Latest news with #SSiMantra
Yahoo
5 days ago
- Business
- Yahoo
SS Innovations Reports Second Quarter 2025 Financial Results
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 VarianceSystem 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 VarianceSystem 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 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 kahl@ Devin Sullivan, Managing Director T: (212) 836-9608dsullivan@ Media Contact:RooneyPartners LLCKate BarretteT: (212) 223-0561kbarrette@ SS INNOVATIONS INTERNATIONAL, 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, 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, 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, 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 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
5 days ago
- Business
- Yahoo
SS Innovations Reports Second Quarter 2025 Financial Results
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 VarianceSystem 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 VarianceSystem 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 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 kahl@ Devin Sullivan, Managing Director T: (212) 836-9608dsullivan@ Media Contact:RooneyPartners LLCKate BarretteT: (212) 223-0561kbarrette@ SS INNOVATIONS INTERNATIONAL, 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, 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, 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, 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
Yahoo
15-07-2025
- Business
- Yahoo
SS Innovations Surpasses Milestone of 100 Installations of the SSi Mantra Surgical Robotic System
Continuing strong procedure growth, including an upsurge in telesurgeries FORT LAUDERDALE, Fla., July 15, 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 that the Company has installed more than 100 SSi Mantra surgical robotic systems in India and six other countries. To date, more than 5,000 surgical procedures have been successfully performed utilizing the SSi Mantra, including 240 cardiac surgeries and 32 telesurgeries. As of December 31, 2024, a total of 2,759 robotic surgeries had been successfully completed using the SSi Mantra, including 151 cardiac surgeries and 9 telesurgeries. Dr. Sudhir Srivastava, Chairman of the Board and Chief Executive Officer of SS Innovations, commented, 'We are thrilled to surpass the milestone of 100 installations of our SSi Mantra surgical robotic system in India and beyond. We are seeing growing demand for and acceptance of the SSi Mantra, which reflects its premium quality, innovative features, ease of use, improved patient experience, and overall cost-effectiveness. We aim to democratize access to cutting edge robotic surgery through deploying SSi Mantra in existing markets while simultaneously pursuing new geographies. In that regard, we expect to submit a De Novo application for approval to market the SSi Mantra to the U.S. Food and Drug Administration by the end of July 2025 for multiple indications and continue along the pathway towards a European Union CE marking certification as soon as late 2025.' 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 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 GroupKalle Ahl, CFAT: (303) 953-9878kahl@ Devin Sullivan, Managing Director T: (212) 836-9608dsullivan@ Media Contact:RooneyPartners LLCKate BarretteT: (212) 223-0561kbarrette@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
02-06-2025
- Business
- Yahoo
SS Innovations to Ring the Nasdaq Opening Bell on Tuesday, June 3, 2025
FORT LAUDERDALE, Fla., June 02, 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 that the Company will ring the opening bell at the Nasdaq MarketSite in New York City on Tuesday, June 3, 2025. Dr. Sudhir Srivastava, Chairman of the Board and Chief Executive Officer of SS Innovations, will lead the bell ringing ceremony and be joined by members of the Company's management team, Board of Directors, advisors, and other guests. Dr. Srivastava commented, 'This event commemorates the April 2025 uplisting of SS Innovations' common stock to Nasdaq, a major milestone that would not have been possible without the dedication and hard work of our entire team in developing the SSi Mantra, a cost-effective, differentiated surgical robotic system of premier quality. We also are celebrating the successful completion of more than 4,000 robotic surgeries by the SSi Mantra across over one hundred types of surgeries without any complications, injuries or mortalities – a notable milestone that we surpassed last month. We are encouraged by the growing acceptance of the SSi Mantra among physicians across India and in six other countries, and we are pursuing new markets around the world, including the European Union and the United States. Through growing global deployment of the SSi Mantra, we aim to enable advanced, accessible, and affordable robotic surgery for a broader segment of patients in need.' The live broadcast of the Nasdaq Opening Bell ceremony will begin at 9:15 a.m. Eastern Time and will be available, along with a replay of the event, at: 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 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 kahl@ Devin Sullivan, Managing Director T: (212) 836-9608dsullivan@ Media Contact:press@ (212) 739-0300
Yahoo
27-05-2025
- Business
- Yahoo
SS Innovations Surpasses Milestone of 4,000 Robotic Surgeries Successfully Performed with the SSi Mantra Surgical Robotic System
FORT LAUDERDALE, Fla., May 27, 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 that the Company's SSi Mantra surgical robotic system has been utilized to successfully perform more than 4,000 robotic surgeries across more than one hundred types of surgeries without any complications, injuries or mortalities. Of note, this milestone includes approximately 215 cardiac surgical procedures, of which six were successfully performed via telesurgery across India with the SSi Mantra 3 surgical robotic system. Dr. Sudhir Srivastava, Chairman of the Board and Chief Executive Officer of SS Innovations, commented, 'The milestone of 4,000 robotic surgeries successfully performed with our SSi Mantra surgical robotic system reflects its world-class quality, differentiated features, ease of use, and growing acceptance by leading physicians in India, where SS Innovations leads the market, and beyond. Our SSi Mantra systems are cleared to market in seven countries, and we are taking important steps to enter the United States and European Union markets. We continue along the pathway towards a European Union CE Mark decision as soon as late 2025 and a U.S. Food and Drug Administration decision as soon as the first half of 2026.' Surgery types performed with the SSi Mantra to date: General Surgery Urology Gynecology Cardiac Gastrointestinal Thoracic Head and Neck Breast and Plastic Countries where the SSi Mantra is approved to market: India Nepal Ecuador Guatemala Philippines Indonesia Ukraine 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 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@ Devin Sullivan, Managing Director T: (212) 836-9608dsullivan@ Media Contact:press@ (212) 739-0300Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
