View ValuationSubstrate Artificial Inteligence 향후 성장Future 기준 점검 1/6Substrate Artificial Inteligence의 수익이 증가할 것으로 예상됨입니다.핵심 정보n/a이익 성장률n/aEPS 성장률Software 이익 성장15.8%매출 성장률7.4%향후 자기자본이익률n/a애널리스트 커버리지Low마지막 업데이트01 Jul 2026최근 향후 성장 업데이트업데이트 없음모든 업데이트 보기Recent updates공시 • Jul 01Substrate Artificial Inteligence, S.A. announced that it expects to receive €39.2 million in funding from Spanish Society for Technological Transformation and other investors.Substrate Artificial Inteligence, S.A. announced a private placement to issue convertible bonds for the proceeds of €39,200,000 on June 29, 2026. The transaction involves participation of Spanish Society for Technological Transformation (the “SETT”) for €19,200,000, Loft Structured Opportunities Fund I and 8 International LTD as investors. The Financing remains subject to the signing of definitive agreement between the parties, which is expected to occur on June 30, 2026. Subject to such agreement, the investment is planned to be deployed in up to ten sequential monthly subscriptions. The bonds will mandatorily convert into shares on the three-year anniversary of the agreement. The convertible bonds have an interest rate of 7% per annum accruing from each subscription date. and have a maturity of three years. Convertible bonds that have not been redeemed or converted prior to the maturity date shall be converted into class A shares in Substrate AI provided that no event of default is then outstanding.공시 • Jun 01Substrate Artificial Inteligence, S.A., Annual General Meeting, Jun 29, 2026Substrate Artificial Inteligence, S.A., Annual General Meeting, Jun 29, 2026. Location: avenida real fabrica de sedas 28, talavera de la reina, toledo., Spain공시 • May 23Substrate Artificial Inteligence, S.A., Annual General Meeting, Jun 23, 2025Substrate Artificial Inteligence, S.A., Annual General Meeting, Jun 23, 2025. Location: avenida real fabrica de sedas 28, talavera de la reina, toledo., Spain공시 • Oct 20Substrate Artificial Inteligence to Delist from the AQSE Growth Market, Remains Listed on BME Growth MarketSubstrate Artificial Inteligence, S.A. announced its intention to withdraw both the Company's ordinary shares (class A shares) and the preference shares (class B shares) (together the ‘Shares’) from trading on the AQSE Growth Market (AQSE). Pursuant to the AQSE Access Rulebook, the Company is required to give 20 business days' notice of its intention to withdraw from trading on AQSE. Therefore, trading in the Shares will cease at 7:00 am UK time on 15 November 2024. The Company's Shares will continue to trade on the BME growth Market in Spain under ‘SAI’ and ‘SAI.B’.New Risk • Sep 24New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (146% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (€2.2m net loss in 3 years). Share price has been volatile over the past 3 months (7.0% average weekly change). Market cap is less than US$100m (€10.4m market cap, or US$11.7m).공시 • Jul 27Substrate Artificial Inteligence, S.A. has filed a Follow-on Equity Offering in the amount of €8.259999 million.Substrate Artificial Inteligence, S.A. has filed a Follow-on Equity Offering in the amount of €8.259999 million. Security Name: Class A Shares Security Type: Common Stock Securities Offered: 4,000,000 Price\Range: €0.5 Security Name: Class A Shares Security Type: Common Stock Securities Offered: 24,645,665 Price\Range: €0.254Reported Earnings • May 02Full year 2023 earnings releasedFull year 2023 results: Revenue: €13.8m (up 199% from FY 2022). Net loss: €8.73m (loss narrowed 45% from FY 2022). Revenue is forecast to grow 4.5% p.a. on average during the next 2 years, compared to a 9.8% growth forecast for the Software industry in Germany.공시 • Feb 28Substrate Artificial Inteligence, S.A. to Report Q4, 2023 Results on Apr 30, 2024Substrate Artificial Inteligence, S.A. announced that they will report Q4, 2023 results on Apr 30, 2024New Risk • Jan 02New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 4.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings are forecast to decline by an average of 4.6% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (209% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€5.6m net loss in 2 years). Market cap is less than US$100m (€15.3m market cap, or US$16.8m).