SS Innovations (NASDAQ: SSII) doubles Q1 2026 revenue and narrows loss
Rhea-AI Filing Summary
SS Innovations International, Inc. reported record unaudited first quarter 2026 revenue of $11.1 million, up about 117% from $5.1 million a year earlier, driven mainly by higher SSi Mantra system and instrument sales. System sales rose to $9.6 million and instruments to $1.2 million, while total revenue increased 116.8%.
Gross profit expanded to $5.3 million from $1.1 million. The company still posted a net loss of $3.6 million, but this improved from a $5.7 million loss in the prior-year quarter as operating loss narrowed. Installations of the SSi Mantra system grew to 26 in the quarter, with a cumulative installed base of 194 systems and 1,859 surgeries performed.
Liquidity strengthened significantly. Cash flows from financing activities included $18.6 million in gross proceeds from a March 2026 private placement, contributing to cash and cash equivalents of $24.0 million at March 31, 2026. Management highlighted ongoing regulatory efforts, including U.S. FDA review of a 510(k) submission and progress toward European Union CE marking for the SSi Mantra.
Positive
- Revenue more than doubled with improving losses: Q1 2026 revenue reached $11.1 million, up 116.8% year over year, while net loss narrowed to $3.6 million from $5.7 million, indicating strong topline momentum with better operating leverage.
- Significant capital raise strengthened liquidity: A March 2026 private placement generated approximately $18.6 million in gross proceeds, helping increase cash and cash equivalents to $24.0 million as of March 31, 2026, supporting ongoing growth and regulatory initiatives.
Negative
- None.
Insights
Explosive revenue growth with improving losses and stronger liquidity.
SS Innovations delivered Q1 2026 revenue of $11.1M, up about 117% year over year, with system sales more than doubling. Gross profit rose to $5.3M, showing that scale is starting to offset fixed costs in this capital equipment model.
Net loss narrowed to $3.6M from $5.7M, while operating expenses, including $3.1M of stock compensation, remain substantial. The balance sheet improved meaningfully: a March private placement added roughly $18.6M gross, helping lift cash and equivalents to $24.0M as of March 31, 2026.
Commercial traction appears strong, with SSi Mantra installations rising to 26 in the quarter and cumulative installations reaching 194, alongside 1,859 surgeries in Q1. Future performance will depend on sustaining this adoption and achieving planned regulatory milestones, including the ongoing FDA 510(k) review and pursuit of European Union CE marking disclosed for 2026.
8-K Event Classification
Key Figures
Key Terms
Private Investment in Public Equity financial
510(k) premarket notification regulatory
CE marking certification regulatory
stock compensation expense financial
deferred revenue financial
operating lease liabilities financial
Earnings Snapshot
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of report (Date of earliest event reported):
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area code:
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each Class | Trading Symbol | Name of each exchange on which registered | ||
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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. ☐
As used in this Current Report on Form 8-K (this “Current Report”), the terms “SSi,” “the Company,” “we,” “us” and “our” refer to SS Innovations International, Inc. and its subsidiaries.
Item 2.02 Results of Operations and Financial Condition.
The disclosure set forth in Item 7.01 of this Current Report is incorporated herein by reference.
Item 7.01 Regulation FD Disclosure.
On May 13, 2026, the Company issued a press release announcing financial results for the first quarter ended March 31, 2026, and the filing with the Securities and Exchange Commission of its Quarterly Report on Form 10-Q for the quarter ended March 31, 2026.
A copy of the press release is included with this Current Report as Exhibit 99.1.
The information set forth in Items 2.02 and 7.01 of this Current Report and in the press release included as Exhibit 99.1 to this Current Report, are deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information set forth in Items 2.02 and 7.01 of this Current Report and in the press release included as Exhibit 99.1 to this Current Report, shall not be deemed incorporated by reference into any filing under the Exchange Act or the Securities Act of 1933, as amended, regardless of any general incorporation language in such filing.
