Full Press Release Details
SS Innovations Reports First Quarter 2025 Financial
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, FL - May 14, 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 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
As of March 31, 2025
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."
Select Business Highlights in First Quarter
Revenue Breakdown and Summary of Installations
| 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 base 1 | 24 | 78 | 54 | 225 | % | |||||||||||
| SSi Mantra surgeries | 361 | 787 | 426 | 118 | % | |||||||||||
| Cumulative surgeries 1 | 981 | 3,568 | 2,587 | 264 | % |
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.
Devin Sullivan, Managing Director
SS INNOVATIONS INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
| 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
| 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
| 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 |