REG - Substrate AI-Class B - Trading Update

Substrate Artificial Inteligence SAAnnouncement

28/02/2024 07:45

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240228:nRSb6908Ea&default-theme=true

RNS Number : 6908E  Substrate Artificial Intel - B    28 February 2024

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                     info@substrate.ai (mailto:info@substrate.ai)

 Chairman
 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.

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  NEXFLFVAFTIDFIS