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
| Category | Q2 2024 | Q2 2025 | Variance | Percentage | ||||
| System sales | $ | 4,258,198 | $ | 8,781,038 | $ | 4,522,840 | 106.2 | % |
| Instrument sales | 204,121 | 1,007,830 | 803,709 | 393.7 | % | |||
| Warranty sales | 28,795 | 193,359 | 164,564 | 571.5 | % | |||
| Lease income | 18,012 | 18,078 | 66 | 0.4 | % | |||
| Total revenue | $ | 4,509,126 | $ | 10,000,305 | $ | 5,491,179 | 121.8 | % |
| SSi Mantra installations | 10 | 23 | 13 | 130 | % | |||
| Cumulative installed base1 | 37 | 105 | 68 | 184 | % | |||
| SSi Mantra surgeries | 516 | 1,042 | 526 | 102 | % | |||
| Cumulative surgeries1 | 1,742 | 4,657 | 2,915 | 167 | % | |||
1 at period end
| Category | H1 2024 | H1 2025 | Variance | Percentage | ||||
| System sales | $ | 7,752,957 | $ | 13,283,520 | $ | 5,530,563 | 71.3 | % |
| Instrument sales | 322,636 | 1,485,038 | 1,162,402 | 360.3 | % | |||
| Warranty sales | 38,202 | 315,863 | 277,661 | 726.8 | % | |||
| Lease income | 33,024 | 36,494 | 3,470 | 10.5 | % | |||
| Total revenue | $ | 8,146,819 | $ | 15,120,915 | $ | 6,974,096 | 85.6 | % |
| SSi Mantra installations | 19 | 38 | 19 | 100 | % | |||
| SSi Mantra surgeries | 877 | 1,861 | 984 | 112 | % | |||
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 StatementsThis 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 [email protected]
Devin Sullivan, Managing Director T: (212) 836-9608[email protected]
Media Contact:RooneyPartners LLCKate BarretteT: (212) 223-0561[email protected]
| 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 | ||||
