SS Innovations Reports Third Quarter 2025 Financial Results
Quarterly Revenue Increased 192.5% Year over Year to $12.8 Million Driven by Higher SSi Mantra 3 Unit Sales
Fort Lauderdale, FL – October 28, 2025 – 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
| Category | Q3 2024 | Q3 2025 | Variance | Percentage | ||||||||||||
| System sales | $ | 3,969,805 | $ | 11,705,375 | $ | 7,735,570 | 194.9 | % | ||||||||
| Instrument sales | 337,580 | 854,440 | $ | 516,860 | 153.1 | % | ||||||||||
| Warranty sales | 58,547 | 244,399 | $ | 185,852 | 317.4 | % | ||||||||||
| Lease income | 20,584 | 25,135 | $ | 4,551 | 22.1 | % | ||||||||||
| Total revenue | $ | 4,386,516 | $ | 12,829,349 | $ | 8,442,833 | 192.5 | % | ||||||||
| SSi Mantra installations | 6 | 27 | 21 | 350.0 | % | |||||||||||
| Cumulative installed base1 | 43 | 127 | 84 | 195.3 | % | |||||||||||
| SSi Mantra surgeries | 650 | 1,367 | 717 | 110.3 | % | |||||||||||
| Cumulative surgeries1 | 2,149 | 6,057 | 3,908 | 181.9 | % | |||||||||||
| 1 | at period end |
2
| Category | 9M 2024 | 9M 2025 | Variance | Percentage | ||||||||||||
| System sales | $ | 11,722,762 | $ | 24,988,895 | $ | 13,266,133 | 113.2 | % | ||||||||
| Instrument sales | 660,216 | 2,339,478 | $ | 1,679,262 | 254.4 | % | ||||||||||
| Warranty sales | 96,749 | 560,262 | $ | 463,513 | 479.1 | % | ||||||||||
| Lease income | 53,608 | 61,629 | $ | 8,021 | 15.0 | % | ||||||||||
| Total revenue | $ | 12,533,335 | $ | 27,950,264 | $ | 15,416,929 | 123.0 | % | ||||||||
| SSi Mantra installations | 25 | 63 | 38 | 152.0 | % | |||||||||||
| SSi Mantra surgeries | 1,529 | 3,259 | 1,730 | 113.1 | % | |||||||||||
Upcoming Investor Conferences
SS Innovations is scheduled to participate in the following upcoming investor conferences:
UBS Global Healthcare Conference
Palm Beach Gardens, FL
Tuesday, November 11, 2025
Management will be available for one-on-one and small group meetings throughout the day.
Stifel 2025 Healthcare Conference
New York, NY
Wednesday, November 12, 2025
Group presentation: 4:40 p.m. Eastern Time
Management 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/.
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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
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SS INNOVATIONS INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
| As of | ||||||||
| September 30, 2025 | December 31, 2024 | |||||||
| ASSETS | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ | 5,681,657 | $ | 466,500 | ||||
| Restricted cash | 6,023,933 | 5,838,508 | ||||||
| Accounts receivable, net | 6,917,040 | 4,466,047 | ||||||
| Inventory | 20,036,005 | 10,206,898 | ||||||
| Prepaids and other current assets | 9,766,203 | 6,438,338 | ||||||
| Total Current Assets | 48,424,838 | 27,416,291 | ||||||
| Property, plant, and equipment, net | 8,249,725 | 5,385,955 | ||||||
| Right of use asset, net | 2,458,573 | 2,623,880 | ||||||
| Deferred tax assets, net | 155,056 | - | ||||||
| Accounts receivable, net-non current | 6,922,700 | 3,299,032 | ||||||
| Restricted cash- non current | 333,657 | 318,527 | ||||||
| Prepaids and other non current assets | 3,032,478 | 3,341,528 | ||||||
| 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 liabilities | 341,371 | 409,518 | ||||||
| Accounts payable | 4,656,966 | 2,312,382 | ||||||
| Deferred revenue | 2,512,990 | 1,278,602 | ||||||
| Accrued expenses & other current liabilities | 3,606,439 | 1,884,814 | ||||||
| Total Current Liabilities | 21,187,549 | 21,330,222 | ||||||
| Operating lease liabilities, less current portion | 2,273,111 | 2,349,118 | ||||||
| Deferred Revenue- non current | 6,277,659 | 5,173,953 | ||||||
| Other non current liabilities | 189,402 | 74,817 | ||||||
| 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, 2024 | 1 | 1 | ||||||
| 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 respectively | 19,358 | 17,157 | ||||||
| Accumulated other comprehensive income (loss) | (1,304,825 | ) | (749,625 | ) | ||||
| Additional paid in capital | 93,353,412 | 56,952,200 | ||||||
| Capital reserve | 899,917 | 899,917 | ||||||
| Accumulated deficit | (53,318,557 | ) | (43,662,547 | ) | ||||
| Total stockholders’ equity | 39,649,306 | 13,457,103 | ||||||
| Total liabilities and stockholders’ equity | $ | 69,577,027 | $ | 42,385,213 | ||||
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SS INNOVATIONS INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)
| For the three months ended | ||||||||
| September 30, 2025 | September 30, 2024 | |||||||
| REVENUES | ||||||||
| System sales | 11,705,375 | 3,969,805 | ||||||
| Instruments sale | 854,440 | 337,580 | ||||||
| Warranty sale | 244,399 | 58,547 | ||||||
| Lease income | 25,135 | 20,584 | ||||||
| Total revenue | $ | 12,829,349 | $ | 4,386,516 | ||||
