SS Innovations Reports Fourth Quarter and Full Year 2025 Financial Results
Rhea-AI Summary
SS Innovations (Nasdaq: SSII) reported strong 2025 growth with revenue up 105.7% to $42.5M and gross margin expanding to 46.0%. SSi Mantra installations rose to 103 (+119.1%) and cumulative surgeries reached 7,885. The company completed a private placement raising ~$18.6M and had $3.2M cash as of December 31, 2025.
Fourth-quarter revenue was $14.5M (+79.1%) with 40 installations. Full-year net loss improved to $12.1M from $19.2M in 2024. Management expects FDA 510(k) review by mid-2026 and continued global expansion.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Positive
- Revenue +105.7% in 2025 to $42.5M
- SSi Mantra installations +119.1% to 103 in 2025
- Gross profit +131.2% to $19.5M and margin expanded to 46.0%
- Completed private placement raising approximately $18.6M
Negative
- Full-year net loss of $12.1M despite improvement versus 2024
- Cash and cash equivalents of $3.2M at year-end may limit near-term runway
- Q4 gross margin declined to 43.9% from 48.9% year-over-year
News Market Reaction – SSII
On the day this news was published, SSII declined 5.56%, reflecting a notable negative market reaction. Argus tracked a peak move of +24.4% during that session. Our momentum scanner triggered 10 alerts that day, indicating notable trading interest and price volatility. This price movement removed approximately $51M from the company's valuation, bringing the market cap to $859.06M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Oct 28 | Q3 2025 earnings | Positive | +1.5% | Q3 2025 revenue nearly tripled with strong installations and growing procedures. |
| Aug 07 | Q2 2025 earnings | Positive | +3.8% | Record Q2 revenue with sharply higher gross margin and expanding installed base. |
| May 14 | Q1 2025 earnings | Positive | -1.0% | Record Q1 revenue and margin expansion but shares slipped modestly afterward. |
| May 05 | Q1 2025 guidance | Positive | +2.3% | Reiterated Q1 guidance and strong Q2 order trends with rising installations. |
| Apr 22 | Q1 2024 update | Positive | +0.9% | Company update around Q1 2024 with generally constructive operational commentary. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings-related headlines have typically produced modest single-digit gains, with one negative reaction despite positive operating trends.
Over the past year, SS Innovations has repeatedly reported strong revenue growth and expanding SSi Mantra adoption. Prior earnings releases in Q1–Q3 2025 highlighted record revenues, higher gross margins, and a growing installed base with thousands of cumulative surgeries. Guidance and commentary have consistently referenced progress toward FDA 510(k) review and EU CE marking. Today’s Q4 and full-year 2025 results continue that trajectory, adding detail on installations, procedures, and profitability trends alongside previously reported preliminary figures.
Historical Comparison
In the past year SSII’s earnings and guidance headlines averaged a 1.51% move. Today’s earnings-related gain of 5.41% is stronger than prior same-tag reactions.
Earnings releases from Q1 through Q4 2025 show steadily rising revenue, improving margins, and a larger SSi Mantra installed base, alongside ongoing progress toward FDA 510(k) and EU CE milestones.
Regulatory & Risk Context
Key Terms
510(k) premarket notification regulatory
telesurgery medical
tele surgeon console medical
ce marking regulatory
private placement financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Strong growth in SSi Mantra installations, procedures and revenues
FORT LAUDERDALE, Fla., March 10, 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 and twelve months ended December 31, 2025. The Company also filed its Annual Report on Form 10-K for the year ended December 31, 2025, with the Securities and Exchange Commission on March 10, 2026.
Fourth Quarter 2025 Overview
- Revenue increased
79.1% to$14.5 million from$8.1 million in the fourth quarter of 2024. - Gross margin of
43.9% compared to48.9% in the fourth quarter of 2024. - Gross profit rose
60.7% to$6.4 million from$4.0 million in the fourth quarter of 2024. - Net loss of
$2.5 million , or$(0.01) per diluted share, compared to a net loss of$1.9 million , or$(0.01) per diluted share, in the fourth quarter of 2024. - SSi Mantra surgical robotic system installations totaled 40, up
81.8% from 22 installations in the fourth quarter of 2024 and up48.1% from 27 installations in the third quarter of 2025.
Full Year 2025 Overview
- Revenue increased
105.7% to$42.5 million from$20.6 million in 2024. - Gross margin expanded to
46.0% from40.9% in 2024. - Gross profit rose
131.2% to$19.5 million from$8.5 million in 2024. - Net loss of
$12.1 million , or$(0.06) per diluted share, compared to net loss of$19.2 million , or$(0.11) per diluted share, in 2024. - SSi Mantra surgical robotic system installations totaled 103, up
119.1% from 47 installations in 2024.
