VinOx

VinOx Terminal

Subgen group, reports and indicative live data.

Contact: info@vinoxdata.se
MFN / Feed
-- SEK Initializing Checking market status
VinOx Terminal

The Subgen AI group with reports, subsidiaries and sources first.

This page brings together Q1 2026, the 2025 annual report, group structure, subsidiaries, holdings and clearly marked live data in one view. The market panel shows an indicative feed, while the sources section further down collects primary sources and checkpoints.

Reports & group Open workspace Sources
Official sources first Model clearly labelled as illustrative Indicative market feed
Last trade iLatest paid trade from an indicative market feed. It should not be interpreted as an official closing price or official market statistics. -- SEK Daily change pending
Indicative intraday WAP iVolume-weighted average price calculated from Yahoo's 1-minute series during the day. It may differ from broker views and official daily statistics. -- SEK Difference versus live price
Intraday feed volume iAggregated intraday volume from an indicative 1-minute feed. Cross-check daily volume and turnover manually with Avanza and Nasdaq. -- Yahoo 1-minute series
Manual cross-check iUse external sources when exact daily volume, turnover, WAP and market-place statistics are required. Avanza ↗ Compare daily volume, turnover and WAP with the broker view.

Group, reports and live data at a glance

What can be verified now is Q1 2026, the 2025 annual report and the latest official updates published in May 2026. The group view, reported figures, subsidiaries and live data are therefore shown separately from older 1-for-6 scenarios.

Reported now

Q1 2026 is now the primary layer. The 2025 annual report provides the baseline, while the latest official updates define what is actually verified today.

Q1 2026 reports SEK 46.7m revenue at current FX, SEK 53.7m at constant FX, 82.7% gross margin, SEK -6.5m EBITDA and SEK 285.1m in available liquidity. On 9 May the company also withdrew previously published revenue targets, which makes it even more important to anchor the page in reported numbers and official sources.

Q1 2026 revenue46.7 MSEKReported at current FX
Q1 2026 constant FX53.7 MSEKComparable with Q1 2025
Q1 2026 EBITDA-6.5 MSEKAdjusted EBITDA: -5.7 MSEK
Q1 available liquidity285.1 MSEKCash including unused facilities
Important: the boxes above summarize reported periods and the latest official updates. The 1-for-6 offer remains as a historical capital-structure path and should no longer be read as the site’s main focus.
Q1 2026Revenue 46.7 MSEK, gross margin 82.7%, EBITDA -6.5 MSEK and total assets 854.5 MSEK.
FY2025The annual report shows 204.38 MSEK revenue, 82% gross margin and 37.7 MSEK adjusted EBITDA excluding RTO costs.
May 20269 May: the company withdrew previously published revenue targets. 15 May: reminder for TO5/TO6. 21 May: the annual general meeting was held according to the official bulletin.
Q1 2026 published Annual report 2025 published May 2026 official updates
Substrate group chart

Illustrative group overview

The diagram is shown for orientation. The image is scaled down within the page and can be enlarged over the current view if needed. It is an illustrative group map, not a legal registry extract.

Substrate AI-koncernens organisationsschema
What the image is used for
It gives the reader a simple overview of how the Substrate group has been presented in company materials. It should not be read as separate proof of today’s legal ownership structure in every entity.
What can be verified now
Q1 and the annual report provide the reported periods, while Q1 also states direct ownership in Substrate AI of about 38.7% of capital and 39.0% of votes together with effective control through syndication agreements.
Latest official updates
On 9 May Subgen corrected previously published financial targets and clarified that they should not be treated as official guidance. On 14 May Substrate held Investor Day and on 21 May Subgen held its AGM. Link Securities remains a regulatory 51% path subject to CNMV approval.
SUBGEN.ST
-- SEK
Indicative market feed for overview, chart and model reference.
WAP
-- SEK
Calculated from Yahoo’s 1-minute intraday series. Not official daily trading statistics.
Intraday feed volume iAggregated intraday volume from an indicative 1-minute feed. Cross-check daily volume and turnover manually with Avanza and Nasdaq.
--
Yahoo 1-minute series. May differ from official daily volume.
Q1 available liquidity
285.1 MSEK
Cash including unused credit facilities according to Q1 2026.

