Company successfully completed a human factors validation study at Johns Hopkins Hospital Anticipates submitting a 510(k) premarket notification to the FDA in the fourth quarter of 2025 FORT LAUDERDALE, Fla., Oct. 02, 2025 (GLOBE NEWSWIRE) -- SS Innovations International, Inc. (the “Company” or “SS Innovations”) (Nasdaq: SSII), a developer of innovative surgical robotic technologies dedicated to making robotic surgery affordable and accessible to a global population, today announced that the Company success ...

We recently compiled a list of the 12 Healthcare Stocks with Insider Buying in 2025. SS Innovations International, Inc. is one of them. SS Innovations International, Inc. (NASDAQ:SSII) is advancing affordable surgical robotics with its flagship SSi Mantra system, offering a cost-efficient alternative to established platforms like Intuitive Surgical’s da Vinci. Approved in seven countries, including India, Indonesia, and the Philippines, the company is pursuing regulatory approval in the U.S. and Europe to ...

Core Viewpoint - SS Innovations International, Inc. has appointed Naveen Kumar Amar as Chief Financial Officer, effective September 24, 2025, succeeding Dr. Vishwa Srivastava, who will continue as CEO for Asia Pacific [1][2]. Company Overview - SS Innovations is focused on developing innovative surgical robotic technologies aimed at making robotic surgery affordable and accessible globally [6]. - The company’s product offerings include the proprietary "SSi Mantra" surgical robotic system and the "SSi Mudra" surgical instruments, which support various surgical procedures, including robotic cardiac surgery [6][9]. Leadership Experience - Naveen Kumar Amar brings over 25 years of global finance leadership experience across various industries and geographies, with expertise in financial accounting, planning, corporate finance, and governance [2][4]. - Amar has previously held significant positions, including Head of Finance & Commercial for SpiceXpress and Global CFO for Munch Ado India Private Ltd. [4]. Strategic Vision - The appointment of Amar is seen as a strategic move to enhance the financial operations of SS Innovations as the company aims to expand its global presence with the SSi Mantra surgical robotic system [3]. - Amar expressed his commitment to driving growth and delivering sustainable long-term shareholder value for SS Innovations [3].

Core Viewpoint - SS Innovations International, Inc. has appointed Naveen Kumar Amar as the new Chief Financial Officer, effective September 24, 2025, succeeding Dr. Vishwa Srivastava, who will continue as CEO for Asia Pacific [1][2][3]. Company Overview - SS Innovations is focused on developing innovative surgical robotic technologies aimed at making robotic surgery affordable and accessible globally [5]. - The company’s product offerings include the proprietary "SSi Mantra" surgical robotic system and the "SSi Mudra" surgical instruments, which support various surgical procedures, including robotic cardiac surgery [5]. Leadership Appointment - Naveen Kumar Amar brings over 25 years of global finance leadership experience across various industries and geographies, with expertise in financial accounting, reporting, planning, analysis, and corporate finance [2][3]. - Amar has previously held significant positions, including Global CFO for Munch Ado India Private Ltd. and Head of Finance & Commercial for SpiceXpress [2][3]. Strategic Vision - The company aims to expand the global presence of its advanced, cost-efficient surgical robotic systems, particularly the SSi Mantra [3]. - Amar expressed his commitment to democratizing access to advanced surgical robotic care and driving growth to deliver sustainable long-term shareholder value [3]. Product Details - The SSi Mantra surgical robotic system features a modular design with 3 to 5 robotic arms, an ergonomic surgeon command center, and advanced imaging capabilities [6]. - It has been clinically validated in India for over 100 different types of surgical procedures, showcasing its versatility and effectiveness [6].

Core Insights - SS Innovations has successfully completed the world's first pediatric pyeloplasty telesurgery using its SSi Mantra surgical robotic system, demonstrating the system's capabilities in remote surgical procedures [2][3][5]. Company Overview - SS Innovations International, Inc. focuses on developing innovative surgical robotic technologies aimed at making robotic surgery affordable and accessible globally [6]. - The company is headquartered in India and plans to expand its global presence with cost-effective surgical robotic solutions [6]. Product Details - The SSi Mantra surgical robotic system features a modular design with 3 to 5 robotic arms, an ergonomic command center, and advanced imaging capabilities, supporting various surgical specialties including pediatric surgery [7]. - The system has been clinically validated in over 100 different types of surgical procedures in India [7]. Market Opportunity - SS Innovations aims to address the unmet surgical robotic needs in the growing pediatric market, aligning with its mission to provide world-class care to underserved communities [5]. - The company has performed more than 50 telesurgeries at distances of up to 4,000 miles, showcasing the potential of the SSi Mantra in reaching remote patients [5]. Leadership Perspective - The Chairman and CEO of SS Innovations emphasized the advantages of robotic surgery, including precision, less invasiveness, and quicker recovery times, particularly important in pediatric care [3].

Core Insights - SS Innovations International, Inc. has successfully performed the world's first pediatric pyeloplasty telesurgery using its SSi Mantra surgical robotic system, demonstrating the system's capabilities in remote surgical procedures [1][3] - The SSi Mantra system is designed to make robotic surgery more precise, less invasive, and quicker, which is particularly beneficial in pediatric surgery [3] - The company aims to address the unmet needs in the growing pediatric surgical market by expanding the capabilities of the SSi Mantra system [4] Company Overview - SS Innovations develops innovative surgical robotic technologies with a mission to make robotic surgery affordable and accessible globally [5][6] - The SSi Mantra system features advanced technology, including modular robotic arms and a 3D 4K monitor, and has been clinically validated for over 100 different types of surgical procedures [7] Market Opportunity - The company is focusing on expanding its presence in the pediatric market, which is seen as a significant growth area for surgical robotics [4] - More than 50 telesurgeries have been performed using the SSi Mantra system, showcasing its versatility across various surgical categories [3]

Core Viewpoint - SS Innovations International, Inc. has successfully completed its first robotic telesurgery using the MantraM mobile robotic telesurgery unit, marking a significant milestone in making advanced surgical robotic care accessible to underserved populations [1][3]. Company Overview - SS Innovations is focused on developing innovative surgical robotic technologies aimed at making robotic surgery affordable and accessible globally [5]. - The company’s product offerings include the proprietary "SSi Mantra" surgical robotic system and the "SSi Mudra" surgical instruments, which support various surgical procedures, including robotic cardiac surgery [5]. Technological Advancements - The SSi Mantra surgical robotic system features a modular design with 3 to 5 robotic arms, an ergonomic command center, and advanced imaging capabilities, including a 3D 4K monitor [6]. - The system has been clinically validated in over 100 different types of surgical procedures in India, showcasing its versatility and effectiveness [6]. Recent Developments - In July 2025, SS Innovations launched a MantraM bus tour across India to demonstrate the capabilities of its mobile robotic telesurgery unit and the SSi Mantra system, focusing on underserved communities [3]. - The first robotic telesurgery was guided by Dr. Priya Bhave Chittawar from the MantraM bus, connecting to an operating room in Bhopal, India, highlighting the system's remote surgical capabilities [1][3]. Mission and Vision - The company aims to democratize access to high-quality surgical robotic care and education, particularly in remote settings, by overcoming traditional cost and distance barriers [3]. - The MantraM bus is designed not only to provide specialized care but also to facilitate surgical education and training for medical professionals [3].

