SS Innovations Reports Second Quarter 2026 Financial Results
Rhea-AI Summary
SS Innovations (Nasdaq: SSII) reported unaudited second quarter 2026 revenue of $13.9 million, up 39.4% year over year, driven mainly by SSi Mantra system sales. Gross margin was 50.9% versus 59.1% a year ago and gross profit increased 20.0% to $7.1 million. The company posted a net loss of $2.7 million, or $(0.01) per diluted share, compared with a $0.3 million loss in Q2 2025.
For the first half of 2026, revenue rose 65.6% to $25.0 million, with gross margin expanding to 49.6% and gross profit reaching $12.4 million. SS Innovations reported no long-term debt and $13.6 million in cash and cash equivalents. The SSi Mantra installed base reached 224 systems across twelve countries, with 12,272 cumulative surgeries performed, including 175 telesurgeries. The company expects FDA review of its 510(k) submission to complete by the end of Q1 2027 and is pursuing CE marking in the European Union by the end of 2026.
Positive
- Q2 2026 revenue grew 39.4% year over year to $13.9 million
- H1 2026 revenue increased 65.6% to $25.0 million, with gross margin up to 49.6%
- SSi Mantra installed base reached 224 systems and 12,272 cumulative surgeries at June 30, 2026
- Cash and cash equivalents totaled $13.6 million with zero long‑term debt as of June 30, 2026
- Total stockholders’ equity rose to $53.4 million from $38.2 million at December 31, 2025
Negative
- Q2 2026 net loss widened to $2.7 million versus $0.3 million in Q2 2025
- H1 2026 net loss was $6.2 million, compared with a $5.9 million loss in H1 2025
- Q2 2026 gross margin declined to 50.9% from 59.1% in Q2 2025
- Operating expenses in Q2 2026 rose to $9.4 million from $5.8 million, including higher R&D and SG&A
- Bank overdraft facility balance increased to $14.6 million as of June 30, 2026
- Accumulated deficit reached $62.0 million as of June 30, 2026
News Explained
At June 30, cash was $13,647,430 against a $14,634,960 bank overdraft, and reported common shares outstanding had risen to 200,169,035.
SS Innovations reported unaudited second-quarter results and filed its quarterly report on
A Form 10-Q is an unaudited quarterly report that provides interim financial statements and updates on risks and liquidity. Although long-term debt is reported at
Common stock issued and outstanding increased from
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 13 | Q1 earnings report | Positive | -2.9% | Record revenue growth and improved gross margin accompanied by a negative price reaction |
| Mar 10 | FY2025 earnings report | Positive | -5.6% | Strong annual growth and narrowed loss accompanied by a negative price reaction |
| Oct 28 | Q3 earnings report | Positive | +1.5% | Higher revenue and gross profit accompanied by a positive price reaction |
| Aug 07 | Q2 earnings report | Positive | +3.8% | Record revenue and expanded gross margin accompanied by a positive price reaction |
| May 14 | Q1 earnings report | Positive | -1.0% | Revenue growth and increased installations accompanied by a negative price reaction |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Tag-specific earnings events produced mixed-to-negative reactions despite generally positive operating updates, with an average move of -0.83%.
Key Terms
510(k) premarket notification regulatory
ce marking regulatory
telesurgery technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Record quarterly revenue driven by continuing strong growth in SSi Mantra unit sales
FORT LAUDERDALE, Fla., Aug. 13, 2026 (GLOBE NEWSWIRE) -- via IBN – 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, 2026. The Company also filed its Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, with the Securities and Exchange Commission on August 13, 2026.
Second Quarter 2026 Overview
- Revenue increased
39.4% to$13.9 million from$10.0 million in the second quarter of 2025. - Gross margin equaled
50.9% , compared to59.1% in the second quarter of 2025. - Gross profit rose
20.0% to$7.1 million from$5.9 million in the second quarter of 2025. - Net loss of
$2.7 million , or$(0.01) per diluted share, compared to a net loss of$0.3 million , or$(0.00) per diluted share, in the second quarter of 2025. - SSi Mantra surgical robotic system installations totaled 30, up
30.4% from 23 installations in the second quarter of 2025.
