Fourth Quarter 2025 Overview
Revenue increased 79.1% to $14.5 million from $8.1 million in the fourth quarter of 2024.
Gross margin of 43.9% compared to 48.9% in the fourth quarter of 2024.
Gross profit rose 60.7% to $6.4 million from $4.0 million in the fourth quarter of 2024.
Net loss of $2.5 million, or $(0.01) per diluted share, compared to a net loss of $1.9 million, or $(0.01) per diluted share, in the fourth quarter of 2024.
SSi Mantra surgical robotic system installations totaled 40, up 81.8% from 22 installations in the fourth quarter of 2024 and up 48.1% from 27 installations in the third quarter of 2025.
Full Year 2025 Overview
Revenue increased 105.7% to $42.5 million from $20.6 million in 2024.
Gross margin expanded to 46.0% from 40.9% in 2024.
Gross profit rose 131.2% to $19.5 million from $8.5 million in 2024.
Net loss of $12.1 million, or $(0.06) per diluted share, compared to net loss of $19.2 million, or $(0.11) per diluted share, in 2024.
SSi Mantra surgical robotic system installations totaled 103, up 119.1% from 47 installations in 2024.
As of December 31, 2025
Long-term debt of $0.
Cash and cash equivalents totaled $3.2 million, excluding restricted cash.
SSi Mantra cumulative installed base totaled 168 across ten countries and cumulative surgeries reached 7,885, including 120 telesurgeries, 390 cardiac procedures and 121 pediatric surgeries.
CEO Commentary
Dr. Sudhir Srivastava, Chairman of the Board and Chief Executive Officer of SS Innovations, commented, "In the fourth quarter of 2025, we achieved strong growth in SSi Mantra installations, procedures and revenues, capping off a successful year for SS Innovations. Among our accomplishments in 2025, we gained significant share of the surgical robotics market in India, expanded into new global geographies, and progressed along the regulatory pathways required for entering the United States and European Union markets. We also continued to pioneer robotic telesurgery, attaining multiple new procedure milestones and unveiling cutting-edge innovations such as the Tele Surgeon Console and MantraM mobile robotic telesurgery unit. Finally, the uplisting of our shares to Nasdaq has enhanced market awareness of our growth story and expanded our audience of potential investors."
Dr. Srivastava continued, "After quarter-end we completed a private placement of common stock, which brings us new long-term oriented institutional investors and approximately $18.6 million of gross proceeds aimed to fuel SS Innovations' growth in 2026 and beyond. Significant insider participation in this financing reflects our strong confidence in SS Innovations' future. We will continue to invest in enhancements to our advanced, cost-effective SSi Mantra surgical robotic system and expand our capacity to lead the vast Indian market, penetrate underserved global geographies, and prepare for our entry into the United States and European Union. We anticipate that the U.S. Food and Drug Administration will complete its review of our 510(k) premarket notification for the SSi Mantra by mid-2026. We also continue along the pathway towards a European Union CE marking certification for the SSi Mantra, which we believe we can also obtain this year. In conclusion, we expect continuing strong growth in 2026 as we deploy the SSi Mantra in existing and new markets, increasing access to world-class surgical robotic care."
Select Business Highlights in Fourth Quarter 2025
On November 6, 2025, the Company announced the successful completion of the first telesurgery performed with the SSi Mantra Tele Surgeon Console.
On December 5, 2025, the Company submitted a 510(k) premarket notification to the United States Food and Drug Administration (the "FDA") for the SSi Mantra surgical robotic system, covering multiple indications including general, urological, colorectal, gynecological and cardiac surgeries.
Subsequent Events
On January 6, 2026, the Company announced the development of five new 5-millimeter surgical instruments for clinical use across multiple specialties, including pediatric, cardiac, and head and neck surgery, among other procedures involving smaller anatomical structures.
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.
Revenue Breakdown and Summary of Installations / Surgeries
Category
Q4 2024
Q4 2025
Variance
Percentage
System sales
$7,735,005
$13,364,153
$5,629,148
72.8%
Instrument sales
282,332
844,279
561,947
199.0%
Warranty sales
80,769
316,771
236,002
292.2%
Lease income
18,087
9,280
(8,807)
(48.7)%
Total revenue
$8,116,193
$14,534,483
$6,418,290
79.1%
SSi Mantra installations
22
40
18
81.8%
Cumulative installed base1
65
168
103
158.5%
SSi Mantra surgeries
610
1,828
1,218
199.7%
Cumulative surgeries1
2,759
7,885
5,126
185.8%
1 at period end
Category
2024
2025
Variance
Percentage
System sales
$19,457,767
$38,353,048
$18,895,281
97.1%
Instrument sales
942,548
3,183,757
2,241,209
237.8%
Warranty sales
177,518
877,033
699,515
394.1%
Lease income
71,695
70,909
(786)
(1.1)%
Total revenue
$20,649,528
$42,484,747
$21,835,219
105.7%
SSi Mantra installations
47
103
56
119.1%
SSi Mantra surgeries
2,139
5,087
2,948
137.8%
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 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 StatementsThis 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 GroupKalle Ahl, CFAT: (303) 953-9878[email protected]
Devin Sullivan, Managing Director T: (212) 836-9608[email protected]
Media Contact:RooneyPartners LLCKate BarretteT: (212) 223-0561[email protected]
SS INNOVATIONS INTERNATIONAL, INC.CONSOLIDATED BALANCE SHEETS(Audited)
As of
December 31, 2025
December 31, 2024
ASSETS
Current Assets:
Cash and cash equivalents
$
3,206,406
$
466,500
Restricted cash
5,937,650
5,838,508
Accounts receivable, net
12,398,542
4,466,047
Inventory, net
17,064,002
10,206,898
Prepaids and other current assets
10,194,059
6,438,338
Total Current Assets
48,800,659
27,416,291
Property, plant, and equipment, net
9,100,546
5,385,955
Right of use asset
2,754,020
2,623,880
Deferred tax assets, net
533,727
-
Accounts receivable, net
8,566,654
3,299,032
Restricted cash
458,964
318,527
Prepaids and other non current assets
4,011,647
3,341,528
Total Assets
$
74,226,217
$
42,385,213
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Bank overdraft facility
$
11,442,948
$
7,994,906
Notes payable
