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Substrate Artificial Intelligence SA
(BME:SAI)
Select Model
Select Model
Rating:69Neutral
Price Target:
€0.00
▼(-100.00% Downside)
Action:Downgraded
Date:10/24/25
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.
Positive Factors
Revenue Growth
The strong revenue growth indicates robust market demand and successful expansion efforts, positioning the company for continued success in its industry.
Negative Factors
Free Cash Flow Challenges
Negative free cash flow growth suggests potential liquidity issues, which could limit the company's ability to fund operations and invest in future growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
The strong revenue growth indicates robust market demand and successful expansion efforts, positioning the company for continued success in its industry.
Read all positive factors
Substrate Artificial Intelligence SA (SAI) vs. iShares MSCI Spain ETF (EWP)
Market Cap
€31.68M
Dividend YieldN/A
Average Volume (3M)9.72M
Price to Earnings (P/E)―
Beta (1Y)-0.33
Revenue Growth2.83%
EPS Growth-178.88%
CountryES
Employees146
SectorTechnology
Sector Strength88
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)-0.07
Shares Outstanding331,129,000
10 Day Avg. Volume9,792,448
30 Day Avg. Volume9,721,349
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)0.20
Price to Sales (P/S)0.44
P/FCF Ratio-1.70
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.02
Revenue Forecast (FY)€19.40M
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 s...
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...
Substrate Artificial Intelligence SA Financial Statement Overview
Summary
Income Statement
85
Very Positive
Balance Sheet
75
Positive
Cash Flow
45
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 18.02M | 17.52M | 8.61M | 3.14M | 1.60M |
| Gross Profit | 16.25M | 13.47M | 5.76M | 608.74K | -843.20K |
| EBITDA | -4.51M | 11.44M | -6.28M | -15.12M | -395.99K |
| Net Income | -7.44M | 7.37M | -8.73M | 11.17K | -1.78M |
Balance Sheet | |||||
| Total Assets | 65.93M | 61.32M | 45.26M | 23.69M | 32.18M |
| Cash, Cash Equivalents and Short-Term Investments | 1.53M | 1.15M | 4.44M | 1.63M | 682.24K |
| Total Debt | 5.43M | 3.96M | 3.59M | 4.02M | 5.29M |
| Total Liabilities | 23.32M | 19.56M | 21.51M | 5.46M | 5.55M |
| Stockholders Equity | 39.46M | 41.11M | 22.93M | 18.15M | 26.47M |
Cash Flow | |||||
| Free Cash Flow | -4.68M | 43.02K | -4.55M | -2.70M | -1.64M |
| Operating Cash Flow | 1.57M | 6.35M | -3.64M | -2.63M | -908.24K |
| Investing Cash Flow | -12.07M | -11.25M | -632.99K | -936.69K | -878.07K |
| Financing Cash Flow | 9.68M | 1.47M | 7.07M | 4.92M | 2.05M |
Substrate Artificial Intelligence SA Technical Analysis
Negative
0.05
Price Trends
0.06
Negative
0.05
Positive
0.06
Negative
Market Momentum
>-0.01
Positive
42.69
Neutral
83.11
Negative
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 0.05 is below the 20-day moving average (MA) of 0.06, below the 50-day MA of 0.06, and below the 200-day MA of 0.06, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 42.69 is Neutral, neither overbought nor oversold. The STOCH value of 83.11 is Negative, 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
UnderperformOutperform
Sector (61)
ES:SAI
Substrate Artificial Intelligence SA
0.05
-0.04
-44.79%
ES:FACE
Facephi Biometria SA
1.76
-1.04
-37.14%
ES:480S
Soluciones Cuatroochenta SA
18.20
3.20
21.33%
ES:IZER
Izertis SA
8.26
-1.52
-15.54%
ES:AI
Airtificial Intelligence Structures SA
0.09
-0.03
-22.61%
ES:SCO
Seresco SA
6.55
-0.88
-11.84%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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.