Forward-Looking Statements
This Current Report and the press release included as Exhibit 99.1 to this Current Report, includes statements that are not historical facts and are considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and statements regarding the Company’s intent, belief or expectations, including, but not limited to, statements regarding the Company’s fourth quarter 2025 and full year 2025 preliminary results, product development, clinical and regulatory timelines, market opportunity, competitive position, possible or assumed future results of operations and other statement that are predictive in nature. The words “anticipate,” “assume,” “believe,” “estimate,” “expect,” “will,” “intend,” “may,” “plan,” “project,” “should,” “could,” “seek,” “designed,” “potential,” “forecast,” “target,” “objective,” “goal,” or the negatives of such terms or other similar expressions to identify such forward-looking statements. These statements relate to future events or SSi’s future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements.
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Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | |
| 99.1* | Press Release, dated May 13, 2026 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
| * | Furnished not filed |
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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 hereunto duly authorized.
| Dated: May 13, 2026 | SS INNOVATIONS INTERNATIONAL, INC. | |
| By: | /s/ Sudhir Srivastava | |
| Sudhir Srivastava, M.D. | ||
| Chairman and Chief Executive Officer | ||
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Exhibit 99.1
SS Innovations Reports First Quarter 2026 Financial Results
Record quarterly revenue driven by strong growth in SSi Mantra installations and procedures
Fort Lauderdale, FL – May 13, 2026 – SS Innovations International, Inc. (the “Company” or “SS Innovations”) (Nasdaq: SSII), a developer of innovative surgical robotic technologies dedicated to making robotic surgery affordable and accessible to a global population, today announced unaudited financial results for the three months ended March 31, 2026. The Company also filed its Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, with the Securities and Exchange Commission on May 13, 2026.
First Quarter 2026 Overview
| ● | Revenue increased 116.8% to $11.1 million from $5.1 million in the first quarter of 2025. |
| ● | Gross margin expanded to 48.0% from 21.2% in the first quarter of 2025. |
| ● | Gross profit rose 390.0% to $5.3 million from $1.1 million in the first quarter of 2025. |
| ● | Net loss of $3.6 million, or $(0.02) per diluted share, compared to a net loss of $5.7 million, or $(0.03) per diluted share, in the first quarter of 2025. |
| ● | SSi Mantra surgical robotic system installations totaled 26, up 73.3% from 15 installations in the first quarter of 2025. |
As of March 31, 2026
| ● | Long-term debt of $0. |
| ● | Cash and cash equivalents totaled $16.0 million, excluding restricted cash. |
| ● | SSi Mantra cumulative installed base totaled 194 across eleven countries and cumulative surgeries reached 9,744, including 157 telesurgeries, 482 cardiac procedures and 161 pediatric surgeries. |
CEO Commentary
Dr. Sudhir Srivastava, Chairman of the Board and Chief Executive Officer of SS Innovations, commented, “In the first quarter of 2026 we reported record quarterly revenue of $11.1 million, up 117% year over year, driven by robust growth in SSi Mantra installations and procedures. Strong adoption by hospitals and physicians reflects the SSi Mantra’s cutting-edge surgical robotic technology, differentiated features, user friendliness, training capabilities, and cost efficiency. Among other developments in the quarter, we received regulatory approval for the SSi Mantra for multiple indications in Sri Lanka and Kenya and for telesurgery in Indonesia and the Philippines. We also successfully completed a private placement in March 2026 that provided SS Innovations with approximately $18.6 million in gross proceeds to fuel growth initiatives.”
Dr. Srivastava continued, “Looking ahead, we aim to fortify our position as a leader in the substantial Indian market, expand our global footprint in underserved countries, and secure entry into the United States and European Union markets. We expect the U.S. Food and Drug Administration to complete its review of our 510(k) premarket notification for the SSi Mantra this year. Separately, we continue along the pathway towards a European Union CE marking certification for the SSi Mantra, which we believe we can also obtain in 2026. We are very excited about the growth runway ahead and remain steadfast in our commitment to democratizing access to advanced surgical robotic care.”