Source status for market data

What is indicative feed, what is checked manually and what is the official market reference.
Market data
Yahoo / Avanza / Nasdaq
Avanza ↗ Nasdaq market ↗

Yahoo is used for live price, chart and intraday WAP. Daily volume and turnover are best checked against Avanza and Nasdaq.

Indicative feedYahoo 1mPrice, chart, intraday WAP and indicative intraday volume.
Cross-check manuallyAvanzaDaily volume, turnover and WAP can be checked manually.
Official market referenceNasdaq FNGMThe exchange overview is used as the official market reference.

Quick overview

Four verifiable starting points that can quickly be checked against official sources.
Offer

6 Subgen shares per 1 A-share

Official exchange term in the offer running through 27 March 2026.

Offer page ↗Prospectus ↗
2025 preliminary

€23.5m revenue · €3.3m EBITDA

From Substrate AI’s published update on 28 January 2026.

Substrate AI 2025 ↗
Lock-up

54.2% of ordinary shares

Published lock-up is released gradually according to the company’s MFN release of 28 November 2025.

MFN lock-up ↗
Infrastructure

Plan up to 50 MW

The company description states up to 50 MW of data centre capacity and an initial Talavera project with EUR 20m of support.

Company description ↗AI Factories ↗

Workspace

Facts first, model as a tool, portfolio as optional user input.

Verified now
Q1 2026 published
Q1 shows 46.7 MSEK revenue at current FX, 53.7 MSEK at constant FX, 82.7% gross margin and 854.5 MSEK in total assets. At the same time, the focus shifts toward the group, subsidiaries and reported group content.
Live
Latest update
Q1 2026 should now be the primary reported layer on the site. The 2025 annual report remains the comparative baseline, while the 1:6 offer moves down into a capital-structure layer rather than being the main story.
2026-05-22
Reported now
Q1 2026 · MSEK · SEK
Reported
Primary report layer
Current report state and event timeline
Q1 + FY2025
Q1 revenue / gross margin
46.7 MSEK / 82.7%
Direct holding in Substrate AI
38.7% capital / 39.0% votes
Revenue
46.70 MSEK
Gross profit
38.60 MSEK
Gross margin
82.70 %
Adjusted EBITDA
-5.70 MSEK
EBITDA
-6.50 MSEK
Operating profit
-14 MSEK
Source status
Use Q1 2026 and the 2025 annual report as the primary source layer. Add May updates only where official company or market sources exist.
What changed today?
The focus should now sit on comparable report periods, group content, subsidiaries and verifiable holdings. The 1-for-6 offer remains as a historical capital-structure path.
Guidance / outlook
On 9 May 2026 the company withdrew previously published 2026 and 2029 revenue figures. They should not be treated as official guidance.
Calculator
Keep live data on the site. Keep the 1-for-6 model as a separate illustrative module, but do not let it drive the main page hierarchy.
Not confirmed yet
The group map remains partly illustrative. Exact revenue booking, IP ownership and the full legal map should only be described where supported by reports or official company sources.
Source pack
Open update Open link Open extra link Open PDF
2026-03-31
Subgen AI Year-End Report 2025: Strong Serenity Star Performance
2026-04-02
1:6 offer result
2026-04-30
Annual report 2025 published
2026-05-07
Q1 2026 published

This block shows the active phase, latest verified update, upcoming dates and whether the page is in pre-event or live-event mode.

Methodology & key metrics
P/S ratio
Calculated as indicative market value divided by the public revenue base used in the model.
Shares
Current level is 1,018,437,369 shares. The full 1:6 maximum-case scenario is 1,992,995,169 shares.
Revenue per share
Can be interpreted both before and after full dilution. This helps separate the current structure from the maximum-case scenario.
Next milestone
FY 2025 report is scheduled for 31 March 2026. The platform should be updated after publication.

Data is compiled from public company documents, indicative market data and internal calculations. Models are illustrative and should not be interpreted as investment advice.

Vinoxdata

Vinoxdata does not create the value in information — but makes it possible to see it.

By structuring public and verifiable information into models for comparison, scenario analysis and valuation reasoning, the platform creates practical analytical value. When several factors interact — such as offer terms, changes in share count, option dilution and indirect exposure to other listed companies — this analytical layer is often more useful than reading each source in isolation.

