FORT LAUDERDALE, Fla., May 13, 2026 (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 months ended March 31, 2026. The Company also filed its Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, with the Securities and Exchange Commission on May 13, 2026.
First Quarter 2026 Overview
- Revenue increased 116.8% to $11.1 million from $5.1 million in the first quarter of 2025.
- Gross margin expanded to 48.0% from 21.2% in the first quarter of 2025.
- Gross profit rose 390.0% to $5.3 million from $1.1 million in the first quarter of 2025.
- Net loss of $3.6 million, or $(0.02) per diluted share, compared to a net loss of $5.7 million, or $(0.03) per diluted share, in the first quarter of 2025.
- SSi Mantra surgical robotic system installations totaled 26, up 73.3% from 15 installations in the first quarter of 2025.
As of March 31, 2026
- Long-term debt of $0.
- Cash and cash equivalents totaled $16.0 million, excluding restricted cash.
- SSi Mantra cumulative installed base totaled 194 across eleven countries and cumulative surgeries reached 9,744, including 157 telesurgeries, 482 cardiac procedures and 161 pediatric surgeries.
CEO Commentary
Dr. Sudhir Srivastava, Chairman of the Board and Chief Executive Officer of SS Innovations, commented, “In the first quarter of 2026 we reported record quarterly revenue of $11.1 million, up 117% year over year, driven by robust growth in SSi Mantra installations and procedures. Strong adoption by hospitals and physicians reflects the SSi Mantra’s cutting-edge surgical robotic technology, differentiated features, user friendliness, training capabilities, and cost efficiency. Among other developments in the quarter, we received regulatory approval for the SSi Mantra for multiple indications in Sri Lanka and Kenya and for telesurgery in Indonesia and the Philippines. We also successfully completed a private placement in March 2026 that provided SS Innovations with approximately $18.6 million in gross proceeds to fuel growth initiatives.”
Dr. Srivastava continued, “Looking ahead, we aim to fortify our position as a leader in the substantial Indian market, expand our global footprint in underserved countries, and secure entry into the United States and European Union markets. We expect the U.S. Food and Drug Administration to complete its review of our 510(k) premarket notification for the SSi Mantra this year. Separately, we continue along the pathway towards a European Union CE marking certification for the SSi Mantra, which we believe we can also obtain in 2026. We are very excited about the growth runway ahead and remain steadfast in our commitment to democratizing access to advanced surgical robotic care.”
Select Business Highlights in First Quarter 2025
- In January 2026, the Company received regulatory approval for the SSi Mantra from the National Medicines Regulatory Authority (“NMRA”) in Sri Lanka and from the Pharmacy and Poisons Board (“PPB”) in Kenya.
- On March 9, 2026, the Company announced the completion of a private placement of its common stock, generating approximately $18.6 million in gross proceeds before deducting offering expenses, to support growth initiatives. In the offering, the Company offered and sold a total of 5,774,839 shares of common stock consisting of: an aggregate of 1,300,006 shares of common stock at an average price of $4.00 per share to certain of the Company’s directors and executive officers, or a total of approximately $5.2 million; and an aggregate of 4,474,833 shares of common stock at $3.00 per share, or approximately $13.4 million cumulatively, to non-affiliate investors.
- On March 18, 2026, the Company announced that the SSi Mantra surgical robotic system received approval for telesurgeries in Indonesia and the Philippines.
Revenue Breakdown and Summary of Installations / Surgeries
CategoryQ1 2025Q1 2026VariancePercentageSystem sales$4,502,482$9,575,370$5,072,888 112.7%Instrument sales 477,208 1,151,228 674,020 141.2%Warranty sales 122,504 357,686 235,182 192.0%Lease income 18,416 17,082 (1,334)(7.2)%Total revenue$5,120,610$11,101,366$5,980,756 116.8% SSi Mantra installations 15 26 11 73.3%Cumulative installed base1 78 194 116 148.7% SSi Mantra surgeries 787 1,859 1,072 136.2%Cumulative surgeries1 3,568 9,744 6,176 173.1%1 at period end
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 robotic surgical procedures including 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 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. The optional SSi MantrAsana Tele Surgeon Console is a portable, compact alternative to the SSi Mantra’s standard surgeon command center that provides equivalent control functionality while enabling enhanced portability, ergonomic flexibility, and telesurgery capability. The SSi Mantra utilizes over 40 different types of robotic endo-surgical instruments to support different specialties, including cardiac surgery, and 5mm instruments for the pediatric population and ENT surgeries. 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 has been clinically validated in India in more than 170 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
[email protected]
