct 12, 2021

S-1/A filing: Focus Impact Acquisition Corp. is offering 20,000,000 units at $10.00 per unit in an initial public offering, with each unit consisting of one share of Class A common stock and one-half of one warrant.

5.8M 31M
Jul 15, 2021

S-1/A filing: Focus Impact Acquisition Corp. is offering 25,000,000 units at $10.00 per unit, with each unit consisting of one share of Class A common stock and one-half of one warrant.

7.2M 33M
Jun 03, 2021

S-1/A filing: This S-1/A filing details the offering of 25,000,000 units, each comprising one share of Class A common stock and one-half of one warrant, with an underwriter option for an additional 3,750,000 units and also includes a private placement of warrants to the sponsor.

7.2M 33M
Apr 23, 2021

S-1 filing: Focus Impact Acquisition Corp. is offering 25,000,000 units at $10.00 per unit, each unit consisting of one share of Class A common stock and one-half of one warrant.

7.2M 33M
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