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
ARTIFICIAL INTELIGENCE SOCIEDAD ANONIMA
("Substrate AI" or the
"Company")
TRADING UPDATE FOR THE PERIOD
ENDED 31 DECEMBER 2023
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-22
|
Dec-23 (*)
|
Variation
(€)
|
Growth (%)
|
Total Revenue
|
4.758.996
|
13.382.973
|
8.623.977
|
181%
|
EBITDA
|
(1.991.877)
|
(4.133.100)
|
(2.141.223)
|
-107%
|
(*) In the process of being
audited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In euros
|
Forecasts
23
|
Dec-23 (*)
|
Variation
(€)
|
Growth (%)
|
|
Total
Revenue
|
10.500.000
|
13.382.973
|
2.882.973
|
27%
|
|
EBITDA
|
(3.027.311)
|
(4.133.100)
|
(1.105.789)
|
-37%
|
|
|
|
|
|
|
|
|
|
|
| |
(*) 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
Chairman
|
info@substrate.ai
|
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 forward‐looking statements or
forward‐looking
information, except as required by law.