[Executive Summary](index=1&type=section&id=1.%20Executive%20Summary) [Second Quarter 2025 Highlights](index=1&type=section&id=1.1.%20Second%20Quarter%202025%20Highlights) SS Innovations reported record quarterly revenue of $10.0 million in Q2 2025, a 121.8% increase YoY, driven by higher SSi Mantra 3 unit sales, with gross profit more than tripling due to significant gross margin expansion to 59.1%, leading to a sharp narrowing of net loss to $0.3 million, and substantial growth in SSi Mantra installations | Metric | Q2 2025 | Q2 2024 | Change (%) | | :------------------- | :---------- | :---------- | :--------- | | Revenue | $10.0 million | $4.5 million | 121.8% | | Gross Margin | 59.1% | 31.9% | +27.2 pp | | Gross Profit | $5.9 million | $1.4 million | 311.4% | | Net Loss | $(0.3) million | $(4.1) million | -92.7% | | Diluted EPS | $(0.00) | $(0.02) | -100% | | SSi Mantra Installations | 23 | 10 | 130% | [First Half 2025 Highlights](index=1&type=section&id=1.2.%20First%20Half%202025%20Highlights) For the first half of 2025, revenue increased by 85.6% to $15.1 million, with gross margin expanding to 46.3% and gross profit rising 223.3% to $7.0 million, while the net loss significantly narrowed to $5.9 million compared to $14.0 million in the first half of 2024 | Metric | H1 2025 | H1 2024 | Change (%) | | :------------------- | :---------- | :---------- | :--------- | | Revenue | $15.1 million | $8.1 million | 85.6% | | Gross Margin | 46.3% | 26.6% | +19.7 pp | | Gross Profit | $7.0 million | $2.2 million | 223.3% | | Net Loss | $(5.9) million | $(14.0) million | -57.8% | | Diluted EPS | $(0.03) | $(0.08) | -62.5% | | SSi Mantra Installations | 38 | 19 | 100% | [Financial Position as of June 30, 2025](index=1&type=section&id=1.3.%20Financial%20Position%20as%20of%20June%2030%2C%202025) As of June 30, 2025, the Company reported **$11.4 million** in cash and cash equivalents (excluding restricted cash) and zero long-term debt, with the cumulative installed base of SSi Mantra systems reaching 105 across seven countries and cumulative surgeries totaling 4,657 | Metric | Value | | :-------------------------- | :---------- | | Long-term debt | $0 | | Cash and cash equivalents | $11.4 million | | SSi Mantra cumulative installed base | 105 | | Cumulative surgeries | 4,657 | [CEO Commentary and Business Developments](index=2&type=section&id=2.%20CEO%20Commentary%20and%20Business%20Developments) [CEO Commentary](index=2&type=section&id=2.1.%20CEO%20Commentary) CEO Dr. Sudhir Srivastava highlighted strong Q2 2025 revenue growth driven by increased SSi Mantra 3 unit sales and significant gross margin expansion due to lower production costs, leading to a near breakeven net loss, emphasizing the system's pioneering role in robotic telesurgery and cardiac procedures, the Nasdaq uplisting as a step towards global expansion, and anticipated FDA 510(k) submission by end of September 2025, along with progress towards EU CE marking - Strong **Q2 2025 revenue growth** driven by higher SSi Mantra 3 unit sales in India and abroad[6](index=6&type=chunk) - **Gross profit more than tripled** due to higher revenue and significant gross margin expansion from lower production costs, leading to a sharp narrowing of net loss[6](index=6&type=chunk) - Expects to submit a **510(k) application** for multiple indications for the SSi Mantra 3 to the U.S. FDA by the end of September 2025, a potentially quicker pathway than previously planned De Novo application[6](index=6&type=chunk) - Continues towards **European Union CE marking certification** as soon as late 2025[6](index=6&type=chunk) [Select Business Highlights and Subsequent Events](index=2&type=section&id=2.2.%20Select%20Business%20Highlights%20and%20Subsequent%20Events) In Q2 2025, SS Innovations' common stock was listed on Nasdaq, and the company rang the opening bell, with the SSi Mantra system subsequently achieving several "world firsts," including the first robotic cardiac surgery in the Western Hemisphere, the world's first robotic telesurgery for weight loss, and the first intercontinental robotic cardiac telesurgery, leading to a cumulative installed base of 112 systems with 5,038 multi-specialty surgeries performed as of July 31, 2025 - Company's common stock listed on **The Nasdaq Stock Market LLC** in April 2025[8](index=8&type=chunk) - SSi Mantra system performed its **first robotic cardiac surgery in the Western Hemisphere** in June 2025[8](index=8&type=chunk) - Achieved **"world firsts"** in July 2025, including robotic telesurgery for weight loss and intercontinental robotic cardiac telesurgery (France to India)[8](index=8&type=chunk) | Metric | Value | | :-------------------------- | :---------- | | Cumulative installed base | 112 systems | | Cumulative multi-specialty surgeries | 5,038 | | Telesurgeries | 40 | | Cardiac procedures | 273 | [Detailed Financial and Operational Performance](index=3&type=section&id=3.%20Detailed%20Financial%20and%20Operational%20Performance) [Revenue Breakdown and Operational Metrics (Q2 2025 vs Q2 2024)](index=3&type=section&id=3.1.%20Revenue%20Breakdown%20and%20Operational%20Metrics%20(Q2%202025%20vs%20Q2%202024)) Total revenue for Q2 2025 increased by 121.8% to $10.0 million, with system sales growing by 106.2% to $8.8 million and instrument sales seeing a significant increase of 393.7% to $1.0 million, while SSi Mantra installations more than doubled, and cumulative installations and surgeries also showed strong growth | Category | Q2 2025 | Q2 2024 | Variance ($) | Percentage (%) | | :--------------- | :---------- | :---------- | :------------- | :------------- | | System sales | $8,781,038 | $4,258,198 | $4,522,840 | 106.2% | | Instrument sales | $1,007,830 | $204,121 | $803,709 | 393.7% | | Warranty sales | $193,359 | $28,795 | $164,564 | 571.5% | | Lease income | $18,078 | $18,012 | $66 | 0.4% | | **Total revenue** | **$10,000,305** | **$4,509,126** | **$5,491,179** | **121.8%** | | Metric | Q2 2025 | Q2 2024 | Variance | Percentage (%) | | :---------------------- | :-------- | :-------- | :------- | :------------- | | SSi Mantra installations | 23 | 10 | 13 | 130% | | Cumulative installed base | 105 | 37 | 68 | 184% | | SSi Mantra surgeries | 1,042 | 516 | 526 | 102% | | Cumulative surgeries | 4,657 | 1,742 | 2,915 | 167% | [Revenue Breakdown and Operational Metrics (H1 2025 vs H1 2024)](index=3&type=section&id=3.2.