SS Innovations

Record Quarterly Revenue of $5.1 Million Driven by Higher SSi Mantra 3 Unit Sales On Track for July 2025 De Novo Application to the FDA for SSi Mantra 3

FORT LAUDERDALE, Fla., May 14, 2025 (GLOBE NEWSWIRE) -- SS Innovations International, Inc. (the “Company” or “SS Innovations”) (Nasdaq: SSII), a developer of innovative surgical robotic technologies dedicated to making robotic surgery affordable and accessible to a global population, today announced unaudited financial results for the three months ended March 31, 2025.   The Company also filed its Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, with the Securities and Exchange Commission on May 14, 2025.

First Quarter 2025 Overview

Revenue increased 40.8% to $5.1 million from $3.6 million in the first quarter of 2024. Gross margin expanded 121 basis points to 21.23% from 20.02% in the first quarter of 2024. Gross profit rose 49.3% to $1.1 million from $0.7 million in the first quarter of 2024. Net loss of $5.7 million, or $(0.03) per diluted share, compared to net loss of $9.8 million, or $(0.06) per diluted share, in the first quarter of 2024. SSi Mantra surgical robotic system installations totaled 15, up 66.7% from 9 installations in the first quarter of 2024.

As of March 31, 2025

Long-term debt of $0. Cash and cash equivalents totaled $15.9 million, excluding restricted cash. SSi Mantra cumulative installed base totaled 78 and cumulative surgeries reached 3,568.

Subsequent Events

On April 25, 2025, the Company’s common stock uplisted to The Nasdaq Capital Market®.

CEO Commentary
Dr. Sudhir Srivastava, Chairman of the Board and Chief Executive Officer of SS Innovations, commented, “In the first quarter of 2025, we achieved record quarterly revenue of $5.1 million, up 40.8% from $3.6 million in the first quarter of 2024, driven by higher unit sales of our innovative, cutting-edge SSi Mantra 3 surgical robotic system to leading healthcare facilities in India and abroad. Our gross margin also improved during the quarter, primarily reflecting a reduction in raw material prices. With an expanding installed base and growing utilization of SSi Mantra 3 by medical professionals globally, SS Innovations is well positioned for continued robust organic growth during the remainder of the year.”

Dr. Srivastava continued, “After quarter end, we uplisted to Nasdaq, an exciting milestone that symbolizes a new chapter of global expansion for the Company. We intend to widen our presence beyond the seven countries where our SSi Mantra surgical robotic system has been cleared to market, with a focus on pursuing approval in the European Union and United States. We plan to submit a De Novo application for SSi Mantra to the U.S. Food and Drug Administration by the end of July 2025 for multiple indications and continue along the pathway towards a European Union CE Mark decision as soon as late 2025. Our vision is to decentralize and democratize robotic surgery by deploying our cost-effective, gold-standard SSi Mantra 3 devices across the globe for the benefit of a wider range of patients in need.”

Story Continues

Select Business Highlights in First Quarter 2025

The SSi Mantra 3 surgical robotic system enabled the world’s first ever robotic cardiac telesurgery. The Company’s state-of-the-art mobile telesurgery unit debuted in India with the aim of improving remote surgical access. The SSi Mantra 3 received medical device regulatory approvals in the Philippines and Ukraine.

Revenue Breakdown and Summary of Installations / Surgeries

Category Q1 2024 Q1 2025 Variance Percentage System sales $3,494,759 $4,502,482 $1,007,723 28.8 % Instrument sales  118,515  477,208  358,693 302.7 % Warranty sales  9,407  122,504  113,097 1,202.3 % Lease income  15,012  18,416  3,404 22.7 % Total revenue $3,637,693 $5,120,610 $1,482,917 40.8 %  SSi Mantra installations  9  15  6 67 % Cumulative installed base1  24  78  54 225  %  SSi Mantra surgeries  361  787  426 118 % Cumulative surgeries1  981  3,568  2,587 264 %  1at period end

About SS Innovations 
SS Innovations International, Inc. (Nasdaq: SSII) develops innovative surgical robotic technologies with a vision to make the benefits of robotic surgery affordable and accessible to a larger segment of the global population. The Company’s product range includes its proprietary “SSi Mantra” surgical robotic system and its comprehensive suite of “SSi Mudra” surgical instruments, which support a variety of surgical procedures including robotic cardiac surgery. An American company headquartered in India, SS Innovations plans to expand the global presence of its technologically advanced, user-friendly, and cost-effective surgical robotic solutions. Visit the Company’s website at ssinnovations.com or LinkedIn for more information and updates.

About the SSi Mantra 
The SSi Mantra Surgical Robotic System is a user-friendly, modular, multi-arm system with many advanced technology features, including: 3 to 5 modular robotic arms, an open-faced ergonomic surgeon command center, a large 3D 4K monitor, a touch panel monitor for all patient related information display, a virtual real-time image of the robotic patient side arm carts, and the ability for superimposition of 3D models of diagnostic imaging. A vision cart provides the table-side team with the same magnified 3D 4K view as the surgeon to provide better safety and efficiency. The SSi Mantra utilizes over 40 different types of robotic endo-surgical instruments to support different specialties, including cardiac surgery. The SSi Mantra has been clinically validated in India in more than 100 different types of surgical procedures.

Forward-Looking Statements – Safe Harbor
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 International’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.

