Value Tracer @ValueTracer

Capital is visible when it enters. But can its route to recurring cash flow and value per Subgen share be traced? A source-based review of Subgen AI and Substrate AI as two listed reporting layers in one economic chain. vinoxdata.com/en/articles/ca… #SubgenAI #SubstrateAI #CapitalAllocation

Substrate AI reports a second EUR 3.878m contribution, bringing verified receipts under the mandatory-convertible round to EUR 7.8m. Financing cash—not revenue, earnings or operating cash flow. Updated analysis: vinoxdata.com/en/articles/th… #SubgenAI #SubstrateAI #SETT

Subgen AI added 253.6m shares. Since the post-RTO checkpoint, the share count is up 119.5%. The real test: when will recurring cash flow grow faster than dilution? Our source-based analysis: vinoxdata.com/en/articles/th… #SUBGEN #SUBGENAI #Dilution #CashFlow

Subgen AI after Q2: the group structure is in place, but investors still lack a clear map of segment performance, cash flow and where shareholder value is created. Source-based analysis: vinoxdata.se/en/articles/su… #SubgenAI #SubstrateAI #AI #Investing

1/8 Subgen AI:s Q2 är varken enkelt positiv eller negativ. Koncernstrukturen är byggd, bruttomarginalen stärks och justerad EBITDA i Q2 är +1,4 MSEK. Men halvåret är förlustbringande och den ekonomiska kartan är fortfarande ofullständig. 🧵

Subgen AI Q2/H1 2026, source-checked: Q2 revenue SEK 62.0m; H1 gross margin 84.2%; adjusted EBITDA –SEK 5.1m; loss after tax –SEK 44.0m. Facts and Q3 checkpoints: vinoxdata.se/en/reports/q2-… #SUBGEN

Two stories. One weekly report. The latest verified facts at vinoxdata.se. Dos historias. Un informe semanal. Los últimos datos verificados en vinoxdata.se. #Subgen #Substrate

La ambición declarada de Subgen AI: crecer una media del 30 % anual durante cinco años, manteniendo la rentabilidad. Vinoxdata comparará cada informe trimestral y anual con esa ambición, comenzando con el Q2 del 20 de agosto. vinoxdata.se/es/preguntas/?… #SUBGENAI #SUBGEN #InteligenciaArtificial #IA #Inversión

Subgen AI’s stated ambition: average annual growth of 30% over five years — while remaining profitable. Vinoxdata will now track every interim and annual report against that ambition, starting with Q2 on 20 August. vinoxdata.se/en/questions/?… #SUBGENAI #SUBGEN #ArtificialIntelligence #AI #Investing

Vinoxdata se ha actualizado antes del informe Q2 de Subgen AI del 20 de agosto. Nuevas fuentes, fichas actualizadas de empresas y productos, preguntas abiertas para Q2, comparaciones financieras e información más clara sobre la propiedad. vinoxdata.se/es/ $SUBGEN $SAI #SubgenAI #SubstrateAI #ResultadosQ2 #BMEGrowth

Vinoxdata has been updated ahead of Subgen AI’s Q2 report on 20 August. New sources, updated company and product records, open Q2 questions, financial cross-checks and clearer ownership information—always linked to primary sources. vinoxdata.se/en/ $SUBGEN $SAI #SubgenAI #SubstrateAI #Q2 #BMEGrowth

Vinoxdata se ha actualizado antes del informe Q2 de Subgen AI del 20 de agosto. Nuevas fuentes, fichas actualizadas de empresas y productos, preguntas abiertas para Q2, comparaciones financieras e información más clara sobre la propiedad. vinoxdata.se/es/ $SUBGEN $SAI #SubgenAI #SubstrateAI #ResultadosQ2 #BMEGrowth

Vinoxdata has been updated ahead of Subgen AI’s Q2 report on 20 August. New sources, updated company and product records, open Q2 questions, financial cross-checks and clearer ownership information—always linked to primary sources. vinoxdata.se/en/ $SUBGEN $SAI #SubgenAI #SubstrateAI #Q2 #BMEGrowth

Vinoxdata se ha ampliado: sociedades, estructura del grupo, cronología, cifras publicadas, documentación de SETT, control del Q2 y preguntas pendientes, todo enlazado a fuentes primarias. Sin precios objetivo ni recomendaciones. vinoxdata.se/es/?utm_source…

Vinoxdata has expanded: clearer company pages, group structure, event timelines, published financials, SETT documentation, a Q2 checklist and open verification questions — all linked to primary sources. No price targets or investment advice. vinoxdata.se/en/?utm_source…

What is missing from Vinoxdata? I am continuing to develop Vinoxdata to make the Subgen AI Group easier to understand for both new visitors and more experienced investors. What information is missing, what is difficult to find, and what could be explained more clearly? A new version will be published no later than 6 August, ahead of the Q2 report on 20 August. You can submit private and anonymous feedback through the Vinoxdata suggestion box: vinoxdata.se/en/suggestions/

¿Qué falta en Vinoxdata? Sigo desarrollando Vinoxdata para que el Grupo Subgen AI sea más fácil de entender, tanto para nuevos visitantes como para inversores con más experiencia. ¿Qué información falta, qué resulta difícil de encontrar y qué podría explicarse con mayor claridad? Se publicará una nueva versión como muy tarde el 6 de agosto, antes del informe del segundo trimestre del 20 de agosto. Puedes enviar sugerencias privadas y anónimas a través del buzón de Vinoxdata: vinoxdata.se/es/sugerencias/

Explora el grupo Subgen AI con datos verificados: participaciones, empresas, finanzas, eventos y 116 registros FAR respaldados por 85 fuentes. Lee o descarga el informe PDF de 70 páginas: vinoxdata.se/es/informes/?u… $SUBGEN $SAI #SubgenAI #SubstrateAI #Vinoxdata #FAR

Explore the Subgen AI group through verified facts: ownership, companies, financials, events and 116 FAR records backed by 85 sources. Read or download the dated 70-page PDF report: vinoxdata.se/en/reports/?ut… $SUBGEN $SAI #SubgenAI #SubstrateAI #Vinoxdata #FAR

Consolidated Raw Data and Structure for the Subgen AI Group – VinOxdata There is plenty of public information regarding Subgen AI AB, but the data is extremely fragmented and scattered across various subsidiaries, press releases, and marketplaces. A bit like a messy hard drive. To make analysis easier, I have put some work into "defragmenting" this data. The result is VinOxdata – an independent, source-based, and multilingual hub where cold financial facts and corporate structures are gathered in one place. This is what you will find on the site: Group Map & Company Register: A clear overview of the legal structure, controlled voting rights, and assets for both SUBGEN (Stockholm) and SAI (Spain). Forensic Asset Register: Data-driven entries and traceable chains of sources for what the group actually owns and controls. Reported, Not Modeled: No rumors or speculative future targets. The site is built solely on verifiable figures from published reports. Source Register & Event Analysis: Every central piece of information has a direct link back to the primary source, and the timeline shows exactly what has changed the corporate landscape over time. Research Box: A feature where you can submit specific data points or questions that need to be vetted against open sources. The purpose is simple and completely free: To make public and complex information visible and structured. No buy or sell advice, just raw material so everyone can make their own assessment of the case. Use the material however you like. Feel free to check it out here: 👉vinoxdata.se/en/?utm_source… $SUBGEN $SAI