First Half 2026 Overview
- Revenue increased
65.6% to$25.0 million from$15.1 million in the first half of 2025. - Gross margin expanded to
49.6% from46.3% in the first half of 2025. - Gross profit rose
77.5% to$12.4 million from$7.0 million in the first half of 2025. - Net loss of
$6.2 million , or$(0.03) per diluted share, compared to a net loss of$5.9 million , or$(0.03) per diluted share, in the first half of 2025. - SSi Mantra surgical robotic system installations totaled 56, up
47.4% from 38 installations in the first half of 2025.
As of June 30, 2026
- Long-term debt of
$0 . - Cash and cash equivalents totaled
$13.6 million , excluding restricted cash. - SSi Mantra cumulative installed base totaled 224 systems across twelve countries and cumulative surgeries reached 12,272, including 175 telesurgeries, 637 cardiac procedures and 222 pediatric surgeries.
CEO Commentary
Dr. Sudhir Srivastava, Chairman of the Board and Chief Executive Officer of SS Innovations, commented, “SS Innovations delivered record quarterly revenue of
Dr. Srivastava continued, “We remain enthusiastic about our ability to lead our foundational market of India, which is immense and growing, while expanding our global footprint in underserved countries and aiming for entry into the United States and European Union. We expect the U.S. Food and Drug Administration to complete its review of our 510(k) premarket notification for the SSi Mantra by the end of the first quarter of 2027. We also continue along the pathway towards a European Union CE marking certification for the SSi Mantra, which we believe we can obtain by the end of 2026. Our SSI Mantra has been engineered for precision, built to perform, and created to democratize access to advanced surgical robotic care—all underpinning our confidence in the future.”
Select Business Highlights in Second Quarter 2026
- In April 2026, the Company hosted the Global Multi-Specialty Robotic Surgery Conference in New Delhi, India, bringing together distinguished surgeons, global thought leaders and prominent innovators to discuss and shape the future of robotic and minimally invasive surgery. The event drew more than 1,600 attendees and 1,800 virtual participants from 19 nations.
- On May 7, 2026, the Company announced the successful completion of a landmark telesurgery performed in Perth, Australia, more than 4,500 miles from the patient in India, utilizing the SSi Mantra surgical robotic system (the “SSi Mantra”) and the SSi MantrAsana tele-surgeon console.
- On June 4, 2026, the Company announced the successful completion of a robotic-assisted heart procedure performed with the SSi Mantra across approximately 12,500 miles (20,000 kilometers) of fiber network distance between Guyana and India, making it the world’s then longest-distance robotic telesurgery.
- In June 2026, the Company won the Outstanding Company category at the 2026 Surgical Robotics Industry Awards, surpassing nine other well-established finalists vying for this coveted industry accolade.
- In June 2026, the Company’s subsidiary, the SS International Centre for Robotics Surgery, graduated its first class in a specialized training course designed to provide surgeons and other healthcare professionals with classroom instruction and hands-on learning in robotic-assisted cardiac surgery using the advanced SSi Mantra surgical robotic system.
Subsequent Event
- On July 29, 2026, a team of surgeons led by Dr. Sudhir Srivastava utilized the SSi Mantra to perform a successful robotic telesurgery between Colombia and India, spanning more than 13,600 miles (22,000 kilometers) of fiber network distance and eclipsing the previous longest-distance telesurgery record also held by the Company. The telesurgery, a robotic sleeve gastrectomy, was performed remotely from Hospital Internacional de Colombia in Bucaramanga, Colombia on a patient located at Mohak Bariatrics and Robotics in Indore, India.
