DevvStream Corp. (NASDAQ:DEVS) said Thursday it has completed a series of transactions that reduce its outstanding debt by approximately $5.9 million, according to a company press release. The move comes as the company works to address liquidity pressures, with its current ratio standing at 0.12 for the trailing twelve months ending Q1 2026.
As part of the restructuring, Focus Impact Partners and its affiliated entities converted all of their 5.3% convertible notes due November 2026, along with certain consulting fees totaling about $5.5 million, into company equity. The conversion was executed at a 12.9% premium to DevvStream’s closing share price on March 10, 2026.
Separately, Helena Partners agreed to release approximately $1.2 million from DevvStream’s cash collateral account linked to an existing $10.0 million convertible note issued July 17, 2025. The release enabled the company to repay roughly $1.1 million of debt owed to Helena. Helena also agreed to waive all monthly interest payments on the note through May 2026.
In addition, Helena provided DevvStream with a $700,000 loan carrying zero interest, which will mature in March 2027 and is intended to support the company’s general working capital needs.
“The willingness of our partners to convert debt into equity—particularly at a premium to our current share price—reflects meaningful confidence in the Company’s direction and long-term value,” said Sunny Trinh, Chief Executive Officer of DevvStream.
DevvStream operates as a carbon management company focused on developing, investing in, and monetizing environmental assets. The firm collaborates with corporations, governments, and project developers to generate and manage environmental credits and sustainability certificates.
Additional developments
In recent updates, DevvStream said it received an extension from the Nasdaq Stock Market to regain compliance with Listing Rule 5550(b). The company now has until May 18, 2026, to meet the required thresholds related to stockholders’ equity, market value, or net income.
The company also signed a term sheet with Southern Energy Renewables and Frontline BioEnergy to expand a biomass-to-fuels initiative in Louisiana. The partnership aims to accelerate technical validation by upgrading an existing demonstration unit in Nevada, Iowa.
DevvStream has also formed a joint venture with UAE-based Fayafi Investment Holding Limited, targeting a $100 million capital commitment by 2027 to pursue decarbonization and energy transition projects.
Meanwhile, shareholders of XCF Global approved the issuance of more than 19.99% of the company’s common stock to EEME Energy SPV I LLC as part of a proposed business combination involving Southern Energy Renewables, DevvStream, and EEME.
Finally, DevvStream announced a memorandum of understanding for a strategic collaboration with IP3 Corporation, Southern Energy Renewables, and XCF Global to explore projects related to small modular nuclear reactors and sustainable aviation fuel production. These initiatives reflect ongoing strategic activity across DevvStream’s environmental and energy transition portfolio.