SS Innovations International, Inc. (Nasdaq: SSII) announced its unaudited financial results for the first quarter of 2026, highlighting record quarterly revenue of $11.1 million, a 116.8% increase from $5.1 million in the same period last year. The company attributed this growth to strong demand for its SSi Mantra surgical robotic system, with 26 installations in the quarter, up 73.3% from 15 installations in Q1 2025. Gross margin expanded significantly to 48.0% from 21.2%, and gross profit rose 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 the prior year. As of March 31, 2026, the company had no long-term debt and $16.0 million in cash and cash equivalents.
Dr. Sudhir Srivastava, Chairman and CEO, stated that the strong adoption of the SSi Mantra reflects its 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, 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. Dr. Srivastava emphasized the company's focus on fortifying its position in India, expanding in underserved markets, and entering the U.S. and EU markets, with FDA review of the 510(k) submission and CE marking certification expected in 2026.
The cumulative installed base of SSi Mantra reached 194 systems across 11 countries, with cumulative surgeries totaling 9,744, including 157 telesurgeries, 482 cardiac procedures, and 161 pediatric surgeries. The company's financial results and business highlights were detailed in its Form 10-Q filed with the Securities and Exchange Commission. For more information, visit the company's website at ssinnovations.com or its LinkedIn page. Further updates are available in the company's newsroom at https://tinyurl.com/ssiinewsroom.