Revenue Breakdown and Summary of Installations / Surgeries
| Category | Q2 2025 | Q2 2026 | Variance | Percentage |
| System sales | | |||
| Instrument sales | 1,007,830 | 1,142,525 | 134,695 | |
| Warranty sales | 193,359 | 419,002 | 225,643 | |
| Lease income | 18,078 | 16,196 | (1,882) | - |
| Total revenue | | | ||
| SSi Mantra installations | 23 | 30 | 7 | |
| Cumulative installed base1 | 105 | 224 | 119 | |
| SSi Mantra surgeries | 1,042 | 2,528 | 1,486 | |
| Cumulative surgeries1 | 4,657 | 12,272 | 7,615 |
1 at period end
| Category | H1 2025 | H1 2026 | Variance | Percentage |
| System sales | ||||
| Instrument sales | 1,485,038 | 2,293,753 | 808,715 | |
| Warranty sales | 315,863 | 776,688 | 460,825 | |
| Lease income | 36,494 | 33,278 | (3,216) | - |
| Total revenue | | | ||
| SSi Mantra installations | 38 | 56 | 18 | |
| SSi Mantra surgeries | 1,861 | 4,387 | 2,526 |
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 robotic procedures including cardiac surgery. Headquartered in India, SS Innovations is a U.S. company focused on expanding 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
kalle.ahl@theequitygroup.com
Devin Sullivan, Managing Director
T: (212) 836-9608
devin.sullivan@theequitygroup.com
Media Contact:
RooneyPartners LLC
Kate Barrette
T: (212) 223-0561
kbarrette@rooneypartners.com
Corporate Communications:
IBN.Ai
Austin, Texas
www.IBN.ai
512.354.7000 Office
Editor@IBN.Ai
SS INNOVATIONS INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
| As of | ||||||||||
| June 30, 2026 | December 31, 2025 | |||||||||
| (Unaudited) | ||||||||||
| ASSETS | ||||||||||
| Current Assets: | ||||||||||
| Cash and cash equivalents | $ | 13,647,430 | $ | 3,206,406 | ||||||
| Restricted cash | 8,648,461 | 5,937,650 | ||||||||
| Accounts receivable, net | 16,986,089 | 12,398,542 | ||||||||
| Inventory | 18,481,603 | 17,064,002 | ||||||||
| Prepaids and other current assets | 13,690,369 | 10,166,823 | ||||||||
| Total Current Assets | 71,453,952 | 48,773,423 | ||||||||
| Property, plant, and equipment, net | 8,637,145 | 9,100,546 | ||||||||
| Right of use asset, net | 3,045,707 | 2,754,020 | ||||||||
| Deferred tax assets, net | 843,544 | 533,727 | ||||||||
| Accounts receivable, net-non-current | 8,511,054 | 8,566,654 | ||||||||
| Restricted cash- non-current | 375,132 | 458,964 | ||||||||
| Prepaids and other non-current assets | 4,115,479 | 4,038,883 | ||||||||
| Total Assets | $ | 96,982,013 | $ | 74,226,217 | ||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||
| Current Liabilities | ||||||||||
| Bank overdraft facility | $ | 14,634,960 | $ | 11,442,948 | ||||||
| Current portion of operating lease liabilities | 687,707 | 579,169 | ||||||||
| Accounts payable | 5,265,754 | 5,127,193 | ||||||||
| Deferred revenue | 3,916,269 | 3,266,686 | ||||||||
| Accrued expenses & other current liabilities | 7,387,037 | 5,825,702 | ||||||||
| Total Current Liabilities | 31,891,727 | 26,241,698 | ||||||||
| Operating lease liabilities, less current portion | 2,549,823 | 2,337,697 | ||||||||
| Deferred Revenue- non-current | 8,695,725 | 7,139,807 | ||||||||
| Other non-current liabilities | 443,515 | 288,764 | ||||||||
| Total Liabilities | $ | 43,580,790 | $ | 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, | 20,017 | 19,416 | ||||||||
| Accumulated other comprehensive loss | (3,994,166 | ) | (2,022,660 | ) | ||||||
| Additional paid in capital | 118,509,309 | 95,111,511 | ||||||||
| Capital reserve | 899,917 | 899,917 | ||||||||
