All digital assets are held with BitGo Trust Company, Inc. under a qualified-custody framework, with institutional execution and portfolio guidance provided by FRNT Financial. DevvStream intends to continue reporting unit holdings from its activity ledger and providing updates from time to time. About DevvStream Founded in 2021, DevvStream is a leading carbon management firm specializing in the development, investment, and sale of environmental assets, energy transition, and innovative carbon management sol ...

Core Insights - The first "one-stop" carbon footprint digital public service platform in Northeast China has been launched in Dalian, facilitating green transformation and international expansion for enterprises [1][2] - Carbon footprint has become a "green passport" for international trade, but previously, obtaining this certification was time-consuming, inefficient, and costly due to the need for third-party service providers and lack of standardized accounting [1] Group 1 - The Dalian carbon footprint certification public service platform is led by the Dalian Inspection and Testing Certification Group, focusing on key industries such as petrochemicals, transportation, equipment manufacturing, and building materials [1] - The platform has established a dual-level carbon data management framework covering both "product carbon" and "organizational carbon," with 21 key product carbon footprint accounting models for nine major local industries [1][2] - The platform enables efficient carbon footprint accounting and report generation through a collaborative mechanism of "enterprise self-calculation + third-party certification review," reducing costs and improving carbon information disclosure efficiency [2] Group 2 - The platform supports comprehensive organization and efficient transformation of carbon emission data, ensuring secure storage and strict quality control, while providing support for carbon border adjustment mechanism filings and export compliance solutions [2] - On the launch day, the platform signed agreements with eight key industry enterprises, seven certification agencies, and six financial institutions to build a product carbon footprint accounting certification "ecosystem" [2] - The second phase of the platform will develop a locally tailored product carbon factor database that will interconnect with the national carbon database, allowing enterprises to gain international trade recognition through self-declaration [2]

Core Insights - Carbon TerraVault Holdings, LLC (CTV), a subsidiary of California Resources Corporation (CRC), is advancing California's first carbon capture and sequestration (CCS) project at Elk Hills, with expectations to break ground in summer 2025 and inject CO2 by year-end 2025 [2][7]. Financial Performance - In the first quarter of 2025, CMB expenses were $18 million, down from $20 million in the fourth quarter of 2024. General and administrative expenses decreased to $3 million from $5 million [4]. - Capital investments in Q1 2025 were $2 million, a decline from $6 million in Q4 2024. Adjusted EBITDAX for Q1 2025 was $(21) million, an improvement from $(25) million in Q4 2024 [4]. Guidance - For Q2 2025, CRC expects capital expenditures between $5 million and $10 million, with total year guidance of $20 million to $30 million. CMB expenses are projected to be $10 million to $15 million for Q2 and $60 million to $90 million for the full year [6]. - General and administrative expenses are estimated at $2 million to $4 million for Q2 and $10 million to $15 million for the year. Adjusted EBITDAX is forecasted to be between $(15) million and $(20) million for Q2 and $(80) million to $(85) million for the full year [6]. Project Developments - CTV has received EPA Class VI well permits for CO2 storage and is preparing to commence construction of the CCS project at Elk Hills [7]. - CTV signed a Memorandum of Understanding (MOU) with National Cement for the "Lebec Net Zero" initiative, which aims to produce carbon-neutral cement with potential funding of up to $500 million from the Department of Energy [7].

Financial Performance - LanzaTech reported total revenue of $12.0 million for the fourth quarter of 2024, down from $20.5 million in the same period of 2023, and full-year revenue of $49.6 million compared to $62.6 million in 2023, primarily due to project completions and timing delays in large projects [4][5] - The cost of revenue for the fourth quarter and full year of 2024 was $5.6 million and $26.0 million, respectively, compared to $12.0 million and $45.0 million for the same periods in 2023, resulting in a gross margin of 54% for Q4 2024 [6] - Operating expenses increased to $33.5 million for the fourth quarter and $132.6 million for the full year of 2024, compared to $27.1 million and $124.0 million in 2023, driven by project-related expenses [7] Net Loss and Adjusted EBITDA - The net loss for the fourth quarter of 2024 was $27.0 million, compared to a loss of $18.7 million in Q4 2023, with a full-year net loss of $137.7 million versus $134.1 million in 2023, attributed to non-cash expenses and reduced revenue [8] - Adjusted EBITDA losses were $21.2 million for Q4 2024 and $88.2 million for the full year, compared to losses of $19.6 million and $80.1 million in 2023, reflecting similar factors affecting revenue [9] Balance Sheet and Liquidity - As of December 31, 2024, LanzaTech had $58.1 million in total cash, restricted cash, and investments, down from $89.1 million at the end of Q3 2024 [10] - Total assets decreased to $174.7 million in 2024 from $241.6 million in 2023, with total liabilities increasing to $161.2 million from $127.2 million [17] Revenue Breakdown - Revenue from Joint Development Agreement (JDA) and Contract Research for Q4 2024 was $1.7 million, down from $4.2 million in Q4 2023, while CarbonSmart revenue increased to $3.9 million in Q4 2024 from $2.1 million in Q4 2023, driven by direct fuel sales [12][12] Strategic Focus - The company is shifting its operational focus from research and development to global deployment, aiming to enhance its cost structure and evaluate liquidity-enhancing initiatives [5][6]