Substrate Artificial Intelligence (AQSE:SAI.B, OTCQB:SUIAF) today confirmed a significant increase in revenue in 2023, up 181% to reach over €13 million.
It surpasses the company’s prior forecasts by around 27%, the company noted in a statement.
The firm, meanwhile, noted substantial investments in AI product development and costs related to acquisitions which were factors in a negative earnings (EBITDA) figure, of €4 million. The earnings loss similarly represented an outperformance versus prior expectations.
The trading update cover a period in which Substrate came to the Aquis market, and comes ahead of the release of full year results which are due to be released at the end of April.
In December, Substrate received €2 million in new investment from IMPULSE Tech Transfer, a venture capital fund.
More recently, earlier this month, the company introduced Serenity Star, the company's flagship generative AI ecosystem designed to democratise AI adoption in business and government.