Substrate Artificial Inteligence SA on Thursday said it planned three initial public offerings of artificial intelligence-focused subsidiaries by 2028.
Substrate is a Madrid-based firm which creates, buys and scales firms providing artificial intelligence services in fintech, agritech, energy, human resources, and health sectors.
The company said it plans to bring three of its subsidiaries into public markets, namely Subgen AI Ltd, Cuarta Dimension Medica SL, and Fleebe AI SL.
Subgen develops artificial intelligence technology in the field of generative AI and reinforced learning for companies and institutions.
Cuarta Dimension applies AI in the health industry, in particular in diagnostic imaging.
Fleebe applies AI in the human resources sector, with a focus on talent acquisition and retention.
Meanwhile, Substrate expects total revenue of €20.6 million for 2024, surging about 58% from over €13 million in 2023. Further, it anticipates to swing to earnings before interest, tax, depreciation and amortisation of €4.0 million in 2024, from a loss of €4.0 million in 2023.
The company expects a pretax profit of €1.0 million for 2024.
Substrate shares were flat at 21.00 pence each on Thursday afternoon on the AQSE in London, but rose 2.8% to 19 euro cents each in Madrid.
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