Investor Contact:
The Equity Group 
Kalle Ahl, CFA 
T: (303) 953-9878 
[email protected]

Devin Sullivan, Managing Director 
T: (212) 836-9608
[email protected]

Media Contact:
[email protected]
T: (212) 739-0300

SS INNOVATIONS INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)  As of  March 31,
2025   December 31,
2024   ASSETS  Current Assets:  Cash and cash equivalents   $ 15,873,217   $ 466,500  Restricted cash    5,886,589    5,838,508  Accounts receivable, net    3,962,202    4,466,047  Inventory, net    14,295,141    10,206,898  Prepaids and other current assets    7,602,794    6,438,338  Total Current Assets    47,619,943    27,416,291   Non- Current Assets:  Property, plant, and equipment, net    7,044,307    5,385,955  Right of use asset    2,629,225    2,623,880  Accounts receivable, net    2,818,043    3,299,032  Restricted cash- Non current    318,982    318,527  Prepaids and other non current assets    3,026,461    3,341,528  Total Non-Current Assets    15,837,018    14,968,922  Total Assets   $ 63,456,961   $ 42,385,213   LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY  Current Liabilities  Bank overdraft facility   $ 7,682,411   $ 7,994,906  Notes payable    -    7,450,000  Current portion of operating lease liabilities    368,309    409,518  Accounts payable    3,641,410    2,312,382  Deferred revenue    1,871,275    1,278,602  Accrued expenses & other current liabilities    1,433,308    1,884,814  Total Current Liabilities    14,996,713    21,330,222   Non- Current Liabilities  Operating lease liabilities, less current portion    2,402,653    2,349,118  Deferred Revenue- Non Current    5,405,227    5,173,953  Other non current liabilities    98,078    74,817  Total Non-Current Liabilities    7,905,958    7,597,888  Total Liabilities   $ 22,902,671   $ 28,928,110   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, 2025 and December 31, 2024    1    1  Common stock,  250,000,000 shares authorized, $0.0001 par value, 193,556,177 shares and 171,579,284 shares issued and outstanding as of March 31, 2025 and December 31, 2024 respectively    19,354    17,157  Accumulated other comprehensive income (loss)    (726,911 )   (749,625 ) Additional paid in capital    89,705,829    56,952,200  Capital reserve    899,917    899,917  Accumulated deficit    (49,343,900 )   (43,662,547 ) Total stockholders’ equity    40,554,290    13,457,103  Total liabilities and stockholders’ equity   $ 63,456,961   $ 42,385,213

SS INNOVATIONS INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)  For The Three months ended  March 31,
2025   March 31,
2024   REVENUES  System sales    4,502,482    3,494,759  Instruments sale    477,208    118,515  Warranty sale    122,504    9,407  Lease income    18,416    15,012  Total revenue   $ 5,120,610   $ 3,637,693  Cost of revenue    (4,033,402 )   (2,909,511 )  GROSS PROFIT    1,087,208    728,182   OPERATING EXPENSES:  Research & development expense    1,010,095    527,991  Stock compensation expense    2,379,212    7,108,750  Depreciation and amortization expense    208,882    80,101  Selling, general and administrative expense    3,410,872    2,843,659  TOTAL OPERATING EXPENSES    7,009,061    10,560,501   Loss from operations    (5,921,853 )   (9,832,319 )  OTHER INCOME (EXPENSE):  Interest Expense    (379,905 )   (190,088 ) Interest and other income, net    620,405    180,654  TOTAL OTHER INCOME (EXPENSE), NET    240,500    (9,434 )  LOSS BEFORE INCOME TAXES    (5,681,353 )   (9,841,753 ) Income tax expense    -    -  NET LOSS   $ (5,681,353 )  $ (9,841,753 )  Net loss per share - basic and diluted   $ (0.03 )  $ (0.06 ) Weighted average- basic shares    178,836,342    170,729,490  Weighted average- diluted shares    188,599,859    181,609,691   CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE LOSS   NET LOSS   $ (5,681,353 )  $ (9,841,753 )  OTHER COMPREHENSIVE INCOME (LOSS)  Foreign currency translation gain/(loss)    6,876    (79,314 ) Retirement Benefit (net of tax)    15,838    8,507  TOTAL COMPREHENSIVE LOSS   $ (5,658,639 )  $ (9,912,560 )

SS INNOVATIONS INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)  For The Three months ended  March 31,
2025   March 31,
2024  Cash flows from operating activities:   Net loss  $ (5,681,353 )  $ (9,841,753 ) Adjustments to reconcile net loss to net cash used in operating activities:  Depreciation and amortization   208,882    80,101  Operating lease expense   205,275    178,871  Interest Expense   155,015    283,868  Interest and other income, net   (140,928 )   (168,746 ) (Reversal of) / Provision for credit loss reserve   (422,711 )   389,330  Stock compensation expense   2,379,212    7,108,750   Changes in operating assets and liabilities:  Accounts receivable, net   1,275,750    (3,186,108 ) Inventory, net   (5,082,673 )   (1,326,859 ) Deferred revenue   823,947    2,290,417  Prepaids and other assets   (1,003,604 )   56,511  Accounts payable   1,329,028    926,083  Accrued expenses & other liabilities   48,331    705,455  Operating lease payment   (197,545 )   (167,838 ) Net cash used in operating activities   (6,103,374 )   (2,671,918 )  Cash flows from investing activities:  Purchase of property, plant and equipment   (872,804 )   (127,255 ) Net cash used in investing activities   (872,804 )   (127,255 )  Cash flows from financing activities:  Proceeds from bank overdraft facility (net)   (312,495 )   188,259  Proceeds from issuance of convertible notes to principal shareholder   28,000,000    1,000,000  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   22,406,019    2,638,259   Net change in cash   15,429,841    (160,914 ) Effect of exchange rate on cash   25,412    (31,351 ) 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  $ 22,078,788   $ 6,895,580   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  $ 994,430   $ 1,422,880

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