Our role in the ecosystem
Vinoxdata is not a substitute for official sources. The platform’s strength lies in making dispersed public information structured, comparable and possible to analyze in context. The result is a clearer basis for decision-making in complex equity cases.
About this site
The site brings together official sources, report layers, subsidiaries, holdings, live data, TO5/TO6 and clearly labelled scenario tools inside one fact-based workspace.
Reported capital base

1,309,721,451 shares in the owner overview

The annual report owner list as of 31.12.2025 sums to 1,309,721,451 shares. The illustrative full-dilution path from the 1-for-6 model remains separate.

Annual report ↗
Lock-up

54.2% of outstanding ordinary shares

The MFN release states gradual release from February to August 2026 and the remaining part in November 2027.

MFN lock-up ↗
Structure clean-up

UK entity dissolved on 10 March 2026

Companies House shows a DS01 on 16 December 2025, First Gazette on 23 December 2025 and final dissolution via voluntary strike-off on 10 March 2026.

Companies House ↗
Simplified scenario model
Illustration · not an official valuation

EV from EBITDA

–EBITDA × multiple

Value/share

–Converted to SEK

Difference vs ref

–Versus selected reference price

Revenue / EBITDA

–Shows operating quality
User portfolio
Empty by default · stored locally
Enter your own holdings
Enter the number of warrants, not deliverable shares.
Compare today’s ordinary share price with the post-recalculation strike price per share
Enter the number of warrants, not deliverable shares.
Compare today’s ordinary share price with the post-recalculation strike price per share

Invested

–Shares + warrants

Current value

–Shares at spot + warrants at indicative option price

TO5 market value

–TO5 price × number of warrants

TO6 market value

–TO6 price × number of warrants

TO5 – indicative price

–Latest option price used per TO5

TO6 – indicative price

–Latest option price used per TO6

Result

––

Distance to TO5 trigger

–Positive number = remaining to the strike price per share
The portfolio is valued here using the latest indicative share price for the common stock and the latest indicative option price for TO5 and TO6. If an option quote is unavailable, acquisition cost is used as a fallback. The 1000 warrants = 1 share ratio affects delivery on exercise, while the trigger comparison is made against the post-recalculation strike price per share.
Verified timeline
9 Dec 2025 – Investment agreement up to SEK 33m
MFN

The company announced an agreement with Assured Mind for up to SEK 33m intended for expansion in Germany, France and Sweden, among others.

15 Jan 2026 – Debt settlement without dilution
MFN

Substrate AI transferred existing Subgen shares to settle approximately €3m in historic commitments. No new shares were issued in Subgen in this transaction.

2 Feb 2026 – Alibaba Cloud Netherlands partnership
MFN

The partnership was presented as part of Serenity Star’s European and international scaling with a GDPR focus via Alibaba Cloud Netherlands.

17 Feb 2026 – Two strategic hires in Sweden
MFN

The company announced new hires in Sweden as part of the European expansion plan.

4 Mar 2026 – Offer and EU Growth Prospectus
Subgen / FI / MFN

The offer to shareholders in Substrate AI was announced and the prospectus was approved by Finansinspektionen the same day.

6–27 Mar 2026 – Acceptance period
Offer document

According to the prospectus, the acceptance period runs from 6 March 2026 through 27 March 2026. Any extension must be announced separately by the company.

10 Mar 2026 – SUBGEN AI LIMITED (UK) dissolved
Companies House

The company filing history shows final dissolution via voluntary strike-off on 10 March 2026 after the DS01 on 16 December 2025 and the First Gazette on 23 December 2025.