| Accumulated deficit | (62,033,855 | ) | (55,789,934 | ) | ||||||
| Total stockholders’ equity | 53,401,223 | 38,218,251 | ||||||||
| Total liabilities and stockholders’ equity | $ | 96,982,013 | $ | 74,226,217 | ||||||
SS INNOVATIONS INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)
| For The Three months ended | ||||||||||
| June 30, 2026 | June 30, 2025 | |||||||||
| REVENUES | ||||||||||
| System sales | 12,361,986 | 8,781,038 | ||||||||
| Instrument sales | 1,142,525 | 1,007,830 | ||||||||
| Warranty sales | 419,002 | 193,359 | ||||||||
| Lease income | 16,196 | 18,078 | ||||||||
| Total revenue | $ | 13,939,709 | $ | 10,000,305 | ||||||
| Cost of revenue | (6,838,759 | ) | (4,085,247 | ) | ||||||
| GROSS PROFIT | 7,100,950 | 5,915,058 | ||||||||
| OPERATING EXPENSES: | ||||||||||
| Research & development expense | 2,395,694 | 498,600 | ||||||||
| Stock-based compensation expense | 2,178,156 | 1,630,295 | ||||||||
| Depreciation and amortization expense | 346,364 | 260,361 | ||||||||
| Selling, general and administrative expense | 4,452,090 | 3,428,788 | ||||||||
| TOTAL OPERATING EXPENSES | 9,372,304 | 5,818,044 | ||||||||
| (Loss) / Profit from operations | (2,271,354 | ) | 97,014 | |||||||
| OTHER INCOME/ (EXPENSE): | ||||||||||
| Interest Expense | (344,761 | ) | (216,800 | ) | ||||||
| Interest and other income, net | 460,041 | 216,824 | ||||||||
| TOTAL OTHER INCOME, NET | 115,280 | 24 | ||||||||
| (LOSS) / PROFIT BEFORE INCOME TAXES | (2,156,074 | ) | 97,038 | |||||||
| Income tax expense | 505,276 | 353,729 | ||||||||
| NET LOSS | $ | (2,661,350 | ) | $ | (256,691 | ) | ||||
| Net loss per share - basic and diluted | $ | (0.01 | ) | $ | (0.00 | ) | ||||
| Weighted average- basic shares | 200,136,068 | 193,571,635 | ||||||||
| Weighted average- diluted shares | 209,422,550 | 202,835,698 | ||||||||
| CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE LOSS | ||||||||||
| NET LOSS | $ | (2,661,350 | ) | $ | (256,691 | ) | ||||
| OTHER COMPREHENSIVE LOSS | ||||||||||
| Foreign currency translation loss | (404,867 | ) | (66,014 | ) | ||||||
| Retirement Benefit | (25,651 | ) | (35,660 | ) | ||||||
| RECLASSIFICATION ADJUSTMENTS: | ||||||||||
| Retirement Benefit (1) | 3,033 | - | ||||||||
| Income tax effects relating to retirement benefit (1) | 6,456 | 5,772 | ||||||||
| TOTAL OTHER COMPREHENSIVE LOSS | (421,029 | ) | (95,902 | ) | ||||||
| TOTAL COMPREHENSIVE LOSS | $ | (3,082,379 | ) | $ | (352,593 | ) | ||||
| (1) | These are reclassified to net loss and are included in other expense in the condensed consolidated statements of operations. |
SS INNOVATIONS INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)
| For The Six months ended | ||||||||||
| June 30, 2026 | June 30, 2025 | |||||||||
| REVENUES | ||||||||||
| System sales | 21,937,356 | 13,283,520 | ||||||||
| Instrument sales | 2,293,753 | 1,485,038 | ||||||||
| Warranty sales | 776,688 | 315,863 | ||||||||
| Lease income | 33,278 | 36,494 | ||||||||
| Total revenue | $ | 25,041,075 | $ | 15,120,915 | ||||||
| Cost of revenue | (12,612,904 | ) | (8,118,649 | ) | ||||||
| GROSS PROFIT | 12,428,171 | 7,002,266 | ||||||||
| OPERATING EXPENSES: | ||||||||||
| Research & development expense | 3,391,134 | 1,508,695 | ||||||||
| Stock-based compensation expense | 5,322,471 | 4,009,507 | ||||||||
| Depreciation and amortization expense | 670,111 | 469,243 | ||||||||
| Selling, general and administrative expense | 8,941,387 | 6,638,587 | ||||||||
| TOTAL OPERATING EXPENSES | 18,325,103 | 12,626,032 | ||||||||