Select Business Highlights in First Quarter 2025
| ● | In January 2026, the Company received regulatory approval for the SSi Mantra from the National Medicines Regulatory Authority (“NMRA”) in Sri Lanka and from the Pharmacy and Poisons Board (“PPB”) in Kenya. |
| ● | On March 9, 2026, the Company announced the completion of a private placement of its common stock, generating approximately $18.6 million in gross proceeds before deducting offering expenses, to support growth initiatives. In the offering, the Company offered and sold a total of 5,774,839 shares of common stock consisting of: an aggregate of 1,300,006 shares of common stock at an average price of $4.00 per share to certain of the Company’s directors and executive officers, or a total of approximately $5.2 million; and an aggregate of 4,474,833 shares of common stock at $3.00 per share, or approximately $13.4 million cumulatively, to non-affiliate investors. |
| ● | On March 18, 2026, the Company announced that the SSi Mantra surgical robotic system received approval for telesurgeries in Indonesia and the Philippines. |
Revenue Breakdown and Summary of Installations / Surgeries
| Category | Q1 2025 | Q1 2026 | Variance | Percentage | ||||||||||||
| System sales | $ | 4,502,482 | $ | 9,575,370 | $ | 5,072,888 | 112.7 | % | ||||||||
| Instrument sales | 477,208 | 1,151,228 | 674,020 | 141.2 | % | |||||||||||
| Warranty sales | 122,504 | 357,686 | 235,182 | 192.0 | % | |||||||||||
| Lease income | 18,416 | 17,082 | (1,334 | ) | (7.2 | )% | ||||||||||
| Total revenue | $ | 5,120,610 | $ | 11,101,366 | $ | 5,980,756 | 116.8 | % | ||||||||
| SSi Mantra installations | 15 | 26 | 11 | 73.3 | % | |||||||||||
| Cumulative installed base1 | 78 | 194 | 116 | 148.7 | % | |||||||||||
| SSi Mantra surgeries | 787 | 1,859 | 1,072 | 136.2 | % | |||||||||||
| Cumulative surgeries1 | 3,568 | 9,744 | 6,176 | 173.1 | % | |||||||||||
| 1 | at period end |
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About SS Innovations
SS Innovations International, Inc. (Nasdaq: SSII) develops innovative surgical robotic technologies with a vision to make the benefits of robotic surgery affordable and accessible to a larger segment of the global population. The Company’s product range includes its proprietary “SSi Mantra” surgical robotic system and its comprehensive suite of “SSi Mudra” surgical instruments, which support a variety of robotic surgical procedures including cardiac surgery. An American company headquartered in India, SS Innovations plans to expand the global presence of its technologically advanced, user-friendly, and cost-effective surgical robotic solutions. Visit the Company’s website at ssinnovations.com or LinkedIn for more information and updates.
About the SSi Mantra
The SSi Mantra surgical robotic system is a user-friendly, modular, multi-arm system with advanced technology features, including: 3 to 5 modular robotic arms, an open-faced ergonomic surgeon command center, a large 3D 4K monitor, a touch panel monitor for all patient related information display, a virtual real-time image of the robotic patient side arm carts, and the ability for superimposition of 3D models of diagnostic imaging. The optional SSi MantrAsana Tele Surgeon Console is a portable, compact alternative to the SSi Mantra’s standard surgeon command center that provides equivalent control functionality while enabling enhanced portability, ergonomic flexibility, and telesurgery capability. The SSi Mantra utilizes over 40 different types of robotic endo-surgical instruments to support different specialties, including cardiac surgery, and 5mm instruments for the pediatric population and ENT surgeries. A vision cart provides the table-side team with the same magnified 3D 4K view as the surgeon to provide better safety and efficiency. The SSi Mantra has been clinically validated in India in more than 170 different types of surgical procedures.
Forward Looking Statements
This press release may contain statements that are not historical facts and are considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. The words “anticipate,” “assume,” “believe,” “estimate,” “expect,” “will,” “intend,” “may,” “plan,” “project,” “should,” “could,” “seek,” “designed,” “potential,” “forecast,” “target,” “objective,” “goal,” or the negatives of such terms or other similar expressions to identify such forward-looking statements. These statements relate to future events or SS Innovations’ future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.