Reports and next checkpoints
31 Mar 2026 Reported
Year-end report 2025 published.
30 Apr 2026 Reported
Annual report 2025 published.
2 Apr / 3 Apr 2026 Reported
1:6 result: 23.89% acceptance disclosed; payment issue up to 291,284,082 shares resolved on 3 April 2026.
7 May 2026 Upcoming
Interim report January–March 2026.
21 May 2026 Upcoming
Annual general meeting 2026.
The latest version should now separate reported FY2025 numbers, after-year-end 1:6 updates and still-illustrative full-accept scenarios.
Platform, verticals and offer
Serenity Star
The software layer in the group: AI services, model orchestration, agent flows, audit logs and compliance functions for enterprise customers.
Product overview · Product suite
4D Medica
Substrate AI describes 4D Medica as its healthcare vertical and announced in May 2025 a planned London listing of the unit.
Official website · Planned London listing
Fleebe AI
Substrate AI describes Fleebe AI as the HR vertical and in July 2025 placed Developing Talent in this group.
Official website · Developing Talent
Substrate Cloud and data centre
Official material describes Substrate Cloud together with plans for up to 50 MW of AI data-centre capacity, with the first project in Talavera de la Reina.
Substrate Cloud · AI Factories
Substrate AI – control level
Q1 states that Subgen AI directly holds about 38.7% of capital and 39.0% of votes in Substrate AI, with effective control through syndication agreements. The 1-for-6 offer should therefore now be read as a historical capital-structure path rather than the site’s main narrative.
Q1 2026 · Company description
Market structure, governance and IP
Regulated market structure
Subgen is listed on Nasdaq First North Growth Market in Stockholm, while Substrate AI is listed on BME Growth in Spain.
Nasdaq Stockholm · BME Growth
Board
The board page lists Iván García as chairman and independent directors such as Eduardo Montes and Fredrik Häglund.
Subgen board · Substrate team
Management
The management page lists Lorenzo Serratosa (CEO), David Jiménez (CFO), Leandro Harillo (CPO – Serenity Star) and Bren Worth (CTO), among others.
Subgen management · Financial calendar
IP and R&D
The company description states 16 patent matters, of which 4 have been granted in the US, with additional applications pending.
Company description (PDF) · Reports
FAQ & methodology – addendum
Why does the default view use almost 2 billion shares?
To stress-test maximum dilution in the ongoing 1:6 offer. This provides a conservative value-per-share scenario.
What if fewer shares are tendered?
Fewer new Subgen shares would be issued. That implies lower dilution than the maximum-case scenario shown on the site.
Why can Yahoo volume differ from Avanza?
Yahoo is used as an indicative intraday feed. Official daily volume and turnover should be cross-checked manually with Avanza and Nasdaq.
FAQ & Methodology
Why does the 1-for-6 model remain on the site if the focus has shifted?
Capital structure as a historical path

Because the 1-for-6 offer still affects how users read capital structure and per-share scenarios. But after Q1 and the annual report it should be read as a separate, illustrative module and not as the main story of the site.

What happens if not all Spanish shareholders accept the offer?
Offer mechanics

Then fewer new Subgen AI shares would be issued than in the prospectus maximum scenario. Lower issuance means lower dilution; all else equal, that raises the modelled value per share. The actual outcome must, however, be communicated by the company after the acceptance period and should not be assumed in advance.

The company previously operated under the names AegirBio/Magnasense. Why is that history not built into the model?
Current structure

The platform focuses on the structure following the reverse takeover and on the AI operations behind today’s Subgen AI. Magnasense announced that the sale of its former subsidiaries, under the agreement dated 20 September 2025, was completed on 6 November 2025. The model therefore uses the current public AI structure rather than legacy diagnostics operations.

Why is the scenario model based on the Spanish 2025 figures?
Public working baseline

Because this is the clearest public baseline for the AI operations ahead of the upcoming Swedish IFRS reporting. Substrate AI communicated €23.5m in revenue and €3.3m in positive EBITDA for 2025. The platform does not add any separate Swedish contribution until published reports show how the reported group structure actually looks.

Data sources and user data
Will Substrate AI be delisted from BME Growth in Spain?
Listing status

Not based on what has been publicly communicated for the March 2026 offer. The public offer materials describe share consideration from Subgen AI, but not an automatic delisting of Substrate AI from BME Growth as a consequence of the offer itself. BME Growth therefore remains a relevant market reference unless the company later communicates otherwise.

Is my portfolio data or my inputs stored on your servers?
Local storage

No. The fields in the scenario model and portfolio tabs are stored locally in your browser via Local Storage. The terminal does not use a user database for these inputs. You can clear the data at any time via the Reset and Clear buttons.

Why can intraday volume and WAP differ from Avanza or official market statistics?
Indicative feed

The market panels use an indicative intraday feed for live context and short-interval comparisons. It can differ from official daily volume, turnover or final weighted average price reported by the market venue or a broker. That is why the feed is presented as indicative rather than as official end-of-day statistics.

