Substrate Artificial Intelligence SA

Substrate Artificial Intelligence SA

0.04
EUR
+0.00
(-1.08%)
23.41MMarket Cap
Mar 03Next Earn
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
0.08
0.13
0.04
0.2
0.16
- -
Basic EPS, GAAP
- -
-0.62
-0.04
0.08
-0.06
- -
Free Cash Flow per Basic Share
-0.08
-0.11
-0.02
-0.04
-0.04
- -
Dividend per Share
- -
- -
- -
- -
- -
- -
Book Value per Share
1.31
0.75
0.11
0.16
0.12
0.12
Tangible Book Value per Share
-0.15
-0.02
-0.04
0.07
0.03
0.03
Basic Weighted Avg Shares
20
24
210
89
115
114
Sales/Revenue/Turnover
2
3
9
18
18
- -
Operating Margin (%)
-134.43
-69.42
-58.77
21.77
10.38
- -
Depreciation Expense
1
- -
1
1
2
- -
Net Income, GAAP
- -
-15
-9
7
-7
- -
Effective Tax Rate (%)
- -
- -
- -
15.58
- -
- -
Profit Margin (%)
-1.3
-480.94
-102.72
42.07
-41.3
- -
Working Capital
-4
1
-3
-5
-4
-4
LT Debt
- -
1
3
4
4
4
Total Equity
26
18
24
42
43
43
Return on Invested Capital (%)
- -
- -
- -
7.8
- -
- -
Return on Capital (%)
- -
- -
- -
21.99
- -
- -
Return on Common Equity (%)
- -
-67.57
-43.17
23.06
-18.47
- -

Capital Structure

EUR

•

in mil. unless spec.
Dec'24
Jun'25
Dec'25
ST Debt
1
2
2
LT Borrowings
3
3
3
LT Finance Leases
1
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
257
281
332
Market Capitalization
26
30
23

Working Capital

EUR

•

in mil. unless spec.
Dec'24
Jun'25
Dec'25
Total Current Assets
8
13
13
Cash, Cash Equivalents & STI
1
2
2
Accounts Receivable, Net
5
6
8
Inventories
1
1
2
Total Current Liabilities
13
18
17
Payables & Accruals
- -
- -
- -
ST Debt
1
2
2
Deferred Revenue
- -
- -
- -

Growth Rates

EUR

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
- -
2.05%
Free Cash Flow
- -
- -
40.41%
Net Income, GAAP
- -
- -
-200.95%
Sales/Revenue/Turnover
- -
- -
2.83%
Total Cash Common Dividend
- -
- -
- -

Semi-annual Revenue

EUR

•

in mil. unless spec.

Year

H1
H2
FY
2023
- -
- -
9
2024
- -
- -
18
2025
- -
- -
18

Semi-annual Earnings Per Share

EUR

•

in mil. unless spec.

Year

H1
H2
FY
2023
- -
- -
-0.04
2024
- -
- -
0.08
2025
- -
- -
-0.06

Semi-annual Dividends Per Share

EUR

•

in mil. unless spec.

Year

H1
H2
FY
2023
- -
- -
- -
2024
- -
- -
- -
2025
- -
- -
- -

Company Description

CEO
Jose Ivan Garcia Braulio
Full Time Employees
251
Sector
Commercial services
Industry
Miscellaneous commercial services
Address
Calle Cronista Carreres Madrid MA Spain 46003
IPO Date
May 17, 2022
Business
Substrate Artificial Inteligence, S.A. (SAI.MC) develops and commercializes artificial intelligence solutions and infrastructure, primarily through a SaaS model and proprietary biologically-inspired reinforcement learning technology; its core offerings include the Serenity Star platform providing generative AI with Models as a Service (MaaS), multi-agent systems, co-pilots, and access to over 100 large language models; specialized products across sectors such as agritech, energy, fintech, human resources, health, edtech, and deeptech via portfolio companies like Fleebe AI for HR, AI4D for veterinary diagnostics, and solutions for predictive maintenance and smart clinics; additionally, it sells computation resources and constructs AI factories, including a data center in Talavera de la Reina supported by a EUR 19 million government grant. The company operates in Spain with offices in Madrid, Talavera de la Reina (Toledo), and Valencia, targeting enterprise clients, governments, and research organizations across Europe for sovereign AI infrastructure. Founded in 2010 and headquartered in Madrid, Substrate Artificial Inteligence holds listings on BME Growth since May 2022, Aquis Stock Exchange, and OTC Markets. Recent developments include acquisitions of 4D Medica for EUR 2 million and Diagximag for EUR 2.6 million to bolster health sector capabilities, totaling EUR 8.1 million invested with R&D; two HR sector acquisitions in the USA (revenue EUR 1.5 million, EBITDA EUR 200,000) and Switzerland (revenue EUR 2 million, EBITDA EUR 350,000); spin-off of Subgen AI Limited completed in 2024 with Substrate retaining significant value through ongoing RTO/IPO processes valued at up to EUR 200 million; new financing of USD 2.22 million from Ascent Partners for AI factories and company acquisitions; reinforcement of infrastructure leadership with Mani Masshafi as CEO of Digital Infrastructure and engagement of Arcano Partners for data center financing; expansion of corporate purpose to encompass AI factory construction and direct compute sales; cancellation of convertible bond program in October 2025 in favor of long-term equity and debt financing; and progression toward listings of subsidiaries Subgen AI on Nasdaq First North Growth Market and 4D Medical on the London Stock Exchange.