As of December 31, 2025
- Long-term debt of
$0 . - Cash and cash equivalents totaled
$3.2 million , excluding restricted cash. - SSi Mantra cumulative installed base totaled 168 across ten countries and cumulative surgeries reached 7,885, including 120 telesurgeries, 390 cardiac procedures and 121 pediatric surgeries.
CEO Commentary
Dr. Sudhir Srivastava, Chairman of the Board and Chief Executive Officer of SS Innovations, commented, “In the fourth quarter of 2025, we achieved strong growth in SSi Mantra installations, procedures and revenues, capping off a successful year for SS Innovations. Among our accomplishments in 2025, we gained significant share of the surgical robotics market in India, expanded into new global geographies, and progressed along the regulatory pathways required for entering the United States and European Union markets. We also continued to pioneer robotic telesurgery, attaining multiple new procedure milestones and unveiling cutting-edge innovations such as the Tele Surgeon Console and MantraM mobile robotic telesurgery unit. Finally, the uplisting of our shares to Nasdaq has enhanced market awareness of our growth story and expanded our audience of potential investors.”
Dr. Srivastava continued, “After quarter-end we completed a private placement of common stock, which brings us new long-term oriented institutional investors and approximately
Select Business Highlights in Fourth Quarter 2025
- On November 6, 2025, the Company announced the successful completion of the first telesurgery performed with the SSi Mantra Tele Surgeon Console.
- On December 5, 2025, the Company submitted a 510(k) premarket notification to the United States Food and Drug Administration (the “FDA”) for the SSi Mantra surgical robotic system, covering multiple indications including general, urological, colorectal, gynecological and cardiac surgeries.
Subsequent Events
- On January 6, 2026, the Company announced the development of five new 5-millimeter surgical instruments for clinical use across multiple specialties, including pediatric, cardiac, and head and neck surgery, among other procedures involving smaller anatomical structures.
- 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.
Revenue Breakdown and Summary of Installations / Surgeries
| Category | Q4 2024 | Q4 2025 | Variance | Percentage |
| System sales | 72.8% | |||
| Instrument sales | 282,332 | 844,279 | 561,947 | 199.0% |
| Warranty sales | 80,769 | 316,771 | 236,002 | 292.2% |
| Lease income | 18,087 | 9,280 | (8,807) | (48.7)% |
| Total revenue | 79.1% | |||
| SSi Mantra installations | 22 | 40 | 18 | 81.8% |
| Cumulative installed base1 | 65 | 168 | 103 | 158.5% |
| SSi Mantra surgeries | 610 | 1,828 | 1,218 | 199.7% |
| Cumulative surgeries1 | 2,759 | 7,885 | 5,126 | 185.8% |
1 at period end
| Category | 2024 | 2025 | Variance | Percentage |
| System sales | ||||
| Instrument sales | 942,548 | 3,183,757 | 2,241,209 | |
| Warranty sales | 177,518 | 877,033 | 699,515 | |
| Lease income | 71,695 | 70,909 | (786) | (1.1)% |
| Total revenue | ||||
| SSi Mantra installations | 47 | 103 | 56 | 119.1% |
| SSi Mantra surgeries | 2,139 | 5,087 | 2,948 | 137.8% |
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 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. CONSOLIDATED BALANCE SHEETS (Audited) | ||||||||
| As of | ||||||||
| December 31, 2025 | December 31, 2024 | |||||||
| ASSETS | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ | 3,206,406 | $ | 466,500 | ||||
| Restricted cash | 5,937,650 | 5,838,508 | ||||||
| Accounts receivable, net | 12,398,542 | 4,466,047 | ||||||
| Inventory, net | 17,064,002 | 10,206,898 | ||||||
| Prepaids and other current assets | 10,194,059 | 6,438,338 | ||||||
| Total Current Assets | 48,800,659 | 27,416,291 | ||||||
| Property, plant, and equipment, net | 9,100,546 | 5,385,955 | ||||||
| Right of use asset | 2,754,020 | 2,623,880 | ||||||
| Deferred tax assets, net | 533,727 | - | ||||||
