Strong growth in Serenity Star and RTO focus to start a new era in Subgen AI
2025 has been a year of major transformation for Subgen AI. Today, we are a stronger company, better prepared for the future than we were in 2024. This will allow us to accelerate growth and enhance our services from a more robust and well-structured organization.
Lorenzo Serratosa
CEO Subgen AI
October - December 2025
At constant exchange rates Net Sales amounted to SEK 66.52 (54.85) million, an increase of 21,3% compared to the corresponding period the previous year.
Serenity Star has been the biggest growth driver, while the Substrate AI business has remained more stable sifting resources to the AI infrastructure business.
Exchange ratios of dollar, SEK and other currencies has impacted in the revenue by 14,5% in the final sales amount of 57.0 million.
With more Serenity Star revenues in the period, gross margin grew to 78% (52%) increasing the profitability of the businesses impacting also in the Gross profit that amounted to SEK 44.49 (28.67) million.
EBITDA amounted to SEK -60.9 (-7.87) million impacted by the expenses related to the RTO that has a costs of aprox SEK 60 million and was all due in the Q4.
EBITDA excluding non recurring costs amounted to SEK 5.6 (-7.0) million, an improvement of SEK 12.6 million compared with 2024 and showing an big improving of the profitability of the group.
Operating loss amounted to SEK -69,6 (-15.34) million, impacted as EBITDA by the costs of the RTO, excluding this component it shows an improvement due to the positive evolution of sales.
Earnings after tax per share are -0,07 (-0.25), and after full dilution -0.07 (-0.21).
Cash and cash equivalents totaled SEK 18.74 million at the end of December. The cash ending balance, including unutilized credit facilities, amounted SEK 129.9 million.
January - December 2025
At constant exchange rates Net Sales amounted to SEK 235.2 (203.7) million, an increase of 15,4% compared to the previous year.
Net sales at current exchange rates amounted to SEK 204.38 (203.76) million showing an impact of 13,1% for the exchange ratios of the Dollar, SEK and other currencies.
Serenity Star has been the biggest growth driver with a percentage increase 40%, while the Substrate AI business has remained more stable sifting resources to the AI infrastructure business.
Leaded by the increase in sales of Serenity Star, the company shows and increase of profitability with the Gross Profit growing to SEK 168.11 (156.28) million, an improvement of SEK 11.79 million, and the Gross Margin growing to 82% (77.%) in the whole year.
EBITDA amounted to SEK -38,6 (64.25) million impacted by the expenses related to the RTO closed in november that show costs of aprox SEK 60 million leaded by accounting rules.
EBITDA excluding non recurring costs amounted to SEK 37.95 (68.36) million, continuing to show the profitability of the business but a bit lower than in 2024 as a consequence of the efforts to develop, launch and commercialize new products, internationalize the company, and listing Subgen AI in Sweden and 4D in UK
Operating loss amounted to SEK -63,4 (36.6) million.
Earnings after tax per share are -0.08 (0.42), and after full dilution -0.08 (0.26).
The full report is attached as PDF and is available on the company's website: https://subgen.ai/financial-reports/
For further information, please contact:
Lorenzo Serratosa, CEO Subgen AI AB
Email: info@subgen.ai
The Company's Certified Adviser is Eminova Fondkommission AB | adviser@eminova.se
About Subgen AI
Subgen AI is an enterprise artificial intelligence company that develops both infrastructure and proprietary agent-centric AI-as-a-Service software, branded as Serenity Star. Its solutions are designed to scale and accelerate the adoption of AI across organizations. Subgen AI is experiencing rapid growth, building data centers and delivering services to clients in sectors such as healthcare, energy, legal, and human resources. Subgen AI operates across Europe, Latin America, and the United States. For more information, see Subgen AI's website https://subgen.ai/.
This information is information that Subgen AI is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-03-31 08:55 CEST.
