Exhibit 99.1

 

 

SS Innovations Reports Second Quarter 2025 Financial Results

 

Record Quarterly Revenue of $10.0 Million Driven by Higher SSi Mantra 3 Unit Sales

Gross Profit More than Tripled, Driven by Gross Margin Expansion and Revenue Growth

 

Fort Lauderdale, FL – August 7, 2025 – SS Innovations International, Inc. (the “Company” or “SS Innovations”) (Nasdaq: SSII), a developer of innovative surgical robotic technologies dedicated to making robotic surgery affordable and accessible to a global population, today announced unaudited financial results for the three and six months ended June 30, 2025. The Company also filed its Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, with the Securities and Exchange Commission on August 6, 2025.

 

Second Quarter 2025 Overview

 

Revenue increased 121.8% to $10.0 million from $4.5 million in the second quarter of 2024.

 

Gross margin expanded to 59.1% from 31.9% in the second quarter of 2024.

 

Gross profit rose 311.4% to $5.9 million from $1.4 million in the second quarter of 2024.

 

Net loss of $0.3 million, or $(0.00) per diluted share, compared to a net loss of $4.1 million, or $(0.02) per diluted share, in the second quarter of 2024.

 

SSi Mantra surgical robotic system installations totaled 23, up 130% from 10 installations in the second quarter of 2024 and up 53% from 15 installations in the first quarter of 2025.

 

First Half 2025 Overview

 

Revenue increased 85.6% to $15.1 million from $8.1 million in the first half of 2024.

 

Gross margin expanded to 46.3% from 26.6% in the first half of 2024.

 

Gross profit rose 223.3% to $7.0 million from $2.2 million in the first half of 2024.

 

Net loss of $5.9 million, or $(0.03) per diluted share, compared to net loss of $14.0 million, or $(0.08) per diluted share, in the first half of 2024.

 

SSi Mantra surgical robotic system installations totaled 38, up 100% from 19 installations in the first half of 2024.

 

As of June 30, 2025

 

Long-term debt of $0.

 

Cash and cash equivalents totaled $11.4 million, excluding restricted cash.

 

SSi Mantra cumulative installed base totaled 105 in seven countries and cumulative surgeries reached 4,657.

 

 

 

 

CEO Commentary

 

Dr. Sudhir Srivastava, Chairman of the Board and Chief Executive Officer of SS Innovations, commented, “We continue to execute on our strategic initiatives and delivered strong revenue growth in the second quarter of 2025, driven by higher unit sales of our advanced, cost-effective SSi Mantra 3 surgical robotic system in India and abroad. Our second quarter gross profit more than tripled compared to the prior year quarter, reflecting higher revenue and significant gross margin expansion due to lower production costs, propelling a sharp narrowing in net loss to almost breakeven.”

 

Dr. Srivastava continued, “Our SSi Mantra 3 surgical robotic system continues to pioneer robotic telesurgery and cardiac procedures, achieving several ‘world firsts’ during and after the second quarter. We remain committed to democratizing excellence in surgical robotic care and SS Innovations’ uplisting to Nasdaq in April 2025 symbolizes a new chapter of global expansion. In that regard, based on recent FDA conversations, we now expect to submit a 510(k) application for multiple indications for the SSi Mantra 3 to the U.S. Food and Drug Administration by the end of September 2025—a potentially quicker pathway compared to the De Novo application we previously planned. We also continue along the pathway towards a European Union CE marking certification as soon as late 2025. Looking to the second half of the year, an expanding installed base combined with growing utilization of the SSi Mantra 3 positions us well for continuing robust organic growth.”

 

Select Business Highlights in Second Quarter 2025

 

In April 2025, the Company’s common stock was listed for trading on The Nasdaq Stock Market LLC (“Nasdaq”).

 

In June 2025, the Company rang the opening bell at the Nasdaq MarketSite in New York City.

 

In June 2025, the Company’s SSi Mantra surgical robotic system performed its first robotic cardiac surgery in the Western Hemisphere.

 

Subsequent Events

 

In July 2025, the world’s first robotic telesurgery for weight loss was performed utilizing the Company’s SSi Mantra 3 surgical robotic system.

