SS Innovations International, Inc. (Nasdaq: SSII) announced its unaudited financial results for the first quarter ended March 31, 2026, reporting record revenue of $11.1 million, a 116.8% increase from $5.1 million in the same period last year. The company attributed the growth to a 73.3% rise in SSi Mantra installations, totaling 26 systems in the quarter, and an expanding procedure volume.
Gross margin improved significantly to 48.0% from 21.2% in the prior year, while gross profit surged 390.0% to $5.3 million. Net loss narrowed to $3.6 million, or $(0.02) per diluted share, compared to a net loss of $5.7 million, or $(0.03) per diluted share, in Q1 2025. As of March 31, 2026, the company had no long-term debt and cash and cash equivalents of $16.0 million, excluding restricted cash.
Dr. Sudhir Srivastava, Chairman and CEO, highlighted the strong adoption by hospitals and physicians, citing the SSi Mantra's cutting-edge technology, user-friendliness, and cost efficiency. During the quarter, the company received regulatory approvals for the SSi Mantra in Sri Lanka and Kenya for multiple indications, and for telesurgery in Indonesia and the Philippines. Additionally, a private placement in March 2026 raised approximately $18.6 million in gross proceeds to support growth initiatives.
Looking ahead, SS Innovations aims to strengthen its position in the Indian market, expand in underserved countries, and enter the U.S. and European Union markets. The company expects the U.S. Food and Drug Administration to complete its review of the 510(k) premarket notification for the SSi Mantra this year, and it is progressing toward CE marking certification in the EU, also anticipated in 2026.
The cumulative installed base of SSi Mantra systems reached 194 across eleven countries, with cumulative surgeries totaling 9,744, including 157 telesurgeries, 482 cardiac procedures, and 161 pediatric surgeries. For more details, the company's Quarterly Report on Form 10-Q was filed with the SEC on May 13, 2026.
SS Innovations develops surgical robotic technologies to make robotic surgery affordable and accessible globally. More information is available at ssinnovations.com and on LinkedIn.
