SS Innovations Reports First Quarter 2026 Financial Results
Rhea-AI Summary
SS Innovations (Nasdaq: SSII) reported record Q1 2026 revenue of $11.1 million, up 116.8% year over year. Gross margin rose to 48.0% and gross profit reached $5.3 million. Net loss narrowed to $3.6 million ($0.02/share). The SSi Mantra installed base grew to 194 systems across eleven countries with 9,744 cumulative surgeries. Cash and cash equivalents were $16.0 million with no long-term debt. The company raised $18.6 million in a March 2026 private placement and gained new regulatory approvals for SSi Mantra in Sri Lanka, Kenya, Indonesia, and the Philippines.
AI-generated analysis. Not financial advice.
Positive
- Revenue increased 116.8% year over year to $11.1 million in Q1 2026
- Gross margin expanded to 48.0% from 21.2% in Q1 2025
- Gross profit rose to $5.3 million, up 390.0% year over year
- Net loss improved to $3.6 million from $5.7 million year over year
- SSi Mantra installations rose 73.3% to 26 units in Q1 2026
- Cumulative installed base reached 194 systems across eleven countries
- Cumulative surgeries increased to 9,744, including telesurgery, cardiac, and pediatric cases
- Company reported long-term debt of $0 as of March 31, 2026
- Cash and cash equivalents totaled $16.0 million, excluding restricted cash
- March 2026 private placement raised approximately $18.6 million in gross proceeds
- Regulatory approvals obtained for SSi Mantra in Sri Lanka and Kenya
- SSi Mantra received telesurgery approvals in Indonesia and the Philippines
Negative
- Company recorded a Q1 2026 net loss of $3.6 million
- Lease income declined 7.2% year over year to $17,082
- 5,774,839 new common shares were issued in the March 2026 private placement
Key Figures
Market Reality Check
Peers on Argus
SSII gained 0.74% vs mixed peer moves: NVCR (+1.10%), BBNX (+0.41%), IART (‑0.36%), AHCO (‑0.09%), ESTA (‑2.97%). Momentum scanner only flagged TNDM (+4.77%) and no same-direction cluster, pointing to a stock-specific response to Q1 earnings.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 10 | FY25 earnings | Positive | -5.6% | Reported 2025 revenue up 105.7% to $42.5M with gross margin at 46.0%. |
| Oct 28 | Q3 2025 earnings | Positive | +1.5% | Q3 2025 revenue up 192.5% to $12.8M, strong installations and surgeries. |
| Aug 07 | Q2 2025 earnings | Positive | +3.8% | Record Q2 2025 revenue of $10.0M and gross margin expansion to 59.1%. |
| May 14 | Q1 2025 earnings | Positive | -1.0% | Record Q1 2025 revenue of $5.1M with improved net loss and growth. |
| May 05 | Q1 2025 guidance | Positive | +2.3% | Reiterated Q1 2025 guidance with ~$6.4M revenue and 45% gross margin. |
Earnings releases have generally been positive operationally, but share reactions have been mixed, with both rallies and selloffs following strong growth prints.
Over the last year, SS Innovations has repeatedly reported rapid growth and expanding adoption. Q1 2025 showed record $5.1M revenue, followed by Q2 and Q3 2025 with accelerating sales, higher gross profit, and growing SSi Mantra installations and surgeries. Full-year 2025 revenue reached $42.5M with gross margin at 46.0%, while losses narrowed. Management consistently highlighted zero long‑term debt, strengthening cash balances, and a roadmap toward FDA 510(k) review and EU CE marking, setting the stage for Q1 2026’s further revenue and margin gains.
Historical Comparison
Across five recent earnings-related releases, SSII’s average next-day move was about 0.21%, with both rallies and pullbacks despite consistently strong growth metrics.
Earnings updates show a progression from early record quarters in 2025 to full-year 2025 revenue of $42.5M, rising gross margins, expanding SSi Mantra installations and surgeries, and a consistent path toward FDA 510(k) review and EU CE marking.
Regulatory & Risk Context
An effective S-3 shelf filed on May 1, 2026 registers up to $150,000,000 of securities plus 5,016,500 resale shares, including stock from the March 6, 2026 private placement and associated warrants. The company would only receive proceeds from primary issuances or warrant exercises; resales by existing holders do not provide cash to SS Innovations.
Market Pulse Summary
This announcement highlights record Q1 2026 revenue of $11.1M, sharply higher gross margin of 48.0%, and an expanded SSi Mantra installed base of 194 systems with 9,744 cumulative surgeries. Management also completed a $18.6M private placement and is pursuing FDA 510(k) clearance and EU CE marking. Investors may watch future quarters for sustained margin performance, cash usage, and progress on U.S. and EU regulatory milestones.
Key Terms
telesurgery medical
private placement financial
form 10-q regulatory
510(k) premarket notification regulatory
AI-generated analysis. Not financial advice.
Record quarterly revenue driven by strong growth in SSi Mantra installations and procedures
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% from21.2% 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
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
| Category | Q1 2025 | Q1 2026 | Variance | Percentage | |||||
| System 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
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 | |||||||||
| 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, | 1 | 1 | |||||||
| Common stock, 250,000,000 shares authorized, | 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 | |||||
| SS INNOVATIONS INTERNATIONAL, INC. 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 | ) | |||
| (1) | These are reclassified to net loss and are included in other expenses in the condensed consolidated statements of operations. |
| SS INNOVATIONS INTERNATIONAL, INC. 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 | ||||
