[10-Q] SS Innovations International Inc. Quarterly Earnings Report

Rhea-AI Filing Summary

What happened: SS Innovations reported strong sales growth this quarter and in the first half of 2025, driven by system and instrument sales. Total revenue for the quarter was $10.0M and for the first six months $15.1M. Gross profit rose and operating results improved to a small positive operating income for the quarter, and the company completed an uplisting to NASDAQ.

Why it matters: The company boosted cash to $17.6M after financings and conversions, which helps near-term operations, but it still reported a $5.94M net loss for the first half and a small quarterly net loss after tax. Management discloses substantial doubt about the company’s ability to continue as a going concern and notes dependence on related-party financing and convertible note conversions.

Positive

• Strong revenue growth: Quarterly revenue rose to $10.0M (from $4.51M prior year) and H1 revenue to $15.12M (from $8.15M prior year).
• Improved gross profit and operating performance: Gross profit and operating results improved, producing a small positive operating income for the quarter.
• Significant cash position increase: Cash and restricted cash increased to $17.6M, largely from convertible note financing and conversions.
• NASDAQ uplisting: Common shares began trading on NASDAQ under ticker SSII, potentially expanding investor access.

Negative

• Ongoing net losses: Net loss was $5.94M for the six months and a quarterly net loss after tax for the quarter.
• Going-concern disclosure: Management states substantial doubt about the company’s ability to continue as a going concern without additional funding.
• High non-cash compensation expense: Stock-based compensation was ~$4.0M for six months ($1.63M in the quarter), materially affecting results.
• Dependence on related-party financing and convertible notes: Large note issuances and conversions from affiliates were used to fund operations, creating dilution and concentration risk.
• Bank facilities secured by CEO guarantees: Overdraft facilities are secured by fixed deposits and personal guarantees from the CEO, indicating creditor protections tied to management.

Insights

Financial Analyst

TL;DR: Revenue growth and a large cash infusion materially improved liquidity, but losses persist and risks remain.

SS Innovations delivered meaningful top-line growth with quarterly revenue rising to $10.0M and H1 revenue of $15.1M, improving gross margins and producing a modest positive operating result for the quarter. Cash and restricted cash rose to $17.6M driven by convertible note proceeds and conversions, improving near-term liquidity and working capital (working capital surplus of about $31.2M). Key positives are expanding system sales, higher inventory to support demand, and successful NASDAQ uplisting which may broaden capital access. Key drivers to monitor: conversion activity that diluted equity, high stock-based compensation (about $4.0M in H1), and income tax expense that swung the quarter to a small net loss. Overall impact: material and constructive but not yet transformational.

Risk & Governance Analyst

TL;DR: Improved funding lowers immediate liquidity pressure, but governance and solvency risks remain significant.

The filing highlights several governance and risk items that matter to investors. The company relies heavily on related-party financing and convertible promissory notes (large conversions to equity occurred in Feb–Mar 2025), and an explicit going-concern disclosure warns of substantial doubt about operations beyond 12 months. Bank overdraft facilities are secured by fixed deposits and personal guarantees from the CEO. Concentration of operations and nearly all long-lived assets are in India, which concentrates operational risk. These factors reduce the strength of recent operational gains from a risk perspective. Impact: material but mixed.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 

For the quarterly period ended June 30, 2025

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 001-42615

SS INNOVATIONS INTERNATIONAL, INC.

(Exact name of registrant as specified in its charter)

Florida		47-3478854
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)

405, 3^rd Floor, iLabs Info Technology Centre

Udyog Vihar, Phase III

Gurugram, Haryana 122016, India

(Address of Principal Executive Offices)

Registrant’s telephone number, including area code: +91 73375 53469

Securities Registered Pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.0001 per share		SSII		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files.) Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “accelerated filer”, “large accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer	☐	Accelerated Filer	☐
Non-Accelerated Filer	☒	Smaller reporting company	☒
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

There were 193,588,410 shares of common stock, $0.0001 par value of the Registrant issued and outstanding as of August 5, 2025.

Unless the context otherwise requires, the terms “SSi,” “the Company,” “we,” “us,” and “our” refer to SS Innovations International, Inc., and where appropriate, our subsidiaries.

TABLE OF CONTENTS

				Page
PART I – FINANCIAL INFORMATION				1
Item 1.		Financial Statements		1
		Condensed Consolidated Balance Sheets as of June 30, 2025 (unaudited) and December 31, 2024		1
		Condensed Consolidated Statement of Operations and Comprehensive Loss for the three months and six months ended June 30, 2025 (unaudited) and June 30, 2024 (unaudited)		2
		Condensed Consolidated Statements of stock holders equity for the three months and six months ended June 30, 2025 (unaudited) and June 30, 2024 (unaudited)		4
		Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2025 (unaudited) and June 30, 2024 (unaudited)		5
		Notes to Condensed Consolidated Financial Statements (unaudited)		6
Item 2.		Management’s Discussion and Analysis of Financial Condition and Results of Operations		35
Item 3.		Quantitative and Qualitative Disclosures About Market Risk.		42
Item 4.		Controls and Procedures		42
PART II – OTHER INFORMATION				44
Item 1.		Legal Proceedings		44
Item 1A.		Risk Factors.		44
Item 2.		Unregistered Sales of Equity Securities and Use of Proceeds.		44
Item 3.		Defaults Upon Senior Securities.		44
Item 4.		Mine Safety Disclosures.		44
Item 5.		Other Information.		44
Item 6.		Exhibits		44
SIGNATURES				45

i

PART I – FINANCIAL INFORMATION

SS INNOVATIONS INTERNATIONAL, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

Item 1. Financial Statements

						As of
		Notes				June 30, 2025				December 31, 2024
ASSETS
Current Assets:
Cash and cash equivalents			7			$	11,375,265			$	466,500
Restricted cash			7				5,884,513				5,838,508
Accounts receivable, net			6				5,973,923				4,466,047
Inventory			14				18,260,141				10,206,898
Prepaids and other current assets			8				9,292,684				6,438,338
Total Current Assets							50,786,526				27,416,291
Property, plant, and equipment, net			4				8,274,135				5,385,955
Right of use asset, net			15				2,654,775				2,623,880
Deferred tax assets, net			16				365,641				-
Accounts receivable, net – non current			6				4,447,389				3,299,032
Restricted cash- non current			7				345,900				318,527
Prepaids and other non current assets			8				3,103,405				3,341,528
Total Assets						$	69,977,771			$	42,385,213
LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY
Current Liabilities
Bank overdraft facility			11			$	6,980,313			$	7,994,906
Notes payable			10				-				7,450,000
Current portion of operating lease liabilities			15				354,626				409,518
Accounts payable			9				6,079,794				2,312,382
Deferred revenue			12				2,412,682				1,278,602
Accrued expenses & other current liabilities			9				3,783,693				1,884,814
Total Current Liabilities							19,611,108				21,330,222
Operating lease liabilities, less current portion			15				2,452,389				2,349,118
Deferred Revenue- non current			12				5,779,525				5,173,953
Other non current liabilities			9				111,880				74,817
Total Liabilities						$	27,954,902			$	28,928,110
Commitments and contingencies			21				-				-
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			13				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			13				19,358				17,157
Accumulated other comprehensive income (loss)			13				(822,813	)			(749,625	)
Additional paid in capital			13				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

See accompanying notes to Condensed Consolidated Financial Statements

1

SS INNOVATIONS INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited)

						For The Three months ended
		Notes				June 30, 2025				June 30, 2024
REVENUES
System sales			12				8,781,038				4,258,198
Instruments sale			12				1,007,830				204,121
Warranty sale			12				193,359				28,795
Lease income			12				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			19				1,630,295				2,443,792
Depreciation and amortization expense			4				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			16				353,729				-
NET LOSS						$	(256,691	)		$	(4,140,570	)
Net loss per share -basic and diluted			2	(r)		$	(0.00	)		$	(0.02	)
Weighted average-basic shares			2	(r)			193,571,635				170,739,380
Weighted average-diluted shares			2	(r)			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)			17				(35,660	)			3,299
Income tax effect relating to retirement benefit			17				5,772				-
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)							(95,902	)			(12,832	)
TOTAL COMPREHENSIVE LOSS						$	(352,593	)		$	(4,153,402	)

See accompanying notes to Condensed Consolidated Financial Statements. 

2

SS INNOVATIONS INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited)

						For The Six months ended
		Notes				June 30, 2025				June 30, 2024
REVENUES
System sales			12				13,283,520				7,752,957
Instruments sale			12				1,485,038				322,636
Warranty sale			12				315,863				38,202
Lease income			12				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			19				4,009,507				9,552,542
Depreciation and amortization expense			4				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			16				353,729				-
NET LOSS						$	(5,938,044	)		$	(13,982,323	)
Net loss per share - basic and diluted			2	(r)		$	(0.03	)		$	(0.08	)
Weighted average- basic shares			2	(r)			186,244,872				170,734,435
Weighted average- diluted shares			2	(r)			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)			17				(19,822	)			11,806
Income tax effect relating to retirement benefit			17				5,772				-
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)							(73,188	)			(83,639	)
TOTAL COMPREHENSIVE LOSS						$	(6,011,232	)		$	(14,065,962	)

See accompanying notes to Condensed Consolidated Financial Statements. 

3

SS INNOVATIONS INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCK HOLDERS EQUITY

FOR THE THREE MONTHS AND SIX MONTHS ENDED JUNE 30, 2025 AND JUNE 30, 2024

(Unaudited)

				Preferred Stock								Common Stock								Common Stock to be Issued								Additional Paid-In				Accumulated				Capital				Accumulated other comprehensive				Total Stockholders’
		Notes		Number				Amount				Number				Amount				Number				Amount				Capital				Deficit				Reserve				income (loss)				equity
Balance as at December 31, 2024					1,000				1				171,579,284				17,157				-				-				56,952,200				(43,662,547	)			899,917				(749,625	)			13,457,103
Stock compensation		19			-				-				-				-				-				-				2,110,467				-				-				-				2,110,467
Common stock issued against exercise of warrants		13			-				-				10,477				1				-				-				(1	)			-				-				-				-
Conversion of notes payable to equity		13			-				-				21,966,416				2,196				-				-				30,643,163				-				-				-				30,645,359
Net loss					-				-				-				-				-				-				-				(5,681,353	)			-				22,714				(5,658,639	)
Balance as at March 31, 2025					1,000			$	1				193,556,177			$	19,354				-			$	-			$	89,705,829			$	(49,343,900	)		$	899,917			$	(726,911	)		$	40,554,290
Stock compensation					-				-				-				-				-				-				1,579,376				-				-				-				1,579,376
Common stock issued against exercise of options					-				-				7,431				1				-				-				(1	)			-				-				-				-
Stock issued for services					-				-				24,802				2				-				-				241,795				-				-				-				241,797
Net loss					-				-												-				-				-				(256,691	)			-				(95,902	)			(352,593	)
Balance as at June 30, 2025					1,000			$	1				193,588,410			$	19,358				-			$	-			$	91,526,999			$	(49,600,593	)		$	899,917			$	(822,813	)		$	42,022,869
Balance as at December 31, 2023					1,000				1				170,711,880				17,072				12,500				50,000				43,457,937				(24,511,350	)			899,917				(195,499	)			19,718,078
Stock compensation		19			-				-				-				-				-				-				6,842,002				-				-				-				6,842,002
Common stock issued against exercise of warrants		13			-				-				12,500				1				(12,500	)			(50,000	)			49,999				-				-				-				-
Stock issued for services		13			-				-				15,000				2				-				-				101,249				-				-				-				101,250
Net loss					-				-				-				-				-				-				-				(9,841,753	)			-				(70,807	)			(9,912,560	)
Balance as at March 31, 2024					1,000			$	1				170,739,380			$	17,075				-			$	-			$	50,451,187			$	(34,353,103	)		$	899,917			$	(266,306	)		$	16,748,770
Stock compensation																													2,177,045																2,177,045
Net loss																																	(4,140,570	)							(12,832	)			(4,153,402	)
Balance as at June 30, 2024					1,000			$	1				170,739,380			$	17,075				-			$	-			$	52,628,232			$	(38,493,673	)		$	899,917			$	(279,138	)		$	14,772,413

See accompanying notes to Condensed Consolidated Financial Statements.

4

SS INNOVATIONS INTERNATIONAL, INC.

CONDENSED 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
^ For cash and cash equivalents and restricted cash, refer Note 7
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

See accompanying notes to Condensed Consolidated Financial Statements.

5

SS INNOVATIONS INTERNATIONAL, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 1 – FINANCIAL STATEMENTS

Organization

SS Innovations International, Inc. (the “Company” or “SSII”) was incorporated as AVRA Surgical Microsystems, Inc. in the State of Florida on February 4, 2015. Effective November 5, 2015, the Company’s corporate name was changed to Avra Medical Robotics, Inc. (“AVRA”).

On April 14, 2023, a wholly owned subsidiary of the Company, AVRA-SSI Merger Corporation (“Merger Sub”) merged with CardioVentures, Inc., a Delaware corporation (“CardioVentures”), the indirect parent of Sudhir Srivastava Innovations Pvt. Ltd., an Indian private limited company engaged in the business of developing innovative surgical robotic technologies. As a result of the transaction, a “change in control” of the Company took place. In addition, among other matters, the Company changed its name to “SS Innovations International, Inc.” and implemented a one for ten reverse stock split.

The Transaction (Note 5) was accounted for as a recapitalization in accordance with GAAP (the “Recapitalization”). Under this method, AVRA was treated as the “acquired” company (the “Accounting Acquiree”) and Cardio Ventures Inc., the accounting acquirer, was assumed to have issued stock for the net assets of AVRA, accompanied by a recapitalization. Accordingly, for the year ended December 31, 2022, CardioVentures has been considered the ultimate holding company. Prior to October 18, 2022, Cardio Ventures Pvt Ltd., Bahamas (Cardio Bahamas), was in existence and served as the ultimate holding company. On October 18, 2022, Cardio Ventures Inc. acquired controlling interest in Otto Pvt Ltd. from Cardio Bahamas, making Cardio Ventures Inc. the ultimate holding company.

