Slide 1: Investor Presentation September 2023
Highly confidential and proprietary information. Unauthorized distribution without prior consent from Cohen & Company Capital Markets is strictly prohibited. Investor Presentation September 2023
Slide 2: Important Notice
2 This presentation (this “Presentation”) is provided for information purposes only and has been prepared to assist interested parties in making their own evaluation with respect to a potential business combination between Focus Impact Acquisition Corp. (“FIAC") and DevvStream Holdings Inc. (“DevvSt
Slide 3: Forward-Looking Statements
3 Forward-Looking Statements This Presentation includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as “may”, “sho
Slide 4: Financial Outlook
4 Financial Outlook This Presentation contains statements that are considered financial outlook within the meaning of applicable Canadian securities laws (“Financial Outlook”), including statements regarding EBITDA margins on DevvStream’s Carbon Management and Carbon Investment segments, revenue and
Slide 5: Additional Information and Where to Find It
5 Additional Information and Where to Find It In connection with the Contemplated Business Combination, FIAC and Devvstream intend to prepare, and FIAC intends to file a Registration Statement on Form S-4 (the “Registration Statement”) containing a prospectus with respect to the securities to be iss
Slide 6: Table of Contents
6 Table of Contents 1 2 3 4 A Executive Summary Introduction to DevvStream DevvStream Platform Overview Financial Overview Appendix – Supplementary Information and Risk Factors
Slide 7: Executive Summary
Executive Summary Section I
Slide 8: The Social Forward SPAC - Focus Impact Acquisition Corp.
8 The Social Forward SPAC - Focus Impact Acquisition Corp. Wray Thorn CHIEF INVESTMENT OFFICER DevvStream is the Perfect Fit for Focus Impact’s Mission Focus Impact has created this Social Forward vehicle as a response to stakeholders' demands for companies to deliver both financial and societal val
Slide 9: Today's Presenters
Today’s Presenters Previous Experience Sunny Trinh CHIEF EXECUTIVE OFFICER ~25 years experience in tech, CSR, ESG & carbon markets Led innovation, engineering and sales at Avnet (NASDAQ: AVT) and Arrow Electronics (NYSE: ARW) working with dozens of companies in renewable and energy efficiency techno
Slide 10: Illustrative Transaction Summary
10 Illustrative Transaction Summary NOTE: 24.6M pro forma shares outstanding at $10.20 per common share / Pro forma ownership excludes impact of SPAC warrants / Assumes ~66% redemption from cash in trust. Excludes interest earned in the trust. SPAC cash amount subject to change depending on the actu
Slide 11: Introduction to DevvStream
Introduction to DevvStream Section II
Slide 12: Why are Carbon Credits so Important?
Why are Carbon Credits so Important? Carbon Credits are a financial tool1 designed to help organizations advance decarbonization efforts by funding environmentally conscious projects 2022A $2B 2030E $250B CAGR ~49.5% Equal to one metric ton of carbon dioxide removed Deadal Research - Global Carbon C
Slide 13: About DevvStream
13 About DevvStream DevvStream is a CAPEX-light carbon credit generation company focused on technology-based projects Providing a turnkey solution to help companies generate, manage and monetize environmental assets through carbon credits With Environmental, Social and Governance (“ESG”) at the core
Slide 14: Investment Highlights
Investment Highlights 14 DevvStream plays a critical role in large and fast-growing carbon credit market by co-developing high-quality credits from credible decarbonization projects Opportunity >90% of DevvStream’s CY 2025 credits are technology-based, and bolstered by proprietary IP, providing enha
Slide 15: DevvStream Platform Overview
SECTION III DevvStream Platform Overview
Slide 16: We Solve Pain Points for Buyers and Developers
We Solve Pain Points for Buyers and Developers DEVELOPERS BUYERS THE DEVVSTREAM SOLUTION Technology Lack of technical know-how Lack of perceived credit quality Concern over proper control and accounting of credits Industry-leading carbon expertise authority Deep knowledge and relationships with reco
Slide 17: DevvStream Advantages of Technology-Based Projects
Quantification Can provide more accurate quantification Straight-forward, verifiable measurement of environmental benefits Timing Can often be implemented more quickly than legacy projects Scalability Can often be scaled up or replicated more easily than legacy projects Financial Efficiency Can ofte
Slide 18: Carbon Investment and Carbon Management Financial Profile
18 Carbon Investment Financial Profile DevvStream acts as project manager controlling all major aspects of the project Long-term contractual revenue stream with minimal operating requirements DevvStream retains 90 – 100% of the carbon credit stream generated by the project Average investment amount
Slide 19: End-to-End Carbon Credit Solution
End-to-End Carbon Credit Solution 19 7 Stages in the Tech-Based Carbon Credit Cycle Responsible Party Commentary Technology Partner Issuance Verification Validation Project Design Document Project Idea Note 1 2 3 4 5 End Buyer 6 End Buyer 6 Retirement 7 Corporations & Governments Wholesaler (No Cred
Slide 20: The Value of Our Project Data Platform
The Value of Our Project Data Platform 20 Offset Projects Blockchain for Transparency & Trust Credit Sourcing Verification & Credit Issuance Offset Registries Environmental Project Management Platform Environmental Asset Management for Credit Management Long-Term Contracts MRVs for Credit Generation
Slide 21: Resource Optimization is a Key Focus
Resource Optimization is a Key Focus 21 2. Quantifying the Carbon Credits and Revenue Potential 1. Project Assessment Assessment of DevvStream's pipeline opportunities: PBAT is used to provide an initial assessment for all opportunities Designed to significantly reduce investment risk Efficient and
