SS Innovations Reports Second Quarter 2025 Financial Results

Rhea-AI Summary

SS Innovations (NASDAQ:SSII) reported strong Q2 2025 financial results, with record quarterly revenue of $10.0 million, up 121.8% year-over-year. The company's gross margin expanded significantly to 59.1% from 31.9% in Q2 2024, while gross profit surged 311.4% to $5.9 million.

The SSi Mantra surgical robotic system achieved 23 new installations in Q2, a 130% increase from the previous year, bringing the total installed base to 105 systems across seven countries. The company reported 4,657 cumulative surgeries and expects to submit a 510(k) application to the FDA by September 2025. Notable achievements include the world's first robotic cardiac surgery in the Western Hemisphere and breakthrough telesurgery procedures.

The company maintains a strong financial position with zero long-term debt and $11.4 million in cash. SS Innovations successfully uplisted to Nasdaq in April 2025, marking a new phase in its global expansion strategy.

Positive

• Record quarterly revenue of $10.0 million, up 121.8% year-over-year
• Gross margin significantly expanded to 59.1% from 31.9% in Q2 2024
• SSi Mantra installations increased 130% to 23 units in Q2 2025
• Net loss narrowed substantially to $0.3 million from $4.1 million in Q2 2024
• Zero long-term debt with $11.4 million cash position
• Successful uplisting to Nasdaq in April 2025
• Achieved multiple 'world firsts' in robotic telesurgery and cardiac procedures
• Faster regulatory pathway through 510(k) application versus previous De Novo plan

Negative

• Company still operating at a net loss, though minimal
• Cash position of $11.4 million may require additional funding for global expansion
• Still awaiting key regulatory approvals in major markets (FDA and EU)

Insights

Financial Analyst

SS Innovations delivered exceptional Q2 results with 122% revenue growth and triple-digit margin expansion, nearing breakeven despite early commercialization stage.

SS Innovations has delivered a remarkable financial performance in Q2 2025 with $10.0 million in quarterly revenue, representing a 121.8% year-over-year increase. The company's growth trajectory is accelerating, driven primarily by their SSi Mantra 3 surgical robotic system, with installations increasing 130% compared to Q2 2024.

The most impressive aspect is the dramatic improvement in profitability metrics. Gross margin expanded significantly from 31.9% to 59.1%, resulting in gross profit more than tripling to $5.9 million. This margin expansion reflects improved manufacturing efficiency and economies of scale as production volumes increase. The company has also substantially narrowed its net loss to just $0.3 million from $4.1 million in the year-ago quarter, bringing them to the cusp of profitability despite being in an early commercialization phase.

Revenue diversification is improving as well, with instrument sales growing 393.7% and warranty sales up 571.5%, though system sales still comprise the vast majority of revenue at $8.8 million. This evolution toward a more balanced revenue mix suggests the beginnings of a recurring revenue model as the installed base grows.

The financial position appears stable with $11.4 million in cash and zero long-term debt. The installed base of 105 systems across seven countries and cumulative surgeries reaching 4,657 demonstrates market traction. The shift from a De Novo to 510(k) FDA application pathway could potentially accelerate U.S. market entry, though regulatory outcomes remain uncertain.

The company's plan to submit for FDA approval by September 2025 and potential EU certification by late 2025 outlines a clear path to major market expansion beyond their current footprint, which appears concentrated in India based on the surgical milestones mentioned.

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 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

FAQ

What were SS Innovations (SSII) Q2 2025 earnings results?

SS Innovations reported Q2 2025 revenue of $10.0 million, up 121.8% year-over-year, with a net loss of $0.3 million or $(0.00) per share. Gross margin expanded to 59.1% from 31.9% in Q2 2024.

How many SSi Mantra surgical robots were installed in Q2 2025?

SS Innovations installed 23 SSi Mantra surgical robots in Q2 2025, up 130% from 10 installations in Q2 2024 and 53% from 15 installations in Q1 2025.

What is SS Innovations' (SSII) regulatory timeline for FDA approval?

SS Innovations expects to submit a 510(k) application for multiple indications for the SSi Mantra 3 to the FDA by the end of September 2025, with EU CE marking certification possible by late 2025.

How many surgeries have been performed with SS Innovations' robotic system?

As of June 30, 2025, 4,657 cumulative surgeries have been performed using the SSi Mantra system across 105 installations in seven countries, with no device-related adverse events.

What is SS Innovations' (SSII) current financial position?

As of Q2 2025, SS Innovations has zero long-term debt and $11.4 million in cash and cash equivalents, excluding restricted cash.