Substrate Artificial Inteligence, S.A. (BME:SAI)

BME:SAI Balance Sheet

Financials in millions EUR. Fiscal year is January - December.

Assets

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash & Equivalents	1.47	1.09	4.52	1.62	0.27
Short-Term Investments	0.06	0.06	0.02	0.01	0.41
Cash & Short-Term Investments	1.53	1.15	4.53	1.64	0.68
Cash Growth	33.13%	-74.61%	176.59%	140.09%	-
Accounts Receivable	8.17	4.99	4.27	0.47	0.25
Other Receivables	0.24	0.31	0.12	0.77	0.37
Receivables	9.97	6.13	4.4	1.24	0.62
Inventory	1.83	0.76	0.78	0.28	0
Other Current Assets	-	-	-	-	0.02
Total Current Assets	13.33	8.04	9.72	3.16	1.32
Property, Plant & Equipment	0.87	1.37	0.79	0.66	0.12
Long-Term Investments	21.17	27.19	0.99	0.24	0.98
Goodwill	7.48	6.59	20.81	16.33	28.21
Other Intangible Assets	21.69	3.66	5.49	2.37	1.25
Long-Term Deferred Tax Assets	1.37	1.16	1.97	0.92	0.3
Other Long-Term Assets	-	13.3	5.49	-	-
Total Assets	65.93	61.32	45.26	23.69	32.19

Liabilities

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Accounts Payable	9.02	4.75	2.62	0.27	0.12
Accrued Expenses	1.42	1.8	2.37	0.43	0.11
Short-Term Debt	1.29	-	0	0.01	0.01
Current Portion of Long-Term Debt	3.69	4.09	6.9	1.28	4.56
Current Portion of Leases	0.13	0.15	0.12	0.08	-
Current Income Taxes Payable	0.45	0.66	0.05	0.03	0
Current Unearned Revenue	-	-	-	-	0.2
Other Current Liabilities	1.01	1.67	1.08	0.42	0.11
Total Current Liabilities	17.01	13.12	13.14	2.52	5.12
Long-Term Debt	3.15	2.86	3.54	2.21	0.43
Long-Term Leases	0.4	0.51	0.46	0.43	-
Long-Term Unearned Revenue	0.41	0.6	0.55	0.29	-
Long-Term Deferred Tax Liabilities	1.43	1.76	1.8	0	-
Other Long-Term Liabilities	0.92	0.71	2	-	-
Total Liabilities	23.32	19.56	21.51	5.46	5.55

Shareholders' Equity

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Common Stock	20.96	12.75	7.34	2.45	2.03
Additional Paid-In Capital	50.87	50.77	45.16	34.55	26.66
Retained Earnings	-26.21	-16	-25.3	-16.72	-2.25
Treasury Stock	-3.23	-3.25	-1.84	-1.12	-
Comprehensive Income & Other	-2.93	-3.17	-2.53	-1.01	0.22
Total Common Equity	39.46	41.11	22.82	18.15	26.65
Minority Interest	3.15	0.65	0.93	0.08	-0.02
Shareholders' Equity	42.61	41.75	23.75	18.23	26.63
Total Liabilities & Equity	65.93	61.32	45.26	23.69	32.19

Additional Metrics

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Total Debt	8.66	7.62	11.02	4.02	5.01
Net Cash (Debt)	-7.13	-6.47	-6.49	-2.38	-4.32
Net Cash Growth	-	-	-	-	-
Net Cash Per Share	-0.06	-0.07	-0.20	-0.10	-0.20
Filing Date Shares Outstanding	158.45	84.39	71.7	24.25	21.67
Total Common Shares Outstanding	158.45	84.39	71.7	24.25	21.67
Working Capital	-3.67	-5.08	-3.43	0.64	-3.8
Book Value Per Share	0.25	0.49	0.32	0.75	1.23
Tangible Book Value	10.29	30.86	-3.48	-0.55	-2.81
Tangible Book Value Per Share	0.06	0.37	-0.05	-0.02	-0.13
Buildings	0.01	0.01	0.01	0.01	0.01
Machinery	0.44	0.98	0.23	0.07	0.05
Construction In Progress	0.14	0.05	-	0.01	0.02

Data Source: S&P Global Market Intelligence Last updated: Dec 31, 2025

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every six months for this company.

Update frequency:

Semi-annually

Last checked:

Aug 24, 2026

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