SS Innovations International, Inc. (Nasdaq: SSII) announced 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 strong demand for its SSi Mantra surgical robotic system, with installations rising 73.3% to 26 units during the quarter. Gross margin expanded significantly to 48.0% from 21.2%, and gross profit surged 390.0% to $5.3 million. Net loss improved 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 first quarter of 2025.
As of March 31, 2026, the cumulative installed base of SSi Mantra systems reached 194 across eleven countries, and cumulative surgeries exceeded 9,744, including 157 telesurgeries, 482 cardiac procedures, and 161 pediatric surgeries. The company also reported zero long-term debt and cash and cash equivalents of $16.0 million, excluding restricted cash.
Dr. Sudhir Srivastava, Chairman and CEO of SS Innovations, 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 also noted regulatory approvals for the SSi Mantra in Sri Lanka, Kenya, Indonesia, and the Philippines, and a private placement in March 2026 that raised approximately $18.6 million in gross proceeds to support growth initiatives.
Looking ahead, Dr. Srivastava stated, “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.”
Key business highlights for the quarter included regulatory approvals from Sri Lanka’s National Medicines Regulatory Authority and Kenya’s Pharmacy and Poisons Board in January 2026, and approval for telesurgeries in Indonesia and the Philippines in March 2026. The company also completed a private placement on March 9, 2026, issuing 5,774,839 shares of common stock, including purchases by directors and executive officers, generating gross proceeds of approximately $18.6 million.
The SSi Mantra system is a modular, multi-arm robotic platform featuring 3 to 5 robotic arms, an ergonomic surgeon console, a large 3D 4K monitor, and over 40 types of robotic instruments. It has been clinically validated in more than 170 surgical procedures. The company, headquartered in India and listed on Nasdaq, continues to focus on making robotic surgery affordable and accessible globally. More information is available at ssinnovations.com.