공시 • Dec 24Substrate Artificial Inteligence, S.A., Annual General Meeting, Jan 19, 2024Substrate Artificial Inteligence, S.A., Annual General Meeting, Jan 19, 2024, at 13:30 Central European Standard Time. Location: Calle María de Molina, 41, office 506, 28006 Madrid SpainBoard Change • Oct 16No independent directorsFollowing the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. was the last director to join the board, commencing their role in . The company's lack of independent directors is a risk according to the Simply Wall St Risk Model.New Risk • Aug 13New major risk - Market cap sizeThe company's market capitalization is less than US$100m. Market cap: €9.21m (US$10.1m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-€2.7m free cash flow). Share price has been highly volatile over the past 3 months (12% average weekly change). Shareholders have been substantially diluted in the past year (67% increase in shares outstanding). Minor Risks Less than 3 years of financial data is available. Currently unprofitable and not forecast to become profitable over next 3 years (€2.8m net loss in 3 years). Market cap is less than US$100m (€9.21m market cap, or US$10.1m).New Risk • Jun 25New major risk - Shareholder dilutionThe company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 51% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-€2.7m free cash flow). Share price has been highly volatile over the past 3 months (15% average weekly change). Shareholders have been substantially diluted in the past year (51% increase in shares outstanding). Minor Risks Less than 3 years of financial data is available. Currently unprofitable and not forecast to become profitable over next 3 years (€3.8m net loss in 3 years). Market cap is less than US$100m (€9.46m market cap, or US$10.3m).Board Change • May 18No independent directorsFollowing the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. was the last director to join the board, commencing their role in . The company's lack of independent directors is a risk according to the Simply Wall St Risk Model.Board Change • Apr 21No independent directorsFollowing the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. was the last director to join the board, commencing their role in . The company's lack of independent directors is a risk according to the Simply Wall St Risk Model.Reported Earnings • Apr 17Full year 2022 earnings releasedFull year 2022 results: Revenue: €4.63m (up 131% from FY 2021). Net loss: €15.9m (loss widened €15.3m from FY 2021). Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 7.0% growth forecast for the Software industry in Germany.Board Change • Jan 26No independent directorsFollowing the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. was the last director to join the board, commencing their role in . The company's lack of independent directors is a risk according to the Simply Wall St Risk Model.Board Change • Dec 20No independent directorsFollowing the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. was the last director to join the board, commencing their role in . The company's lack of independent directors is a risk according to the Simply Wall St Risk Model.Board Change • Nov 18No independent directorsFollowing the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. was the last director to join the board, commencing their role in . The company's lack of independent directors is a risk according to the Simply Wall St Risk Model.Board Change • Oct 04No independent directorsFollowing the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. was the last director to join the board, commencing their role in . The company's lack of independent directors is a risk according to the Simply Wall St Risk Model.Board Change • May 28No independent directorsFollowing the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. was the last director to join the board, commencing their role in . The company's lack of independent directors is a risk according to the Simply Wall St Risk Model.