Slide 22: Large and Diversified Pipeline
Large and Diversified Pipeline 22 Total pipeline represents an opportunity to generate 30M+ credits/year ($450M+/year) across 140+ projects Source: Management estimates Note: DevvStream’s pipeline, including the potential investment opportunity and the amount of credits generated represents an estim
Slide 23: Scalable Approach to Intellectual Property Design
Scalable Approach to Intellectual Property Design 23 DevvStream has 2 patents pending for the Program Approach for carbon credits 1 Process for aggregating micro-projects to make them economically viable for carbon credits Reduces cost and time for generating credits Applicable to most technology-ba
Slide 24: Delivering Energy Efficiencies in Industrial Facilities
Delivering Energy Efficiencies in Industrial Facilities 24 Illustrative Case Study 1: Industrial Energy Reduction THE OPPORTUNITY Large Telecom with up to 55,000 facilities, including multiple electronic manufacturing facilities Hospital group with 1,800 locations PROJECT TYPE Energy Efficiency REGI
Slide 25: Multiple Levers for Sustained Growth
Multiple Levers for Sustained Growth 25 Expand Programs Across Geographies(1) Execute on Existing Contracts Create Adjacent Programs Fund High-ROI Development Projects (1) Existing programs are: Building Efficiency, Low-Carbon Construction, EV Charging, Abandoned Oil Wells, and Clean Water
Slide 26: Financial Overview
Section IV Financial Overview
Slide 27: Financial Highlights
Financial Highlights 27 Recurring Revenue Streams Repeatable Growth Model High-Margin Projects Low CAPEX Requirement Diversified Revenue Engines
Slide 28: High Level Financial Profile and Segmentation
28 (in millions except credits generated) CY 2023 CY 2024 CY 2025 # of Credits Generated 5,000 559,821 1,157,545 Net Revenue $0.0 $13.0 $55.1 (-) Operating Expenses ($0.0) ($0.2) ($0.4) (-) Corporate Expenses ($3.3) ($6.1) ($9.6) EBITDA ($3.3) $6.7 $45.1 Net Income ($3.3) $6.0 $31.6 2025 Credits Gen
Slide 29: Project-Level Detail
29 Geography Regulation Credit Type % of 2025 Credits % of 2025 Revenue Project-Level Detail Note: See the disclaimers regarding “Financial Outlook”, “Non-IFRS Measures and “Non-GAAP Measures” for additional information.
Slide 30: Comparable Company Selection
30 Yield & Streaming Cleantech & Renewables Business Model No Green Premium Sector Focus Hardware Manufacturing Near-Term Cash Flow No Tech Upside Green Premium Often CAPEX Intensive Comparable Company Selection Key Takeaways No perfect public comp available, but universe of relevant companies, with
Slide 31: Growth Benchmarking
31 CAPEX / 2025 Revenue (%) 2025 Revenue Growth (%) Cleantech & Renewables Yield & Streaming (1) Growth Benchmarking Source: Management Projections (CY), FactSet, PitchBook Note: Market data as of 09/05/2023 Assumes Osisko CAPEX grows at 2% in 2024 and 1% in 2025 Excludes Metalla Royalty & Streaming
Slide 32: Profitability Benchmarking
32 CAPEX / 2025 Revenue (%) 2025 EBITDA Margin (%) Profitability Benchmarking Cleantech & Renewables Yield & Streaming (1) Source: Management Projections (CY), FactSet, PitchBook Note: Market data as of 09/05/2023 Assumes Osisko CAPEX grows at 2% in 2024 and 1% in 2025 Excludes Metalla Royalty & Str
Slide 33: Comparable Benchmarking
33 Cleantech & Renewables Median: 5.3x Yield & Streaming Median: 9.4x DevvStream Implied Multiple: 3.9x EV / Revenue 2025 EV / EBITDA 20251 Cleantech & Renewables Median: 9.1x Yield & Streaming Median: 12.6x DevvStream Implied Multiple: 4.7x DevvStream DevvStream Comparable Benchmarking Source: Comp
Slide 34: Appendix: Supplementary Information & Risk Factors
appendix Supplementary Information& Risk Factors
Slide 35: Management Team
Sunny Trinh Chief Executive Officer ~25 years experience in tech, CSR, ESG & carbon markets Led innovation, engineering and sales at Avnet (NASDAQ: AVT) and Arrow Electronics (NYSE: ARW) working with dozens of companies in renewable and energy efficiency technologies David Goertz Chief Financial Off
Slide 36: Board of Directors and Advisory Board
Tom Anderson Chairman Founder and CEO of Devvio, a leading provider of enterprise blockchain solutions for ESG markets Successful entrepreneur with multiple exits including large IP sale to Facebook Ray Quintana Director Global President of Devvio ~20 years experience in technology investing, corpor
Slide 37: Risk Factors
Risk Factors 37 Certain factors may have a material adverse effect on our business, financial condition and results of operations. The risks and uncertainties described below are not the only ones we face. Additional risks and uncertainties that we are unaware of, or that we currently believe are no
Slide 38: Risk Factors (continued)
Risk Factors (continued) 38 Risks Related to Devvstream’s Business and Industry (continued) Increased scrutiny of ESG matters, including our completion of certain ESG initiatives, could have an adverse effect on our business, financial condition and results of operations, result in reputational harm
Slide 39: Risk Factors (continued)
Risk Factors (continued) 39 Risks Related to Legal, Compliance and Regulations Our business and current and future operations are subject to liabilities and operating restrictions arising from regulatory requirements. We will be subject to regulatory requirements in multiple jurisdictions, which imp
Slide 40: Risk Factors (continued)
Risk Factors (continued) 40 Risks Related to the Contemplated Business Combination (continued) FIAC and Devvstream may not successfully or timely consummate the Contemplated Business Combination, including the risk that any required regulatory approvals are not obtained, are delayed or are subject t
Slide 41: Thank You
THANK YOU