 

In July 2025, the world’s first intercontinental robotic cardiac telesurgery was performed (from France to India) utilizing the Company’s SSi Mantra 3 surgical robotic system.

 

In July 2025, the first telesurgery in India’s public sector, which consists of more than 25,000 public hospitals, was performed utilizing the Company’s SSi Mantra 3 surgical robotic system.

 

As of July 31, 2025, the SSi Mantra cumulative installed base totaled 112 systems and cumulative multi-specialty surgeries reached 5,038 without any device-related adverse events. This total included 40 telesurgeries and 273 cardiac procedures.

 

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Revenue Breakdown and Summary of Installations / Surgeries

 

Category  Q2 2024   Q2 2025   Variance   Percentage 
System sales  $4,258,198   $8,781,038   $4,522,840    106.2%
Instrument sales   204,121    1,007,830    803,709    393.7%
Warranty sales   28,795    193,359    164,564    571.5%
Lease income   18,012    18,078    66    0.4%
Total revenue  $4,509,126   $10,000,305   $5,491,179    121.8%
                     
SSi Mantra installations   10    23    13    130%
Cumulative installed base1   37    105    68    184%
                     
SSi Mantra surgeries   516    1,042    526    102%
Cumulative surgeries1   1,742    4,657    2,915    167%

 

1at period end

 

Category  H1 2024   H1 2025   Variance   Percentage 
System sales  $7,752,957   $13,283,520   $5,530,563    71.3%
Instrument sales   322,636    1,485,038    1,162,402    360.3%
Warranty sales   38,202    315,863    277,661    726.8%
Lease income   33,024    36,494    3,470    10.5%
Total revenue  $8,146,819   $15,120,915   $6,974,096    85.6%
                     
SSi Mantra installations   19    38    19    100%
SSi Mantra surgeries   877    1,861    984    112%

 

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.

 

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About the SSi Mantra

 

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

 

Forward Looking Statements

 

This press release may contain statements that are not historical facts and are considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. The words “anticipate,” “assume,” “believe,” “estimate,” “expect,” “will,” “intend,” “may,” “plan,” “project,” “should,” “could,” “seek,” “designed,” “potential,” “forecast,” “target,” “objective,” “goal,” or the negatives of such terms or other similar expressions to identify such forward-looking statements. These statements relate to future events or SS Innovations’ future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.

 

Investor Contact:

 

The Equity Group

Kalle Ahl, CFA

T: (303) 953-9878

kahl@theequitygroup.com

 

Devin Sullivan, Managing Director

T: (212) 836-9608

dsullivan@theequitygroup.com

 

Media Contact:

 

RooneyPartners LLC

Kate Barrette

T: (212) 223-0561

kbarrette@rooneypartners.com

 

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SS INNOVATIONS INTERNATIONAL, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

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

 

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SS INNOVATIONS INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited)

 

   For The Three months ended 
   June 30,
2025
   June 30,
2024
 
         
REVENUES        
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 
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   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 
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   353,729    - 
NET LOSS  $(256,691)  $(4,140,570)
           
Net loss per share -basic and diluted  $(0.00)  $(0.02)
Weighted average-basic shares   193,571,635    170,739,380 
Weighted average-diluted shares   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)   (35,660)   3,299 
Income tax effect relating to retirement benefit   5,772    - 
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)   (95,902)   (12,832)
TOTAL COMPREHENSIVE LOSS  $(352,593)  $(4,153,402)

 

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SS INNOVATIONS INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited)

 

   For The Six months ended 
   June 30,
2025
   June 30,
2024
 
         
REVENUES        
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 
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   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 
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   353,729    - 
NET LOSS  $(5,938,044)  $(13,982,323)
           
Net loss per share - basic and diluted  $(0.03)  $(0.08)
Weighted average- basic shares   186,244,872    170,734,435 
Weighted average- diluted shares   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)   (19,822)   11,806 
Income tax effect relating to retirement benefit   5,772    - 
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)   (73,188)   (83,639)
TOTAL COMPREHENSIVE LOSS  $(6,011,232)  $(14,065,962)

 

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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 
           
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 

 

 

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