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Substrate Artificial Inteligence SA - Madrid-based incubator of companies providing artificial intelligence products and services in fintech, agritech, energy, human resources, and health sectors - Updates 2023 financial guidance to show higher revenue but a wider loss. Substrate AI expects to record total revenue of €10.5 million this year, up from its original projection of €8.2 million. However, it expects a pretax loss of €6.3 million, wider than its previous view of a €4.0 million loss. Both changes are largely due to acquisitions, which have added to both revenue and costs. Substrate says it also has spent more on the development of AI products and solutions. No comparison to 2022 is provided, Substrate having listed on Aquis Stock Exchange on December 7.
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