Devin Sullivan, Managing Director
T: (212) 836-9608
[email protected]
Media Contact:
RooneyPartners LLC
Kate Barrette
T: (212) 223-0561
[email protected]
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
As of March 31,
2026 December 31,
2025 ASSETS Current Assets: Cash and cash equivalents $15,979,714 $3,206,406 Restricted cash 7,631,336 5,937,650 Accounts receivable, net 14,054,376 12,398,542 Inventory 17,066,091 17,064,002 Prepaids and other current assets 11,530,000 10,166,823 Total Current Assets 66,261,517 48,773,423 Property, plant, and equipment, net 8,831,423 9,100,546 Right of use asset, net 2,499,490 2,754,020 Deferred tax assets, net 805,750 533,727 Accounts receivable, net-non current 7,265,911 8,566,654 Restricted cash- non current 394,630 458,964 Prepaids and other non current assets 4,488,168 4,038,883 Total Assets $90,546,889 $74,226,217 LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY Current Liabilities Bank overdraft facility $11,156,147 $11,442,948 Current portion of operating lease liabilities 576,237 579,169 Accounts payable 4,403,170 5,127,193 Deferred revenue 3,582,631 3,266,686 Accrued expenses & other current liabilities 6,326,818 5,825,702 Total Current Liabilities 26,045,003 26,241,698 Operating lease liabilities, less current portion 2,086,534 2,337,697 Deferred Revenue- non current 7,501,283 7,139,807 Other non current liabilities 390,656 288,764 Total Liabilities $36,023,476 $36,007,966 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 March 31, 2026, and December 31, 2025 1 1 Common stock, 250,000,000 shares authorized, $0.0001 par value, 200,131,535 shares and 194,165,141 shares issued and outstanding as of March 31, 2026 and December 31, 2025 respectively 20,013 19,416 Accumulated other comprehensive income (loss) (3,573,137) (2,022,660)Additional paid in capital 116,549,124 95,111,511 Capital reserve 899,917 899,917 Accumulated deficit (59,372,505) (55,789,934)Total stockholders’ equity 54,523,413 38,218,251 Total liabilities and stockholders’ equity $90,546,889 $74,226,217
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)
For The Three months ended March 31,
2026 March 31,
2025 REVENUES System sales 9,575,370 4,502,482 Instruments sale 1,151,228 477,208 Warranty sale 357,686 122,504 Lease income 17,082 18,416 Total revenue $11,101,366 $5,120,610 Cost of revenue (5,774,145) (4,033,402) GROSS PROFIT 5,327,221 1,087,208 OPERATING EXPENSES: Research & development expense 995,440 1,010,095 Stock compensation expense 3,144,315 2,379,212 Depreciation and amortization expense 323,747 208,882 Selling, general and administrative expense 4,502,476 3,410,872 TOTAL OPERATING EXPENSES 8,965,978 7,009,061 Loss from operations (3,638,757) (5,921,853) OTHER INCOME (EXPENSE): Interest Expense (284,051) (379,905)Interest and other income, net 491,589 620,405 TOTAL INCOME, NET 207,538 240,500 LOSS BEFORE INCOME TAXES (3,431,219) (5,681,353)Income tax expense 151,352 - NET LOSS $(3,582,571) $(5,681,353) CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE LOSS NET LOSS $(3,582,571) $(5,681,353) OTHER COMPREHENSIVE INCOME (LOSS): Foreign currency translation loss (1,557,111) 6,876 Retirement Benefit 4,781 15,838 RECLASSIFICATION ADJUSTMENTS: Retirement Benefit (1) 3,056 - Income tax effects relating to retirement benefit (1,203) - TOTAL OTHER COMPREHENSIVE LOSS (1,550,477) 22,714 TOTAL COMPREHENSIVE LOSS $(5,133,048) $(5,658,639)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
For The Three months ended March 31, 2026 March 31, 2025 Cash flows from operating activities: Net loss $(3,582,571) $(5,681,353)Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 323,747 208,882 Operating lease expense 220,493 205,275 Interest Expense 43,555 155,015 Interest and other income, net (415,465) (140,928)Deferred income tax benefit (301,036) - Stock compensation expense 3,144,315 2,379,212 Provision for / (Reversal of) credit loss reserve, net 230,616 (422,711)Provision for slow moving inventory (6,248) - Changes in operating assets and liabilities: Accounts receivable, net (245,111) 1,275,750 Inventory, net 4,159 (5,082,673)Deferred revenue 677,421 823,947 Prepaids and other assets (2,066,322) (1,003,604)Accounts payable (704,764) 1,329,028 Income taxes payable, net 323,014 - Accrued expenses & other liabilities 256,441 48,331 Operating lease payment (214,180) (197,545)Net cash used in operating activities (2,311,936) (6,103,374) Cash flows from investing activities: Purchase of property, plant and equipment (54,189) (872,804)Net cash used in investing activities (54,189) (872,804) Cash flows from financing activities: Proceeds from bank overdraft facility (net) (286,801) (312,495)Proceeds from Private Investment in Public Equity, net of transaction costs 18,446,498 - Proceeds from issuance of convertible notes to principal shareholder - 28,000,000 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 18,159,697 22,406,019 Net change in cash 15,793,572 15,429,841 Effect of exchange rate on cash (1,390,012) 25,412 Cash and cash equivalents at the beginning of the year 9,603,020 6,623,535 Cash and cash equivalents at end of the year $24,005,680 $22,078,788