| Cost of revenue | (6,664,413 | ) | (2,069,109 | ) | ||||
| GROSS PROFIT | 6,164,936 | 2,317,407 | ||||||
| OPERATING EXPENSES: | ||||||||
| Research & development expense | 786,319 | 442,839 | ||||||
| Stock compensation expense | 2,095,163 | 2,451,355 | ||||||
| Depreciation and amortization expense | 297,173 | 119,502 | ||||||
| Selling, general and administrative expense | 4,821,552 | 2,508,479 | ||||||
| TOTAL OPERATING EXPENSES | 8,000,207 | 5,522,175 | ||||||
| Loss from operations | (1,835,271 | ) | (3,204,768 | ) | ||||
| OTHER INCOME (EXPENSE): | ||||||||
| Interest Expense | (176,636 | ) | (247,616 | ) | ||||
| Interest and other income, net | 141,002 | 206,901 | ||||||
| TOTAL INCOME / (EXPENSE), NET | (35,634 | ) | (40,715 | ) | ||||
| LOSS BEFORE INCOME TAXES | (1,870,905 | ) | (3,245,483 | ) | ||||
| Income tax expense | 1,847,059 | — | ||||||
| NET LOSS | $ | (3,717,964 | ) | $ | (3,245,483 | ) | ||
| Net loss per share - basic and diluted | $ | (0.02 | ) | $ | (0.02 | ) | ||
| Weighted average - basic shares | 193,589,845 | 170,781,337 | ||||||
| Weighted average - diluted shares | 202,856,501 | 181,885,269 | ||||||
| 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 | ) | ||
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SS INNOVATIONS INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)
| For the nine months ended | ||||||||
| September 30, 2025 | September 30, 2024 | |||||||
| REVENUES | ||||||||
| System sales | 24,988,895 | 11,722,762 | ||||||
| Instruments sale | 2,339,478 | 660,216 | ||||||
| Warranty sale | 560,262 | 96,749 | ||||||
| Lease income | 61,629 | 53,608 | ||||||
| Total revenue | $ | 27,950,264 | $ | 12,533,335 | ||||
| Cost of revenue | (14,783,062 | ) | (8,049,960 | ) | ||||
| GROSS PROFIT | 13,167,202 | 4,483,375 | ||||||
| OPERATING EXPENSES: | ||||||||
| Research & development expense | 2,295,014 | 1,729,834 | ||||||
| Stock compensation expense | 6,104,670 | 12,003,897 | ||||||
| Depreciation and amortization expense | 766,416 | 290,079 | ||||||
| Selling, general and administrative expense | 11,460,139 | 7,596,841 | ||||||
| TOTAL OPERATING EXPENSES | 20,626,239 | 21,620,651 | ||||||
| Loss from operations | (7,459,037 | ) | (17,137,276 | ) | ||||
| OTHER INCOME (EXPENSE): | ||||||||
| Interest Expense | (773,341 | ) | (680,281 | ) | ||||
| Interest and other income, net | 777,158 | 589,751 | ||||||
| TOTAL INCOME / (EXPENSE), NET | 3,817 | (90,530 | ) | |||||
| LOSS BEFORE INCOME TAXES | (7,455,220 | ) | (17,227,806 | ) | ||||
| Income tax expense | 2,200,788 | - | ||||||
| NET LOSS | $ | (9,656,008 | ) | $ | (17,227,806 | ) | ||
| Net loss per share - basic and diluted | $ | (0.05 | ) | $ | (0.10 | ) | ||
| Weighted average - basic shares | 188,720,115 | 170,750,183 | ||||||
| Weighted average - diluted shares | 197,979,738 | 181,779,811 | ||||||
| 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 benefit | 5,126 | - | ||||||
| TOTAL OTHER COMPREHENSIVE LOSS | (555,200 | ) | (144,672 | ) | ||||
| TOTAL COMPREHENSIVE LOSS | $ | (10,211,208 | ) | $ | (17,372,478 | ) | ||
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SS INNOVATIONS INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| For the Nine months ended | ||||||||
| September 30, 2025 | September 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 amortization | 766,416 | 290,079 | ||||||
| Operating lease expense | 600,006 | 553,715 | ||||||
| Interest Expense | 175,243 | 217,788 | ||||||
| Interest and other income, net | (301,240 | ) | (257,977 | ) | ||||
| (Reversal of) / Provision for credit loss reserve | 241,403 | 720,732 | ||||||
| Deferred income tax benefit | (155,056 | ) | - | |||||
| Stock compensation expense | 6,104,670 | 12,003,897 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable, net | (6,086,871 | ) | (3,741,191 | ) | ||||
| Inventory, net | (11,514,766 | ) | (5,254,740 | ) | ||||
| Deffered revenue | 2,338,094 | 5,502,658 | ||||||
| Prepaids and other assets | (3,450,327 | ) | (667,764 | ) | ||||
| Accounts payable | 2,344,584 | 897,060 | ||||||
| Income taxes payable, net | 2,192,881 | - | ||||||
| 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) | 2,074,877 | 1,064,946 | ||||||
| Proceeds from issuance of promissory notes to principal shareholder | - | 2,500,000 | ||||||
| Proceeds from issuance of convertible notes to principal shareholder | 28,000,000 | 1,000,000 | ||||||
| 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 | 24,793,391 | 6,014,946 | ||||||
| Net change in cash | 5,825,447 | (762,660 | ) | |||||
| Effect of exchange rate on cash | (409,735 | ) | (172,923 | ) | ||||
| 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 | $ | 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 | $ | - | ||||
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