%20Revenue%20Breakdown%20and%20Operational%20Metrics%20(H1%202025%20vs%20H1%202024)) Total revenue for the first half of 2025 increased by 85.6% to $15.1 million, with system sales growing by 71.3% to $13.3 million and instrument sales surging by 360.3% to $1.5 million, while SSi Mantra installations doubled, and surgeries also saw a significant increase | Category | H1 2025 | H1 2024 | Variance ($) | Percentage (%) | | :--------------- | :---------- | :---------- | :------------- | :------------- | | System sales | $13,283,520 | $7,752,957 | $5,530,563 | 71.3% | | Instrument sales | $1,485,038 | $322,636 | $1,162,402 | 360.3% | | Warranty sales | $315,863 | $38,202 | $277,661 | 726.8% | | Lease income | $36,494 | $33,024 | $3,470 | 10.5% | | **Total revenue** | **$15,120,915** | **$8,146,819** | **$6,974,096** | **85.6%** | | Metric | H1 2025 | H1 2024 | Variance | Percentage (%) | | :---------------------- | :-------- | :-------- | :------- | :------------- | | SSi Mantra installations | 38 | 19 | 19 | 100% | | SSi Mantra surgeries | 1,861 | 877 | 984 | 112% | [Company and Product Information](index=3&type=section&id=4.%20Company%20and%20Product%20Information) [About SS Innovations](index=3&type=section&id=4.1.%20About%20SS%20Innovations) SS Innovations International, Inc. (Nasdaq: SSII) is an American company headquartered in India, focused on developing innovative surgical robotic technologies to make robotic surgery affordable and accessible globally, with a product line including the SSi Mantra surgical robotic system and SSi Mudra surgical instruments, supporting various procedures including cardiac surgery - Develops innovative surgical robotic technologies to make robotic surgery **affordable and accessible globally**[11](index=11&type=chunk) - Product range includes the proprietary **"SSi Mantra" surgical robotic system** and **"SSi Mudra" surgical instruments**[11](index=11&type=chunk) - Headquartered in India, with plans for **global expansion**[11](index=11&type=chunk) [About the SSi Mantra Surgical Robotic System](index=4&type=section&id=4.2.%20About%20the%20SSi%20Mantra%20Surgical%20Robotic%20System) The SSi Mantra is a user-friendly, modular, multi-arm surgical robotic system featuring 3 to 5 robotic arms, an open-faced ergonomic surgeon command center, a large 3D 4K monitor, and a touch panel for patient information, supporting over 40 types of robotic endo-surgical instruments for various specialties, including cardiac surgery, and clinically validated in India for over 100 different surgical procedures - User-friendly, modular, multi-arm system with **3 to 5 robotic arms** and an open-faced ergonomic surgeon command center[12](index=12&type=chunk) - Features a large **3D 4K monitor**, touch panel for patient information, and virtual real-time image display[12](index=12&type=chunk) - Utilizes over **40 different types of robotic endo-surgical instruments**, supporting various specialties including cardiac surgery[12](index=12&type=chunk) - Clinically validated in India in more than **100 different types of surgical procedures**[12](index=12&type=chunk) [Condensed Consolidated Financial Statements](index=5&type=section&id=5.%20Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Balance Sheets](index=5&type=section&id=5.1.%20Condensed%20Consolidated%20Balance%20Sheets) The balance sheet shows total assets increased significantly from $42.4 million as of December 31, 2024, to $70.0 million as of June 30, 2025, primarily driven by increases in cash and cash equivalents, inventory, and accounts receivable, while total liabilities remained relatively stable, and total stockholders' equity increased substantially from $13.5 million to $42.0 million, largely due to an increase in additional paid-in capital | Metric | June 30, 2025 | December 31, 2024 | Change ($) | Change (%) | | :-------------------------------- | :-------------- | :---------------- | :----------- | :--------- | | Total Current Assets | $50,786,526 | $27,416,291 | $23,370,235 | 85.2% | | Total Assets | $69,977,771 | $42,385,213 | $27,592,558 | 65.1% | | Total Current Liabilities | $19,611,108 | $21,330,222 | $(1,719,114) | -8.1% | | Total Liabilities | $27,954,902 | $28,928,110 | $(973,208) | -3.4% | | Total Stockholders' Equity | $42,022,869 | $13,457,103 | $28,565,766 | 212.3% | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=6&type=section&id=5.2.%20Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) [Three Months Ended June 30, 2025 and 2024](index=6&type=section&id=5.2.1.%20Three%20Months%20Ended%20June%2030%2C%202025%20and%202024) For Q2 2025, total revenue reached $10.0 million, a 121.8% increase YoY, with gross profit surging by 311.4% to $5.9 million and gross margin expanding significantly, resulting in a net loss of $(0.3) million, a substantial improvement from $(4.1) million in Q2 2024, primarily due to higher revenue and improved gross profit offsetting increased operating expenses | Metric | Q2 2025 | Q2 2024 | Change ($) | Change (%) | | :-------------------------------- | :---------- | :---------- | :----------- | :--------- | | Total revenue | $10,000,305 | $4,509,126 | $5,491,179 | 121.8% | | Cost of revenue | $(4,085,247) | $(3,071,340) | $(1,013,907) | 33.0% | | GROSS PROFIT | $5,915,058 | $1,437,786 | $4,477,272 | 311.4% | | TOTAL OPERATING EXPENSES | $5,818,044 | $5,537,975 | $280,069 | 5.1% | | Income /(Loss) from operations | $97,014 | $(4,100,189) | $4,197,203 | -102.4% | | NET LOSS | $(256,691) | $(4,140,570) | $3,883,879 | -93.8% | | Net loss per share -basic and diluted | $(0.00) | $(0.02) | $0.02 | -100% | [Six Months Ended June 30, 2025 and 2024](index=7&type=section&id=5.2.2.%20Six%20Months%20Ended%20June%2030%2C%202025%20and%202024) For the first half of 2025, total revenue increased by 85.6% to $15.1 million, with gross profit rising by 223.3% to $7.0 million, and the net loss significantly narrowed to $(5.9) million from $(14.0) million in H1 2024, primarily due to strong revenue growth and improved gross margins, despite an increase in certain operating expenses like R&D and SG&A, while stock compensation expense decreased substantially | Metric | H1 2025 | H1 2024 | Change ($) | Change (%) | | :-------------------------------- | :---------- | :---------- | :----------- | :--------- | | Total revenue | $15,120,915 | $8,146,819 | $6,974,096 | 85.6% | | Cost of revenue | $(8,118,649) | $(5,980,851) | $(2,137,798) | 35.7% | | GROSS PROFIT | $7,002,266 | $2,165,968 | $4,836,298 | 223.3% | | TOTAL OPERATING EXPENSES | $12,626,032 | $16,098,476 | $(3,472,444) | -21.6% | | Loss from operations | $(5,623,766) | $(13,932,508) | $8,308,742 | -59.6% | | NET LOSS | $(5,938,044) | $(13,982,323) | $8,044,279 | -57.5% | | Net loss per share - basic and diluted | $(0.03) | $(0.08) | $0.05 | -62.5% | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=5.3.