SS Innovations International Inc.NASDAQ: SSII

SS Innovations Reports Third Quarter 2025 Financial Results

· Issued by SS Innovations International Inc. via GlobeNewswire

Key figures

  • Revenue increased 192.5% to $12.8 million from $4.4 million in the third quarter of 2024.
  • Gross margin of 48.1% compared to 52.8% in the third quarter of 2024.
  • Gross profit rose 166.0% to $6.2 million from $2.3 million in the third quarter of 2024.
  • Net loss of $3.7 million , or $(0.02) per diluted share, compared to a net loss of $3.2 million , or $(0.02) per diluted share, in the third quarter of 2024.
  • Revenue increased 123.0% to $28.0 million from $12.5 million in the first nine months of 2024.

On 6ix: 6ix.com/news/ss-innovations-reports-third-quarter-2025-financial-results-2025-10-28

Quarterly Revenue Increased 192.5% Year over Year to $12.8 Million Driven by Higher SSi Mantra 3 Unit Sales

FORT LAUDERDALE, Fla., Oct. 28, 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 nine months ended September 30, 2025.   The Company also filed its Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, with the Securities and Exchange Commission on October 28, 2025.

Third Quarter 2025 Overview

  • Revenue increased 192.5% to $12.8 million from $4.4 million in the third quarter of 2024.
  • Gross margin of 48.1% compared to 52.8% in the third quarter of 2024.
  • Gross profit rose 166.0% to $6.2 million from $2.3 million in the third quarter of 2024.
  • Net loss of $3.7 million, or $(0.02) per diluted share, compared to a net loss of $3.2 million, or $(0.02) per diluted share, in the third quarter of 2024.
  • SSi Mantra surgical robotic system installations totaled 27, up 350.0% from 6 installations in the third quarter of 2024 and up 17.4% from 23 installations in the second quarter of 2025.

First Nine Months 2025 Overview

  • Revenue increased 123.0% to $28.0 million from $12.5 million in the first nine months of 2024.
  • Gross margin expanded to 47.1% from 35.8% in the first nine months of 2024.
  • Gross profit rose 193.7% to $13.2 million from $4.5 million in the first nine months of 2024.
  • Net loss of $9.7 million, or $(0.05) per diluted share, compared to net loss of $17.2 million, or $(0.10) per diluted share, in the first nine months of 2024.
  • SSi Mantra surgical robotic system installations totaled 63, up 152.0% from 25 installations in the first nine months of 2024.

As of September 30, 2025

  • Long-term debt of $0.
  • Cash and cash equivalents totaled $5.7 million, excluding restricted cash.
  • SSi Mantra cumulative installed base totaled 127 in seven countries and cumulative surgeries reached 6,057, including 56 telesurgeries and 319 cardiac procedures.

CEO Commentary

Dr. Sudhir Srivastava, Chairman of the Board and Chief Executive Officer of SS Innovations, commented, “We delivered strong revenue growth in the third quarter of 2025, driven by higher unit sales of our advanced, cost-effective SSi Mantra 3 surgical robotic system in India and abroad. The SSi Mantra’s rapidly expanding installed base and increasing utilization reflect its cost advantages, ease of use, differentiated features, and compelling surgical outcomes.”

Dr. Srivastava continued, “We’ve become a leader in the large and growing India market and remain committed to democratizing access globally to cutting edge surgical robotic care. We now have regulatory approval for the SSi Mantra in seven countries and are taking steps to enter the U.S. and European Union markets. In September 2025, we successfully completed a human factors validation study at Johns Hopkins Hospital. This study will be an integral component of our upcoming 510(k) premarket notification, which we anticipate submitting to U.S. Food and Drug Administration (the “FDA”) in the fourth quarter of 2025. We also continue along the pathway towards a European Union CE marking certification in the first half of 2026. In conclusion, we are making good progress towards important regulatory milestones and remain well positioned for continuing robust organic growth in our existing markets.”

Select Business Highlights in Third Quarter 2025

  • On September 9, 2025, the Company announced the successful completion of the first robotic telesurgery performed with the SSi Mantra surgical robotic system from the Mantra M mobile robotic telesurgery unit.
  • On September 16, 2025, the Company announced the successful completion of the world’s first pediatric pyeloplasty telesurgery utilizing the SSi Mantra surgical robotic system.
  • On September 26, 2025, the Company announced the appointment of Naveen Kumar Amar as Chief Financial Officer.
  • In September 2025, the Company successfully completed a human factors validation study for the SSi Mantra at Johns Hopkins Hospital. This study will be a key component of the Company’s 510(k) premarket notification, which is expected to be submitted to the FDA in the fourth quarter of 2025.