During the reporting period, the Company successfully completed its uplisting to the NASDAQ Stock Market LLC (“NASDAQ”), with its common shares commencing trading on NASDAQ under the ticker symbol “SSII” effective April 25, 2025.

Basis of Presentation

Unaudited Interim Condensed Consolidated Financial Statements

The interim condensed consolidated balance sheet as of June 30, 2025, and the interim condensed consolidated statement of operations, comprehensive loss and stockholders’ equity for the six and three months ended June 30, 2025 and June 30, 2024 and cash flows for the six months ended June 30, 2025 and June 30, 2024 are unaudited. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect, in the opinion of management, all adjustments of a normal and recurring nature that are necessary for the fair presentation of our financial position as of June 30, 2025 and our results of operations for the six months and three months and cash flows for the six months ended June 30, 2025 and June 30, 2024. The financial data and other financial information disclosed in these notes to the interim condensed consolidated financial statements related to the six months and three months are also unaudited. The interim condensed consolidated results of operations for the six months and three months ended June 30, 2025 are not necessarily indicative of the results to be expected for the year ending December 31, 2025 or for any future annual or interim period. The condensed consolidated balance sheet as of December 31, 2024 included herein was produced from the audited consolidated financial statements as of that date. These interim condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in the Annual Report on Form 10-K as filed by us with the U.S. Securities and Exchange Commission (the “SEC”) on April 15, 2025.

The interim condensed consolidated financial statements and accompanying notes were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The accompanying condensed financial statements have been prepared on a consolidated basis and reflect the condensed consolidated financial statements of SS Innovations International, Inc. and all of its subsidiaries (the “Group”).

The standalone financial statements of subsidiaries are fully consolidated on a line-by-line basis. Intra-group balances and transactions, and gains and losses arising from intra-group transactions, are eliminated while preparing condensed consolidated financial statements. Certain prior period amounts have been reclassified to conform to the current year presentation.

Accounting policies of the respective individual subsidiaries are aligned wherever necessary, so as to ensure consistency with the accounting policies that are adopted by the Company under GAAP.

6

Going Concern

The accompanying condensed consolidated financial statements have been prepared on a going concern basis which implies the Company will continue to meet its obligations for the next 12 months as of the date these financial statements are issued. The Company had a working capital surplus of $31,175,418 and an accumulated deficit of $49,600,593 as of June 30, 2025. The Company also had a net loss of $5,938,044 for six months ended June 30, 2025 and $256,691 for three months ended June 30, 2025 which was mainly on account of non-cash items like stock compensation expense of $4,009,507 for six months and $1,630,295 for three months, depreciation of $469,243 for six months and $260,361 for three months ended June 30, 2025. In addition, the Company has been dependent on related parties to fund operations. These conditions raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the unaudited interim condensed consolidated financial statements are issued.

In February 2024, the Company raised $2,450,000 through a private offering of 7% One-Year Convertible Promissory Notes (“Notes”) from two affiliates of $1,000,000 each and $450,000 from three other investors to finance its ongoing working capital requirements. These notes are payable in full after 12 months from the respective date of issuance of these Notes and are convertible at the election of noteholder at any time through the maturity date at a per share price of $4.45.

In April 2024, the Company raised $2,000,000 from its affiliate by issuance of two One-Year 7% Promissory Notes of $1,000,000 each, to meet certain working capital requirements. These Notes are payable in full after 12 months from the respective date of issuance of these Notes.

In July 2024, the Company raised $500,000 from its affiliate by issuance of One-Year 7% Promissory Notes to finance its ongoing working capital requirements. These Notes are payable in full after 12 months from the respective date of issuance of these Notes.

In October and November 2024, the Company raised $500,000 from its affiliate by issuance of One-Year 7% Promissory Notes to finance its ongoing working capital requirements. These Notes are payable in full after 12 months from the respective date of issuance of these Notes.

In December 2024, the Company raised $2,000,000 from its affiliate by issuance of One-Year 7% Convertible Promissory Notes to finance its ongoing working capital requirements. These Notes are payable in full after 12 months from the respective date of issuance of these Notes and are convertible at the election of noteholder at any time through the maturity date at a per share price of $1.38.

In January 2025, the Company raised $28,000,000 from its affiliate by issuance of One-Year 7% Convertible Promissory Notes to finance its ongoing working capital requirements. These Notes are payable in full after 12 months from the respective date of issuance of these Notes and are convertible at the election of noteholder at any time through the maturity date at a per share price of $1.38.

In February 2025, the Company paid $4,212,637 towards repayment of five 7% One-Year Promissory Notes totaling to $4,000,000 raised from Sushruta Pvt Ltd., on various dates during the year 2024, along with interest due thereon.

In February 2025, the Company paid $1,068,849 towards repayment of one 7% One-Year Convertible Promissory Notes of $1,000,000 raised from Andrew Economos along with the interest due thereon.

In February 2025, the Company converted three 7% One Year Convertible Promissory Notes totaling to $450,000 along with the interest accrued thereon, into 108,048 common shares of the Company as per the conversion rights exercised by the note holders.

In February 2025, the Company converted Convertible Notes worth $22,000,000, along with the interest accrued thereon, issued to Sushruta Pvt Ltd. into 16,046,814 common shares of the Company.

In March 2025, the Company converted Convertible Notes worth $8,000,000, along with the interest accrued thereon, issued to Sushruta Pvt Ltd into 5,811,554 common shares of the Company.

However, the Company’s existing cash resources and income from operations, are not expected to provide sufficient funds to carry out the Company’s operations and business development through the next twelve (12) months. The management of the Company is making efforts to raise further funding to scale up operations and meet its longer-term capital needs. While management of the Company believes that it will be successful in its capital formation and planned expansion of its operating activities, there can be no assurance that the Company will be able to raise additional equity capital or be successful in generating additional revenues and ultimately achieving profitability. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern.

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NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

a) Use of Estimates

The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses. The Company regularly evaluates estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates made by management. Significant estimates include fair value of stock options and standalone selling price in case of bundled revenue contracts.

b) Cash and Cash Equivalents

The Company considers all highly liquid investments purchased with an original maturity of ninety days or less to be cash equivalents.

c) Restricted Cash

Restricted cash includes any cash and cash equivalents that are legally restricted as to withdrawal or usage for the Company’s operations. For the purposes of the condensed consolidated statement of cash flows, the Company includes in its cash and cash-equivalent balances those amounts that have been classified as restricted cash and restricted cash equivalents.

d) Accounts Receivable and Allowance for Expected Credit Losses

The Company’s account receivables are due from customers relating to contracts to supply surgical robotic systems, instruments, and accessories and to provide post sales warranty/maintenance services. The Company also sells surgical robotic systems under deferred payment arrangements and in such cases, the amounts due and recoverable beyond the one year period at the balance sheet date are classified as long-term receivables. Collateral is currently not required. The Company also maintains credit loss allowance for estimated losses resulting from the inability of the Company’s customers to make payments. The Company periodically reviews these estimated allowances, including an analysis of the customers’ payment history and creditworthiness, the age of the trade receivable balances and current economic conditions that may affect a customer’s ability to make payments as well as historical collection trends for its customers as a whole. Based on this review, the Company specifically reserves for those accounts deemed uncollectible or likely to become uncollectible. When receivables are determined to be uncollectible, principal amounts of such receivables outstanding are deducted from the allowance.

e) Employee Benefits

Contributions to defined contribution plans are charged to the condensed consolidated statement of operations and comprehensive loss in the period in which services are rendered by the covered employees. Current service costs for defined benefit plans are recognized in the period to which they relate. The liability in respect of defined benefit plans is calculated annually by the Company using the projected unit credit method. The Company records annual amounts relating to its defined benefit plans based on calculations that incorporate various actuarial and other assumptions, including discount rates, mortality, future compensation increases and attrition rates. The Company reviews its assumptions on an annual basis and makes modifications to the assumptions based on current rates and trends when it is appropriate to do so. The effect of modifications to those assumptions is recorded in other comprehensive income (loss) (“OCI”) and amortized to net periodic benefit cost over the expected remaining period of service of the covered employees using the corridor method. The Company believes that the assumptions utilized in recording its obligations under its plans are reasonable based on its experience and market conditions. These assumptions may not be within the control of the Company and accordingly it is reasonably possible that these assumptions could change in future periods. The Company includes the service cost component of the net periodic benefit cost in the same line item or items as other compensation costs arising from services rendered by the respective employees during the period. The interest cost, expected return on plan assets and amortization of actuarial gains/loss, are included in “Other income/(expense), net”. Refer to Note 17 - Employee Benefit Plans to the unaudited interim condensed consolidated financial statements for details.

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f) Foreign Currency Translation

The Company’s reporting currency is U.S. dollars. The functional currency of the Company is the U.S. dollar. The functional currency of the Company’s subsidiary in India is Indian National Rupee (“INR”). Transactions denominated in INR are translated to U.S. dollars at rates which approximate those in effect on the transaction dates. Monetary assets and all liabilities denominated in foreign currencies on June 30, 2025 and June 30, 2024 are translated at the exchange rate in effect as of those dates. Non-monetary assets and stockholders’ equity are translated at the appropriate historical rates. Included in interest and other income foreign exchange gain resulting from such translations of approximately $17,531 and amount of $3,972 included in selling, general and administrative expenses for the six months ended June 30, 2025 and June 30, 2024, respectively.

The functional currency of each entity in the group is the currency of the primary economic environment in which it operates. Transactions in foreign currencies are initially recorded into functional currency at the rates of exchange prevailing on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are remeasured into functional currency at the rates of exchange prevailing at the balance sheet date. Non-monetary assets and liabilities are remeasured to the functional currency at exchange rates that prevailed on the date of inception of the transaction. All foreign exchange gains and losses arising on re-measurement are recorded in the Company’s condensed consolidated statement of operations and comprehensive loss.

The assets and liabilities of the subsidiaries for which the functional currency is other than the U.S. dollar are translated into U.S. dollars, the reporting currency, at the rate of exchange prevailing on the balance sheet date. Revenues and expenses are translated into U.S. dollars at the exchange rates prevailing on the last business day of each month, which approximates the average monthly exchange rate. Share capital and other equity items are translated at exchange rates that prevailed on the date of inception of the transaction. Resulting translation adjustments are included in “Accumulated other comprehensive income/(loss)” in the condensed consolidated balance sheet.

The relevant translation rates are as follows: for the six months ended June 30, 2025 closing rate at 85.73 US$: INR, average rate at 85.66 US$:INR.

The relevant translation rates are as follows: for the six months ended June 30, 2024 closing rate at 83.35 US$: INR, average rate at 83.27 US$:INR.

The relevant translation rates are as follows: for the year ended December 31, 2024 closing rate at 85.58 US$: INR, average rate at 84.39 US$:INR

g) Inventory

The Company’s inventory consists of finished goods in the form of fully assembled and tested surgical robotic system, semi-finished goods in the form of various sub-systems of the surgical robotic systems in various stages of assembly and manufacturing and raw material in the form of various mechanical, electrical, and other material components, parts, motors, encoders etc. which are not yet assembled/manufactured. The inventory is valued at the lower of cost (first-in, first-out) or estimated net realizable value.

h) Cost of Sales

Cost of sales primarily consists of manufacturing cost incurred for production of the Mantra System and the related instruments and accessories which are used to facilitate the use of the Mantra System. Further, Cost of sales also includes other costs such as salaries and rent which are directly attributable to the manufacturing process.

i) Selling and Administrative Expenses

Selling and administrative expenses primarily consist of indirect expenses which are not directly attributable to any other identified expense category of the Company.

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j) Fair value measurements

ASC Topic 820, Fair Value Measurements and Disclosures defines fair value as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability as against assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk, including the Company’s own credit risk. The fair value hierarchy consists of the following three levels:

● Level I — Quoted prices for identical instruments in active markets.

● Level II — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

● Level III — Instruments whose significant value drivers are unobservable.

k) Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash. and cash equivalents, time deposits and accounts receivable. By their nature, all such financial instruments involve risks including the credit risks of non-performance by counterparties. The surplus funds are maintained as cash and cash equivalents and time deposits, placed with highly rated financial institutions to reduce its exposure to market risk with regard to these funds. The Company’s exposure to credit risk on account receivable is influenced mainly by the individual characteristic of each customer and the concentration of risk from the top few customers. To mitigate this risk the Company evaluates the creditworthiness of its customers in conjunction with its revenue recognition processes as well as through its ongoing collectability assessment processes for accounts receivable. The Company does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes.

l) Commitments and Contingencies

Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties, and other sources are recognized when it is probable that a liability has been incurred and the amount of the assessment and/or remediation can be reasonably estimated. A disclosure for a contingent liability is made when there is a possible obligation that may require an outflow of resources. When there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made. Legal costs incurred in connection with such liabilities are expensed as incurred. Capital commitments are disclosed in the condensed consolidated financial statements.

m) Revenue Recognition

The Company recognizes revenue in accordance with Accounting Standards Codification, or ASC606, the core principle of which is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to receive in exchange for those goods or services. To achieve this core principle, five basic criteria must be met before revenue can be recognized:

● Identification of a contract with a customer or placement of a purchase order by the customer.

● Identification of the performance obligations in the contract or the purchase order as the case may be.

● Determination of the transaction price which is reflected in the purchase order placed by the customer.

● Allocation of the transaction price to the performance obligations in the contract; and

● Recognition of revenue when or as the performance obligations are satisfied as per the terms of the purchase order received from the customer.

The Company accounts for revenues when both parties to the contract have approved the contract, the rights and obligations of the parties are identified, payment terms are identified, and collectability of consideration is probable. Product type and payment terms vary by client.

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System Sales:

The Company recognizes revenue when the “transfer of control” occurs, which typically takes place upon the delivery of the system to the customer. In cases where a deferred payment arrangement exists, revenue is recognized at the present value of the consideration receivable, adjusted by the present value of any extended warranty obligations.

