SS Innovations International, Inc. (Nasdaq: SSII), a developer of surgical robotic technologies, announced unaudited financial results for the three months ended March 31, 2026, reporting 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 SEC on May 13, 2026.
The revenue growth was driven by a 73.3% rise in SSi Mantra surgical robotic system installations, totaling 26 in the quarter, compared to 15 in the first quarter of 2025. Gross margin expanded to 48.0% from 21.2%, and gross profit surged 390.0% to $5.3 million from $1.1 million. Net loss narrowed to $3.6 million, or $(0.02) per diluted share, from $5.7 million, or $(0.03) per diluted share, in the prior-year quarter.
As of March 31, 2026, the company had no long-term debt and $16.0 million in cash and cash equivalents. The cumulative installed base of SSi Mantra reached 194 systems across eleven countries, with cumulative surgeries totaling 9,744, including 157 telesurgeries, 482 cardiac procedures, and 161 pediatric surgeries.
Dr. Sudhir Srivastava, Chairman and CEO, commented, “In the first quarter of 2026 we reported record quarterly revenue of $11.1 million, up 117% year over year, 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 highlighted regulatory approvals in Sri Lanka and Kenya for multiple indications and for telesurgery in Indonesia and the Philippines, as well as a private placement in March 2026 that raised approximately $18.6 million in gross proceeds to fuel growth initiatives.
Dr. Srivastava added, “Looking ahead, we aim to fortify our position as a leader in the substantial Indian market, expand our 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.”
During the quarter, the company received regulatory approval from the National Medicines Regulatory Authority in Sri Lanka and the Pharmacy and Poisons Board in Kenya. On March 18, 2026, the company announced that the SSi Mantra received approval for telesurgeries in Indonesia and the Philippines. The private placement completed on March 9, 2026, involved the sale of 5,774,839 shares of common stock, generating approximately $18.6 million in gross proceeds, with participation from directors, executive officers, and non-affiliate investors.
SS Innovations, headquartered in India with an American corporate structure, plans to expand the global presence of its SSi Mantra system, which features 3 to 5 modular robotic arms, an open-faced ergonomic surgeon command center, a 3D 4K monitor, and telesurgery capabilities through the optional SSi MantrAsana Tele Surgeon Console. The system supports over 40 types of robotic endo-surgical instruments and has been clinically validated in more than 170 different surgical procedures in India.