%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash used in operating activities increased to $(9.6) million from $(3.7) million in H1 2024, primarily due to significant increases in inventory and accounts receivable, while net cash used in investing activities decreased to $(1.2) million, and net cash provided by financing activities significantly increased to $21.7 million, driven by proceeds from convertible notes and common stock issuance, resulting in a net increase in cash of $11.0 million | Cash Flow Activity | H1 2025 | H1 2024 | Change ($) | | :-------------------------------- | :---------- | :---------- | :----------- | | Net cash used in operating activities | $(9,555,703) | $(3,694,486) | $(5,861,217) | | Net cash used in investing activities | $(1,189,452) | $(2,239,139) | $1,049,687 | | Net cash provided by financing activities | $21,703,921 | $5,292,610 | $16,411,311 | | Net change in cash | $10,958,766 | $(641,015) | $11,599,781 | | Cash and cash equivalents at end of period | $17,605,678 | $6,555,402 | $11,050,276 | - Significant increase in **cash provided by financing activities**, primarily from proceeds from convertible notes and common stock issuance[20](index=20&type=chunk) - Increase in **net cash used in operating activities** largely due to increases in accounts receivable and inventory[20](index=20&type=chunk) [Additional Information](index=4&type=section&id=6.%20Additional%20Information) [Forward-Looking Statements](index=4&type=section&id=6.1.%20Forward-Looking%20Statements) This section serves as a disclaimer, indicating that the press release contains forward-looking statements subject to known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those expressed or implied - The press release contains **forward-looking statements**, identified by terms like "anticipate," "expect," "will," and "plan"[13](index=13&type=chunk) - These statements are subject to **known and unknown risks, uncertainties, and other factors** that may cause actual results to differ materially[13](index=13&type=chunk) [Investor and Media Contacts](index=4&type=section&id=6.2.%20Investor%20and%20Media%20Contacts) Provides contact information for investor relations through The Equity Group and for media inquiries through RooneyPartners LLC - **Investor contact information** is provided for The Equity Group (Kalle Ahl, Devin Sullivan)[14](index=14&type=chunk) - **Media contact information** is provided for RooneyPartners LLC (Kate Barrette)[14](index=14&type=chunk)

Core Insights - SS Innovations International, Inc. reported record quarterly revenue of $10.0 million, a 121.8% increase from $4.5 million in Q2 2024, driven by higher sales of the SSi Mantra 3 surgical robotic system [5][4] - Gross profit more than tripled to $5.9 million, reflecting a gross margin expansion to 59.1% from 31.9% in the same quarter last year [5][4] - The company narrowed its net loss to $0.3 million, compared to a net loss of $4.1 million in Q2 2024, indicating significant operational improvements [5][4] Second Quarter 2025 Overview - Revenue increased by 121.8% to $10.0 million from $4.5 million in Q2 2024 [5] - Gross margin expanded to 59.1% from 31.9% in Q2 2024 [5] - Gross profit rose 311.4% to $5.9 million from $1.4 million in Q2 2024 [5] - Net loss decreased to $0.3 million, or $(0.00) per diluted share, from a net loss of $4.1 million, or $(0.02) per diluted share, in Q2 2024 [5] First Half 2025 Overview - Revenue for the first half of 2025 increased by 85.6% to $15.1 million from $8.1 million in the first half of 2024 [5] - Gross margin expanded to 46.3% from 26.6% in the first half of 2024 [5] - Gross profit rose 223.3% to $7.0 million from $2.2 million in the first half of 2024 [5] - Net loss for the first half of 2025 was $5.9 million, or $(0.03) per diluted share, compared to a net loss of $14.0 million, or $(0.08) per diluted share, in the first half of 2024 [5] Business Highlights - SSi Mantra surgical robotic system installations totaled 23 in Q2 2025, a 130% increase from 10 installations in Q2 2024 [5] - Cumulative installed base of SSi Mantra systems reached 105 across seven countries, with cumulative surgeries totaling 4,657 [5] - The company plans to submit a 510(k) application for multiple indications for the SSi Mantra 3 to the FDA by the end of September 2025 [4][5] CEO Commentary - The CEO emphasized the company's commitment to expanding access to robotic surgery and highlighted the successful execution of strategic initiatives leading to strong revenue growth [4] - The SSi Mantra 3 system has achieved several "world firsts" in robotic telesurgery and cardiac procedures [4] - The company is on track for European Union CE marking certification by late 2025 [4]

[PART I – FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements, including balance sheets, statements of operations and comprehensive loss, statements of stockholders' equity, and statements of cash flows, along with detailed notes explaining the company's accounting policies, financial position, and performance for the periods ended June 30, 2025, and December 31, 2024 [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet shows a significant increase in total assets and stockholders' equity as of June 30, 2025, compared to December 31, 2024, primarily driven by increased cash and inventory, while total liabilities slightly decreased | Metric | June 30, 2025 (in $) | December 31, 2024 (in $) | | :-------------------------------- | :-------------- | :---------------- | | Cash and cash equivalents | $11,375,265 | $466,500 | | Total Current Assets | $50,786,526 | $27,416,291 | | Total Assets | $69,977,771 | $42,385,213 | | Total Current Liabilities | $19,611,108 | $21,330,222 | | Total Liabilities | $27,954,902 | $28,928,110 | | Total Stockholders' Equity | $42,022,869 | $13,457,103 | | Accumulated Deficit | $(49,600,593) | $(43,662,547) | - The company reported a working capital surplus of **$31,175,418** as of June 30, 2025[24](index=24&type=chunk) [Condensed Consolidated Statement of Operations and Comprehensive Loss](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Operations%20and%20Comprehensive%20Loss) The company significantly improved its financial performance, reducing net loss and increasing revenue and gross profit year-over-year for both the three and six months ended June 30, 2025, compared to the corresponding periods in 2024 Three Months Ended June 30 | Metric | June 30, 2025 (in $) | June 30, 2024 (in $) | | :---------------------- | :------------ | :------------ | | Total Revenue | $10,000,305 | $4,509,126 | | Gross Profit | $5,915,058 | $1,437,786 | | Income /(Loss) from operations | $97,014 | $(4,100,189) | | Net Loss | $(256,691) | $(4,140,570) | | Net loss per share -basic and diluted | $(0.00) | $(0.02) | Six Months Ended June 30 | Metric | June 30, 2025 (in $) | June 30, 2024 (in $) | | :---------------------- | :------------ | :------------ | | Total Revenue | $15,120,915 | $8,146,819 | | Gross Profit | $7,002,266 | $2,165,968 | | Loss from operations | $(5,623,766) | $(13,932,508) | | Net Loss | $(5,938,044) | $(13,982,323) | | Net loss per share - basic and diluted | $(0.03) | $(0.08) | [Condensed Consolidated Statements of Stockholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) Stockholders' equity significantly increased from December 31, 2024, to June 30, 2025, primarily due to a substantial rise in additional paid-in capital from stock compensation and the conversion of notes payable into common stock | Metric | December 31, 2024 (in $) | June 30, 2025 (in $) | | :-------------------------- | :---------------- | :-------------- | | Common Stock (Amount) | $17,157 | $19,358 | | Additional Paid-In Capital | $56,952,200 | $91,526,999 | | Accumulated Deficit | $(43,662,547) | $(49,600,593) | | Total Stockholders' Equity | $13,457,103 | $42,022,869 | - Conversion of notes payable to equity contributed **$30,645,359** to stockholders' equity during the six months ended June 30, 2025[12](index=12&type=chunk) - Common stock issued and outstanding increased to **193,588,410 shares** as of June 30, 2025, from 171,579,284 shares as of December 31, 2024[130](index=130&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) The company experienced a significant net increase in cash during the six months ended June 30, 2025, primarily driven by substantial cash provided by financing activities, contrasting with a net decrease in the prior year | Cash Flow Activity | Six Months Ended June 30, 2025 (in $) | Six Months Ended June 30, 2024 (in $) | | :----------------------------- | :----------------------------- | :----------------------------- | | Net cash used in operating activities | $(9,555,703) | $(3,694,486) | | Net cash used in investing activities | $(1,189,452) | $(2,239,139) | | Net cash provided by financing activities | $21,703,921 | $5,292,610 | | Net change in cash | $10,958,766 | $(641,015) | | Cash and cash equivalents at end of period | $17,605,678 | $6,555,402 | - The increase in cash used in operating activities in 2025 was primarily due to increases in inventory, prepaid assets, and accounts receivables, partially offset by increases in deferred revenue and accounts payable[217](index=217&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) These notes provide detailed explanations and disclosures for the condensed consolidated financial statements, covering organizational background, significant accounting policies, segment information, asset and liability breakdowns, financing activities, and other critical financial details [NOTE 1 – FINANCIAL STATEMENTS](index=9&type=section&id=NOTE%201%20%E2%80%93%20FINANCIAL%20STATEMENTS) This note outlines the company's organizational history, including its name change and recapitalization through a merger with CardioVentures, Inc., and its recent uplisting to NASDAQ. It also details the basis of presentation for the unaudited interim financial statements and highlights a going concern uncertainty due to accumulated deficits and net losses - The company changed its name to "SS Innovations International, Inc." and uplisted to the NASDAQ Stock Market LLC, with common shares commencing trading under "SSII" effective April 25, 2025[17](index=17&type=chunk)[19](index=19&type=chunk) - A recapitalization occurred on April 14, 2023, where CardioVentures, Inc. was treated as the accounting acquirer, resulting in its stockholders owning approximately **95%** of the post-merger company[17](index=17&type=chunk)[97](index=97&type=chunk) - The company's accumulated deficit of **$49,600,593** and net loss of **$5,938,044** for the six months ended June 30, 2025, raise substantial doubt about its ability to continue as a going concern[24](index=24&type=chunk) [NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES](index=11&type=section&id=NOTE%202%20%E2%80%93%20SUMMARY%20OF%20SIGNIFICANT%20ACCOUNTING%20POLICIES) This note details the key accounting principles applied, including the use of estimates, definitions of cash and restricted cash, accounts receivable and credit loss allowances, employee benefits, foreign currency translation, inventory valuation, revenue recognition, property, plant & equipment, stock compensation, and income taxes. It also mentions recent accounting pronouncements and the company's ongoing going concern considerations - Revenue is recognized in accordance with ASC606, typically upon transfer of control (delivery of the system), with deferred payment arrangements recognized at present value[49](index=49&type=chunk)[53](index=53&type=chunk) - Stock-based compensation expense is measured at grant date fair value using a Black-Scholes model for options and average share price for Restricted Stock Units (RSUs), amortized over the vesting period[62](index=62&type=chunk)[65](index=65&type=chunk) - The company adopted ASU No. 2023-07, Segment Reporting, retrospectively on December 31, 2024, and is evaluating the impact of ASU 2024-03 (Expense Disaggregation) and ASU 2023-09 (Income Tax Disclosures)[77](index=77&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk) [NOTE 3 – SEGMENT INFORMATION](index=20&type=section&id=NOTE%203%20%E2%80%93%20SEGMENT%20INFORMATION) The company operates as a single reportable segment, focused on the SSi Mantra surgical robotic system and related instruments. While India remains the primary revenue source, international markets are expanding, and all long-lived assets are located in India - The company operates in one reportable segment: designing, manufacturing, and marketing the SSi Mantra surgical robotic system and its instruments[89](index=89&type=chunk)[90](index=90&type=chunk) Revenue by Geographic Region (Six Months Ended June 30) | Region | 2025 Revenue (in $) | 2024 Revenue (in $) | | :------------ | :----------- | :----------- | | India | $11,612,248 | $7,638,754 | | Philippines | $1,435,817 | - | | Indonesia | $1,039,584 | - | | South America | $1,014,195 | - | | UAE | $14,849 | - | | Nepal | $4,222 | $508,065 | - As of June 30, 2025, and December 31, 2024, **100%** of the company's long-lived assets were located in India[93](index=93&type=chunk) [NOTE 4 – PROPERTY, PLANT AND EQUIPMENT, NET](index=20&type=section&id=NOTE%204%20%E2%80%93%20PROPERTY,%20PLANT%20AND%20EQUIPMENT,%20NET) The company's net property, plant, and