Standalone Selling Price:

Our system sale arrangements contain multiple products and services, including system, accessories, instruments and services. Other than services, we generally deliver all of the products upfront. Each of these products and services is a distinct performance obligation. System, instruments, accessories and services are also sold on a standalone basis. For multiple-element arrangements, revenue is allocated to each performance obligation based on its relative standalone selling price. Standalone selling prices are based on observable prices at which we separately sell the products or services. If a standalone selling price is not directly observable, then we estimate the standalone selling prices considering market conditions and entity-specific factors including, but not limited to, historical pricing data, features and functionality of the products and services and industry benchmark. We regularly review standalone selling prices and maintain internal controls over establishing and updating these estimates. Revenue that is allocated to the service obligation is deferred and recognized ratably over the service period upon expiration of first year of service which is free and included in the system sale arrangements.

Key Terms of Customer Contracts

The Company enters into binding contracts with customers through either an agreement or a sales order, with all terms and conditions mutually agreed upon by both parties. The key terms and conditions include:

1. Finalization of Product and Price: Agreement on the specific model of the “SSI Mantra” system and its selling price.

2. Payment Terms: Determination of payment terms, which may involve either a deferred payment arrangement or a one-time payment upon delivery and installation of the system at the customer’s premises.

3. Deferred Payment Model: For deferred payments, customers typically pay an advance amount before the dispatch of the system. The remaining balance is payable in yearly installments over a period of 3 to 5 years. Present value of deferred payment is calculated using the prevailing interest rate.

4. Warranty Services: Instead of negotiating the sales price, the Company provides a warranty service that includes a 1-year assurance warranty and an extended warranty for an additional 3 to 5 years. The exact terms are mutually agreed upon with the customer.

5. Delivery, Installation, and Training: The Company is responsible for delivering and installing the system at the customer’s premises. Post-installation, the Company provides free training to surgeons and surgical staff to enable them to operate the system effectively. With respect to the sale of surgical robotic systems, training is provided at the time of delivery to the end customer, however the effort involved is considered negligible.

6. Transfer of Risk and Rewards: The risks and rewards associated with the system are transferred to the customer upon delivery to their premises.

Instrument and Accessories Sales:

We also sell instruments for use by surgeons in conjunction with the use of our surgical robotic systems. These instruments are consumable items for our hospital customers, and we recognize the revenues from the sale of instruments as and when the instruments are delivered to the customer.

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Warranty and Annual Maintenance Contract Sales:

By application of ASC 606, a portion of the equipment sales value which is attributable towards the component of annual maintenance contracts is shown separately as Warranty sales. Once the assurance warranty or standard warranty periods are over, the maintenance contracts become effective and actual income from maintenance contracts is recognized as a distinct revenue stream.

Lease  Income:

Under ASC 842, in cases where the systems are installed on a pay per procedure basis, the Company earns revenue which is a mix of fixed and variable components. Variable component consists of revenue share which is agreed based on the number and type of procedures performed by the customer, while the fixed component involves an agreed amount which the customer is obliged to pay over the lease term. Accordingly, the fixed component is recognized on a straight-line basis as lease income. Since the title to the system is not getting transferred to the counterparty, hence the cost relating to those systems is capitalized under property, plant and equipment and accordingly depreciation is charged over its period of useful life.

n) Property Plant & Equipment

Property and equipment are stated at cost, which is generally comprised of the purchase price for such property or equipment, non-refundable duties and taxes, Installation cost, freight, other associated costs, but excludes any discounts and/or rebates, less accumulated depreciation and impairment.

The Company reviews property and equipment for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable.

Property Plant & Equipment depreciated using the straight-line method at rates determined as per estimated useful life of the assets. The estimated useful lives used in calculating depreciation are as follows: 

		Years
Computer & peripherals			3
Furniture			5
Leasehold improvement			4-9
Office equipment			5
Plant and machinery			8
Server & networking			3
Vehicles			5
Pay per use systems			10
Demo system			10

o) Long-lived Assets

In accordance with ASC 360, “Property Plant and Equipment”, the Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset and current expectation that the asset will more than likely not be sold or disposed significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset and its fair value which is generally determined based on the sum of the discounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain circumstances. An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value.

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p) Stock Compensation Expense

Under the fair value recognition provisions of ASC Topic 718, Compensation-Stock Compensation, cost is measured at the grant date based on the fair value of the award and is amortized on a straight-line basis over the requisite service periods of the awards, which is generally the vesting period. 

Determining the fair value of stock-based awards at the grant date requires significant judgment, including estimating the expected term over which the stock awards will be outstanding before they are exercised and the expected volatility of our stock.

Stock Options: These provide employees with the right, but not the obligation, to purchase shares of the Company’s stock at a specified price within a defined period, as per the terms of the stock option agreement. Stock-based compensation expense associated with AVRA 2016 Stock Incentive Plan is measured at fair-value using a Black-Scholes option-pricing model at commencement of each offering period and recognized over that offering period.

Stock Units (Restricted Stock Units, or RSUs): These do not require the employee to exercise any options. Each stock unit automatically converts into a specified number of shares upon vesting. The Company uses last three month’s average share price of common stock on OTC exchange as grant date fair value for RSUs.

The Company recognizes stock-based compensation expense in the condensed consolidated statement of operations and comprehensive loss for both employees and non-employee directors based on the grant-date fair value of the awards. These costs are recognized on a straight-line basis over the requisite service period, or until the date at which the recipient becomes eligible for retirement, if shorter. Forfeitures of equity awards are accounted for as they occur.

The Company accounts for equity instruments issued in exchange for goods or services from non-employees in accordance with ASC Topic 718 Stock Compensation. The costs associated with these equity instruments are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably measurable.

q) Income Taxes

We record income taxes under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and attributable to operating loss and tax credit carry forwards. The carrying amounts of deferred tax assets are reduced by a valuation allowance if, based on available evidence, it is more likely than not that such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed periodically based on the more-likely-than-not realization threshold. This assessment considers, among other matters, the nature, frequency, and severity of current and cumulative losses, the duration of statutory carry forward periods, and tax planning alternatives. We use a two-step approach in recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals and litigation processes, if any. The second step is to measure the largest amount of tax benefit as the largest amount that is more likely than not to be realized upon settlement. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs.

Management judgment is required in determining provision for income taxes, deferred tax assets and liabilities, tax contingencies, unrecognized tax benefits, and any required valuation allowance, including taking into consideration the probability of the tax contingencies being incurred. Management assesses this probability based upon information provided by its tax advisers, its legal advisers and similar tax cases. If at a later time the assessment of the probability of these tax contingencies changes, accrual for such tax uncertainties may increase or decrease.

The Company has a valuation allowance due to management’s overall assessment of risks and uncertainties related to its future ability in the U.S. to realize and, hence, utilize certain deferred tax assets, primarily consisting of net operating losses (“NOLs”), carry forward temporary differences and future tax deductions.

The effective tax rate for annual and interim reporting periods could be impacted if uncertain tax positions that are not recognized are settled at an amount which differs from the Company’s estimate. Finally, if the Company is impacted by a change in the valuation allowance resulting from a change in judgment regarding the realizability of deferred tax assets, such effect will be recognized in the interim period in which the change occurs.

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r) Basic and Diluted Loss per Share

The following table sets forth the computation of basic and diluted earnings per share: 

		For the six months ended
		June 30, 2025				June 30, 2024
Net Loss (a)			(5,938,044	)			(13,982,323	)
Basic weighted average common shares outstanding (b)			186,244,872				170,734,435
Dilutive effect of convertible note (1)			-				438,696
Dilutive effect of stock-based awards			9,257,396				10,553,371
Diluted weighted average common shares outstanding			195,502,268				181,726,502
Earnings per share attributable to SS INNOVATIONS INTERNATIONAL INC. stockholders:
Basic and Diluted			(0.03	)			(0.08	)

		For the Three Months ended
		June 30, 2025				June 30, 2024
Net Loss (a)			(256,691	)			(4,140,570	)
Basic weighted average common shares outstanding (b)			193,571,635				170,739,380
Dilutive effect of convertible note			-				550,562
Dilutive effect of stock-based awards			9,264,063				10,553,371
Diluted weighted average common shares outstanding			202,835,698				181,843,313
Earnings per share attributable to SS INNOVATIONS INTERNATIONAL INC. stockholders:
Basic and Diluted (a)/(b)			(0.00)	^			(0.02	)

^ Value is less than 0.001

(1) Represents dilution effect related to the interest on convertible notes in the calculation of diluted weighted average shares outstanding for the portion of the period. Refer Note 10 – Notes Payable to the condensed consolidated financial statements for further details.

Basic net loss per share is calculated by dividing the net loss attributable to SSII stockholders by the weighted-average number of shares of common stock outstanding for the period. The diluted net loss per share is computed by giving effect to all potentially dilutive securities outstanding for the period. For periods in which we report net losses, diluted net loss per share is the same as basic net loss per share because potentially dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. 

s) Research and Development Costs

In accordance with ASC Topic 730 Research and development costs are expensed as incurred and include costs of material, salaries, benefits and other headcount-related costs, contract and other outside service fees, and facilities and overhead costs.

t) Fair Value of Financial Instruments

Our financial instruments consist principally of accounts receivable, amounts due to related parties and promissory notes payable. The carrying amounts of cash and cash equivalents and promissory notes approximate fair value because of the short-term nature of these items. 

u) Recent Accounting Pronouncements

In November 2024, FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40), which requires entities to disaggregate any relevant expense caption presented on the face of the income statement within continuing operations into the following required natural expense categories, as applicable: (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization, and (5) depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities or other depletion expenses. An entity’s share of earnings or losses from investments accounted for under the equity method is not a relevant expense caption that requires disaggregation. Such ASU’s amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating the impact of this pronouncement on our disclosures and our consolidated financial statements.

In November 2023, FASB issued ASU No. 2023-07, Segment Reporting (“ASC Topic 280”): Improvements to Reportable Segment Disclosures. This ASU improves reportable segment disclosure requirements on an annual and interim basis for all public entities by requiring disclosure of significant segment expenses that are regularly reviewed by the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. The ASU also allows, in addition to the measure that is most consistent with U.S. GAAP, the disclosure of additional measures of segment profit or loss that are used by the CODM in assessing segment performance and deciding how to allocate resources. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted.

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We adopted this ASU on December 31, 2024, and applied the amendment retrospectively to all periods presented in our consolidated financial statements (refer to Note 3, Segments, for further details).

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Under this ASU, public entities must annually (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than five percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). This ASU’s amendments are effective for all entities that are subject to Topic 740, Income Taxes, for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of this pronouncement on our disclosures.

v) Leases

The Company determines if an arrangement is a lease at inception of the contract. The Company’s assessment is based on whether: (1) the contract involves the use of a distinct identified asset, (2) the Company obtains the right to substantially all the economic benefit from the use of the asset throughout the term of the contract, and (3) the Company has the right to direct the use of the asset. A lease is classified as a finance lease if any one of the following criteria are met: (1) the lease transfers ownership of the asset by the end of the lease term, (2) the lease contains an option to purchase the asset that is reasonably certain to be exercised, (3) the lease term is for a major part of the remaining useful life of the asset or (4) the present value of the lease payments equals or exceeds substantially all of the fair value of the asset.

Operating leases are presented within “Right-of-use assets, operating lease” “Current portion of operating lease liabilities” and “Operating lease liabilities, less current portion” in the Company’s condensed consolidated balance sheet.

Right-of-use (ROU) assets represent the Company’s right to use an underlying asset during the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease arrangement. Lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Operating lease ROU assets are recognized at commencement date in an amount equal to lease liability, adjusted for any lease prepayments, initial direct costs, and lease incentives. For leases in which the rate implicit in the lease is not readily determinable, the Company uses its incremental borrowing rate based on the information available at commencement date. The Company determines the incremental borrowing rate by adjusting the benchmark reference rates with appropriate financing spreads applicable to the respective geographies where the leases are entered and lease specific adjustments for the effects of collateral, if applicable. Lease terms include the effects of options to extend or terminate the lease when it is reasonably certain at commencement of the lease that the Company will exercise that option. Lease expense for operating lease arrangements is recognized on a straight-line basis over the lease term reflecting single operating lease cost. The Company evaluates lease agreements to determine lease and non-lease components, which are accounted for separately.

Lease payments that depend on factors other than an index or rate are considered variable lease payments and are excluded from the operating lease assets and liabilities and are recognized as expense in the period in which the obligation is incurred. Lease payments include payments for common area maintenance, utilities such as electricity, heating and water, among others, and property taxes, and other similar payments paid to the landlord, which are treated as non-lease component.

The Company accounts for lease-related concessions in accordance with guidance in Topic 842, Leases, to determine, on a lease-by-lease basis, whether the concession provided by lessor should be accounted for as a lease modification.

The Company accounts for a modification as a separate contract when it grants an additional right of use not included in the original lease and the increase is commensurate with the standalone price for the additional right of use, adjusted for the circumstances of the particular contract. Modifications which are not accounted for as a separate contract are reassessed as of the effective date of the modification based on its modified terms and conditions and the facts and circumstances as of that date. Upon modification, the Company remeasures the lease liability to reflect changes to the remaining lease payments and discount rates and recognizes the amount of the remeasurement of the lease liability as an adjustment to the ROU assets. However, if the carrying amount of the ROU assets is reduced to zero as a result of modification, any remaining amount of the remeasurement is recognized as an expense in condensed consolidated statement of operations and comprehensive loss.

The Company reviews ROU assets for impairment whenever events or changes in circumstances indicate that the related carrying amount may not be recoverable.

Comprehensive Loss

Comprehensive loss consists of net loss and other gains and losses affecting stockholders’ equity that, under GAAP, are excluded from net loss. Our other comprehensive loss represents foreign currency translation adjustment attributable to Indian operations and retirement benefits due to change in actuarial assumptions. Refer to Unaudited Interim Condensed Consolidated Statements of Comprehensive Loss. Total foreign currency transaction gains and losses were immaterial for the six months and three months ended June 30, 2025, and June 30, 2024.

