Substrate Artificial Intelligence (OTCQB:SUIAF) has set out its ambitions to become a leading investor and developer of artificial intelligence businesses, supported by a strong balance sheet and growing financial capacity.
In forecast-beating results, the Spanish company reported a 75% rise in revenues to €24.2 million for 2024, alongside a 236% surge in earnings before interest, tax, depreciation and amortisation (EBITDA) to €4.9 million.
CEO José Iván García highlighted the company’s upcoming "AI City" project in Talavera de la Reina, developed in partnership with the Castilla-La Mancha regional government.
The initiative will include a cutting-edge data centre and an artificial intelligence research hub focused on healthcare, aiming to position Spain as a leader in the European AI sector.
García explained: "These results mark the path of what Substrate AI will be in the coming years, a company that invests, buys and scales companies around artificial intelligence with a strong balance sheet and with greater investment capacity every day.
"In this sense, it is worth highlighting the transformation that the company will undergo when the AI city, presented in Talavera de la Reina, becomes a reality.
"From there we will accelerate companies in the healthcare sector that have AI at their core and we will provide computing services to hundreds of companies, positioning Spain at the forefront of the European AI strategy."
Listed on BME Growth since May 2022, the company operates as a holding entity for businesses leveraging AI to drive efficiencies in sectors such as health, agritech and human resources.