| Loss from operations | (5,896,932 | ) | (5,623,766 | ) | ||||||
| OTHER INCOME/ (EXPENSE): | ||||||||||
| Interest Expense | (628,812 | ) | (596,705 | ) | ||||||
| Interest and other income, net | 938,451 | 636,156 | ||||||||
| TOTAL OTHER INCOME, NET | 309,639 | 39,451 | ||||||||
| LOSS BEFORE INCOME TAXES | (5,587,293 | ) | (5,584,315 | ) | ||||||
| Income tax expense | 656,628 | 353,729 | ||||||||
| NET LOSS | $ | (6,243,921 | ) | $ | (5,938,044 | ) | ||||
| Net loss per share - basic and diluted | $ | (0.03 | ) | $ | (0.03 | ) | ||||
| Weighted average- basic shares | 198,083,415 | 186,244,872 | ||||||||
| Weighted average- diluted shares | 207,369,897 | 195,502,268 | ||||||||
| CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE LOSS | ||||||||||
| NET LOSS | $ | (6,243,921 | ) | $ | (5,938,044 | ) | ||||
| OTHER COMPREHENSIVE LOSS | ||||||||||
| Foreign currency translation loss | (1,961,978 | ) | (59,138 | ) | ||||||
| Retirement Benefit | (20,870 | ) | (19,822 | ) | ||||||
| RECLASSIFICATION ADJUSTMENTS: | ||||||||||
| Retirement Benefit (1) | 6,089 | - | ||||||||
| Income tax effects relating to retirement benefit (1) | 5,253 | 5,772 | ||||||||
| TOTAL OTHER COMPREHENSIVE LOSS | (1,971,506 | ) | (73,188 | ) | ||||||
| TOTAL COMPREHENSIVE LOSS | $ | (8,215,427 | ) | $ | (6,011,232 | ) | ||||
| (1) | These are reclassified to net loss and are included in other expense in the condensed consolidated statements of operations. |
SS INNOVATIONS INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| For the six months ended | ||||||||
| June 30, 2026 | June 30, 2025 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (6,243,921 | ) | $ | (5,938,044 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 670,111 | 469,243 | ||||||
| Operating lease expense | 471,459 | 423,593 | ||||||
| Interest expense | 84,938 | 179,455 | ||||||
| Interest and other income, net | (814,218 | ) | (338,191 | ) | ||||
| Deferred income tax benefit | (336,457 | ) | (365,641 | ) | ||||
| Stock-based compensation expense | 5,368,330 | 4,009,507 | ||||||
| Provision for / (reversal of) credit loss reserve, net | 297,882 | (228,846 | ) | |||||
| Provision for slow moving inventory | (6,225 | ) | - | |||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable, net | (4,286,490 | ) | (2,337,679 | ) | ||||
| Inventory, net | (1,411,376 | ) | (10,221,214 | ) | ||||
| Deferred revenue | 2,205,501 | 1,739,652 | ||||||
| Prepaids and other assets | (3,955,550 | ) | (2,572,481 | ) | ||||
| Accounts payable | 127,728 | 3,782,409 | ||||||
| Income taxes payable, net | 933,184 | 620,586 | ||||||
| Accrued expenses & other liabilities | 782,787 | 1,629,136 | ||||||
| Operating lease payment | (434,132 | ) | (407,188 | ) | ||||
| Net cash used in operating activities | (6,546,449 | ) | (9,555,703 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Purchase of property, plant and equipment | (215,060 | ) | (1,189,452 | ) | ||||
| Net cash used in investing activities | (215,060 | ) | (1,189,452 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Proceeds from bank overdraft facility (net) | 3,192,012 | (1,014,593 | ) | |||||
| 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 | 21,638,510 | 21,703,921 | ||||||
| Net change in cash | 14,877,001 | 10,958,766 | ||||||
| Effect of exchange rate on cash | (1,808,998 | ) | 23,377 | |||||
| Cash and cash equivalents at the beginning of the period | 9,603,020 | 6,623,535 | ||||||
| Cash and cash equivalents at end of the period | $ | 22,671,023 | $ | 17,605,678 | ||||