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NOTE 3 – SEGMENT INFORMATION

The Company is focused on designing, manufacturing and marketing an advanced, next-generation and affordable surgical robotic system called the SSi Mantra, and the instruments and accessories used with SSi Mantra to perform a wide range of soft-tissue, robotically assisted surgeries. The Company is committed to accelerating access to surgical robotics technologies in all parts of the world and particularly in underserved regions through a comprehensive ecosystem of providing an affordable surgical robotic system, its related instruments and accessories backed up by clinical, field service and maintenance support also provided by the Company. The systems as well as instruments and accessories are primarily designed, developed and manufactured by the Company in its manufacturing facility located in India.

During the six months ended June 30, 2025, and June 30, 2024, the Company’s revenues from within India accounted for 77% and 94% respectively of total revenue while revenue from the Company’s markets outside India accounted for 23% and 6%, respectively, of total revenue. During the three months ended June 30, 2025, the Company’s revenue from within India accounted for 74% and 89% respectively of total revenue while revenue from the Company’s markets outside India accounted for 26% and 11% respectively of total revenue. The Company manages the business activities on a consolidated basis and operates in one reportable segment. Our determination that we operate as a single operating segment is consistent with the financial information regularly reviewed by the chief operating decision maker for purposes of evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting for future periods.

The Company’s Chief Executive Officer is the Chief Operating Decision Maker (“CODM”). The CODM utilizes the Company’s long-range plan, which includes product development, technology refinement plans and long-range selling and financial models, as a key input to resource allocation. The CODM makes decisions on resource allocation, assesses performance of the business, and monitors budget versus actual results using gross margins and net income / loss from operations.

Significant segment expenses within income from operations, as well as within net income / loss, include cost of revenue, research and development, and selling, general and administrative expenses, which are each separately presented on the Company’s Consolidated Statements of Operations. Other segment items within net income include interest and other income, net, and income tax expense.

The Company’s long-lived assets consist primarily of property, plant and equipment. As of June 30, 2025, and December 31, 2024, 100% of long-lived assets were in India.

NOTE 4 – PROPERTY, PLANT AND EQUIPMENT, NET

The Company’s property, plant and equipment consisted of the following as of:

		June 30, 2025				December 31, 2024
Gross Amount
Computer & peripheral			402,897				290,724
Furniture			337,574				175,538
Leasehold improvement			736,753				254,468
Office equipment			349,593				156,579
Pay Per Use Systems			5,279,397				3,374,228
Plant and machinery			499,663				377,121
Server & networking			42,327				34,926
Vehicles			191,629				191,961
Demo system			1,363,176				1,128,305
Capital work in progress			165,277				47,592
Accumulated depreciation			(1,094,151	)			(645,487	)
Total			8,274,135				5,385,955

Depreciation expenses for the six months ended June 30, 2025, and 2024 amounted to $469,243 and $170,577 respectively.

Depreciation expenses for the three months ended June 30, 2025, and 2024 amounted to $260,361 and $90,476 respectively.

From its inventory, the Company determined to use five systems for demonstration purposes. As of June 30, 2025, four systems are placed in the Company’s premises while one system is placed at a partner’s location. Hence, these systems are recorded as Property, plant and equipment in accordance with ASC 360. 

16

NOTE 5 – RECAPITALIZATION

The Transaction

On April 14, 2023 (“Closing”), the Company consummated the acquisition of CardioVentures, Inc., a Delaware corporation (“CardioVentures”), pursuant to a Merger Agreement dated November 7, 2022 (the “Merger Agreement”). This agreement was executed among AVRA-SSI Merger Corporation, a wholly owned subsidiary of the Company (“Merger Sub”), CardioVentures, and Dr. Sudhir Srivastava, who, through his holding company, owned a controlling interest in CardioVentures.

At Closing, Merger Sub merged with and into CardioVentures (the “Merger”), with CardioVentures being determined as the accounting acquirer for financial reporting purposes in accordance with ASC 805. The transaction was accounted for as a recapitalization, with AVRA being treated as the Accounting Acquiree. This determination was based on several factors:

● CardioVentures’ stockholders obtained the largest portion of voting rights in the post-combination company.

● The Board and management of the combined entity are primarily composed of individuals associated with CardioVentures.

● CardioVentures had a larger entity size based on historical operations, assets, revenues, and workforce.

● The ongoing operations, post-combination, are those of CardioVentures.

Merger Consideration and Share Issuance: As part of the Merger, holders of CardioVentures’ outstanding common stock, including certain parties who provided interim convertible financing, were issued 135,808,884 shares of SSII common stock, representing approximately 95% of the issued and outstanding shares of SSII post-merger, while the existing SSII shareholders retained approximately 5% (6,545,531 shares) of the post-merger issued shares.

Pursuant to the Merger Agreement, the holders of CardioVentures’ common stock also received 5,000 shares of newly designated Series A Non-Convertible Preferred Stock (the “Series A Preferred Shares”). These shares:

● Vote together with SSII common stock as a single class, except as required by law.

● Entitle holders to exercise 51% of the total voting power of the Company.

● Are not convertible into common stock, have no dividend rights, and carry a nominal liquidation preference.

● Include protective provisions requiring the majority vote of Series A Preferred Shares to amend their rights.

● Are subject to automatic redemption for nominal consideration if holders own less than 50% of the shares received in the Merger.

Restructuring and Capital Contributions: Concurrent with the Merger:

● The Company changed its name to “SS Innovations International, Inc.,” effected a one-for-ten reverse stock split, and increased its authorized common stock to 250,000,000 shares.

● Dr. Sudhir Srivastava, our Chief Executive Officer, through his holding company, assigned patents, trademarks, and other intellectual property related to its surgical robotic systems to a wholly owned subsidiary of SSII.

● Two investors, including a current director provided interim financing during 2022, contributing $3,000,000 each. As a result, the current director received 7% of SSII’s post-merger issued and outstanding common stock on a fully diluted basis, with 4% treated as stock compensation expenses for strategic value. The second investor received 2.86% of SSII’s post-merger issued shares.

Recapitalization Impact: As part of the recapitalization, CardioVentures acquired the net assets of AVRA at fair value at Closing. The fair value of AVRA’s net assets was assessed to be zero by management, resulting in a recognized loss of $5,000,000 in additional paid-in capital. This loss was due to the difference between the fair value of the shares issued (5% of the total) and AVRA’s net assets.

NOTE 6 – ACCOUNTS RECEIVABLE, NET

Accounts receivable consisted of the following as of: 

		June 30, 2025				December 31, 2024
Accounts receivable, net			5,973,923				4,466,047
Accounts receivable, net (non-current)			4,447,389				3,299,032
			10,421,312				7,765,079

17

Activity in the allowance for the credit losses for the six and three months ended June 30, 2025 and 2024 was as follows:

		For the six months ended June 30, 2025				For the six months ended June 30, 2024
Balance at beginning of period			545,799				-
Additions/(reversals)			(167,271	)			255,561
Foreign currency translation adjustment			(806	)			(30	)
Balance at end of period			377,722				255,531

		For the three months ended June 30, 2025				For the three months ended June 30, 2024
Balance at beginning of period			176,426				71,981
Additions charged to expense			202,018				183,572
Foreign currency translation adjustment			(723	)			(22	)
Balance at end of period			377,722				255,531

The Company performed an analysis of the trade receivables related to SSI India and determined, based on the deferred payment terms of the contracts, that a $4,447,389 (December 31, 2024: $3,299,032) may not be due and collectible in next one year and thus company classified these receivables as non-current.

Details of customers which accounted for 10% or more of total revenues during the six months and three months period ended June 30, 2025, and June 30, 2024 and 10% or more of total accounts receivables as at June 30, 2025, and December 31, 2024. 

		Percentage of revenue								Percentage of revenue								Percentage of accounts
		For six months ended								For three months ended								receivables As at
		June 30, 2025				June 30, 2024				June 30, 2025				June 30, 2024				June 30, 2025				December 31, 2024
Customer A			-				-				-				-				-				13	%
Customer B			0	%			18	%			0	%			0	%			-				-
Customer C			0	%			6	%			0	%			11	%			0	%			0	%
Customer D			0	%			6	%			0	%			11	%			-				-
Customer E			0	%			8	%			0	%			14	%			0	%			0	%
Customer F			0	%			6	%			0	%			11	%			4	%			5	%
Customer G			0	%			7	%			0	%			12	%			3	%			6	%
Customer H			9	%			-				14	%			-				7	%			-

NOTE 7 – CASH, CASH EQUIVALENTS AND RESTRICTED CASH

For the purpose of condensed consolidated statement of cash flows, cash, cash equivalents and restricted cash (Current) & (Non-Current) consisted of the following as of:

				June 30, 2025				December 31, 2024
Cash and cash equivalents					11,375,265				466,500
Fixed Deposit		Lien Against Overdraft Facility			5,797,420				5,768,396
		Lien Against Letter of Credit			24,727				24,757
		Lien Against Bank Guarantee			46,174				45,355
		Lien Against Credit Card Facility			16,192				-
Restricted cash (Current)					5,884,513				5,838,508
Fixed Deposit		Lien Against Bank Guarantee			345,900				302,307
		Lien Against Credit Card Facility			-				16,220
Restricted cash (Non-current)					345,900				318,527
Total Cash, cash equivalents and restricted cash					17,605,678				6,623,535

18

We have classified fixed deposits (FDs), which are subject to withdrawal restrictions, as Restricted cash. Additionally, time deposits with a maturity of over one year have been classified as non-current.

The Company has secured a bank overdraft facility from HDFC bank, collateralized by fixed deposits held with HDFC bank. This facility includes a withdrawal restriction tied to the fixed deposit. (Refer Note 11 – Bank Overdraft.)

NOTE 8 – PREPAID, CURRENT AND NON- CURRENT ASSETS

Prepaid, Current and Non-Current Assets consisted of the following as of:

		June 30, 2025				December 31, 2024
Balances with statutory authorities			4,762,619				2,691,800
Prepaid expense- stock compensation current			1,157,911				1,074,991
Security deposits			375,283				157,574
Other prepaid- current assets			2,996,871				2,513,973
Prepaid and other current assets			9,292,684				6,438,338
Prepaid expense- stock compensation non current			2,836,118				3,052,445
Security deposits			191,640				145,198
Other prepaid- non current assets			75,647				143,885
Prepaid and other non current assets			3,103,405				3,341,528
Total prepaid, current and non current assets			12,396,089				9,779,866

Prepaid expenses – stock compensation represents unamortized portion of common stock granted to advisors for services to be rendered by them in future. (Refer Note 19 – Stock Compensation Expenses)

NOTE 9 – ACCOUNTS PAYABLE AND ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accounts payable and accrued expenses consisted of the following as of:

		June 30, 2025				December 31, 2024
Accounts payable			6,079,794				2,312,382
Payable to statutory authorities			95,526				55,699
Client liabilities			1,600,849				574,603
Income taxes payable			620,595				-
Salary payable			411,298				91,825
Other accrued liabilities			1,055,425				1,162,687
Other accrued liabilities			3,783,693				1,884,814
Provision for Gratuity Long term			111,880				74,817
Other accrued liabilities- Non Current			111,880				74,817
Total accounts payable, accrued current and non current expenses			9,975,367				4,272,013

Accounts payable at $6,079,794 as of June 30, 2025 (December 31, 2024: $2,312,382), reflect the amounts due to various vendors of supplies and services in the normal course of business operations. Other accrued liabilities of $1,055,425 as of June 30, 2025 (December 31, 2024: $1,162,687), mainly include accrued expenses of $990,431 (December 31, 2024: $834,291).

19

NOTE 10 – NOTES PAYABLE

In February 2024, the Company raised $2,450,000 through a private offering of 7% One-Year Convertible Promissory Notes (“Notes”) from two affiliates of $1,000,000 each and $450,000 from three other investors to finance its ongoing working capital requirements. These notes are payable in full after 12 months from the respective date of issuance of these Notes and are convertible at the election of noteholder at any time through the maturity date at a per share price of $4.45.

In April 2024, the Company raised $2,000,000 from its affiliate by issuance of two One-Year 7% Promissory Notes of $1,000,000 each, to meet certain working capital requirements. These Notes are payable in full after 12 months from the respective date of issuance of these Notes.

In July 2024, the Company raised $500,000 from its affiliate by issuance of One-Year 7% Promissory Notes to finance its ongoing working capital requirements. These Notes are payable in full after 12 months from the respective date of issuance of these Notes.

In October and November 2024, the Company raised $500,000 from its affiliate by issuance of One-Year 7% Promissory Notes to finance its ongoing working capital requirements. These Notes are payable in full after 12 months from the respective date of issuance of these Notes.

In December 2024, the Company raised $2,000,000 from its affiliate by issuance of One-Year 7% Convertible Promissory Notes to finance its ongoing working capital requirements. These Notes are payable in full after 12 months from the respective date of issuance of these Notes and are convertible at the election of noteholder at any time through the maturity date at a per share price of $1.38.

In January 2025, the Company raised $28,000,000 from its affiliate by issuance of One-Year 7% Convertible Promissory Notes to finance its ongoing working capital requirements. These Notes are payable in full after 12 months from the respective date of issuance of these Notes and are convertible at the election of noteholder at any time through the maturity date at a per share price of $1.38.

In February 2025, the Company paid $4,212,637 towards repayment of five 7% One-Year Promissory Notes totaling to $4,000,000 raised from Sushruta Pvt Ltd., on various dates during the year 2024, along with interest due thereon.

In February 2025, the Company paid $1,068,849 towards repayment of one 7% One-Year Convertible Promissory Notes of $1,000,000 raised from Andrew Economos along with the interest due thereon.

In February 2025, the Company converted three 7% One Year Convertible Promissory Notes totaling to $450,000 along with the interest accrued thereon, into 108,048 common shares of the Company as per the conversion rights exercised by the note holders.

In February 2025, the Company converted Convertible Notes worth $22,000,000, along with the interest accrued thereon, issued to Sushruta Pvt Ltd. into 16,046,814 common shares of the Company.

