Substrate AI beats revenues and ebitda in 2024 on its January advance and posts net profit of 7.3 million euros

April 2025. Substrate AI, the Spanish artificial intelligence company listed on BME Growth, has published its audited results for 2024 presenting accounts that exceed those advanced by the company in January and closed with €25.4 million in total revenues and €5.7 million in ebitda. The company also published its normalized ebitda, which amounted to 6.08 million euros, and obtained a net result of 7.3 million euros.

The normalized ebitda remains at 6.08 million euros with audited accounts.

With these results, the first in terms of positive ebitda and net profit, the company beats all forecasts and even the results anticipated in January, and closes a great 2024 that begins a new cycle for Substrate AI, focused on the profitability and growth of its businesses encompassed in five major areas: enterprise AI, health, HR, infrastructure and investment.

It should be noted that this result would have been much better if Subgen AI had not been removed from the consolidation perimeter. As the company states in its accounts, Subgen AI was removed from the consolidation perimeter in October 2024 due to the completion of the share premium distribution process initiated in June of the same year. In comparable terms, the company would have obtained total revenues of 26.9m and an ebitda of 6.6m with a normalized ebitda of 7m euros, which would have meant closing a spectacular year with a growth in revenues of more than 100% either in terms of total revenues or turnover.

In the same results presentation, the company highlights its geographic diversification, with 48% of revenues coming from outside Spain, and its diversification by customer, with the largest customer accounting for only 5.2% of revenues.

He also highlights three future growth drivers for the company: the IPO of its subsidiaries and their access to new capital to drive growth, investment in infrastructure with the construction of its data center in Talavera de la Reina and the launch of Substrate AI Cloud, and investment in new companies for their transformation as the last point.

BME Growth-listed Substrate AI is a holding company focused on applying AI across sectors to drive sustainable growth and efficiency. Its project in Talavera de la Reina includes a state-of-the-art AI data center and an adjacent startup acceleration center, laying the foundation for the future of AI in Europe.