| Accounts receivable, net | 8,566,654 | 3,299,032 | ||||||
| Restricted cash | 458,964 | 318,527 | ||||||
| Prepaids and other non current assets | 4,011,647 | 3,341,528 | ||||||
| Total Assets | $ | 74,226,217 | $ | 42,385,213 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current Liabilities | ||||||||
| Bank overdraft facility | $ | 11,442,948 | $ | 7,994,906 | ||||
| Notes payable | - | 7,450,000 | ||||||
| Current portion of operating lease liabilities | 579,169 | 409,518 | ||||||
| Accounts payable | 5,127,193 | 2,312,382 | ||||||
| Deferred revenue | 3,266,686 | 1,278,602 | ||||||
| Accrued expenses & other current liabilities | 5,825,702 | 1,884,814 | ||||||
| Total Current Liabilities | 26,241,698 | 21,330,222 | ||||||
| Operating lease liabilities, less current portion | 2,337,697 | 2,349,118 | ||||||
| Deferred Revenue | 7,139,807 | 5,173,953 | ||||||
| Other non current liabilities | 288,764 | 74,817 | ||||||
| Total Liabilities | $ | 36,007,966 | $ | 28,928,110 | ||||
| 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, | 19,416 | 17,157 | ||||||
| Accumulated other comprehensive income (loss) | (2,022,660 | ) | (749,625 | ) | ||||
| Additional paid in capital | 95,111,511 | 56,952,200 | ||||||
| Capital reserve | 899,917 | 899,917 | ||||||
| Accumulated deficit | (55,789,934 | ) | (43,662,547 | ) | ||||
| Total stockholders’ equity | 38,218,251 | 13,457,103 | ||||||
| Total liabilities and stockholders’ equity | $ | 74,226,217 | $ | 42,385,213 | ||||
| SS INNOVATIONS INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Audited) | ||||||||
| For the three months ended December 31, 2025 | For the three months ended December 31, 2024 | |||||||
| REVENUES | ||||||||
| System sales | 13,364,153 | 7,735,005 | ||||||
| Instruments sale | 844,279 | 282,332 | ||||||
| Warranty sale | 316,771 | 80,769 | ||||||
| Lease income | 9,280 | 18,087 | ||||||
| Total revenue | $ | 14,534,483 | $ | 8,116,193 | ||||
| Cost of revenue | (8,157,430 | ) | (4,147,202 | ) | ||||
| GROSS PROFIT | 6,377,053 | 3,968,991 | ||||||
| OPERATING EXPENSES: | ||||||||
| Research & development expense | 1,390,826 | 761,937 | ||||||
| Stock compensation expense | 2,023,433 | 2,338,887 | ||||||
| Depreciation and amortization expense | 309,491 | 145,926 | ||||||
| Selling, general and administrative expense | 3,388,300 | 2,560,927 | ||||||
| TOTAL OPERATING EXPENSES | 7,112,050 | 5,807,677 | ||||||
| Loss from operations | (734,997 | ) | (1,838,686 | ) | ||||
| OTHER INCOME (EXPENSE): | ||||||||
| Interest Expense | (335,296 | ) | (292,954 | ) | ||||
| Interest and other income, net | 364,566 | 208,249 | ||||||
| TOTAL INCOME / (EXPENSE), NET | 29,270 | (84,705 | ) | |||||
| LOSS BEFORE INCOME TAXES | (705,727 | ) | (1,923,391 | ) | ||||
| Income tax expense | 1,765,653 | - | ||||||
| NET LOSS | $ | (2,471,380 | ) | $ | (1,923,391 | ) | ||
| CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE LOSS | ||||||||
| NET LOSS | $ | (2,471,380 | ) | $ | (1,923,391 | ) | ||
| OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||
| Foreign currency translation loss | (685,735 | ) | (385,368 | ) | ||||
| Retirement Benefit (net of tax) | (48,444 | ) | (24,086 | ) | ||||
| RECLASSIFICATION ADJUSTMENTS: | ||||||||
| Retirement Benefit (net of tax) | 1,433 | - | ||||||
| Income tax effects relating to retirement benefit | 14,912 | - | ||||||
| TOTAL OTHER COMPREHENSIVE LOSS | (717,834 | ) | (409,454 | ) | ||||
| TOTAL COMPREHENSIVE LOSS | $ | (3,189,214 | ) | $ | (2,332,845 | ) | ||
| SS INNOVATIONS INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Audited) | ||||||||
| For The Year Ended | ||||||||
| December 31, 2025 | December 31, 2024 | |||||||
| REVENUES | ||||||||
| System sales | 38,353,048 | 19,457,767 | ||||||
| Instruments sale | 3,183,757 | 942,548 | ||||||
| Warranty sale | 877,033 | 177,518 | ||||||
| Lease income | 70,909 | 71,695 | ||||||
| Total revenue | $ | 42,484,747 | $ | 20,649,528 | ||||
| Cost of revenue | (22,940,492 | ) | (12,197,162 | ) | ||||