In March 2025, the Company converted Convertible Notes worth $8,000,000, along with the interest accrued thereon, issued to Sushruta Pvt Ltd into 5,811,554 common shares of the Company.

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NOTE 11 – BANK OVERDRAFT FACILITY

Bank overdraft facility consisted of the following as of:

		June 30, 2025				December 31, 2024
HDFC Bank Ltd overdraft (with lien against fixed deposits) (OD1)			3,499,566				4,486,181
HDFC Bank Ltd overdraft (OD2)			3,480,747				3,508,725
Bank overdraft			6,980,313				7,994,906

The HDFC Bank overdraft facility (OD1), amounting to $3,499,566, is availed against a lien on fixed deposits totaling $5,394,925 provided by the Company and the HDFC Bank LTD Overdraft (OD2) facility is secured by a charge over all current assets, plant, and machinery of the Company, as well as a lien on fixed deposits of $349,941 in favor of HDFC Bank. Additionally, both overdraft facilities are secured by personal guarantees provided by Dr. Sudhir Prem Srivastava. As of June 30, 2025, and December 31, 2024, the Company was in compliance with all financial and non-financial covenants under the bank overdraft facility agreements.

HDFC Bank has sanctioned overdraft facilities subject to operational terms and conditions, including payment on demand, comprehensive insurance coverage against all risks of primary security, periodic inspections of the plant by the bank, and submission of monthly stock and financial records to the bank within 30 days after each month-end. Security for this facility includes current assets, plant and machinery, furniture and fixtures, and a personal guarantee from Dr. Sudhir Srivastava.

The cash credit facility is sanctioned at an interest rate of 9.50% (linked with 3-month T-Bill) per annum on the working capital overdraft limit, with interest payable monthly on the first day of the subsequent month. Overdraft facility against fixed deposits is sanctioned with an interest rate of 1.25% over and above prevailing rate of interest on fixed deposits, payable at monthly intervals on the first day of the following month.

NOTE 12 – DEFERRED REVENUE

Contract liabilities (deferred revenue) consist of advance billings and billing in excess of revenues recognized. Deferred revenue also includes the amount for which services have been rendered but other conditions of revenue recognition are not met, for example, where the Company does not have an enforceable contract.

The revenues attributable to the warranty is recognized over the period to which it relates. During the six and three months ended June 30, 2025, Company had sold twenty four and sixteen surgical robotic systems respectively. The revenues attributable to warranty for the agreed warranty period in respect of each of the sales contract is deferred for recognition over the period to which it relates.

21

In case of systems sold on a deferred payment basis, the present value of the invoiced system sales, realizable over the deferred payment period, is recognized as system sales. The difference between the invoiced amount and its present value is adjusted (reduced) in the accounts receivable balance. This difference is recorded as interest income under other income, with a corresponding impact on accounts receivable over the collection period of contract. The Company recorded $150,338 and $159,376 as interest income on account of deferred financing component during the six months period ended June 30, 2025 and June 30, 2024 respectively.

		June 30, 2025				December 31, 2024
Deferred revenue- beginning of period			6,452,555				1,095,480
Additions			3,012,235				5,685,704
Net changes in liability for pre-existing contracts			9,464,790				6,781,184
Revenue recognized for system sales			416,596				177,518
Revenue recognized for instrument sales			540,059				-
Revenue recognized for warranty sales			315,928				151,111
Deferred revenue- end of period			8,192,207				6,452,555
Deferred revenue expected to be recognized in:
One year or less			2,412,682				1,278,602
More than one year			5,779,525				5,173,953
			8,192,207				6,452,555

For the six months ended June 30, 2025 and 2024:

The following table disaggregates our revenue by major source as of:

		June 30, 2025				June 30, 2024
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

Revenues for six months ended June 30, 2025 and 2024 by geographic region (determined based upon customer domicile), were as follows:

		June 30, 2025				June 30, 2024
India			11,612,248				7,638,754
Philippines			1,435,817				-
Indonesia			1,039,584				-
South America			1,014,195				-
UAE			14,849				-
Nepal			4,222				508,065
			15,120,915				8,146,819

22

For the three months ended June 30, 2025 and 2024:

The following table disaggregates our revenue by major source as of:

		June 30, 2025				June 30, 2024
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

Revenues for three months ended June 30, 2025 and 2024 by geographic region (determined based upon customer domicile), were as follows:

		June 30, 2025				June 30, 2024
India			7,422,937				4,001,061
Philippines			1,435,817				-
South America			961,920				-
Indonesia			167,984				-
UAE			7,425				-
Nepal			4,222				508,065
			10,000,305				4,509,126

NOTE 13 – STOCKHOLDERS’ EQUITY

Common stock

The Company is authorized to issue up to 250,000,000 shares of common stock, $0.0001 par value per share. The Company has one class of common stock outstanding. Holders of the Company’s common stock are entitled to one vote per share. Upon the liquidation or dissolution of the Company, its common stockholders are entitled to receive a ratable share of the available net assets of the Company after payment of all debts and other liabilities. The Company’s shares of common stock have no pre-emptive, subscription, redemption or conversion rights.

As of June 30, 2025, there were 193,588,410 (December 31, 2024: 171,579,284) issued and outstanding common shares. Holders of common stock are entitled to one vote for each share of common stock.

Preference shares

The Company is authorized to issue up to 5,000,000 shares of preferred stock, $0.0001 par value per share. The Company has one class of preferred stock outstanding “Series A- Preferred Shares”.

As of June 30, 2025, there were 1,000 (December 31, 2024: 1,000) issued and outstanding preferred stock.

Common stock issued at the time of Merger

At Closing of the Merger on April 14, 2023, 135,808,884 shares of our common stock and 1,000 Series A Preferred Shares were issued to Cardio Ventures. This includes common stock that was issued to Dr. Frederic Moll and one other accredited investor, who each provided $3,000,000 in interim financing to the Company pending consummation of the Merger. Following the Merger an additional 3,818,028 shares of our common stock were issued to Dr. Frederic Moll per his interim financing agreement with the Company.

23

Common Stock issued post-Merger

On March 1, 2024 the Company issued 15,000 shares of common stock to PCG Advisory, for investor and digital marketing services. The total value of such services is $101,250.

On August 31, 2024, the Company issued 125,000 shares of common stock to five advisors in exchange for advisory services to be rendered over a 5 year period. The total value of such services is $40,000. The value of services is calculated at the fair market value of shares as of the date of contract.

On November 27, 2024, the Company issued 169,118 shares of common stock to Group Chief Financial Officer, Anup Kumar Sethi, which is second tranche of 20% of a total grant of 845,592 shares awarded to him against services pursuant to the Company’s 2016 Incentive Stock Plan. The balance of 60% vests in three equal annual instalments subject to his remaining employed by the Company or its subsidiaries.

On November 27, 2024, the Company issued 536,747 shares of common stock to 80 employees of the Company’s subsidiary which is second tranche of 20% of the total shares awarded to them in Nov 2023 pursuant to the Company’s 2016 Incentive Stock Plan. The balance of 60% vests in three equal annual instalments subject to such employees remaining employed by the Company or its subsidiaries.

On December 2, 2024, the Company issued 9,034 shares of common stock to an advisory firm in terms of the engagement document signed with them to provide production and graphics services to the Company.

On February 12, 2025, the Company issued 48,030 shares of common stock to Ashok Kumar Hemal against the conversion of notes amounting to $213,732 including interest thereon at conversion price of $4.45 per share.

On February 13, 2025, the Company issued 30,010 and 30,008 shares of common stock to Sandra R Johnson Trustee and Dorthea B Hardin Living Trust against the conversion of notes amounting to $133,546 and $133,534 respectively including interest thereon at conversion price of $4.45 per share.

On February 20, 2025, the Company issued 16,046,814 shares of common stock to Sushruta against the conversion of notes amounting to $22,144,603 including interest thereon at conversion price of $1.38 per share.

On March 1, 2025, the Company issued 7,858 common shares to one ex-employee and 2,619 common shares to an ex-director of the Company on cash-less conversion of the options held by them as per the terms of the Stock Option Agreement options executed by them with the Company.

On March 31, 2025, the Company issued 5,811,554 shares of common stock to Sushruta against the conversion of notes amounting to $8,019,945 including interest thereon at conversion price of $1.38 per share.

On April 2, 2025, the Company issued 3,163 shares of common stock to an advisory firm in terms of the engagement document signed with them to provide production and graphics services to the Company. 

On April 30, 2025, the Company issued 1,639 shares of common stock to an advisor in exchange for rendering the services in accordance with the agreement entered with the advisor.

On May 22, 2025, the Company issued 20,000 shares of common stock to an advisor in exchange for advisory services to be rendered over a 5 year period. The total value of such services is $196,800. The value of services is calculated at the fair market value of shares as of the date of contract.

On May 28, 2025, the Company issued 7,431 common shares on cash-less conversion of the stock options held as per the terms of the Stock Option Agreement for the options executed by them with the Company.

Holders of common stock are entitled to one vote for each share of common stock held.

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NOTE 14 – INVENTORY

Inventory consisted of the following as of:

		June 30, 2025				December 31, 2024
Raw materials (includes goods in transit $572,143 (December 31, 2024: $969,959))			8,076,774				4,461,898
Work-in-progress			947,290				1,436,250
Finished goods			9,236,077				4,308,750
			18,260,141				10,206,898

NOTE 15 – LEASES

The Company conducts its operations using facilities leased under operating lease agreements that expire at various dates.

The following is a summary of operating lease assets and liabilities as of:

Operating leases		June 30, 2025				December 31, 2024
Assets
Right of use operating lease assets			2,654,775				2,623,880
Liabilities
Current portion of operating lease liabilities			354,626				409,518
Non Current portion of operating lease liabilities			2,452,389				2,349,118
Total lease liabilities			2,807,015				2,758,636

Operating leases		June 30, 2025				December 31, 2024
Weighted average remaining lease terms (years)
Ilabs Info Technology 3rd Floor			4.69				5.19
Ilabs Info Technology 1st Floor			5.08				5.58
Ilabs Info Technology Ground Floor			6.92				7.42
Ilabs Info Technology Basement-3			4.69				-
Village Chhatarpur-1849-1852-Farm			0.08				0.58
Weighted average discount rate
Ilabs Info Technology 3rd Floor			12.00	%			12.00	%
Ilabs Info Technology 1st Floor			12.00	%			12.00	%
Ilabs Info Technology Ground Floor			12.00	%			12.00	%
Ilabs Info Technology Basement-3			12.00	%			-
Village Chhatarpur-1849-1852-Farm			10.00	%			10.00	%

Supplemental cash flow and other information related to leases are as follows:

		Period ended
		June 30, 2025				June 30, 2024
Cash payments for amounts included in the measurement of lease liabilities:
Operating cash outflows for operating leases			407,188				342,202

Maturities of lease liabilities as of June 30, 2025 were as follows:

Fiscal year		Operating Leases Amount (in $)
2025			338,597
2026			660,350
2027			686,994
2028			714,970
2029			744,345
2030 and thereafter			722,835
Total lease payment			3,868,091
Less: Imputed Interest			1,061,076
Present value of lease liabilities			2,807,015

25

NOTE 16 – INCOME TAX

The Company recorded an income tax expense of $353,729 for the three and six months ended June 30, 2025, compared to nil for the corresponding periods in 2024. The consolidated effective tax rate for the six months ended June 30, 2025, was (6.33%), compared to nil in the prior-year period.

The Company will continue to reassess its valuation allowance position quarterly and update the effective tax rate accordingly based on expected changes in the mix and level of earnings.

The components of income / (loss) before income taxes consist of the following:

		Period ended
		June 30, 2025				June 30, 2024
Domestic			(6,898,208	)			(11,394,287	)
Foreign			1,313,893				(2,588,036	)
Total			(5,584,315	)			(13,982,323	)

Income tax expense/(benefit) consists of the following:

		For the six months ended June 30, 2025				For the six months ended June 30, 2024
Current Provision:
Domestic			-				-
Foreign			719,370				-
Deferred Provision/(Benefit):
Domestic			-				-
Foreign			(365,641	)			-
Income tax expense			353,729				-

Deferred income taxes recognized in OCI were as follows:

		For the six months ended June 30, 2025				For the six months ended June 30, 2024
Deferred taxes benefit / (expense) recognized on:
Retirement benefits			5,772				-
Total			5,772				-

The Company has federal and state net operating losses as of June 30, 2025, and December 31, 2024.

The Company’s U.S. operations continue to generate losses, and a full valuation allowance has been maintained against its U.S. federal and state deferred tax assets. As a result, no tax benefit has been recognized for U.S. losses in the current period.

The Company has recorded tax benefit which primarily relates to its Indian Subsidiary’s operations, which generated positive taxable income. The Indian Subsidiary is subject to local corporate tax and MAT (Minimum Alternate Tax) regulations, resulting in current tax expense of $719,370 and deferred tax benefit of $365,641.

The Company’s practice is to recognize interest and penalties related to income tax matters in income tax expense. The Company had no accrual of interest and penalties on the Company’s balance sheets and has not recognized interest and penalties in the condensed consolidated statement of operations and comprehensive loss for the period ended June 30, 2025, and June 30, 2024.

The Company is subject to taxation in the United States and India. The Company’s tax returns as filed have no pending examinations except for the Indian subsidiary which is under review with the Indian Income Tax Department for Assessment Year 2024-25.

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The effective income tax rate differs from the amount computed by applying the income tax rate of India to Income/(Loss) before income taxes approximately as follows:

		Period ended
		June 30, 2025				June 30, 2024
Accounting loss before income tax			(5,584,315	)			(13,982,323	)
Income tax expense/(benefit) at federal statutory rate at 21%			(1,172,706	)			(2,936,288	)
Foreign tax rate differential			(453,446	)			(582,783	)
Non-deductible expenses			(176,200	)			135,434
Excess tax benefit on depreciation			-				(38,755	)
Excess tax benefit on security deposit			-				152
Impact of unrecognized deferred tax asset on the loss of the year			1,448,624				3,422,240
Income tax expense			353,729				-

The Company recorded an income tax expense of $353,729 for the three and six months ended June 30, 2025, compared to nil for the corresponding periods in 2024.

