Substrate AI grows 100% in revenues in the first half of the year and is on track to exceed forecasts in 2023

10/30/2023 - Substrate AI, the Spanish Artificial Intelligence company listed on BME Growth, grew by 100% in total revenues to 2.5M in 1H2023 over the same period in 2022 and by 44% on a revenue basis while maintaining negative ebitda of 700k and delivering on its plans to beat expected accounts for the full 2023.

During the first half of the year, all growth was based on organic growth; however, at the end of July the company closed the acquisition of three new businesses: the English multinational Ifit Solutions, dedicated to talent recruitment with presence in the USA, Spain, UK and Latam; the hospital services company EH and the Galician agritech company Ps Vet, which will bring new revenues to the company, boosting its accounts above the forecasts presented for 2023, which included 8M in total revenues and 6M in turnover.

In addition to this, last September the company closed the incorporation of its b shares to the Aquis market in London, a market of growing companies in the English ecosystem, one of the most active in the world in the Artificial Intelligence sector.

Substrate AI is the first Artificial Intelligence company listed in Spain and operates as a holding of companies that sell, apply and develop Artificial Intelligence in their sectors, with a focus on creating efficiencies that drive the economy on its path towards sustainability and emission neutrality.

The companies that make up the Substrate AI portfolio develop and sell Artificial Intelligence solutions in sectors such as Healthcare, Agritech, Fintech, Human Resources, Energy and now Legaltech. In addition, the company offers consulting services for other companies that wish to implement Artificial Intelligence solutions in their day-to-day business.