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Substrate Artificial Intelligence SA (SAI) AI Stock Analysis
Substrate Artificial Intelligence SA
(BME:SAI)
The score reflects strong recent operational and profitability improvements and deeply attractive valuation, offset by caution around weak cash flow conversion and historical volatility. Technical indicators are neutral, suggesting neither clear bullish nor bearish momentum. The stock merits interest for its turnaround and discount to fundamentals but retains moderate risk given cash flow concerns and lack of dividend support.
Substrate Artificial Intelligence SA (SAI) vs. iShares MSCI Spain ETF (EWP)
- Market Cap
- EUR 22.48M
- Dividend Yield
- ―
- Average Volume (3M)
- 8.38M
- Price to Earnings (P/E)
- -0.6
- Beta (1Y)
- -0.04
- Revenue Growth
- 2.83%
- EPS Growth
- -178.88%
- Country
- Spain
- Employees
- 146
- Sector
- Technology
- Sector Strength
- 61
- Industry
- Software - Infrastructure
Substrate Artificial Intelligence SA Business Overview & Revenue Model
Company Description
Headquartered in Madrid, Spain, Substrate Artificial Intelligence, S.A. was established in 2010 and is dedicated to conceiving and building advanced artificial intelligence systems. Its innovative solutions are deployed across a diverse array of sect...
How the Company Makes Money
Substrate Artificial Intelligence SA generates revenue through a diversified business model that includes software licensing, subscription services, and consulting fees. Key revenue streams consist of monthly and annual subscriptions for its cloud-ba...
Substrate Artificial Intelligence SA Financial Statement Overview
Summary
Substrate Artificial Intelligence SA posted outstanding income statement figures in 2024, with triple-digit revenue growth and strong profit margins, marking a dramatic turnaround from previous losses. The balance sheet is healthy, showing low leverage and improved return on equity. However, persistent weakness in free cash flow and historical volatility suggest the earnings rebound may not be fully sustainable, warranting credit for improvement but also substantial caution.
Income Statement
85Very PositiveBalance Sheet
75PositiveCash Flow
45Neutral| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 18.02M | 18.02M | 17.52M | 8.61M | 3.14M | 1.60M |
| Gross Profit | 17.33M | 16.25M | 13.47M | 5.76M | 608.74K | -843.20K |
| EBITDA | 3.03M | -4.51M | 11.44M | -6.28M | -15.12M | -688.44K |
| Net Income | -7.44M | -7.44M | 7.37M | -8.73M | 11.17K | -1.78M |
Balance Sheet | ||||||
| Total Assets | 65.93M | 65.93M | 61.32M | 45.26M | 23.69M | 32.18M |
| Cash, Cash Equivalents and Short-Term Investments | 1.53M | 1.53M | 1.15M | 4.44M | 1.63M | 682.24K |
| Total Debt | 5.43M | 5.43M | 3.96M | 3.59M | 4.02M | 5.29M |
| Total Liabilities | 23.32M | 23.32M | 19.56M | 21.51M | 5.46M | 5.55M |
| Stockholders Equity | 39.46M | 39.46M | 41.11M | 22.93M | 18.15M | 26.47M |
Cash Flow | ||||||
| Free Cash Flow | 1.32M | -4.68M | 43.02K | -4.55M | -2.70M | -1.64M |
| Operating Cash Flow | 1.57M | 1.57M | 6.35M | -3.64M | -2.63M | -908.24K |
| Investing Cash Flow | -12.07M | -12.07M | -11.25M | -632.99K | -936.69K | -878.07K |
| Financing Cash Flow | 9.68M | 9.68M | 1.47M | 7.07M | 4.92M | 2.05M |
Substrate Artificial Intelligence SA Technical Analysis
Price Trends
Market Momentum
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ES:SAI, the sentiment is Negative. The current price of 0.04 is below the 20-day moving average (MA) of 0.04, below the 50-day MA of 0.05, and below the 200-day MA of 0.05, indicating a neutral trend. The MACD of -0.00 indicates Negative momentum. The RSI at 44.28 is Neutral, neither overbought nor oversold. The STOCH value of 46.40 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ES:SAI.
Substrate Artificial Intelligence SA Peers Comparison
Overall Rating
- ES:SAI69Neutral
ES:FACE50.6Neutral
ES:IZER48Neutral
ES:AI44Neutral
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| ES:SAI | 69Neutral | EUR 25.10M | -0.59 | -18.39% | ― | 2.83% | -178.88% |
| Sector * | 61Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
| ES:FACE | 51Neutral | EUR 49.20M | 186.00 | 1.92% | ― | ― | ― |
| ES:IZER | 48Neutral | EUR 255.21M | 105.62 | 1.68% | ― | 25.36% | -66.56% |
| ES:AI | 44Neutral | EUR 126.33M | -7.69 | -28.40% | ― | -16.99% | -250.00% |
* Technology Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| ES:SAI | Substrate Artificial Intelligence SA | 0.04 | -0.08 | -66.37% | |
| ES:FACE | Facephi Biometria SA | 1.86 | -0.95 | -33.81% | |
| ES:480S | Soluciones Cuatroochenta SA | 17.90 | 0.80 | 4.68% | |
| ES:IZER | Izertis SA | 7.18 | -2.48 | -25.67% | |
| ES:AI | Airtificial Intelligence Structures SA | 0.08 | -0.04 | -32.50% | |
| ES:SCO | Seresco SA | 5.50 | -1.73 | -23.95% |
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.
Date of analysis: Oct 24, 2025