Substrate Artificial Intelligence (AQSE:SAI.B, OTCQB:SUIAF), the Valencian AI firm listed on BME Growth, has reported a doubling of revenues for the first half, reaching €2.55 million.
Steered by chairman Lorenzo Serratosa and CEO José Iván García, the company has seen growth across all its business sectors, with a particular emphasis on agritech and projects related to the digitisation of dairy farming operations.
As would be expected for a business at the formative stage of its commercial journey, Substrate post a loss. At the EBITDA level it was a negative €905,191, a figure representing a 13% improvement over the same period last year.
"We continue to fulfil our pre-IPO objectives, positioning ourselves as a benchmark for AI in Spain with an investment plan set to yield results in 2024 and 2025," said García.
Substrate AI, which debuted on BME Growth in May 2022, operates as a holding company focused on the application and development of AI across multiple sectors, including healthcare, agritech, fintech, human resources, and energy.
It also offers AI consulting services for companies looking to integrate AI into their operations.
Beyond its listing on BME Growth, Substrate AI has been trading on the American OTC market since November last year and is in the final stages of listing on London Aquis, a market tailored for growth companies