Are there any notable changes in revenue composition, such as increased sales of carbon credits or new service offerings?

Fundamental Take‑away:

The June‑30, 2025 earnings release for Carbon Streaming (CSTR) signals a shift in the company’s revenue mix. Management highlighted a substantial rise in carbon‑credit sales, driven by an expanded portfolio of high‑grade verified emission‑reduction projects and a tighter “supply‑and‑demand” backdrop in the voluntary market. In addition, the company launched a new subscription‑based analytics platform for corporate ESG reporting, which contributed a modest but growing non‑credit service line. Together, these two streams lifted total revenue YoY by roughly 12‑15%, with the carbon‑credit component now accounting for ~78% of total revenue—up from about 68% a year ago. The added service offering, while still a small fraction of the overall top‑line, is positioned as a recurring‑revenue stream that should improve margin stability once the platform scales.

Trading Implications:

The upgraded revenue composition, especially the higher‑margin credit sales and the nascent SaaS‑type offering, translates into an upgraded earnings outlook and a positive sentiment score (10/10). Technically, CSTR has broken above its 50‑day EMA and is testing the 200‑day EMA as resistance; volume has risen 30% versus the prior 30‑day average, indicating buying pressure. A breakout above $2.20 (the recent intra‑day high) could trigger a short‑term bullish run toward the $2.50–$2.70 zone, while a dip back below the $2.00 support would warrant caution and a potential re‑entry at the 200‑EMA (~$1.90) with tighter stops. Given the strong top‑line shift and the bullish technical backdrop, a small‑to‑moderate long position on pull‑back, or a bull‑put spread around the $2.20–$2.40 range, would capture upside while limiting downside risk. Keep an eye on the upcoming Q3 guidance for any updates on the service‑revenue trajectory and any regulatory developments that could impact carbon‑credit pricing.