The components of the deferred tax balances were as follows:

		June 30, 2025				December 31, 2024
Deferred tax assets:
Net operating loss carry forwards			8,966,345				5,123,862
Net operating loss			1,448,624				3,842,483
Lease payments			26,112				28,299
Credit loss reserve			211,808				198,703
Others			423,488				44,204
			11,076,377				9,237,551
Valuation allowance			(10,414,969	)			(9,150,495	)
Deferred tax assets			661,408				87,056
Deferred tax liabilities:
Depreciation and amortization			295,767				74,285
Others			-				12,771
Deferred tax liabilities			295,767				87,056
Net deferred tax assets/liability			365,641				-

Deferred tax assets and liabilities are recognized for future tax consequences attributable to temporary differences between the financial statement carrying values of assets and liabilities and their respective tax bases and operating loss carry forwards. The Company performed an analysis of the realizability of deferred tax assets as of June 30, 2025, and December 31, 2024, and recorded a valuation allowance of $10,414,969 and $9,150,495, respectively.

NOTE 17 – EMPLOYEE BENEFIT PLAN

The Company’s Gratuity Plan in India provides for a lump sum payment to employees on retirement or upon termination of employment in an amount based on the respective employee’s salary and years of employment with the Company. Liabilities under this plan are determined by actuarial valuation using the projected unit credit method. Current service costs for these plans are accrued in the year to which they relate. Actuarial gains or losses or prior service costs, if any, resulting from amendments to the plans, are recognized and amortized over the remaining period of service of the employees.

27

The Gratuity Plan is unfunded, and the company does not make contributions to the plan assets.

The benefit obligation has been measured as of June 30, 2025, and December 31, 2024. The following table sets forth the activity and the amounts recognized in the Company’s consolidated financial statements at the end of the relevant periods:

		June 30, 2025				December 31, 2024
Change in projected benefit obligation
Projected benefit obligation at beginning			80,833				34,005
Service cost			21,319				30,692
Interest cost			2,881				2,373
Benefits paid			-				-
Actuarial loss ^			19,822				14,226
Effect of exchange rate changes			(90	)			(463	)
Projected benefit obligation at end			124,765				80,833
Unfunded status in the end			124,765				80,833
Unfunded amount recognized in consolidated balance sheets
Non-current liability (included under other non-current liabilities)			111,880				74,817
Current liability (included under accrued employee costs)			12,885				6,016
Total accrued liability			124,765				80,833
Accumulated benefit obligation at end			68,588				42,792

^ During the period ended June 30, 2025, and December 31, 2024, actuarial loss was driven by changes in actuarial assumptions, offset by experience adjustments on present value of benefit obligations.

Components of net periodic benefit costs recognized in condensed consolidated statements of operations and comprehensive loss and actuarial loss reclassified from accumulated other comprehensive income (“AOCI”), were as follows:

		June 30, 2025				June 30, 2024
Service cost			21,319				12,531
Interest cost			2,881				1,203
Net gratuity cost			24,200				13,734

The components of retirement benefits included in AOCI, excluding tax effects, were as follows:

		June 30, 2025				June 30, 2024
Net actuarial loss			19,822				11,806
Amount recognized in AOCI, excluding tax effects			19,822				11,806

The weighted average actuarial assumptions used to determine benefit obligations and net gratuity cost were:

		June 30, 2025				June 30, 2024
Discount rate			7.17	%			7.18	%
Rate of increase in compensation levels			12.50	%			12.50	%

The Company evaluates these assumptions annually based on its long-term plans of growth and industry standards. The discount rates are either based on current market yields on government securities or yields on government securities adjusted for a suitable risk premium, if available.

Expected benefit payments as of June 30, 2025

June 30, 2025			11,869
2026			22,865
2027			21,226
2028			18,539
2029			15,817
2030-2034			90,117

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NOTE 18 – FAIR VALUE MEASUREMENT – FINANCIAL INSTRUMENTS

Assets and liabilities recorded at fair value are measured using the fair value hierarchy, which prioritizes the inputs used in measuring fair value. The levels of the fair value hierarchy are:

● Level 1: observable inputs such as quoted prices in active markets.

● Level 2: inputs other than quoted prices in active markets that are either directly or indirectly observable; and

● Level 3: unobservable inputs for which little or no market data exists, therefore requiring the Company to develop its own assumptions.

The company’s financial assets which are set out below in the table are measured at fair value by considering the level III inputs. The company does not have financial assets which are measured using Level I or Level II inputs.

Carrying value and fair value of Level III Financial assets and liabilities:

		Carrying Value								Fair Value
		June 30, 2025				December 31, 2024				June 30, 2025				December 31, 2024
Financial Assets
Account receivables, net (1)			4,447,389				3,299,032				4,447,389				3,299,032
Other non-current financial assets (2)			191,640				214,252				191,640				214,252
Total			4,639,029				3,513,284				4,639,029				3,513,284
Financial Liabilities
Lease liabilities (3)			2,452,389				2,349,118				2,452,389				2,349,118
Total			2,452,389				2,349,118				2,452,389				2,349,118

(1) Account receivable net of allowance for credit losses represent the long-term debtors of the company in relation to the sales made during the year. The Company has presented the receivable balances account after reducing the significant financing component included using the discount rate of 10%.

(2) Other non-current assets include security deposits and long-term fixed deposits with banks. Company has calculated the fair value of security deposit at present value of future receipt using discount rate of 7% and fair value of long-term fixed deposit with banks are carried at cost which is approximate to the fair value.

(3) The Company has long term lease liabilities in relation to office properties which are carried at cost using the discount rate (Refer Note 15 Leases).

The Company has assessed that the financial instruments that are not carried at fair value consist primarily of cash and cash equivalents, restricted cash, accounts receivable, prepaid and other current assets, note payable, Bank overdraft facility and account payable for which fair values approximate their carrying amounts due to the short-term maturities of these instruments.

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NOTE 19 – STOCK COMPENSATION EXPENSES

Stock options to Employees: The Company grants shares of the Company’s common stock, par value $ 0.0001 to certain employees under the Company’s 2016 stock incentive plan (the “Plan”). The price at which the Grantee is entitled to purchase the Shares upon the exercise of the Option (the “Option Price”) is $ 5.00 per Share. The Shares vest twenty percent (20%) as of the Grant Date, with the balance of the shares vesting in four equal annual installments on the first, second, third and fourth anniversaries of the Grant Date provided that the Grantee remains in the Continuous Employment of the Company or any of its subsidiaries or affiliates, as defined and provided for in the Plan. The Options, to the extent vested and not exercised, shall expire five (5) years from the Grant Date.

Restricted Stock Award to Employees: The Company grants restricted shares of the Company’s common stock, $ 0.0001 per value to certain employees under the company’s 2016 stock incentive plan. The grant of restricted shares is made in consideration of services to be rendered by the Grantee to the Company. The Restricted Stock Awards vest twenty percent (20%) as of the Grant Date, with the balance of the Restricted Shares vesting in four equal annual installments on the first, second, third and fourth anniversaries of the Grant Date, subject to the Grantee’s continued employment by the Company, as provided for in the Plan. Unvested portions of the Restricted Stock Award may not be transferred at any time, except to the extent provided for in the Plan. Until the Restricted Stock Award granted under this Agreement vests in accordance with the terms hereof, the Grantee shall have no rights as a shareholder (including, without limitation, voting and dividend rights) with respect to any of the Restricted Shares covered by the Restricted Stock Award.

Stock Options issued to Doctors/Proctors/Advisors (“Advisor’s”): The Company issues shares of the Company’s common stock (“Advisory Shares”) to retain and compensate certain Advisors for performing services for the Company and in exchange for the compensation, which is issued in a phased manner as determined by the company. The “Services” include but are not limited to (a) providing proctoring and medical advisory services, (b) advising the Company on the development of surgical robotics procedures and improvements in design and technology (c) participation in case of observation and performance of live surgeries, and (d) disseminating information about the Company’s products in various scientific meetings and surgical robotic conferences globally (e) investor’s digital marketing support. The Company issues such Advisory Shares in a phased manner commensurate with the period over which the services are to be performed, as determined by the Company.

Stock options:

Stock options activity for the period ended June 30, 2025, was as follows:

		Number of shares options				Weighted average grant date fair value per share
Unvested balance as of December 31, 2024			2,536,776			$	3.41
Granted			-				-
Vested			-				-
Forfeited			-				-
Unvested balance as of June 30, 2025			2,536,776			$	3.41

		Number of shares options				Weighted average grant date fair value per share
Exercisable balance as of June 30, 2025			5,041,405			$	2.06

During the six months ended June 30, 2025, no stock options vested. Further there were no stock options issued during the period ending June 30, 2025.

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Restricted Stock Awards (RSA)

Restricted Stock Awards activity for the period ended June 30, 2025, was as follows:

		Number of shares RSAs				Weighted average grant date fair value per share
Unvested balance as of December 31, 2024			2,117,598			$	7.76
Granted			-				-
Vested			-				-
Forfeited			510,266			$	7.76
Unvested balance as of June 30, 2025			1,607,332			$	7.76

During the period ended June 30, 2025, no RSAs are vested. Further there were no RSAs issued during the period ended June 30, 2025.

Advisory shares:

Common stock issued to consultants as advisory shares during the period as follows:

Grant dates		Fair value on grant date				Unvested shares in the beginning				Shares granted during the period				Shares vested during the period				Unvested shares at the end of the period
31-Oct-23			8.99				39,147				-				3,454				35,693
31-Oct-23			8.99				5,270				-				465				4,805
31-Oct-23			8.99				4,193				-				370				3,823
31-Oct-23			8.99				16,533				-				1,459				15,074
15-Apr-25			9.15				-				1,639				1,639				-
30-Apr-25			10.89				-				20,000				20,000				-
16-May-25			9.84				-				20,000				20,000				-
							65,143				41,639				47,387				59,395

During the six months period ended June 30, 2025, 21,639 advisory shares were exercised and issued to advisors having total common stock value of $211,795.

The aggregate vesting date fair value of Advisory shares vested was $481,270 and $418,694 during the period ended June 30, 2025 and year ended December 31, 2024 respectively. 

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Stock compensation expenses

During the period ended June 30, 2025 and June 30, 2024, the Company has recorded share compensation expense of $4,009,507 and $9,552,542 respectively in relation to stock options, RSU and Advisory shares as follows:

		For the period ended June 30, 2025				For the period ended June 30, 2024
Stock options			1,429,884				6,094,592
Restricted stock units (RSU)			1,938,783				2,780,358
Advisory shares			640,840				677,592
Total stock compensation expenses			4,009,507				9,552,542

Stock option model & assumptions

The Black-Scholes-Merton option pricing model is used to estimate the fair value of stock options and RSU granted under the Company’s share based compensation plans and the rights to acquire stock granted under the stock options plans. The weighted-average estimated fair values of stock options and the rights to acquire stock as well as the weighted-average assumptions used in calculating the fair values of stock options and the rights to acquire stock that were granted during the period ending June 30, 2025 were as follows:

						Period ended June 30, 2025
Grant date		Stock Options February 13, 2024				Stock Options November 27, 2023				Restricted stock awards November 27, 2023
Fair value on grant date		$	1.39			$	3.41			$	7.76
Risk free interest rate			4.40	%			4.40	%			4.40	%
Expected volatility			24.96	%			18.50	%			18.50	%
Exercise prices		$	5.00			$	5.00				0.0001
Share price on the grant date		$	5.50			$	7.76			$	7.76
Expected term of vesting			2.5 years				4 years				4 years

As share-based compensation expense recognized in the Condensed Consolidated Statements of operations and comprehensive loss during the period ended June 30 2025, and 2024, is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures, if any.

As of June 30, 2025, there was $7,220,521, $10,411,160 of total unrecognized compensation expense related to unvested stock options and restricted stock units to acquire common stock under the 2016 Inventive Stock plan respectively. The unrecognized compensation expense is expected to be recognized over a weighted-average period of 2.41 years for unvested stock options and restricted stock units for rights granted to acquire common stock under 2016 Incentive Stock Plan. 

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NOTE 20 – RELATED PARTY

The details of transactions with the related parties for the six months ended June 30, 2025 and June 30, 2024 and balances outstanding as on June 30, 2025 and December 31, 2024 are as follows:

Particulars		For the period six months ended June 30, 2025				For the period  six months ended June 30, 2024
Transactions during the year:
Expenses incurred on behalf of affiliates
Srivastava Robotic Surgery Pvt Ltd			68				-
SS INTERNATIONAL CENTRE FOR ROBOTICS SURGERY PVT LTD			9,906				-
Sudhir Srivastava Medical Innovations Pvt Ltd			92				-
Telegnosis Private Limited			8				-
Sudhir Srivastava			18,000				-
Expenses incurred on behalf of Company
Sudhir Prem Srivastava			123,476				164,403
Barry F. Cohen			5,753				-
Dr. Frederic H Moll			11,499				-
ESOPs Expenses/(Reversal)
Anup Sethi			(122,247	)			654,841
Barry F. Cohen			285,977				287,759
Dr. S.P. Somashekhar			105,266				104,597
Sudhir Prem Srivastava			857,931				5,520,083
Vishwajyoti P. Srivastava, M.D			285,977				287,759
Consultancy charges and other perquisites
Anup Sethi*			68,149				87,931
Barry F. Cohen			90,000				90,000
Vishwajyoti P. Srivastava, M.D			129,908				106,084
Sudhir Prem Srivastava			441,200				438,824
Arvind Palaniappan*			12,160				-
Proceeds from notes issued
Sushruta Private Limited			28,000,000				3,000,000
Interest accrued on notes
Sushruta Private Limited			182,400				55,028
Conversion of notes into common stock
Sushruta Private Limited			30,164,548				-

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Balances outstanding as on year end:

Particulars		As on June 30 2025				As December 31, 2024
Balance receivable / (payable)
Accrued expenses & other current liabilities:
Barry F. Cohen			(408,753	)			(310,500	)
Sushruta Private Limited			-				(194,785	)
Vishwajyoti P. Srivastava, M.D			-				(75,006	)
Prepaid & Other current assets:
Cardio Bahamas^			(76,741	)			(76,741	)
Srivastava Robotic Surgery Pvt Ltd			413				345
SS INTERNATIONAL CENTRE FOR ROBOTICS SURGERY PVT LTD			10,854				948
SSI PTE Singapore^			(424,546	)			(424,586	)
Sudhir Prem Srivastava^			2,039,629				1,644,825
Sudhir Srivastava Medical Innovations Pvt Ltd			583				491
Sushruta Private Limited			5,000				5,000
Telegnosis Private Limited			725				727
Accounts Payable:
Arvind Palaniappan			(5,865	)			-
Notes Payable
Sushruta Private Limited			-				(6,000,000	)

^	For these balances, Dr. Sudhir Prem Srivastava is considered as the ultimate beneficial owner, and the settlement is expected to be made on net basis. Accordingly, these balances have been disclosed under prepaids and other current assets.
*	During the current period, Mr. Anup Sethi resigned from the position of Group Chief Financial Officer with effect from April 30, 2025. In his place, Mr. Arvind Palaniappan was appointed as the Interim Chief Financial Officer. Subsequent to the period ended June 30, 2025, Mr. Arvind Palaniappan resigned as Interim Chief Financial Officer effective July 23, 2025.

