• SS Innovations Reports Second Quarter 2025 Financial Results

    Source: Nasdaq GlobeNewswire / 07 Aug 2025 05:45:00   America/Los_Angeles

    Record Quarterly Revenue of $10.0 Million Driven by Higher SSi Mantra 3 Unit Sales

    Gross Profit More than Tripled, Driven by Gross Margin Expansion and Revenue Growth   

    FORT LAUDERDALE, Fla., Aug. 07, 2025 (GLOBE NEWSWIRE) -- SS Innovations International, Inc. (the “Company” or “SS Innovations”) (Nasdaq: SSII), a developer of innovative surgical robotic technologies dedicated to making robotic surgery affordable and accessible to a global population, today announced unaudited financial results for the three and six months ended June 30, 2025.   The Company also filed its Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, with the Securities and Exchange Commission on August 6, 2025.

    Second Quarter 2025 Overview

    • Revenue increased 121.8% to $10.0 million from $4.5 million in the second quarter of 2024.
    • Gross margin expanded to 59.1% from 31.9% in the second quarter of 2024.
    • Gross profit rose 311.4% to $5.9 million from $1.4 million in the second quarter of 2024.
    • Net loss of $0.3 million, or $(0.00) per diluted share, compared to a net loss of $4.1 million, or $(0.02) per diluted share, in the second quarter of 2024.
    • SSi Mantra surgical robotic system installations totaled 23, up 130% from 10 installations in the second quarter of 2024 and up 53% from 15 installations in the first quarter of 2025.

    First Half 2025 Overview

    • Revenue increased 85.6% to $15.1 million from $8.1 million in the first half of 2024.
    • Gross margin expanded to 46.3% from 26.6% in the first half of 2024.
    • Gross profit rose 223.3% to $7.0 million from $2.2 million in the first half of 2024.
    • Net loss of $5.9 million, or $(0.03) per diluted share, compared to net loss of $14.0 million, or $(0.08) per diluted share, in the first half of 2024.
    • SSi Mantra surgical robotic system installations totaled 38, up 100% from 19 installations in the first half of 2024.

    As of June 30, 2025

    • Long-term debt of $0.
    • Cash and cash equivalents totaled $11.4 million, excluding restricted cash.   
    • SSi Mantra cumulative installed base totaled 105 in seven countries and cumulative surgeries reached 4,657.

    CEO Commentary

    Dr. Sudhir Srivastava, Chairman of the Board and Chief Executive Officer of SS Innovations, commented, “We continue to execute on our strategic initiatives and delivered strong revenue growth in the second quarter of 2025, driven by higher unit sales of our advanced, cost-effective SSi Mantra 3 surgical robotic system in India and abroad. Our second quarter gross profit more than tripled compared to the prior year quarter, reflecting higher revenue and significant gross margin expansion due to lower production costs, propelling a sharp narrowing in net loss to almost breakeven.”  

    Dr. Srivastava continued, “Our SSi Mantra 3 surgical robotic system continues to pioneer robotic telesurgery and cardiac procedures, achieving several ‘world firsts’ during and after the second quarter. We remain committed to democratizing excellence in surgical robotic care and SS Innovations’ uplisting to Nasdaq in April 2025 symbolizes a new chapter of global expansion. In that regard, based on recent FDA conversations, we now expect to submit a 510(k) application for multiple indications for the SSi Mantra 3 to the U.S. Food and Drug Administration by the end of September 2025—a potentially quicker pathway compared to the De Novo application we previously planned. We also continue along the pathway towards a European Union CE marking certification as soon as late 2025. Looking to the second half of the year, an expanding installed base combined with growing utilization of the SSi Mantra 3 positions us well for continuing robust organic growth.”

    Select Business Highlights in Second Quarter 2025

    • In April 2025, the Company’s common stock was listed for trading on The Nasdaq Stock Market LLC ("Nasdaq").
    • In June 2025, the Company rang the opening bell at the Nasdaq MarketSite in New York City.
    • In June 2025, the Company’s SSi Mantra surgical robotic system performed its first robotic cardiac surgery in the Western Hemisphere.

