SS Innovations International, Inc. (Nasdaq: SSII), a developer of surgical robotic technologies, announced unaudited financial results for the first quarter ended March 31, 2026, showing record quarterly revenue of $11.1 million, a 116.8% increase from $5.1 million in the same period last year. The company also filed its Quarterly Report on Form 10-Q with the Securities and Exchange Commission on May 13, 2026.
Gross margin expanded to 48.0% from 21.2% in the first quarter of 2025, while gross profit rose 390.0% to $5.3 million from $1.1 million. The company reduced its net loss 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 quarter. As of March 31, 2026, SS Innovations had no long-term debt and cash and cash equivalents of $16.0 million, excluding restricted cash.
SSi Mantra surgical robotic system installations totaled 26 in the quarter, up 73.3% from 15 installations in the first quarter of 2025. The cumulative installed base reached 194 across eleven countries, and cumulative surgeries reached 9,744, including 157 telesurgeries, 482 cardiac procedures, and 161 pediatric surgeries.
Dr. Sudhir Srivastava, Chairman and CEO of SS Innovations, said the record revenue was driven by robust growth in SSi Mantra installations and procedures. “Strong adoption by hospitals and physicians reflects the SSi Mantra’s cutting-edge surgical robotic technology, differentiated features, user friendliness, training capabilities, and cost efficiency,” he said. Among other developments in the quarter, the company received regulatory approval for the SSi Mantra for multiple indications in Sri Lanka and Kenya and for telesurgery in Indonesia and the Philippines. It also completed a private placement in March 2026 that provided approximately $18.6 million in gross proceeds to fuel growth initiatives.
Looking ahead, Dr. Srivastava said the company aims to fortify its position in the Indian market, expand its global footprint in underserved countries, and secure entry into the United States and European Union markets. “We expect the U.S. Food and Drug Administration to complete its review of our 510(k) premarket notification for the SSi Mantra this year. Separately, we continue along the pathway towards a European Union CE marking certification for the SSi Mantra, which we believe we can also obtain in 2026,” he added.
The company’s business highlights in the first quarter included regulatory approvals from the National Medicines Regulatory Authority in Sri Lanka and the Pharmacy and Poisons Board in Kenya in January 2026, and approval for telesurgeries in Indonesia and the Philippines on March 18, 2026. The private placement, announced on March 9, 2026, involved the sale of 5,774,839 shares of common stock, with directors and executive officers purchasing 1,300,006 shares at an average price of $4.00 per share and non-affiliate investors purchasing 4,474,833 shares at $3.00 per share.
The SSi Mantra surgical robotic system is a modular, multi-arm system with advanced features including an open-faced ergonomic surgeon command center and a large 3D 4K monitor. It has been clinically validated in India in more than 170 different types of surgical procedures. More information is available on the company’s website at ssinnovations.com.