NOTE 21 – COMMITMENTS

The Company, through its SSI-India subsidiary, occupies office, manufacturing, and assembly space in Gurugram, Haryana (India) under a lease agreement entered into in March 2021, with monthly payments of $24,675 plus applicable taxes. This lease expires in March 2030. Effective June 1, 2023, SSI-India subsidiary signed another lease agreement for occupying an additional space in Gurugram, to further expand its manufacturing and assembly capacity. This lease provides for a monthly payment of $16,320 plus taxes and expires on May 31, 2032, subject to further renewal on mutually acceptable terms. Further effective from August 1, 2024 SSI-India subsidiary signed another lease agreement for occupying an additional space in Gurugram, to further expand its operations. This lease provides for a monthly payment of $8,795 plus taxes and expires on July 31, 2030. In August 2023, SSI India had leased a house pursuant to the terms of employment agreement to provide residential accommodation to Dr Sudhir Srivastava. This lease provides for a monthly payment of $ 17,512 plus taxes. In May 2025, the Company signed another lease agreement for occupying an additional space for warehouse purposes in Gurugram which provides for monthly payment of $3,502 plus taxes and expires in March 2030.

NOTE 22 – SUBSEQUENT EVENTS

No adjusting subsequent event(s) has been identified.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Introduction

The Company is engaged in the business of developing, manufacturing, and selling a surgical robotic system under our proprietary brand “SSi Mantra,” together with allied accessories and a wide range of surgical instruments capable of supporting cardiac and a variety of other surgical procedures under our proprietary brand “SSi Mudra”. Having commenced commercial sales of our surgical robotic system in the second half of 2022, the year 2023 was our first full year of commercial sales and during the year 2024, we further consolidated our installed base of SSi Mantra in various parts of India and also expanded our presence in the global markets.

Our financial performance is largely driven by increasing awareness of the benefits of robotically assisted surgery, reduced learning curves for robotic surgeons and the affordability and accessibility of surgical robotic technology. Our financial performance is also dependent on our obtaining regulatory approvals in various regulated markets where we have plans to sell our products. Robotically assisted surgeries are increasingly being recognized as an approved treatment modality from an insurance coverage perspective.

Our manufacturing operations being based in India derive significant operating cost advantages in terms of availability of quality and cost-effective fabrication/3D printing solutions, electronic/electrical/mechanical components, outsourced services and skilled manpower. All these factors help us in having lower costs of production which eventually helps us make our surgical robotic system cost effective and relatively affordable.

During the three months and six months period ended June 30, 2025, we sold 8 and 25 surgical robotic systems respectively. In addition, during the three month period ended June 30, 2025, we installed 5 systems on a pay-per-use basis and 1 system on a demonstration basis.

Results of Operations

Introduction

The financial statements appearing elsewhere in this report have been prepared assuming that the Company will continue as a going concern. The Company is still in its initial years of revenue generation by way of the sale of its product and has not yet established consistent operational revenue cash flows to meet all its fixed operating costs and hence may continue to incur losses for some time. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.

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The following table provides selected balance sheet data for the Company as of:

Balance Sheet Data 

		June 30, 2025				December 31, 2024
Cash			11,375,265				466,500
Restricted cash**			6,230,413				6,157,035
Total Assets			69,977,771				42,385,213
Total Liabilities			27,954,902				28,928,110
Total liabilities and stockholders’ equity			69,977,771				42,385,213

** Represents Fixed Deposits held by bank as security for bank facilities and certain performance guarantees.

To date, the Company has mainly relied on debt and equity raised in private offerings to finance its operations. During 2025, the Company plans to raise additional capital through further private or public offerings. However, if we are unable to do so and if we experience a shortfall in operating capital, we could be faced with having to limit our expansion plans, research and development and marketing activities.

		For the three months ended
Particulars		June 30, 2025				June 30, 2024
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
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
Income /(Loss) from operations			97,014				(4,100,189	)
Other income (expenses)			24				(40,381	)
Income tax expense			353,729				-
Net loss			(256,691	)			(4,140,570	)

Three months ended June 30, 2025, as compared to the three months ended June 30, 2024

Total Revenue. For the three months ended June 30, 2025,we had revenues of $10,000,305 (comprised $8,781,038 of system sales, $1,007,830 of instrument sales, $193,359 of warranty sales and lease income $18,078), as compared to $4,509,126 (comprising $4,258,198 of system sales and $204,121 of instrument sales $28,795 of warranty sales and lease income $18,012) for the three months ended June 30, 2024. The increase in revenue is primarily due to an increase in the number of SSI Mantra 3 surgical robotic systems and instruments during the three months ended June 30, 2025, as compared to the three months ended June 30, 2024.

Gross profit. For the three months ended June 30, 2025, we had gross profit of $5,915,058, as compared to $1,437,786 for the three months ended June 30, 2024. The increase in gross profit margin was on account of decreases in raw material prices and improvements in manufacturing processes which resulted in less consumption of raw material from the 2024 quarter to the 2025 quarter.

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Research and development expense. Research and development expenses were $498,600 for the three months ended June 30, 2025, as compared to $759,004 for the three months ended June 30, 2024. Research and development expense primarily consists of salaries paid to engineers, amounting to $411,505 and $431,920 for the three months ended June 30, 2025 and 2024, respectively. The decrease in research and development expenses compared to the prior period is primarily due to the nature of activities undertaken. In the previous quarter, we incurred higher research and development costs while working on the development of Mantra 3.0, whereas in the current quarter, our research and development efforts were focused on routine product enhancements, which involved relatively lower expenditure.

Stock compensation expense. We had stock compensation expenses of $1,630,295 and $2,443,792 during three months ended June 30, 2025 and 2024, respectively. The substantial decrease in the stock compensation expense is primarily due to reversal of expenses relating to resigned employees during three months ending June 30, 2025.

Depreciation and amortization expense. We had depreciation and amortization expense of $260,361 for three months ended June 30, 2025, as compared to $90,476 for three months ended June 30, 2024. The depreciation and amortization expenses primarily consist of depreciation on fixed assets.

Selling, general and administrative expense. We incurred $3,428,788 in selling, general and administrative (“SG&A”) expense during the three months ended June 30, 2025, as compared to $2,244,703 for the three months ended June 30, 2024.

Our SG&A expense is comprised of expenses relating to salaries and benefits, retirement benefits as well as costs related to recruitment, other compensation expenses of sales and marketing and client management personnel, sales commission, travel and brand building, client events and conferences, training and retention of senior management and other support personnel in enabling functions, telecommunications, utilities, travel and other miscellaneous administrative costs. SG&A expense also includes acquisition-related costs, legal and professional fees (which represent the costs of third party legal, tax, accounting, immigration and other advisors), investment in product development, digital technology, advanced automation and robotics, related to grants of our equity awards to members of our board of directors. The increase in SG&A expenses compared to the previous period is primarily due to higher legal and underwriting fees, increased expenses associated with the Company’s uplisting to NASDAQ, and expenses incurred for business events held during the current period, which were not present in the previous period.

Other income/expenses, net. We earned other income of $24 for the three months ended June 30, 2025, as compared to $40,381 of other expenses during the three months ended June 30, 2024. The decrease in interest expenses of $25,777 is due to the decrease in interest expenses related to notes payable by $81,983, offset by an increase of $56,206 in interest expenses on overdraft facilities. Additionally, interest and other income, net, increased by $14,628 due to the reversal of certain provisions and higher interest income earned on fixed deposits.

Income tax expense. For the three months ended June 30, 2025 our income tax expense increased by $353,729 as compared to nil during the three months period ended June 30, 2024, primarily due to the recognition of income tax expense in our Indian operations for the first time. Historically, our Indian subsidiary had incurred tax losses and was not subject to current income tax. However, during the current period, the Indian operations generated sufficient taxable profits, resulting in the utilization of previously unrecognized deferred tax assets and recognition of current tax expense.

Net Loss. We incurred net loss of $256,691 for the three months ended June 30, 2025, as compared to a net loss of $4,140,570 for the three months ended June 30, 2024. The decrease in net loss from June 30, 2024 to June 30, 2025 is primarily the result of increases in gross profit by $4,477,272 and reduction in stock compensation expense by $813,497 offset by increases in SG&A by $1,184,085 and income tax expense of $353,729.

		For the six months ended
Particulars		June 30, 2025				June 30, 2024
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
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
Loss from operations			(5,623,766	)			(13,932,508	)
Other income (expenses)			39,451				(49,815	)
Income tax expense			353,729				-
Net loss			(5,938,044	)			(13,982,323	)

37

Six months ended June 30, 2025, as compared to the Six months ended June 30, 2024

Total Revenue. We had revenues of $15,120,915 (comprising $13,283,520 of system sales, $1,485,038 of instrument sales, $315,863 of warranty sales and lease income $36,494), for the six months ended June 30, 2025, compared to $8,146,819 (comprising $7,752,957 of system sales and $322,636 of instrument sales, $38,202 of warranty sales and lease income of $33,024) for the six months ended June 30, 2024. The increase in revenue is primarily due to sale of increased number of surgical robotic systems and instruments in the June 2025 period, as compared to the June 2024 period.

Gross profit. We had gross profit of $7,002,266 for the six months ended June 30, 2025, as compared to $2,165,968 for the six months ended June 30, 2024. The increase in gross profit margin was on account of decreases in raw material prices and improvements in manufacturing processes which resulted in less consumption of raw material from the 2024 quarter to the 2025 quarter.

Research and development expense. Research and development expenses were $1,508,695 during the six months ended June 30, 2025 as compared to $1,286,995 for the six months ended June 30, 2024. Research and development expense primarily consists of salaries paid to engineers, amounting to $720,652 and $618,471 for the six months period ended June 30, 2025 and June 30, 2024, respectively. The increase in research and development expenses as compared to the prior period is in line with the Company’s continued focus on improving the design and technological capabilities of its existing SSi Mantra system and further expanding its product offerings till the previous quarter.

Stock compensation expense. We had stock compensation expense of $4,009,507 and $9,552,542 during six months ended June 30, 2025 and June 30, 2024, respectively. The substantial decrease in the stock compensation expense is primarily due to reversal of expenses relating to resigned employees during the current period.

Depreciation and amortization expense. We had depreciation and amortization expense of $469,243 for the period ended June 30, 2025, as compared to $170,577 for the period ended June 30, 2024. The depreciation and amortization expenses primarily consist of depreciation on fixed assets only.

Selling, general and administrative expense. We incurred $6,638,587 in general and administrative expenses during the six months ended June 30, 2025, as compared to $5,088,362 in June 30, 2024, respectively.

Our SG&A expense is comprised of expense relating to salaries and benefits, retirement benefits as well as costs related to recruitment, other compensation expenses of sales and marketing and client management personnel, sales commission, travel and brand building, client events and conferences, training and retention of senior management and other support personnel in enabling functions, telecommunications, utilities, travel and other miscellaneous administrative costs. SG&A expense also includes acquisition-related costs, legal and professional fees (which represent the costs of third party legal, tax, accounting, immigration and other advisors), investment in product development, digital technology, advanced automation and robotics, related to grants of our equity awards to members of our board of directors. The increase in SG&A expenses compared to the previous period is primarily due to higher legal and underwriting fees, increased expenses associated with the Company’s uplisting to NASDAQ, and expenses incurred for business events held during the current period, which were not present in the previous period.

38

Other income/expenses. We earned other income of $39,451 for the six months ended June 30, 2025, as compared to $49,815 of other expenses during the six months ended June 30, 2024. The increase in interest income by $253,306 relating to fixed deposits which is offset by increase in interest expense by $164,040 related to interest on bank overdraft facility and convertible notes.

Income tax expense. For the six months ended June 30, 2025 our income tax expense increased by $353,729 as compared to nil during the six months period ended June 30, 2024, primarily due to the recognition of income tax expense in our Indian operations for the first time. Historically, our Indian subsidiary had incurred tax losses and was not subject to current income tax. However, during the current period, the Indian operations generated sufficient taxable profits, resulting in the utilization of previously unrecognized deferred tax assets and recognition of current tax expense.

Net Loss. We incurred a net loss of $5,938,044 for the six months ended June 30, 2025, as compared to a net loss of $13,982,323 for the six months ended June 30, 2024. The decrease in net loss from June 30, 2024 to June 30, 2025 is primarily the result of the increase in gross profit by $4,836,298, decrease in stock compensation expense by $5,543,035 offset by increase in selling, general and administrative expenses of $1,550,225 and income tax expense of $353,729.

Liquidity and Capital Resources

The Company expects to require substantial funds for scaling up its operations, for incurring capital expenditure to have its own in-house machining and tooling capacity and to continue to finance its research and development work in the field of surgical robotics.