equipment significantly increased from December 2024 to June 2025, with 'Pay Per Use Systems' and 'Demo system' being major components. Depreciation expenses also rose during this period | Asset Category | June 30, 2025 (in $) | December 31, 2024 (in $) | | :---------------------- | :------------ | :---------------- | | Pay Per Use Systems | $5,279,397 | $3,374,228 | | Demo system | $1,363,176 | $1,128,305 | | Total (Net) | $8,274,135 | $5,385,955 | - Depreciation expenses for the six months ended June 30, 2025, were **$469,243**, up from $170,577 in the prior year[94](index=94&type=chunk) - Five systems were reclassified from inventory to property, plant, and equipment for demonstration purposes as of June 30, 2025[95](index=95&type=chunk) [NOTE 5 – RECAPITALIZATION](index=21&type=section&id=NOTE%205%20%E2%80%93%20RECAPITALIZATION) This note details the April 14, 2023, merger with CardioVentures, Inc., which was accounted for as a recapitalization. CardioVentures was deemed the accounting acquirer, resulting in its stockholders receiving approximately 95% of the post-merger common stock and 51% of the total voting power through Series A Preferred Shares - The merger with CardioVentures, Inc. on April 14, 2023, was accounted for as a recapitalization, with CardioVentures as the accounting acquirer[96](index=96&type=chunk)[98](index=98&type=chunk) - CardioVentures' stockholders received **135,808,884 shares** of SSII common stock (approx. **95%** of post-merger shares) and 5,000 Series A Non-Convertible Preferred Stock, granting **51%** of total voting power[97](index=97&type=chunk)[101](index=101&type=chunk) - The company changed its name to "SS Innovations International, Inc." and implemented a one-for-ten reverse stock split as part of the merger[101](index=101&type=chunk) [NOTE 6 – ACCOUNTS RECEIVABLE, NET](index=21&type=section&id=NOTE%206%20%E2%80%93%20ACCOUNTS%20RECEIVABLE,%20NET) Total accounts receivable, net, increased significantly from December 2024 to June 2025, with a substantial portion classified as non-current due to deferred payment terms. The allowance for credit losses also saw adjustments during the period | Metric | June 30, 2025 (in $) | December 31, 2024 (in $) | | :-------------------------- | :------------ | :---------------- | | Accounts receivable, net (current) | $5,973,923 | $4,466,047 | | Accounts receivable, net (non-current) | $4,447,389 | $3,299,032 | | Total Accounts Receivable, net | $10,421,312 | $7,765,079 | - The allowance for credit losses was **$377,722** as of June 30, 2025, with additions/(reversals) of **$(167,271)** for the six months ended June 30, 2025[103](index=103&type=chunk) [NOTE 7 – CASH, CASH EQUIVALENTS AND RESTRICTED CASH](index=23&type=section&id=NOTE%207%20%E2%80%93%20CASH,%20CASH%20EQUIVALENTS%20AND%20RESTRICTED%20CASH) The company's total cash, cash equivalents, and restricted cash significantly increased as of June 30, 2025. Restricted cash primarily consists of fixed deposits held as collateral for bank overdraft facilities and other guarantees | Metric | June 30, 2025 (in $) | December 31, 2024 (in $) | | :------------------------------------ | :------------ | :---------------- | | Cash and cash equivalents | $11,375,265 | $466,500 | | Restricted cash (Current) | $5,884,513 | $5,838,508 | | Restricted cash (Non-current) | $345,900 | $318,527 | | Total Cash, cash equivalents and restricted cash | $17,605,678 | $6,623,535 | - Restricted cash includes fixed deposits serving as collateral for bank overdraft facilities and letters of credit/bank guarantees[106](index=106&type=chunk)[108](index=108&type=chunk) [NOTE 8 – PREPAID, CURRENT AND NON- CURRENT ASSETS](index=25&type=section&id=NOTE%208%20%E2%80%93%20PREPAID,%20CURRENT%20AND%20NON-%20CURRENT%20ASSETS) The company's total prepaid and other current and non-current assets increased, with prepaid expenses for stock compensation representing unamortized portions of common stock granted to advisors for future services | Metric | June 30, 2025 (in $) | December 31, 2024 (in $) | | :------------------------------------ | :------------ | :---------------- | | Prepaid and other current assets | $9,292,684 | $6,438,338 | | Prepaid and other non-current assets | $3,103,405 | $3,341,528 | | Total prepaid, current and non-current assets | $12,396,089 | $9,779,866 | - Prepaid expenses for stock compensation represent the unamortized portion of common stock granted to advisors for services to be rendered in the future[108](index=108&type=chunk) [NOTE 9 – ACCOUNTS PAYABLE AND ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES](index=25&type=section&id=NOTE%209%20%E2%80%93%20ACCOUNTS%20PAYABLE%20AND%20ACCRUED%20EXPENSES%20AND%20OTHER%20CURRENT%20LIABILITIES) Accounts payable and total accrued expenses significantly increased as of June 30, 2025, compared to December 31, 2024, reflecting amounts due to vendors and various accrued liabilities | Metric | June 30, 2025 (in $) | December 31, 2024 (in $) | | :------------------------------------ | :------------ | :---------------- | | Accounts payable | $6,079,794 | $2,312,382 | | Accrued expenses & other current liabilities | $3,783,693 | $1,884,814 | | Total accounts payable, accrued current and non-current expenses | $9,975,367 | $4,272,013 | [NOTE 10 – NOTES PAYABLE](index=26&type=section&id=NOTE%2010%20%E2%80%93%20NOTES%20PAYABLE) The company engaged in significant financing activities, raising $28 million in convertible notes from an affiliate in January 2025. Subsequently, $30 million of convertible notes, including interest, were converted into common stock in February and March 2025, while other promissory notes were repaid - In January 2025, the company raised **$28,000,000** from an affiliate by issuing One-Year 7% Convertible Promissory Notes, convertible at **$1.38 per share**[115](index=115&type=chunk) - In February and March 2025, convertible notes totaling **$30,000,000** (plus accrued interest) were converted into **21,858,368 common shares** of the company[117](index=117&type=chunk)[118](index=118&type=chunk)[213](index=213&type=chunk) - The company repaid **$4,212,637** in promissory notes to Sushruta Pvt Ltd. and **$1,068,849** to Andrew Economos in February 2025[116](index=116&type=chunk) [NOTE 11 – BANK OVERDRAFT FACILITY](index=27&type=section&id=NOTE%2011%20%E2%80%93%20BANK%20OVERDRAFT%20FACILITY) The company utilizes bank overdraft facilities from HDFC Bank, collateralized by fixed deposits and personal guarantees from Dr. Sudhir Prem Srivastava. The total overdraft balance decreased slightly, and the company remained in compliance with all covenants | Metric | June 30, 2025 (in $) | December 31, 2024 (in $) | | :----------------- | :------------ | :---------------- | | Bank overdraft | $6,980,313 | $7,994,906 | - Overdraft facilities are secured by fixed deposits, current assets, plant and machinery, and personal guarantees from Dr. Sudhir Prem Srivastava[120](index=120&type=chunk)[121](index=121&type=chunk) - Interest rates for the overdraft facilities are **9.50% per annum** for working capital and **1.25%** over the prevailing fixed deposit rate for fixed deposit-backed overdrafts[122](index=122&type=chunk) [NOTE 12 – DEFERRED REVENUE](index=27&type=section&id=NOTE%2012%20%E2%80%93%20DEFERRED%20REVENUE) Deferred revenue, representing advance billings and unearned income from warranty sales, increased significantly. The company sold 24 surgical robotic systems in the six months ended June 30, 2025, and recognized interest income from deferred financing components | Metric | June 30, 2025 (in $) | December 31, 2024 (in $) | | :------------------------------------ | :------------ | :---------------- | | Deferred revenue- end of period | $8,192,207 | $6,452,555 | | Deferred revenue expected to be recognized in: | | | | One year or less | $2,412,682 | $1,278,602 | | More than one year | $5,779,525 | $5,173,953 | - The company sold **twenty-four surgical robotic systems** during the six months ended June 30, 2025[124](index=124&type=chunk) - Interest income of **$150,338** was recorded from the deferred financing component of system sales for the six months ended June 30, 2025[125](index=125&type=chunk) [NOTE 13 – STOCKHOLDERS' EQUITY](index=29&type=section&id=NOTE%2013%20%E2%80%93%20STOCKHOLDERS'%20EQUITY) This note details the company's common and preferred stock, including the increase in outstanding common shares due to the conversion of notes payable and issuances for advisory services and employee incentives. It also outlines the voting rights and other characteristics of the shares - As of June 30, 2025, there were **193,588,410 common shares outstanding**, an increase from 171,579,284 shares as of December 31, 2024[130](index=130&type=chunk) - Significant common stock issuances occurred in February and March 2025, including **16,046,814 shares for $22,144,603** in notes and **5,811,554 shares for $8,019,945** in notes, both from Sushruta Pvt Ltd[138](index=138&type=chunk)[139](index=139&type=chunk) - The company has **1,000 Series A Preferred Shares** outstanding, which entitle holders to **51%** of the total voting power[132](index=132&type=chunk)[101](index=101&type=chunk) [NOTE 14 – INVENTORY](index=31&type=section&id=NOTE%2014%20%E2%80%93%20INVENTORY) The company's inventory, comprising raw materials, work-in-progress, and finished goods, significantly increased from December 2024 to June 2025, reflecting growth in its operational scale | Inventory Category | June 30, 2025 (in $) | December 31, 2024 (in $) | | :----------------- | :------------ | :---------------- | | Raw materials | $8,076,774 | $4,461,898 | | Work-in-progress | $947,290 | $1,436,250 | | Finished goods | $9,236,077 | $4,308,750 | | Total Inventory | $18,260,141 | $10,206,898 | [NOTE 15 – LEASES](index=31&type=section&id=NOTE%2015%20%E2%80%93%20LEASES) This note details the company's operating lease agreements for its facilities in India, showing a slight increase in both right-of-use assets and lease liabilities. It also provides a maturity schedule for lease liabilities and the weighted-average discount rates used | Metric | June 30, 2025 (in $) | December 31, 2024 (in $) | | :------------------------------------ | :------------ | :---------------- | | Right of use operating lease assets | $2,654,775 | $2,623,880 | | Total lease liabilities | $2,807,015 | $2,758,636 | | Operating cash outflows for operating leases (Six months ended June 30) | $407,188 | $342,202 | - The weighted average discount rate for most operating leases is **12.00%**[146](index=146&type=chunk) Maturities of Lease Liabilities (as of June 30, 2025) | Fiscal Year | Amount (in $) | | :---------- | :------------ | | 2025 | $338,597 | | 2026 | $660,350 | | 2027 | $686,994 | | 2028 | $714,970 | | 2029 | $744,345 | | 2030 and thereafter | $722,835 | [NOTE 16 – INCOME TAX](index=33&type=section&id=NOTE%2016%20%E2%80%93%20INCOME%20TAX) The company recorded income tax expense for the first time in 2025, primarily due to its Indian subsidiary generating taxable income and utilizing previously unrecognized deferred tax assets. A full valuation allowance is maintained against U.S. deferred tax assets due to ongoing losses - Income tax expense for the six months ended June 30, 2025, was **$353,729**, compared to nil in the prior-year period, with an effective tax rate of **(6.33%)**[148](index=148&type=chunk)[154](index=154&type=chunk) - The Indian subsidiary generated positive taxable income, leading to current tax expense of **$719,370** and a deferred tax benefit of **$365,641**[151](index=151&type=chunk) - A valuation allowance of **$10,414,969** was recorded against U.S. federal and state deferred tax assets due to U.S. operations continuing to generate losses[150](index=150&type=chunk)[155](index=155&type=chunk) [NOTE 17 – EMPLOYEE BENEFIT PLAN](index=34&type=section&id=NOTE%2017%20%E2%80%93%20EMPLOYEE%20BENEFIT%20PLAN) This note describes the company's unfunded Gratuity Plan in India, a defined benefit plan. The projected benefit obligation and net gratuity cost increased, with actuarial losses driven by changes in actuarial assumptions | Metric | June 30, 2025 (in $) | December 31, 2024 (in $) | | :------------------------------------ | :------------ | :---------------- | | Projected benefit obligation at end | $124,765 | $80,833 | | Unfunded status in the end | $124,765 | $80,833 | - Net gratuity cost for the six months ended June 30, 2025, was **$24,200**, up from $13,734 in the prior year[158](index=158&type=chunk) - The Gratuity Plan is unfunded, and the company does not make contributions to plan assets[157](index=157&type=chunk) [NOTE 18 – FAIR VALUE MEASUREMENT – FINANCIAL INSTRUMENTS](index=36&type=section&id=NOTE%2018%20%E2%80%93%20FAIR%20VALUE%20MEASUREMENT%20%E2%80%93%20FINANCIAL%20INSTRUMENTS) The company's financial instruments are measured using a fair value hierarchy. Financial assets and liabilities carried at fair value primarily use Level III unobservable inputs, while most other instruments approximate their carrying amounts due to short-term maturities - Financial instruments not carried at fair value, such as cash, accounts receivable, and notes payable, approximate their carrying amounts due to their short-term maturities[162](index=162&type=chunk) Level