The FAQ tab is intended to explain assumptions, data sources and platform limitations. It does not replace the prospectus, published reports or the company’s own market announcements.

Frequently searched questions

Short, indexable answers to recurring questions about $SUBGEN, $SAI, TO5, TO6, dilution and official sources.

$SUBGEN · $SAI · TO5 · TO6
FAQ

What does Q1 2026 show for Subgen AI?

Q1 2026 shows 46.7 MSEK revenue at current FX, 53.7 MSEK at constant FX, 82.7% gross margin, EBITDA -6.5 MSEK and 854.5 MSEK in total assets.

Q1 2026, Subgen AI, revenue, EBITDA, assets
FAQ

What is the SOTP stress test on Vinoxdata?

The SOTP stress test is an illustrative valuation model where the user selects bear/base/bull and a complexity discount. It is not official company information and not investment advice.

SOTP, valuation model, complexity discount, Subgen AI
FAQ

What sits inside Subgen AI AB according to the report material?

The annual report describes a group built around Serenity Star, Substrate Cloud and 4DAI Core as platform layers, plus verticals and solutions such as Serenity Teams, Serenity Edge, Serenity AI Data Intelligence, Serenity LLMs and Substrate AI Healthcare. 4D Médica is highlighted as the healthcare subsidiary within the group.

Subgen group, Serenity Star, Substrate Cloud, 4D Medica
FAQ

How do TO5 and TO6 work in the calculator?

TO5 and TO6 should be handled with central ratio logic so that 1000 warrants correspond to one deliverable share. This keeps labels, language and calculations consistent across all three languages.

TO5, TO6, 1000 to 1, warrants
FAQ

How is the holding in Substrate AI described after Q1?

Q1 2026 states that Subgen AI directly holds about 38.7% of capital and 39.0% of votes in Substrate AI. The report also states effective control through existing syndication agreements.

Substrate AI, 38.7%, 39.0%, effective control
FAQ

Where can users find official sources for Subgen AI and Substrate AI?

Official sources should be prioritized over discussion forums. Examples include the companies’ investor pages, MFN, Nasdaq and BME Growth. Tools such as Investing and Börsdata can be used as complementary layers.

official sources, MFN, Nasdaq, BME, Investing
FAQ

What is the difference between an indicative feed and official statistics?

An indicative feed may be fast, but it is not always the legally or regulatorily final data point. The site should therefore clearly separate indicative market display from officially verified information.

indicative feed, official statistics, verified data
FAQ

Which dates matter most in the next event cycle?

For the central engine, 31 March 2026, 2 April 2026, 30 April 2026 and 7 May 2026 are separate event phases with their own content, sources and possible calculator changes.

31 March, 2 April, 30 April, 7 May, events
FAQ

What does Subgen’s correction of previous financial targets mean?

On 9 May 2026 Subgen AI stated that earlier revenue targets of EUR 28.5m for 2026 and EUR 64.3m for 2029 had been incorrectly included in company descriptions in three press releases. The company states that the figures were not approved by the Board and should not be regarded as guidance, forecasts or financial targets.

correction, financial targets, guidance, Subgen AI
FAQ

Are Vinoxdata growth scenarios company guidance?

No. After the correction, all forward growth numbers on Vinoxdata are treated as user-controlled scenarios. They are model assumptions and should not be read as official Subgen AI targets or forecasts.

growth scenario, model, guidance, SOTP
FAQ

What changed in Q1 2026 versus the annual report?

Q1 2026 adds a new reported layer with 46.7 MSEK revenue at current FX, 53.7 MSEK at constant FX, 82.7% gross margin and 854.5 MSEK in total assets. That makes group reporting and comparable periods more important than pure 1:6 logic.

Q1 2026, revenue, assets, report layer
FAQ

Why are the old revenue targets not shown as guidance?

Because on 9 May 2026 the company withdrew previously published 2026 and 2029 revenue figures and explicitly stated that they should not be treated as official guidance or company targets.

guidance, 9 May 2026 correction, financial targets
FAQ

How should the group map be read now?

As an illustrative group map rather than a full legal answer key. The reports make reported Q1 and FY2025 layers much clearer, but the legal ownership chain, IP ownership, revenue booking and exact segmentation are still not fully communicated in one single document.

group map, illustrative, IP, segments
FAQ

Why is the 1:6 offer lower on the page?