Effective February 14, 2024, the Company sold $2,450,000 in principal amount of 7% Convertible One-Year Promissory Notes (the “Bridge Notes”) to five investors in a private transaction, one of whom was Sushruta Pvt Ltd. (“Sushruta”), Sushruta, the Bahamian holding company of Dr. Sudhir Srivastava, our founder, Chairman, Chief Executive Officer and controlling shareholder, who subscribed for a $1,000,000 Bridge Note. Interest on the Bridge Notes accrued at the rate of 7% per annum and was payable together with the principal amount upon maturity, which was one year from issuance. The Bridge Notes were convertible at the option of the noteholders, at any time prior to maturity into shares of our common stock at a conversion price of $4.45 per share. Sushruta’s Bridge Note, together with accrued interest thereon, was repaid upon maturity in February 2025.

In April 2024, the Company raised $2,000,000 from Sushruta by the issuance of two One-Year 7% Promissory Notes (the “7% Notes”) of $1,000,000 each, to meet certain working capital requirements. In July 2024, the Company raised $500,000 from Sushruta by the issuance of an additional 7% Note to finance its ongoing working capital requirements. In October and November 2024, the Company raised $500,000 from Sushruta by issuance of 7% Notes to finance its ongoing working capital requirements. All of the 7% Notes are payable in full together with accrued interest, after 12 months from their respective date of issuance. All of the 7% Notes were repaid in full together with accrued interest thereon, upon maturity in February 2025.

Dr. Sudhir Srivastava, through Sushruta, provided the Company with $2,000,000 in financing on December 4, 2024, $5,000,000 in financing on January 3, 2025, $10,000,000 in financing on January 20, 2025, $5,000,000 in financing on January 30, 2025 and $8,000,000 in financing on March 19. 2025.

Each tranche of financing provided by Dr. Srivastava was evidenced by a one-year convertible promissory note (collectively, the “One-Year Notes”). The One-Year Notes bore interest at the rate of seven percent (7%) per annum, which accrued and was due at maturity. The One-Year Notes were convertible at the option of the holder into shares of our common stock at a conversion price of $1.38 per share, subject to adjustment for stock splits, stock dividends and similar recapitalization events. As of March 31, 2025, all $30,000,000 in principal amount of One-Year Notes, together with $164,548 in interest thereon, were converted by Sushruta into 21,858,368 shares of our common stock.

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While we have been successful in raising funds to meet our working capital needs to date, believe that we have the resources to do so for the balance, we do not have any committed sources of funding and there are no assurances that we will be able to secure additional funding if and when needed. The condensed consolidated financial statements included in this report have been prepared assuming that the Company will continue as a going concern. If we cannot obtain financing, then we may be forced to further curtail our operations or consider other strategic alternatives. Even if we are successful in raising the additional financing, there is no assurance regarding the terms of any additional investment and any such investment or other strategic alternative would likely substantially dilute our current shareholders. These factors raise a substantial doubt about the Company’s ability to continue as a going concern.

		For the six months ended
		June 30, 2025				June 30, 2024
Net cash provided by operating activities:
Net loss			(5,938,044	)			(13,982,323	)
Non-cash adjustments			4,149,120				10,661,083
Change in operating assets and liabilities			(7,766,779	)			(373,246	)
Net cash used in operating activities			(9,555,703	)			(3,694,486	)
Net cash used in investing activities			(1,189,452	)			(2,239,139	)
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 at beginning of year			6,623,535				7,087,845
Cash at period end			17,605,678				6,555,402

Cash Flows from Operating Activities

During the six months ended June 30, 2025, net cash used in operating activities was $9,555,703 resulting from our net loss of $5,938,044 partially offset by non-cash charges of $4,149,120 primarily driven by depreciation charges, operating lease expense and stock compensation expense. We had cash used in our operating assets and liabilities of $7,766,779 primarily driven by increase in inventory, prepaid and other assets and accounts receivables offset by increase in deferred revenue, accounts payable, accrued expenses and other liabilities.

During the six months ended June 30, 2024, net cash used in operating activities was $3,694,486 resulting from our net loss of $13,982,323 partially offset by non-cash charges of $10,661,083 primarily driven by credit loss reserve, depreciation charges and stock compensation expense. We had cash used in our operating assets and liabilities of $373,246 primarily driven by increases in inventory, accounts payable and prepaid expenses.

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Cash Flows from Investing Activities

During the six months ended June 30, 2025, we had net cash used in investing activities of $1,189,452 in purchase of property and equipment.

During the six months ended June 30, 2024, we had net cash used in investing activities of $2,239,139 in purchase of property and equipment.

Cash Flows from Financing Activities

During the six months ended June 30, 2025, we had net cash provided by financing activities of $21,703,921, which comprised of proceeds of $28,000,000 from issuance of convertible notes to our principal shareholder offset by repayment of convertible notes to our principal shareholder and other investors amounting to $4,212,637 and $1,068,849 respectively and repayment of bank overdraft by $1,014,593.

During the six months ended June 30, 2024, we had net cash, provided by financing activities of $5,292,610, which comprised of $842,610 in proceeds from our bank overdraft facility (net), $4,450,000 in proceeds from issuance of convertible notes to our principal shareholder and other investors as set forth above. 

While we have been successful in raising funds to finance our operations since inception and we believe that we will be successful in obtaining the necessary financing to fund our operations going forward, we do not have any committed sources of funding and there are no assurances that we will be able to secure additional funding. The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern; however, if we cannot obtain financing, then we may be forced to further curtail our operations or consider other strategic alternatives. Even if we are successful in raising the additional financing, there is no assurance regarding the terms of any additional investment and any such investment or other strategic alternative would likely substantially dilute our current shareholders.

Critical Accounting Policies

Use of Estimates

The discussion and analysis of our financial condition and results of operations is based upon the unaudited interim condensed consolidated financial statements included in this Report on Form 10-Q, which have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). A summary of our significant accounting policies is included in Note 2 - Summary of Significant Accounting Policies to our unaudited interim condensed consolidated financial statements under Part I, Item 1, “Financial Statements.”

We consider the policies discussed below to be critical to an understanding of our consolidated financial statements, as their application places the most significant demands on management’s judgment regarding matters that are inherently uncertain at the time an estimate is made.

These policies include fair value of stock options and standalone selling price in case of bundled revenue contracts.

These accounting policies, estimates and the associated risks are set out below. Future events may not develop exactly as forecasted and estimates routinely require adjustment.

41

Stock Compensation Expense

Under the fair value recognition provisions of ASC Topic 718, Compensation-Stock Compensation, cost is measured at the grant date based on the fair value of the award and is amortized on a straight-line basis over the requisite service periods of the awards, which is generally the vesting period.

Determining the fair value of stock-based awards at the grant date requires significant judgment, including estimating the expected term over which the stock awards will be outstanding before they are exercised and the expected volatility of our stock.

As of June 30, 2025, the Company has issued two types of equity incentives:

Stock Options: These provide employees with the right, but not the obligation, to purchase shares of the Company’s stock at a specified price, within a defined period, as per the terms of the stock option agreement. Stock-based compensation expense associated with the AVRA 2016 Stock Incentive Plan is measured at fair value using a Black-Scholes option-pricing model at commencement of each offering period and recognized over that offering period.

Stock Units (Restricted Stock Units, or RSUs): These do not require the employee to exercise any options. Each stock unit automatically converts into a specified number of shares upon vesting. The Company uses last three months’ average share price of common stock on OTC exchange as grant date fair value for RSUs.

Standalone Selling Price:

Our system sale arrangements contain multiple products and services, including system, accessories, instruments and services. Other than services, we generally deliver all of the products upfront. Each of these products and services is a distinct performance obligation. System, instruments, accessories and services are also sold on a standalone basis. For multiple-element arrangements, revenue is allocated to each performance obligation based on its relative standalone selling price. Standalone selling prices are based on observable prices at which we separately sell the products or services. If a standalone selling price is not directly observable, then we estimate the standalone selling prices considering market conditions and entity-specific factors including, but not limited to, historical pricing data, features and functionality of the products and services and industry benchmark. We regularly review standalone selling prices and maintain internal controls over establishing and updating these estimates. Revenue that is allocated to the service obligation is deferred and recognized ratably over the service period upon expiration of first year of service which is free and included in the system sale arrangements.

Recent Accounting Pronouncements

Refer to Note 1, Basis of Presentation and Summary of Significant Accounting Policies, within the notes to the to our condensed consolidated financial statements included in this Quarterly Report on Form 10-Q for more information about recent accounting pronouncements, the timing of their adoption, and our assessment, to the extent we have made one, of their potential impact on our financial condition and results of operations.

Off-Balance Sheet Arrangements 

There are no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Not applicable.

Item 4. Controls and Procedures.

Disclosure Controls and Procedures

Our Chief Executive Officer and Interim Chief Financial Officer evaluated the effectiveness of the design and operation of our disclosure controls and procedures and internal control over financial reporting, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as of June 30, 2025.

42

To ensure that information required to be disclosed by us in the reports filed or submitted by us under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the rules and forms of the Securities and Exchange Commission, including to ensure that information required to be disclosed by us in the reports filed or submitted by us under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Interim Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Based on the evaluation performed as of June 30, 2025, as a result of the material weaknesses in internal control over financial reporting that are described below in Management’s Report on Internal Control Over Financial Reporting, our Chief Executive Officer and Interim Chief Financial Officer determined that our disclosure controls and procedures were not effective as of such date in that:

● We failed to design adequate controls and procedures to provide reasonable assurance that U.S. GAAP was being properly applied to the matters resulting into the restatement of our quarterly financial statements, including recognition of revenue in case of deferred payment sales, recognition of right of use of certain assets and lease liabilities and functional and other classifications, also leading to certain accounting errors as described in details in the restatement notes as included in the respective amended quarterly financial statements.

● We do not have written documentation of our internal control policies and procedures. Written documentation of key internal controls over financial reporting is a requirement of Section 404 of the Sarbanes-Oxley Act.

● We do not have sufficient segregation of duties within accounting functions, which is a basic internal control. Due to our size and nature, segregation of all conflicting duties may not always be possible and may not be economically feasible. However, to the extent possible, the initiation of transactions, the custody of assets and the recording of transactions should be performed by separate individuals.

Remediation Plan

The Company has been addressing and remediating these material weaknesses with the support and assistance of the accounting and financial staff employed by our Indian operating subsidiary. We have enhanced the review process for significant transactions to ensure proper accounting treatment under applicable guidelines and have engaged the external experts to provide guidance to the Company staff in the areas of financial reporting, internal controls, and enterprise risk management and assist it in the application of accounting principles to complex transactions. This external expert group is also helping the Company in strengthening its existing internal controls, policies and Standard Operating Procedures (“SOPs”) in all the major functional areas.

In addition, we have also engaged services of external experts in the field of designing, development and implementation of a comprehensive cloud-based ERP system. The ERP implementation process involves a detailed process study of each of the business functions and engagement with their respective process owners, identifying their linkages with other business functions and designing report formats, data sourcing and customizing the ERP system and training of the respective teams to meet the business data flow and reporting requirements of each business function. Post completion of roll out of all the functional modules under this new cloud-based ERP system which is designed to integrate all business functions within the accounting and financial department would help us in further addressing the abovementioned weaknesses.

Our Chief Executive Officer and Interim Chief Financial Officer do not expect that our disclosure controls or internal controls will prevent all errors and all fraud. Although our disclosure controls and procedures were designed to provide reasonable assurance of achieving their objectives, a control system, no matter how well conceived and operated, can provide only reasonable, not absolute assurance that the objectives of the system are met. Further, the design of any control system is subject to resource constraints and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the fact that judgments in decision-making can be faulty, and that breakdowns can occur because of simple errors or mistakes. There can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

Changes in Internal Controls Over Financial Reporting

Except for the remediation efforts described above, there were no changes in our internal controls over financial reporting that occurred during the fiscal quarter covered by this report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

43

PART II – OTHER INFORMATION

Item 1. Legal Proceedings.

In addition to matters which have been reported in the Company’s previous periodic filings under the Securities Exchange Act of 1934, as amended, from time to time, the Company may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business. Litigation is subject to inherent uncertainties, and an adverse result in any such matter may harm the Company’s business.

Item 1A. Risk Factors.

Not Applicable.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

None

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable

Item 5. Other Information.

None.

Item 6. Exhibits.

Exhibit No.		Description of Exhibit
31.1		Section 302 Certification – Chief Executive Officer(1)
31.2		Section 302 Certification – Chief Financial Officer(1)
32.1		Section 906 Certification – Chief Executive Officer(1)
32.2		Section 906 Certification – Chief Financial Officer(1)
101.INS*		Inline XBRL Instance Document
101.SCH*		Inline XBRL Taxonomy Extension Schema Document
101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*		Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104*		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

(1) Filed herewith.

* Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934 and otherwise are not subject to liability under those sections.

44

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. 

Dated: August 6, 2025	SS INNOVATIONS INTERNATIONAL, INC.
	By:	/s/ Vishwajyoti P. Srivastava
		Vishwajyoti P. Srivastava, M.D.
		Chief Executive Officer – Asia Pacific and Interim Chief Financial Officer
		(Principal Financial and Accounting Officer)

45

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FAQ

What were SS Innovations (SSII) revenues for the quarter and first half?

The company reported $10.0M revenue for the quarter and $15.12M for the six months ended in the filing.

How much cash does SSII have and how was it funded?

Cash and restricted cash totaled $17.6M. The increase was driven by convertible note proceeds and conversions and other financing activity netting about $21.7M provided by financing activities.

Is SSII profitable?

No. The company reported a net loss of $256,691 for the quarter and $5.94M for the six months.

Did SSII list on a major exchange?

Yes. The company completed an uplisting and its common shares began trading on NASDAQ under the ticker SSII in April 2025 as disclosed.

Does the company face liquidity or solvency risk?

Management discloses substantial doubt about ability to continue as a going concern and notes dependence on related-party funding and future capital raises.