Investor Contact:
The Equity Group
Kalle Ahl, CFA
T: (303) 953-9878
kahl@theequitygroup.com
Devin Sullivan, Managing Director
T: (212) 836-9608
dsullivan@theequitygroup.com
Media Contact:
RooneyPartners LLC
Kate Barrette
T: (212) 223-0561
kbarrette@rooneypartners.com
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SS INNOVATIONS INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
| As of | ||||||||
| March 31, 2026 | December 31, 2025 | |||||||
| ASSETS | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ | 15,979,714 | $ | 3,206,406 | ||||
| Restricted cash | 7,631,336 | 5,937,650 | ||||||
| Accounts receivable, net | 14,054,376 | 12,398,542 | ||||||
| Inventory | 17,066,091 | 17,064,002 | ||||||
| Prepaids and other current assets | 11,530,000 | 10,166,823 | ||||||
| Total Current Assets | 66,261,517 | 48,773,423 | ||||||
| Property, plant, and equipment, net | 8,831,423 | 9,100,546 | ||||||
| Right of use asset, net | 2,499,490 | 2,754,020 | ||||||
| Deferred tax assets, net | 805,750 | 533,727 | ||||||
| Accounts receivable, net-non current | 7,265,911 | 8,566,654 | ||||||
| Restricted cash- non current | 394,630 | 458,964 | ||||||
| Prepaids and other non current assets | 4,488,168 | 4,038,883 | ||||||
| Total Assets | $ | 90,546,889 | $ | 74,226,217 | ||||
| LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | ||||||||
| Current Liabilities | ||||||||
| Bank overdraft facility | $ | 11,156,147 | $ | 11,442,948 | ||||
| Current portion of operating lease liabilities | 576,237 | 579,169 | ||||||
| Accounts payable | 4,403,170 | 5,127,193 | ||||||
| Deferred revenue | 3,582,631 | 3,266,686 | ||||||
| Accrued expenses & other current liabilities | 6,326,818 | 5,825,702 | ||||||
| Total Current Liabilities | 26,045,003 | 26,241,698 | ||||||
| Operating lease liabilities, less current portion | 2,086,534 | 2,337,697 | ||||||
| Deferred Revenue- non current | 7,501,283 | 7,139,807 | ||||||
| Other non current liabilities | 390,656 | 288,764 | ||||||
| Total Liabilities | $ | 36,023,476 | $ | 36,007,966 | ||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity: | ||||||||
| Preferred stock, authorized 5,000,000 shares of Series A, Non-Convertible Preferred Stock, $0.0001 par value per share; 1,000 shares issued and outstanding as of March 31, 2026, and December 31, 2025 | 1 | 1 | ||||||
| Common stock, 250,000,000 shares authorized, $0.0001 par value, 200,131,535 shares and 194,165,141 shares issued and outstanding as of March 31, 2026 and December 31, 2025 respectively | 20,013 | 19,416 | ||||||
| Accumulated other comprehensive income (loss) | (3,573,137 | ) | (2,022,660 | ) | ||||
| Additional paid in capital | 116,549,124 | 95,111,511 | ||||||
| Capital reserve | 899,917 | 899,917 | ||||||
| Accumulated deficit | (59,372,505 | ) | (55,789,934 | ) | ||||
| Total stockholders’ equity | 54,523,413 | 38,218,251 | ||||||
| Total liabilities and stockholders’ equity | $ | 90,546,889 | $ | 74,226,217 | ||||
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SS INNOVATIONS INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)
| For The Three months ended | ||||||||
| March 31, 2026 | March 31, 2025 | |||||||
| REVENUES | ||||||||
| System sales | 9,575,370 | 4,502,482 | ||||||
| Instruments sale | 1,151,228 | 477,208 | ||||||
| Warranty sale | 357,686 | 122,504 | ||||||
| Lease income | 17,082 | 18,416 | ||||||
| Total revenue | $ | 11,101,366 | $ | 5,120,610 | ||||
| Cost of revenue | (5,774,145 | ) | (4,033,402 | ) | ||||
| GROSS PROFIT | 5,327,221 | 1,087,208 | ||||||
| OPERATING EXPENSES: | ||||||||
| Research & development expense | 995,440 | 1,010,095 | ||||||
| Stock compensation expense | 3,144,315 | 2,379,212 | ||||||
| Depreciation and amortization expense | 323,747 | 208,882 | ||||||
| Selling, general and administrative expense | 4,502,476 | 3,410,872 | ||||||
