Substrate Artificial Intelligence (AQSE:SAI.B, OTCQB:SUIAF), the Spanish artificial intelligence (AI) company, doubled its total revenues in the first half of 2023 compared to the same period in 2022, or by 44% when factoring in turnover, and is now on track to beat forecasts for the full year.
The BME Growth-listed company brought in €2.5 million, maintaining a negative EBITDA of €700,000, predominantly achieved through organic growth.
Post period, Substrate AI closed three new business acquisitions, namely English multinational Ifit Solutions, hospital services company EH and Galician agritech company Ps Vet.
These acquisitions are expected to bring in new income for the group, boosting its accounts above recent forecasts of €8 million in total revenues and €6 million in turnover.
Substrate AI, which operates as a holding group for companies that sell, apply and develop AI solutions, has a secondary listing on the London challenger market Aquis.
It has garnered attention for impressive growth, with a 787% increase in turnover from €450,000 to €4.76 million between 2019 and 2022.