    Subsequent Events

    • In July 2025, the world’s first robotic telesurgery for weight loss was performed utilizing the Company’s SSi Mantra 3 surgical robotic system.
    • In July 2025, the world’s first intercontinental robotic cardiac telesurgery was performed (from France to India) utilizing the Company’s SSi Mantra 3 surgical robotic system.
    • In July 2025, the first telesurgery in India’s public sector, which consists of more than 25,000 public hospitals, was performed utilizing the Company’s SSi Mantra 3 surgical robotic system.
    • As of July 31, 2025, the SSi Mantra cumulative installed base totaled 112 systems and cumulative multi-specialty surgeries reached 5,038 without any device-related adverse events. This total included 40 telesurgeries and 273 cardiac procedures.

    Revenue Breakdown and Summary of Installations / Surgeries

    CategoryQ2 2024Q2 2025VariancePercentage
    System sales$4,258,198$8,781,038$4,522,840106.2%
    Instrument sales 204,121 1,007,830 803,709393.7%
    Warranty sales 28,795 193,359 164,564571.5%
    Lease income 18,012 18,078 660.4%
    Total revenue$4,509,126$10,000,305$5,491,179121.8%
         
    SSi Mantra installations 10 23 13130%
    Cumulative installed base1 37 105 68184 %
         
    SSi Mantra surgeries 516 1,042 526102%
    Cumulative surgeries1 1,742 4,657 2,915167%
             

    1 at period end

    CategoryH1 2024H1 2025VariancePercentage
    System sales$7,752,957$13,283,520$5,530,56371.3%
    Instrument sales 322,636 1,485,038 1,162,402360.3%
    Warranty sales 38,202 315,863 277,661726.8%
    Lease income 33,024 36,494 3,47010.5%
    Total revenue$8,146,819$15,120,915$6,974,09685.6%
         
    SSi Mantra installations 19 38 19100%
    SSi Mantra surgeries 877 1,861 984112%
             

    About SS Innovations
    SS Innovations International, Inc. (Nasdaq: SSII) develops innovative surgical robotic technologies with a vision to make the benefits of robotic surgery affordable and accessible to a larger segment of the global population. The Company’s product range includes its proprietary “SSi Mantra” surgical robotic system and its comprehensive suite of “SSi Mudra” surgical instruments, which support a variety of surgical procedures including robotic cardiac surgery. An American company headquartered in India, SS Innovations plans to expand the global presence of its technologically advanced, user-friendly, and cost-effective surgical robotic solutions. Visit the Company’s website at ssinnovations.com or LinkedIn for more information and updates.

    About the SSi Mantra
    The SSi Mantra surgical robotic system is a user-friendly, modular, multi-arm system with many advanced technology features, including: 3 to 5 modular robotic arms, an open-faced ergonomic surgeon command center, a large 3D 4K monitor, a touch panel monitor for all patient related information display, a virtual real-time image of the robotic patient side arm carts, and the ability for superimposition of 3D models of diagnostic imaging. A vision cart provides the table-side team with the same magnified 3D 4K view as the surgeon to provide better safety and efficiency. The SSi Mantra utilizes over 40 different types of robotic endo-surgical instruments to support different specialties, including cardiac surgery. The SSi Mantra has been clinically validated in India in more than 100 different types of surgical procedures.

    Forward Looking Statements
    This press release may contain statements that are not historical facts and are considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. The words “anticipate,” “assume,” “believe,” “estimate,” “expect,” “will,” “intend,” “may,” “plan,” “project,” “should,” “could,” “seek,” “designed,” “potential,” “forecast,” “target,” “objective,” “goal,” or the negatives of such terms or other similar expressions to identify such forward-looking statements. These statements relate to future events or SS Innovations’ future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.

    Investor Contact:
    The Equity Group        
    Kalle Ahl, CFA                
    T: (303) 953-9878        
    kahl@theequitygroup.com

    Devin Sullivan, Managing Director
    T: (212) 836-9608
    dsullivan@theequitygroup.com

    Media Contact:
    RooneyPartners LLC
    Kate Barrette
    T: (212) 223-0561
    kbarrette@rooneypartners.com

    SS INNOVATIONS INTERNATIONAL, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited)    		 
       
     As of 
     June 30,
    2025    		  December 31,
    2024
    ASSETS     
    Current Assets:     
    Cash and cash equivalents$11,375,265  $466,500 
    Restricted cash 5,884,513   5,838,508 
    Accounts receivable, net 5,973,923   4,466,047 
    Inventory 18,260,141   10,206,898 
    Prepaids and other current assets 9,292,684   6,438,338 
    Total Current Assets 50,786,526   27,416,291 
            