Revenue Breakdown and Summary of Installations / Surgeries

CategoryQ3 2024Q3 2025VariancePercentage
System sales$3,969,805$11,705,375$7,735,570194.9%
Instrument sales337,580854,440$516,860153.1%
Warranty sales58,547244,399$185,852317.4%
Lease income20,58425,135$4,55122.1%
Total revenue$4,386,516$12,829,349$8,442,833192.5%
SSi Mantra installations62721350.0%
Cumulative installed base14312784195.3%
SSi Mantra surgeries6501,367717110.3%
Cumulative surgeries12,1496,0573,908181.9%

1 at period end

Category9M 20249M 2025VariancePercentage
System sales$11,722,762$24,988,895$13,266,133113.2%
Instrument sales660,2162,339,478$1,679,262254.4%
Warranty sales96,749560,262$463,513479.1%
Lease income53,60861,629$8,02115.0%
Total revenue$12,533,335$27,950,264$15,416,929123.0%
SSi Mantra installations256338152.0%
SSi Mantra surgeries1,5293,2591,730113.1%

Upcoming Investor ConferencesSS Innovations is scheduled to participate in the following upcoming investor conferences:

UBS Global Healthcare Conference Palm Beach Gardens, FLTuesday, November 11, 2025Management will be available for one-on-one and small group meetings throughout the day.

Stifel 2025 Healthcare Conference New York, NYWednesday, November 12, 2025Group presentation: 4:40 p.m. Eastern TimeManagement will be available for one-on-one and small group meetings throughout the day.

A live webcast and replay of the Stifel group presentation will be accessible on the Company’s website at https://ssinnovations.com/investor-overview/.

