VERDANT

Soil carbon you can prove.

Field-scale measurement, reporting, and verification for agricultural carbon markets.

SERIES A — 2026 VERDANT.EARTH 01 / 18

The problem

Buyers stopped trusting carbon credits.

$2.1B

of agricultural credits written down after failed re-audits since 2024

37%

of soil-carbon projects can't reproduce their own baseline

18 mo

average wait from field practice to issued credit

VERDANT 02 / 18

Why now

Verification is becoming law.

01 EU CSRD and California SB-253 now require audited emissions claims — including offsets.

02 Compliance carbon markets are absorbing voluntary supply — and they reject unverifiable tons.

03 Satellite spectral resolution crossed the threshold for soil organic carbon inference in 2024.

VERDANT 03 / 18

The product

Measurement that scales like software.

Sense

Hyperspectral satellite passes over every enrolled field, every 5 days — no hardware to install.

Model

ML calibrated on 210,000 physical soil cores converts spectra into carbon stock, per field.

Verify

An auditable, registry-approved evidence chain from pixel to issued credit.

VERDANT 04 / 18

How it works

From field to issued credit in six weeks.

Week 0 — Enroll

Draw the boundary

Developer uploads field polygons; Verdant pulls 5 years of spectral history as baseline.

→

Weeks 1–4 — Measure

Cores calibrate pixels

Targeted physical sampling — 1 core per 40 ha — anchors the model where uncertainty is highest.

→

Weeks 5–6 — Issue

Evidence package out

Registry receives the full chain — imagery, cores, model version, uncertainty bounds.

VERDANT 05 / 18

Proof

The ground truth agrees.

±4.2%

mean error vs. laboratory soil cores, blind validation

r² 0.93

model agreement across 11 soil types on three continents

2 registries

have approved the methodology for issuance

VERDANT — 2025 VALIDATION STUDY 06 / 18

Market

$4.2B

market. Zero incumbents.

Annual MRV spend for agricultural carbon by 2030 — mandated, recurring, and still done by hand.

$53B

agricultural carbon credit issuance by 2030 (TAM)

$4.2B

of that is measurement & verification spend (SAM)

$310M

SOM — 7% of enrolled hectares by year five

VERDANT 07 / 18

Traction

$3.1M ARR, doubling yearly.

0.4

Q3·24

0.6

Q4·24

0.9

Q1·25

1.2

Q2·25

1.6

Q3·25

2.1

Q4·25

2.6

Q1·26

$3.1M

Q2·26

2.1M ha

under continuous measurement

project developers on multi-year contracts

128%

net revenue retention

VERDANT — ARR BY QUARTER, $M 08 / 18

Customers

Everyone in the chain pays for certainty.

Project developers Enroll farmland, need credits issued fast — pay per hectare, per year. Our wedge and 80% of revenue today.

Registries License the verification pipeline to replace manual audits — two signed, three in diligence.

Corporate buyers Pay for continuous monitoring of credits they've bought — audit-ready under CSRD.

VERDANT 09 / 18

Business model

$1.20 per hectare, per year — for ten-year project lives.

$1.20

per hectare per year, continuous MRV

$180k

average contract value across 14 developers

82%

gross margin — sampling costs fall as the model learns

10 yr

contract life — credits require monitoring for the project term

VERDANT 10 / 18

Unit economics

Software margins on a field business.

LTV : CAC 6.8×

CAC payback 9 months

Marginal cost per new hectare $0.21

Net revenue retention 128%

VERDANT 11 / 18

Competition

Accurate, cheap, approved — pick three.

Manual sampling

Satellite estimators

Registry in-house

Verdant

Field-level accuracy

●

—

◐

●

Under $2 per hectare

—

●

—

●

Verification in weeks, not months

—

◐

—

●

Registry-approved methodology

●

—

●

● yes · ◐ partial · — no

VERDANT 12 / 18

Moat

Every measured field makes the next one cheaper.

01 210,000 paired core-and-pixel samples — the largest calibration set in agriculture, growing daily.

02 Registry approvals took 30 months of methodology review — a wall any entrant must climb behind us.

03 Ten-year monitoring contracts mean the baseline data lives with us — switching restarts the clock.

VERDANT 13 / 18

Team

Soil scientists who ship software.

Elena Marsh

CEO

Built a 5M-acre carbon program at Indigo Ag; sold credits to 40 of the Fortune 500.

Priya Raghavan

CTO

Led imagery pipelines at Planet Labs — petabytes of daily earth observation into products.

Dr. Kwame Boateng

Chief Science Officer

Ran the soil spectroscopy lab at Wageningen; wrote the calibration methods registries now cite.

31 people — agronomy, remote sensing, ML — across Amsterdam and Des Moines.

VERDANT 14 / 18

Financial plan

The path to $22M.

FY 2026

FY 2027

FY 2028

ARR

$3.1M

$9.0M

$22M

Hectares

2.1M

6.5M

15M

Gross margin

82%

84%

85%

VERDANT — CONSERVATIVE CASE 15 / 18

Roadmap

From voluntary to compliance.

Now

2 registries approved

2.1M hectares live

US + Brazil operations

+12 months

EU ETS pilot accepted

Registry licensing GA

6.5M hectares

+24 months

Compliance-market issuance

15M hectares

$22M ARR — Series B ready

VERDANT 16 / 18

The ask

$12M

Series A

24 months to compliance-market issuance, 15M hectares, and $22M ARR.

Science & engineering40%

Go-to-market35%

Field operations25%

VERDANT 17 / 18

VERDANT

Prove every ton.

elena@verdant.earth

A SEVENTY—TWO sample deck — company and figures illustrative seventy-two.info · concept to delivery in 70 hours