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Substrate Artificial - Trading Update

Announcement provided by

Substrate Artificial Inteligence S.A. · SAI

28/02/2024 07:30

Substrate Artificial - Trading Update
RNS Number : 6905E
Substrate Artificial Inteligence,SA
28 February 2024

This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.



28 February 2024



("Substrate AI" or the "Company")


Substrate AI (AQUIS: SAI/SAI.B) announces that its total revenue has grown by c.181% in 2023, and is expected to surpass €13 million (unaudited data). This growth has exceeded expectations, in a year marked by company acquisitions, strong investment in products and an increase in international presence.

With regard to EBITDA for 2023, the Company expects to report negative EBITDA in the amount of 4 million. This negative EBITDA includes the expenses derived from the investments made in the development of AI products, as well as the costs associated with the listing of classes A and B shares into the Access segment of the AQSE Growth Market, and with the acquisitions of companies, specifically four in the areas of health,  Agritech, human resources and software development.

In this sense, the expected revenue and EBITDA are as follows:

In euros


Dec-23 (*)

Variation (€)

Growth (%)

Total Revenue










(*) In the process of being audited





In euros

Forecasts 23

Dec-23 (*)

Variation (€)

Growth (%)


Total Revenue












(*) In the process of being audited


The Group expects to announce its audited results for FY23 on 30 April 2024.

Substrate AI will present its strategic plan for the coming years during its Investor Day to be held in April, both in London and Madrid.

The Directors of Substrate AI accept responsibility for this announcement. 


Substrate AI 

Lorenzo Serratosa 



First Sentinel Corporate Finance  

Corporate Advisors 

Brian Stockbridge 


+44 (0) 7858 888 007 



About Substrate AI: Substrate AI is an artificial intelligence company based in Spain that creates, buys and scales companies around AI in diverse sectors such as fintech, agritech, energy, human resources, or health. All of them sell products and services built on the bio-inspired reinforced learning technology developed and patented by Substrate AI. 

This announcement may contain "forward-looking" statements and information relating to the Company. These statements are based on the beliefs of Company management, as well as assumptions made by and information currently available to Company management. The Company does not undertake to update forwardlooking statements or forwardlooking information, except as required by law. 




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