After the completed outcome, 1:6 is mainly a capital-structure event. The main focus therefore moves to Q1 2026, the 2025 annual report, group structure and subsidiaries.

1:6, capital structure, Substrate AI, Subgen AI
FAQ

What can change on the site after the 2 April 2026 result?

Once the 1:6 result is verified, the site should be able to update acceptance level, new share count, dilution logic, summary text and relevant FAQs without changing the GUI.

2 April, outcome, acceptance level, new share count
FAQ

How is an implied value calculated in the 1:6 offer?

A common approach is to start with six Subgen shares multiplied by the current reference price and then translate that into a comparable value per Substrate share. The engine should keep this logic central and transparent.

implied offer value, 1:6, Subgen, Substrate
FAQ

How many new Subgen shares can be issued at full acceptance?

The engine should support both a maximum scenario and a verified live outcome. The maximum scenario is useful before 2 April, while the verified outcome should be publishable immediately when confirmed.

full acceptance, new shares, dilution, max scenario
FAQ

What does the 1:6 offer mean for Substrate AI shareholders?

The base logic is that one Substrate share in the offer corresponds to six new Subgen AI shares. The public interpretation on the site should always be anchored in the official offer document and verified company announcements.

1:6 offer, Substrate AI, Subgen AI, exchange ratio

Sources and links

Links that help the user verify claims or continue to primary sources.

Filter
Forum links and weaker material are deliberately kept outside the main section.
Subgen AI – Investors
Official
Open
Official investor page with calendar, documents and IR navigation.
Subgen AI – correction of previously published statements regarding financial targets
Official
Open
Subgen AI – correction of previously published statements regarding financial targets
Subgen AI – Q1 2026
Official
Open
Official interim report for January–March 2026.
Subgen AI – annual report 2025
Official
Open
Official annual report for 2025.
Subgen AI – correction of financial targets
Official
Open
The company withdrew previously published 2026 and 2029 revenue figures and clarified that they should not be treated as official guidance.
Subgen AI – AGM bulletin 2026
Official
Open
Official bulletin from the annual general meeting on 21 May 2026.
Subgen AI – TO5/TO6 reminder
Official
Open
Official reminder about the TO5 exercise period and the recalculated TO6 terms.
Subgen AI – voluntary offer 2026
Official
Open
The company’s own landing page for the offer and related material.
Substrate AI – Investor Day May 2026
Official
Open
Official update on Investor Day, Eduardo Montes as chairman and the Serenity Platform.
Subgen AI – EU Growth Prospectus March 2026
Official
Open
Primary source for the 6:1 terms, maximum new shares and maximum dilution in the offer.
MFN – Subgen AI
Official
Open
Official company feed for press releases and regulatory updates.
Nasdaq – SUBGEN market overview
Context
Open
Official market page for SUBGEN. Nasdaq states that the web page shows delayed data and points to Trade Reports for post-trade data.
BME Growth – Substrate AI (SAI)
Context
Open
Official Spanish market page with company profile, documents and market information for Substrate AI.
Substrate AI – official website
Official
Open
The company’s own website for product, infrastructure and investor context.
Companies House – SUBGEN AI LIMITED
Official
Open
Official UK register source for filing history and dissolution status of SUBGEN AI LIMITED.
Investing – Subgen AI (SUBGEN)
Context
Open
Context source for price, charting and forum activity around $SUBGEN. The page still uses a legacy URL slug from the earlier company name and should not be treated as primary verification.
Investing – Substrate AI (SAI)
Context
Open
Context source for price history and forum activity around $SAI. Useful as a complement, not as primary verification.
Börsdata – Subgen AI
Context
Open
Complementary tool for Swedish key figures, history and multiples.
PerformanceFew external dependenciesNo Tailwind, no Chart.js, no iframe and no third-party font.
TrustSources directly in the pageThe visitor can click from claim to primary source instead of relying on interpretations.
ShareabilityPublic without private dataThe portfolio section is empty and local, so the page can be shared without exposing holdings.
Contact for corrections and source questions: info@vinoxdata.se
Data sources & signal discipline

Verified company facts and documents are shown separately from the indicative market feed. Live price, WAP, volume and chart are fetched via server cache and should be read as market signal, not official trading statistics.