| GROSS PROFIT | 19,544,255 | 8,452,366 | ||||||
| OPERATING EXPENSES: | ||||||||
| Research & development expense | 3,685,840 | 2,491,771 | ||||||
| Stock compensation expense | 8,128,103 | 14,342,784 | ||||||
| Depreciation and amortization expense | 1,075,907 | 436,005 | ||||||
| Selling, general and administrative expense | 14,848,439 | 10,157,768 | ||||||
| TOTAL OPERATING EXPENSES | 27,738,289 | 27,428,328 | ||||||
| Loss from operations | (8,194,034 | ) | (18,975,962 | ) | ||||
| OTHER INCOME (EXPENSE): | ||||||||
| Interest Expense | (1,108,637 | ) | (973,235 | ) | ||||
| Interest and other income, net | 1,141,724 | 798,000 | ||||||
| TOTAL INCOME / (EXPENSE), NET | 33,087 | (175,235 | ) | |||||
| LOSS BEFORE INCOME TAXES | (8,160,947 | ) | (19,151,197 | ) | ||||
| Income tax expense | 3,966,440 | - | ||||||
| NET LOSS | $ | (12,127,387 | ) | $ | (19,151,197 | ) | ||
| Net loss per share - basic and diluted | $ | (0.06 | ) | $ | (0.11 | ) | ||
| Weighted average - basic shares | 190,009,159 | 170,847,444 | ||||||
| Weighted average - diluted shares | 198,699,461 | 181,203,673 | ||||||
| CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE LOSS | ||||||||
| NET LOSS | $ | (12,127,387 | ) | $ | (19,151,197 | ) | ||
| OTHER COMPREHENSIVE INCOME (LOSS): | ||||||||
| Foreign currency translation loss | (1,225,696 | ) | (539,900 | ) | ||||
| Retirement Benefit | (68,809 | ) | (14,226 | ) | ||||
| RECLASSIFICATION ADJUSTMENTS: | ||||||||
| Retirement Benefit | 1,433 | - | ||||||
| Income tax effects relating to retirement benefit | 20,037 | - | ||||||
| TOTAL OTHER COMPREHENSIVE LOSS | (1,273,035 | ) | (554,126 | ) | ||||
| TOTAL COMPREHENSIVE LOSS | $ | (13,400,422 | ) | $ | (19,705,323 | ) | ||
| SS INNOVATIONS INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Audited) | ||||||||
| For the Year Ended | ||||||||
| December 31, 2025 | December 31, 2024 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (12,127,387 | ) | $ | (19,151,197 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 1,075,907 | 436,005 | ||||||
| Operating lease expense | 827,521 | 753,449 | ||||||
| Interest Expense | 271,633 | 317,234 | ||||||
| Interest and other income, net | (625,883 | ) | (418,426 | ) | ||||
| Property, plant and equipment written off | - | 48,456 | ||||||
| Provision for credit loss reserve, net | 324,345 | 955,762 | ||||||
| Deferred income tax benefit | (512,865 | ) | - | |||||
| Stock compensation expense | 8,128,103 | 14,342,784 | ||||||
| Provision for slow moving inventory | (110,332 | ) | - | |||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable, net | (13,037,284 | ) | (4,890,032 | ) | ||||
| Inventory, net | (8,070,786 | ) | (7,691,518 | ) | ||||
| Deferred revenue | 3,953,938 | 5,357,075 | ||||||
| Prepaids and other assets | (5,101,794 | ) | (1,411,621 | ) | ||||
| Accounts payable | 2,877,810 | 1,410,830 | ||||||
| Income taxes payable, net | 4,214,339 | - | ||||||
| Accrued expenses & other liabilities | 161,914 | 1,144,037 | ||||||
| Operating lease payment | (792,166 | ) | (705,868 | ) | ||||
| Net cash used in operating activities | (18,542,987 | ) | (9,503,030 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Purchase of property, plant and equipment | (3,659,058 | ) | (661,479 | ) | ||||
| Net cash used in investing activities | (3,659,058 | ) | (661,479 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Proceeds from bank overdraft facility (net) | 3,448,042 | 1,975,980 | ||||||
| Proceeds from issuance of promissory notes to principal shareholder | - | 3,000,000 | ||||||
| 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 | 26,166,556 | 9,425,980 | ||||||
| Net change in cash | 3,964,511 | (738,529 | ) | |||||
| Effect of exchange rate on cash | (985,026 | ) | 274,219 | |||||
| Cash and cash equivalents at the beginning of the year | 6,623,535 | 7,087,845 | ||||||
| Cash and cash equivalents at end of the year | $ | 9,603,020 | $ | 6,623,535 | ||||