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
September 30, 2025December 31, 2024
ASSETS
Current Assets:
Cash and cash equivalents$5,681,657$466,500
Restricted cash6,023,9335,838,508
Accounts receivable, net6,917,0404,466,047
Inventory20,036,00510,206,898
Prepaids and other current assets9,766,2036,438,338
Total Current Assets48,424,83827,416,291
Property, plant, and equipment, net8,249,7255,385,955
Right of use asset, net2,458,5732,623,880
Deferred tax assets, net155,056-
Accounts receivable, net-non current6,922,7003,299,032
Restricted cash- non current333,657318,527
Prepaids and other non current assets3,032,4783,341,528
Total Assets$69,577,027$42,385,213
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY
Current Liabilities
Bank overdraft facility$10,069,783$7,994,906
Notes payable-7,450,000
Current portion of operating lease liabilities341,371409,518
Accounts payable4,656,9662,312,382
Deferred revenue2,512,9901,278,602
Accrued expenses & other current liabilities3,606,4391,884,814
Total Current Liabilities21,187,54921,330,222
Operating lease liabilities, less current portion2,273,1112,349,118
Deferred Revenue- non current6,277,6595,173,953
Other non current liabilities189,40274,817
Total Liabilities$29,927,721$28,928,110
Commitments and contingencies
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 September 30, 2025 and December 31, 202411
Common stock,  250,000,000 shares authorized, $0.0001 par value, 193,592,410 shares and 171,579,284 shares issued and outstanding as of September 30, 2025 and December 31, 2024 respectively19,35817,157
Accumulated other comprehensive income (loss)(1,304,825)(749,625)
Additional paid in capital93,353,41256,952,200
Capital reserve899,917899,917
Accumulated deficit(53,318,557)(43,662,547)
Total stockholders’ equity39,649,30613,457,103
Total liabilities and stockholders’ equity$69,577,027$42,385,213
SS INNOVATIONS INTERNATIONAL, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS(Unaudited)
For the three months ended
September 30,2025September 30, 2024
REVENUES
System sales11,705,3753,969,805
Instruments sale854,440337,580
Warranty sale244,39958,547
Lease income25,13520,584
Total revenue$12,829,349$4,386,516
Cost of revenue(6,664,413)(2,069,109)
GROSS PROFIT6,164,9362,317,407
OPERATING EXPENSES:
Research & development expense786,319442,839
Stock compensation expense2,095,1632,451,355
Depreciation and amortization expense297,173119,502
Selling, general and administrative expense4,821,5522,508,479
TOTAL OPERATING EXPENSES8,000,2075,522,175
Loss from operations(1,835,271)(3,204,768)
OTHER INCOME (EXPENSE):
Interest Expense(176,636)(247,616)
Interest and other income, net141,002206,901
TOTAL INCOME / (EXPENSE), NET(35,634)(40,715)
LOSS BEFORE INCOME TAXES(1,870,905)(3,245,483)
Income tax expense1,847,059—
NET LOSS$(3,717,964)$(3,245,483)
Net loss per share - basic and diluted$(0.02)$(0.02)
Weighted average - basic shares193,589,845170,781,337
Weighted average - diluted shares202,856,501181,885,269
CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE LOSS
NET LOSS$(3,717,964)$(3,245,483)
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation loss(480,822)(59,087)
Retirement Benefit (net of tax)(544)(1,946)
Income tax effect relating to retirement benefit(646)—
TOTAL OTHER COMPREHENSIVE LOSS(482,012)(61,033)
TOTAL COMPREHENSIVE LOSS$(4,199,976)$(3,306,516)
SS INNOVATIONS INTERNATIONAL, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS(Unaudited)
For the nine months ended
September 30, 2025September 30, 2024
REVENUES
System sales24,988,89511,722,762
Instruments sale2,339,478660,216
Warranty sale560,26296,749
Lease income61,62953,608
Total revenue$27,950,264$12,533,335
Cost of revenue(14,783,062)(8,049,960)
GROSS PROFIT13,167,2024,483,375
OPERATING EXPENSES:
Research & development expense2,295,0141,729,834
Stock compensation expense6,104,67012,003,897
Depreciation and amortization expense766,416290,079
Selling, general and administrative expense11,460,1397,596,841
TOTAL OPERATING EXPENSES20,626,23921,620,651
Loss from operations(7,459,037)(17,137,276)
OTHER INCOME (EXPENSE):
Interest Expense(773,341)(680,281)
Interest and other income, net777,158589,751
TOTAL INCOME / (EXPENSE), NET3,817(90,530)
LOSS BEFORE INCOME TAXES(7,455,220)(17,227,806)
Income tax expense2,200,788-
NET LOSS$(9,656,008)$(17,227,806)
Net loss per share - basic and diluted$(0.05)$(0.10)
Weighted average - basic shares188,720,115170,750,183
Weighted average - diluted shares197,979,738181,779,811
CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE LOSS
NET LOSS$(9,656,008)$(17,227,806)
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation loss(539,960)(154,532)
Retirement Benefit (net of tax)(20,366)9,860
Income tax effect relating to retirement benefit5,126-
TOTAL OTHER COMPREHENSIVE LOSS(555,200)(144,672)
TOTAL COMPREHENSIVE LOSS$(10,211,208)$(17,372,478)
SS INNOVATIONS INTERNATIONAL, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited)
For the Nine months ended
September 30,2025September 30,2024
Cash flows from operating activities:
Net loss$(9,656,008)$(17,227,806)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization766,416290,079
Operating lease expense600,006553,715
Interest Expense175,243217,788
Interest and other income, net(301,240)(257,977)
(Reversal of) / Provision for credit loss reserve241,403720,732
Deferred income tax benefit(155,056)-
Stock compensation expense6,104,67012,003,897
Changes in operating assets and liabilities:
Accounts receivable, net(6,086,871)(3,741,191)
Inventory, net(11,514,766)(5,254,740)
Deffered revenue2,338,0945,502,658
Prepaids and other assets(3,450,327)(667,764)
Accounts payable2,344,584897,060
Income taxes payable, net2,192,881-
Accrued expenses & other liabilities(49,083)1,241,298
Operating lease payment(573,363)(519,018)
Net cash used in operating activities(17,023,417)(6,241,269)
Cash flows from investing activities:
Purchase of property, plant and equipment(1,944,527)(536,337)
Net cash used in investing activities(1,944,527)(536,337)
Cash flows from financing activities:
Proceeds from bank overdraft facility (net)2,074,8771,064,946
Proceeds from issuance of promissory notes to principal shareholder-2,500,000
Proceeds from issuance of convertible notes to principal shareholder28,000,0001,000,000
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 activities24,793,3916,014,946
Net change in cash5,825,447(762,660)
Effect of exchange rate on cash(409,735)(172,923)
Cash and cash equivalents at the beginning of the period6,623,5357,087,845
Cash and cash equivalents at end of the period$12,039,247$6,152,262
^ For cash and cash equivalents and restricted cash, refer Note 7
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$2,849,073
Transfer of systems from property, plant and equipment to inventory$482,312$-

Primary Logo

Source: SS Innovations

SS Innovations International Inc. on 6ix

Story so far

Earlier from SS Innovations International

Later from SS Innovations International

All SS Innovations International news releases