| TOTAL OPERATING EXPENSES | 8,965,978 | 7,009,061 | ||||||
| Loss from operations | (3,638,757 | ) | (5,921,853 | ) | ||||
| OTHER INCOME (EXPENSE): | ||||||||
| Interest Expense | (284,051 | ) | (379,905 | ) | ||||
| Interest and other income, net | 491,589 | 620,405 | ||||||
| TOTAL INCOME, NET | 207,538 | 240,500 | ||||||
| LOSS BEFORE INCOME TAXES | (3,431,219 | ) | (5,681,353 | ) | ||||
| Income tax expense | 151,352 | - | ||||||
| NET LOSS | $ | (3,582,571 | ) | $ | (5,681,353 | ) | ||
| CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE LOSS | ||||||||
| NET LOSS | $ | (3,582,571 | ) | $ | (5,681,353 | ) | ||
| OTHER COMPREHENSIVE INCOME (LOSS): | ||||||||
| Foreign currency translation loss | (1,557,111 | ) | 6,876 | |||||
| Retirement Benefit | 4,781 | 15,838 | ||||||
| RECLASSIFICATION ADJUSTMENTS: | ||||||||
| Retirement Benefit (1) | 3,056 | - | ||||||
| Income tax effects relating to retirement benefit | (1,203 | ) | - | |||||
| TOTAL OTHER COMPREHENSIVE LOSS | (1,550,477 | ) | 22,714 | |||||
| TOTAL COMPREHENSIVE LOSS | $ | (5,133,048 | ) | $ | (5,658,639 | ) | ||
| (1) | These are reclassified to net loss and are included in other expense in the condensed consolidated statements of operations. |
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SS INNOVATIONS INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| For The Three months ended | ||||||||
| March 31, 2026 | March 31, 2025 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (3,582,571 | ) | $ | (5,681,353 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 323,747 | 208,882 | ||||||
| Operating lease expense | 220,493 | 205,275 | ||||||
| Interest Expense | 43,555 | 155,015 | ||||||
| Interest and other income, net | (415,465 | ) | (140,928 | ) | ||||
| Deferred income tax benefit | (301,036 | ) | - | |||||
| Stock compensation expense | 3,144,315 | 2,379,212 | ||||||
| Provision for / (Reversal of) credit loss reserve, net | 230,616 | (422,711 | ) | |||||
| Provision for slow moving inventory | (6,248 | ) | - | |||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable, net | (245,111 | ) | 1,275,750 | |||||
| Inventory, net | 4,159 | (5,082,673 | ) | |||||
| Deferred revenue | 677,421 | 823,947 | ||||||
| Prepaids and other assets | (2,066,322 | ) | (1,003,604 | ) | ||||
| Accounts payable | (704,764 | ) | 1,329,028 | |||||
| Income taxes payable, net | 323,014 | - | ||||||
| Accrued expenses & other liabilities | 256,441 | 48,331 | ||||||
| Operating lease payment | (214,180 | ) | (197,545 | ) | ||||
| Net cash used in operating activities | (2,311,936 | ) | (6,103,374 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Purchase of property, plant and equipment | (54,189 | ) | (872,804 | ) | ||||
| Net cash used in investing activities | (54,189 | ) | (872,804 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Proceeds from bank overdraft facility (net) | (286,801 | ) | (312,495 | ) | ||||
| Proceeds from Private Investment in Public Equity, net of transaction costs | 18,446,498 | - | ||||||
| Proceeds from issuance of convertible notes to principal shareholder | - | 28,000,000 | ||||||
| Repayment of convertible notes to principal shareholder, including interest | - | (4,212,637 | ) | |||||
| Repayment of convertible notes to other investors, including interest | - | (1,068,849 | ) | |||||
| Net cash provided by financing activities | 18,159,697 | 22,406,019 | ||||||
| Net change in cash | 15,793,572 | 15,429,841 | ||||||
| Effect of exchange rate on cash | (1,390,012 | ) | 25,412 | |||||
| Cash and cash equivalents at the beginning of the year | 9,603,020 | 6,623,535 | ||||||
| Cash and cash equivalents at end of the year | $ | 24,005,680 | $ | 22,078,788 | ||||
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