이익 및 매출 성장 예측DB:U8S - 애널리스트 향후 추정치 및 과거 재무 데이터 (EUR Millions)날짜매출이익자유현금흐름영업현금흐름평균 애널리스트 수12/31/202825N/AN/A-1112/31/202722N/AN/A-2112/31/202620N/AN/A-416/30/202520828N/A3/31/202519717N/A12/31/202417706N/A9/30/2024150-32N/A6/30/202413-7-5-2N/A3/31/202411-8-5-3N/A12/31/20239-9-4-4N/A9/30/20236-6-4-3N/A6/30/20234-2-4-3N/A3/31/20233-9-3-3N/A12/31/20223-15-3-3N/A9/30/20223-16-3-3N/A6/30/20223-16-2-3N/A3/31/20222-9-2-2N/A12/31/20212-2-1-1N/A더 보기애널리스트 향후 성장 전망수입 대 저축률: U8S 의 예상 수익 증가율이 절약률(1.9%)보다 높은지 판단하기에는 데이터가 부족합니다.수익 vs 시장: U8S 의 수익이 German 시장보다 빠르게 성장할 것으로 예상되는지 판단하기에는 데이터가 부족합니다.고성장 수익: U8S 의 수익이 향후 3년 동안 상당히 증가할 것으로 예상되는지 판단하기에는 데이터가 부족합니다.수익 대 시장: U8S 의 수익(연간 7.4%)이 German 시장(연간 6.7%)보다 빠르게 성장할 것으로 예상됩니다.고성장 매출: U8S 의 수익(연간 7.4%)은 연간 20%보다 느리게 증가할 것으로 예상됩니다.주당순이익 성장 예측향후 자기자본이익률미래 ROE: U8S의 자본 수익률이 3년 후 높을 것으로 예상되는지 판단하기에 데이터가 부족합니다.성장 기업 찾아보기7D1Y7D1Y7D1YSoftware 산업의 고성장 기업.View Past Performance기업 분석 및 재무 데이터 상태데이터최종 업데이트 (UTC 시간)기업 분석2026/07/02 19:37종가2026/07/02 00:00수익2025/06/30연간 수익2024/12/31데이터 소스당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.패키지데이터기간미국 소스 예시 *기업 재무제표10년손익계산서현금흐름표대차대조표SEC 양식 10-KSEC 양식 10-Q분석가 컨센서스 추정치+3년재무 예측분석가 목표주가분석가 리서치 보고서Blue Matrix시장 가격30년주가배당, 분할 및 기타 조치ICE 시장 데이터SEC 양식 S-1지분 구조10년주요 주주내부자 거래SEC 양식 4SEC 양식 13D경영진10년리더십 팀이사회SEC 양식 10-KSEC 양식 DEF 14A주요 개발10년회사 공시SEC 양식 8-K* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.분석 모델 및 스노우플레이크이 보고서를 생성하는 데 사용된 분석 모델에 대한 세부 정보는 당사의 Github 페이지에서 확인하실 수 있으며, 보고서 활용 방법에 대한 가이드와 YouTube 튜토리얼도 제공하고 있습니다.Simply Wall St 분석 모델을 설계하고 구축한 세계적 수준의 팀에 대해 알아보세요.산업 및 섹터 지표산업 및 섹터 지표는 Simply Wall St가 6시간마다 계산하며, 프로세스에 대한 자세한 내용은 Github에서 확인할 수 있습니다.분석가 소스Substrate Artificial Inteligence, S.A.는 1명의 분석가가 다루고 있습니다. 이 중 1명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.분석가기관Alfredo Echevarria OteguiLighthouse-IEAF Servicios de Analisis
공시 • Jul 01Substrate Artificial Inteligence, S.A. announced that it expects to receive €39.2 million in funding from Spanish Society for Technological Transformation and other investors.Substrate Artificial Inteligence, S.A. announced a private placement to issue convertible bonds for the proceeds of €39,200,000 on June 29, 2026. The transaction involves participation of Spanish Society for Technological Transformation (the “SETT”) for €19,200,000, Loft Structured Opportunities Fund I and 8 International LTD as investors. The Financing remains subject to the signing of definitive agreement between the parties, which is expected to occur on June 30, 2026. Subject to such agreement, the investment is planned to be deployed in up to ten sequential monthly subscriptions. The bonds will mandatorily convert into shares on the three-year anniversary of the agreement. The convertible bonds have an interest rate of 7% per annum accruing from each subscription date. and have a maturity of three years. Convertible bonds that have not been redeemed or converted prior to the maturity date shall be converted into class A shares in Substrate AI provided that no event of default is then outstanding.
공시 • Jun 01Substrate Artificial Inteligence, S.A., Annual General Meeting, Jun 29, 2026Substrate Artificial Inteligence, S.A., Annual General Meeting, Jun 29, 2026. Location: avenida real fabrica de sedas 28, talavera de la reina, toledo., Spain
공시 • May 23Substrate Artificial Inteligence, S.A., Annual General Meeting, Jun 23, 2025Substrate Artificial Inteligence, S.A., Annual General Meeting, Jun 23, 2025. Location: avenida real fabrica de sedas 28, talavera de la reina, toledo., Spain
공시 • Oct 20Substrate Artificial Inteligence to Delist from the AQSE Growth Market, Remains Listed on BME Growth MarketSubstrate Artificial Inteligence, S.A. announced its intention to withdraw both the Company's ordinary shares (class A shares) and the preference shares (class B shares) (together the ‘Shares’) from trading on the AQSE Growth Market (AQSE). Pursuant to the AQSE Access Rulebook, the Company is required to give 20 business days' notice of its intention to withdraw from trading on AQSE. Therefore, trading in the Shares will cease at 7:00 am UK time on 15 November 2024. The Company's Shares will continue to trade on the BME growth Market in Spain under ‘SAI’ and ‘SAI.B’.