    Property, plant, and equipment, net 8,274,135   5,385,955 
    Right of use asset, net 2,654,775   2,623,880 
    Deferred tax assets, net 365,641   - 
    Accounts receivable, net – non current 4,447,389   3,299,032 
    Restricted cash- non current 345,900   318,527 
    Prepaids and other non current assets 3,103,405   3,341,528 
            
            
    Total Assets$69,977,771  $42,385,213 
            
    LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY       
    Current Liabilities       
    Bank overdraft facility$6,980,313  $7,994,906 
    Notes payable -   7,450,000 
    Current portion of operating lease liabilities 354,626   409,518 
    Accounts payable 6,079,794   2,312,382 
    Deferred revenue 2,412,682   1,278,602 
    Accrued expenses & other current liabilities 3,783,693   1,884,814 
    Total Current Liabilities 19,611,108   21,330,222 
            
    Operating lease liabilities, less current portion 2,452,389   2,349,118 
    Deferred Revenue- non current 5,779,525   5,173,953 
    Other non current liabilities 111,880   74,817 
            
            
    Total Liabilities$27,954,902  $28,928,110 
            
    Stockholders’ equity:       
            
    Preferred stock, authorized 5,000,000 shares of Series A, Non-Convertible Preferred Stock, $0.0001 par value per share; 1,000 shares issued and outstanding as of June 30, 2025 and December 31, 2024 1   1 
    Common stock, 250,000,000 shares authorized, $0.0001 par value, 193,588,410 shares and 171,579,284 shares issued and outstanding as of June 30, 2025 and December 31, 2024 respectively 19,358   17,157 
    Accumulated other comprehensive income (loss) (822,813)  (749,625)
    Additional paid in capital 91,526,999   56,952,200 
    Capital reserve 899,917   899,917 
    Accumulated deficit (49,600,593)  (43,662,547)
    Total stockholders’ equity 42,022,869   13,457,103 
    Total liabilities and stockholders’ equity$69,977,771  $42,385,213 
            


    SS INNOVATIONS INTERNATIONAL, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
    (Unaudited)
      
     For The Three months ended
     June 30,
    2025    		 June 30,
    2024
        
    REVENUES   
    System sales 8,781,038   4,258,198 
    Instruments sale 1,007,830   204,121 
    Warranty sale 193,359   28,795 
    Lease income 18,078   18,012 
    Total revenue$10,000,305  $4,509,126 
    Cost of revenue (4,085,247)   (3,071,340) 
          
    GROSS PROFIT 5,915,058   1,437,786 
          
    OPERATING EXPENSES:     
    Research & development expense 498,600   759,004 
    Stock compensation expense 1,630,295   2,443,792 
    Depreciation and amortization expense 260,361   90,476 
    Selling, general and administrative expense 3,428,788   2,244,703 
    TOTAL OPERATING EXPENSES 5,818,044   5,537,975 
          
    Income /(Loss) from operations 97,014   (4,100,189) 
          
    OTHER INCOME (EXPENSE):     
    Interest Expense (216,800)   (242,577) 
    Interest and other income, net 216,824   202,196 
    TOTAL INCOME / (EXPENSE), NET 24   (40,381) 
          
    INCOME / (LOSS) BEFORE INCOME TAXES 97,038   (4,140,570) 
    Income tax expense 353,729   - 
    NET LOSS$(256,691)  $(4,140,570) 
          
    Net loss per share -basic and diluted$(0.00)  $(0.02) 
    Weighted average-basic shares 193,571,635   170,739,380 
    Weighted average-diluted shares 202,835,698   181,843,313 
          
    CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE LOSS     
          
          
    NET LOSS$(256,691)  $(4,140,570) 
          
    OTHER COMPREHENSIVE INCOME (LOSS)     
    Foreign currency translation loss (66,014)   (16,131) 
    Retirement Benefit (net of tax) (35,660)   3,299 
    Income tax effect relating to retirement benefit 5,772   - 
    TOTAL OTHER COMPREHENSIVE INCOME (LOSS) (95,902)  (12,832)
    TOTAL COMPREHENSIVE LOSS$(352,593)  $(4,153,402) 
            


    SS INNOVATIONS INTERNATIONAL, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
    (Unaudited)
      
