Madrid, February 2024. Substrate AI, the Spanish AI company listed on BME Growth, grew by 181% in total revenues in 2023 exceeding 13 million euros and surpassed 8 million euros in turnover. All this with a growth of 155% in unaudited data beating all expectations and growing well above expectations in a year marked by acquisitions and strong investment in product and international presence.

With these revenues, the company closed with negative Ebitda of 4 million euros, in line with the estimates published in December 2023. This negative Ebitda reflects the expenses derived from the heavy investments in AI products and international presence made in 2023, in addition to the expenses derived from the acquisitions carried out, specifically four, in the healthcare areas, agritechhuman resources and software development.

With this data, the company consolidates its position as the first Spanish company in Artificial Intelligence by turnover and one of the best prepared to represent our country in this newly created sector, which is attracting all the interest since the launch of ChatGPT by open AI.

"We are very happy with the road we have traveled in these three years of Substrate AI's life as a Spanish AI company in which we have grown from 0.7 million in revenue in 2020 to 13 million in 2023, a 1,600% in 3 years, something that shows that we have chosen the right path. In this time we have grown and what lies ahead is even more exciting than what we have already built. The heavy investment in product development will bear fruit later this month with the launch of our AI ecosystem Serenity Star in London and Madrid, which places us, with the development of our own LLM, at the European forefront of AI technology. We are confident that Serenity Star will be the product on which Artificial Intelligence will be built in many companies in the coming years." notes José Iván García, CEO of Substrate AI

Substrate AI will present its strategic plan for the next few years at its investor day in April, both in London and in Madrid. All this after having presented its products: Serenity Star, the AI solution for business and government, and Fleebe Corporate, its talent platform, in London, Madrid and at the Mobile World Congress in Barcelona in recent weeks.

With these developments in the market, the company now has seven subsidiaries selling AI products in verticals such as AI tech (Subgen AI), Health (4D), Human Resources (Fleebe AI) or Agritech (PAM), all the result of the investment effort of recent years.

First Spanish listed company in AI

Substrate AI was listed on BME Growth in May 2022 as the first artificial intelligence (AI) company to be 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 to sustainability and emission neutrality.

The companies that make up the Substrate AI portfolio develop and sell Artificial Intelligence solutions in sectors such as Generative AI, Healthcare, Agritech, Fintech, Human Resources and Energy. SAI has enhanced its international presence with dual listings in London and the US, which brings them closer to new investors and customers.

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