SS Innovations International, Inc. (Nasdaq: SSII), a developer of surgical robotic technologies, announced unaudited financial results for the first quarter ended March 31, 2026, highlighting record revenue growth and expanding global footprint. The company's quarterly revenue surged 116.8% to $11.1 million, compared to $5.1 million in the same period last year, driven by a 73.3% increase in SSi Mantra installations to 26 systems. Gross margin improved significantly to 48.0% from 21.2%, with gross profit rising 390.0% to $5.3 million. Net loss narrowed to $3.6 million, or $(0.02) per diluted share, from a net loss of $5.7 million, or $(0.03) per diluted share, in the first quarter of 2025.
The company's cumulative installed base of SSi Mantra systems reached 194 across eleven countries, with total cumulative surgeries hitting 9,744, including 157 telesurgeries, 482 cardiac procedures, and 161 pediatric surgeries. Dr. Sudhir Srivastava, Chairman and CEO, attributed the strong performance to the SSi Mantra's cutting-edge technology, user-friendliness, and cost efficiency, which are driving adoption by hospitals and physicians. During the quarter, SS Innovations received regulatory approvals for the SSi Mantra in Sri Lanka and Kenya for multiple indications, and for telesurgery in Indonesia and the Philippines. The company also completed a private placement in March 2026, raising approximately $18.6 million in gross proceeds to fuel growth initiatives.
Looking ahead, SS Innovations aims to strengthen its position in the Indian market, expand in underserved countries, and secure entry into the U.S. and European Union markets. Dr. Srivastava noted that the U.S. Food and Drug Administration is expected to complete its review of the 510(k) premarket notification for the SSi Mantra this year, while the company continues along the pathway toward European Union CE marking certification, which it believes can also be obtained in 2026. The company ended the quarter with no long-term debt and $16.0 million in cash and cash equivalents, excluding restricted cash. Further details are available in the company's newsroom at https://tinyurl.com/ssiinewsroom.