     For The Six months ended
     June 30,
    2025    		 June 30,
    2024
        
    REVENUES   
    System sales 13,283,520   7,752,957 
    Instruments sale 1,485,038   322,636 
    Warranty sale 315,863   38,202 
    Lease income 36,494   33,024 
    Total revenue$15,120,915  $8,146,819 
    Cost of revenue (8,118,649)   (5,980,851) 
          
    GROSS PROFIT 7,002,266   2,165,968 
          
    OPERATING EXPENSES:     
    Research & development expense 1,508,695   1,286,995 
    Stock compensation expense 4,009,507   9,552,542 
    Depreciation and amortization expense 469,243   170,577 
    Selling, general and administrative expense 6,638,587   5,088,362 
    TOTAL OPERATING EXPENSES 12,626,032   16,098,476 
          
    Loss from operations (5,623,766)   (13,932,508 
          
    OTHER INCOME (EXPENSE):     
    Interest Expense (596,705)   (432,665) 
    Interest and other income, net 636,156   382,850 
    TOTAL INCOME / (EXPENSE), NET 39,451   (49,815) 
          
    LOSS BEFORE INCOME TAXES (5,584,315)   (13,982,323) 
    Income tax expense 353,729   - 
    NET LOSS$(5,938,044)  $(13,982,323) 
          
    Net loss per share - basic and diluted$(0.03)  $(0.08) 
    Weighted average- basic shares 186,244,872   170,734,435 
    Weighted average- diluted shares 195,502,268   181,726,502 
          
    CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE LOSS     
          
          
    NET LOSS$(5,938,044)  $(13,982,323) 
          
    OTHER COMPREHENSIVE INCOME (LOSS)     
    Foreign currency translation loss (59,138)   (95,445) 
    Retirement Benefit (net of tax) (19,822)   11,806 
    Income tax effect relating to retirement benefit 5,772   - 
    TOTAL OTHER COMPREHENSIVE INCOME (LOSS) (73,188)  (83,639)
    TOTAL COMPREHENSIVE LOSS$(6,011,232)  $(14,065,962) 
            


    SS INNOVATIONS INTERNATIONAL, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)
        
      For the Six months ended 
      June 30,
    2025    		  June 30,
    2024    		 
    Cash flows from operating activities:      
    Net loss $(5,938,044) $(13,982,323)
    Adjustments to reconcile net loss to net cash used in operating activities:        
    Depreciation and amortization  469,243   170,577 
    Operating lease expense  423,593   357,533 
    Interest Expense  179,455   182,530 
    Interest and other income, net  (338,191)  (175,147)
    (Reversal of) / Provision for credit loss reserve  (228,846)  573,048 
    Deferred income tax benefit  (365,641)  - 
    Stock compensation expense  4,009,507   9,552,542 
             
    Changes in operating assets and liabilities:        
    Accounts receivable, net  (2,337,679)  (3,475,878)
    Inventory, net  (10,221,214)  (199,750)
    Deferred revenue  1,739,652   3,032,484 
    Prepaids and other assets  (2,572,481)  (421,539)
    Accounts payable  3,782,409   224,821 
    Income taxes payable, net  620,586   - 
    Accrued expenses & other liabilities  1,629,136   808,818 
    Operating lease payment  (407,188)  (342,202)
    Net cash used in operating activities  (9,555,703)  (3,694,486)
             
    Cash flows from investing activities:        
    Purchase of property, plant and equipment  (1,189,452)  (2,239,139)
    Net cash used in investing activities  (1,189,452)  (2,239,139)
             
    Cash flows from financing activities:        
    Proceeds from bank overdraft facility (net)  (1,014,593)  842,610 
    Proceeds from issuance of convertible notes to principal shareholder  28,000,000   3,000,000 
    Proceeds from issuance of convertible notes to other investors  -   1,450,000 
    Repayment of convertible notes to principal shareholder, including interest  (4,212,637)  - 
    Repayment of convertible notes to other investors, including interest  (1,068,849)  - 
    Net cash provided by financing activities  21,703,921   5,292,610 
             
    Net change in cash  10,958,766   (641,015)
    Effect of exchange rate on cash  23,377   108,572 
    Cash and cash equivalents at the beginning of the period  6,623,535   7,087,845 
    Cash and cash equivalents at end of the period $17,605,678  $6,555,402 
             
    Supplemental disclosure of cash flow information:        
    Conversion of convertible notes into common stock, including interest $30,645,360  $- 
    Transfer of systems from inventory to property, plant and equipment $2,167,971  $1,422,880 

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