New Risk • Sep 24New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (146% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (€2.2m net loss in 3 years). Share price has been volatile over the past 3 months (7.0% average weekly change). Market cap is less than US$100m (€10.4m market cap, or US$11.7m).
공시 • Jul 27Substrate Artificial Inteligence, S.A. has filed a Follow-on Equity Offering in the amount of €8.259999 million.Substrate Artificial Inteligence, S.A. has filed a Follow-on Equity Offering in the amount of €8.259999 million. Security Name: Class A Shares Security Type: Common Stock Securities Offered: 4,000,000 Price\Range: €0.5 Security Name: Class A Shares Security Type: Common Stock Securities Offered: 24,645,665 Price\Range: €0.254
Reported Earnings • May 02Full year 2023 earnings releasedFull year 2023 results: Revenue: €13.8m (up 199% from FY 2022). Net loss: €8.73m (loss narrowed 45% from FY 2022). Revenue is forecast to grow 4.5% p.a. on average during the next 2 years, compared to a 9.8% growth forecast for the Software industry in Germany.
공시 • Feb 28Substrate Artificial Inteligence, S.A. to Report Q4, 2023 Results on Apr 30, 2024Substrate Artificial Inteligence, S.A. announced that they will report Q4, 2023 results on Apr 30, 2024
New Risk • Jan 02New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 4.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings are forecast to decline by an average of 4.6% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (209% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€5.6m net loss in 2 years). Market cap is less than US$100m (€15.3m market cap, or US$16.8m).
공시 • Dec 24Substrate Artificial Inteligence, S.A., Annual General Meeting, Jan 19, 2024Substrate Artificial Inteligence, S.A., Annual General Meeting, Jan 19, 2024, at 13:30 Central European Standard Time. Location: Calle María de Molina, 41, office 506, 28006 Madrid Spain
Board Change • Oct 16No independent directorsFollowing the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. was the last director to join the board, commencing their role in . The company's lack of independent directors is a risk according to the Simply Wall St Risk Model.
New Risk • Aug 13New major risk - Market cap sizeThe company's market capitalization is less than US$100m. Market cap: €9.21m (US$10.1m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-€2.7m free cash flow). Share price has been highly volatile over the past 3 months (12% average weekly change). Shareholders have been substantially diluted in the past year (67% increase in shares outstanding). Minor Risks Less than 3 years of financial data is available. Currently unprofitable and not forecast to become profitable over next 3 years (€2.8m net loss in 3 years). Market cap is less than US$100m (€9.21m market cap, or US$10.1m).
New Risk • Jun 25New major risk - Shareholder dilutionThe company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 51% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-€2.7m free cash flow). Share price has been highly volatile over the past 3 months (15% average weekly change). Shareholders have been substantially diluted in the past year (51% increase in shares outstanding). Minor Risks Less than 3 years of financial data is available. Currently unprofitable and not forecast to become profitable over next 3 years (€3.8m net loss in 3 years). Market cap is less than US$100m (€9.46m market cap, or US$10.3m).
Board Change • May 18No independent directorsFollowing the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. was the last director to join the board, commencing their role in . The company's lack of independent directors is a risk according to the Simply Wall St Risk Model.
Board Change • Apr 21No independent directorsFollowing the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. was the last director to join the board, commencing their role in . The company's lack of independent directors is a risk according to the Simply Wall St Risk Model.
Reported Earnings • Apr 17Full year 2022 earnings releasedFull year 2022 results: Revenue: €4.63m (up 131% from FY 2021). Net loss: €15.9m (loss widened €15.3m from FY 2021). Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 7.0% growth forecast for the Software industry in Germany.
Board Change • Jan 26No independent directorsFollowing the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. was the last director to join the board, commencing their role in . The company's lack of independent directors is a risk according to the Simply Wall St Risk Model.
Board Change • Dec 20No independent directorsFollowing the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. was the last director to join the board, commencing their role in . The company's lack of independent directors is a risk according to the Simply Wall St Risk Model.
Board Change • Nov 18No independent directorsFollowing the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. was the last director to join the board, commencing their role in . The company's lack of independent directors is a risk according to the Simply Wall St Risk Model.
Board Change • Oct 04No independent directorsFollowing the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. was the last director to join the board, commencing their role in . The company's lack of independent directors is a risk according to the Simply Wall St Risk Model.
Board Change • May 28No independent directorsFollowing the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. was the last director to join the board, commencing their role in . The company's lack of independent directors is a risk according to the Simply Wall St Risk Model.