III Financial Assets and Liabilities (June 30, 2025) | Category | Carrying Value (in $) | | :------------------------ | :------------- | | Account receivables, net | $4,447,389 | | Other non-current financial assets | $191,640 | | Lease liabilities | $2,452,389 | [NOTE 19 – STOCK COMPENSATION EXPENSES](index=37&type=section&id=NOTE%2019%20%E2%80%93%20STOCK%20COMPENSATION%20EXPENSES) Stock compensation expenses significantly decreased for the six months ended June 30, 2025, primarily due to reversals related to resigned employees. The company grants stock options, restricted stock awards (RSAs) to employees, and advisory shares to consultants, with fair values estimated using the Black-Scholes-Merton model | Stock Compensation Type | Six Months Ended June 30, 2025 (in $) | Six Months Ended June 30, 2024 (in $) | | :---------------------- | :----------------------------- | :----------------------------- | | Stock options | $1,429,884 | $6,094,592 | | Restricted stock units (RSU) | $1,938,783 | $2,780,358 | | Advisory shares | $640,840 | $677,592 | | Total stock compensation expenses | $4,009,507 | $9,552,542 | - The substantial decrease in stock compensation expense in 2025 is primarily due to the reversal of expenses relating to resigned employees[192](index=192&type=chunk)[203](index=203&type=chunk) - As of June 30, 2025, total unrecognized compensation expense for unvested stock options and RSUs was **$17,631,681**, expected to be recognized over a weighted-average period of **2.41 years**[175](index=175&type=chunk) [NOTE 20 – RELATED PARTY](index=40&type=section&id=NOTE%2020%20%E2%80%93%20RELATED%20PARTY) This note details transactions and outstanding balances with related parties, including significant financing from Sushruta Private Limited (an affiliate of the CEO), which provided $28 million in convertible notes and subsequently converted over $30 million into common stock during the six months ended June 30, 2025 - Sushruta Private Limited provided **$28,000,000** in proceeds from notes issued during the six months ended June 30, 2025[176](index=176&type=chunk) - Sushruta Private Limited converted **$30,164,548** of notes (including interest) into common stock during the six months ended June 30, 2025[176](index=176&type=chunk) Key Related Party Balances (June 30, 2025) | Particulars | As on June 30, 2025 (in $) | | :------------------------------ | :------------------ | | Accrued expenses & other current liabilities: Barry F. Cohen | $(408,753) | | Prepaid & Other current assets: Sudhir Prem Srivastava | $2,039,629 | [NOTE 21 – COMMITMENTS](index=41&type=section&id=NOTE%2021%20%E2%80%93%20COMMITMENTS) The company has various lease commitments for office, manufacturing, assembly, and warehouse spaces in Gurugram, India, with agreements extending to March 2030 and May 2032, including new leases signed in 2024 and 2025 - The company has multiple lease agreements for facilities in Gurugram, Haryana, India, with monthly payments ranging from **$3,502 to $24,675**[178](index=178&type=chunk) - Lease expiration dates range from **March 2030 to May 2032**, with new agreements signed in August 2024 and May 2025 for additional space[178](index=178&type=chunk) [NOTE 22 – SUBSEQUENT EVENTS](index=41&type=section&id=NOTE%2022%20%E2%80%93%20SUBSEQUENT%20EVENTS) No adjusting subsequent events have been identified by the company as of the reporting date - No adjusting subsequent event(s) has been identified[179](index=179&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=42&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the company's financial condition and results of operations, highlighting significant improvements in revenue and gross profit, a reduction in net loss, and ongoing efforts to address liquidity and internal control weaknesses. It also reiterates the going concern uncertainty [Introduction](index=42&type=section&id=Introduction) The company is engaged in developing, manufacturing, and selling the SSi Mantra surgical robotic system and SSi Mudra instruments, having commenced commercial sales in late 2022 and expanded globally in 2024. Its manufacturing operations in India provide significant cost advantages - The company develops, manufactures, and sells the SSi Mantra surgical robotic system and SSi Mudra surgical instruments[181](index=181&type=chunk) - Commercial sales began in the second half of 2022, with expansion into global markets in 2024[181](index=181&type=chunk) - Manufacturing operations in India provide significant operating cost advantages, contributing to the affordability of its surgical robotic system[183](index=183&type=chunk) - The company sold **8 surgical robotic systems** during the three months and **25 systems** during the six months ended June 30, 2025[184](index=184&type=chunk) [Results of Operations](index=42&type=section&id=Results%20of%20Operations) The company demonstrated substantial financial improvement for both the three and six months ended June 30, 2025, compared to 2024, with significant increases in total revenue and gross profit, and a notable reduction in net loss. These improvements were driven by increased sales, lower raw material prices, and manufacturing efficiencies, despite higher SG&A expenses and the recognition of income tax Three Months Ended June 30, 2025 vs 2024 | Metric | June 30, 2025 (in $) | June 30, 2024 (in $) | Change (%) | | :-------------------------------- | :------------ | :------------ | :--------- | | Total Revenue | $10,000,305 | $4,509,126 | 121.7% | | Gross Profit | $5,915,058 | $1,437,786 | 311.4% | | Research & development expense | $498,600 | $759,004 | (34.3%) | | Stock compensation expense | $1,630,295 | $2,443,792 | (33.3%) | | Selling, general and administrative expense | $3,428,788 | $2,244,703 | 52.8% | | Net Loss | $(256,691) | $(4,140,570) | (93.8%) | Six Months Ended June 30, 2025 vs 2024 | Metric | June 30, 2025 (in $) | June 30, 2024 (in $) | Change (%) | | :-------------------------------- | :------------ | :------------ | :--------- | | Total Revenue | $15,120,915 | $8,146,819 | 85.6% | | Gross Profit | $7,002,266 | $2,165,968 | 223.3% | | Research & development expense | $1,508,695 | $1,286,995 | 17.2% | | Stock compensation expense | $4,009,507 | $9,552,542 | (58.0%) | | Selling, general and administrative expense | $6,638,587 | $5,088,362 | 30.5% | | Net Loss | $(5,938,044) | $(13,982,323) | (57.5%) | - Income tax expense of **$353,729** was recognized for the first time in 2025 due to the Indian operations generating taxable profits[197](index=197&type=chunk)[207](index=207&type=chunk) [Liquidity and Capital Resources](index=46&type=section&id=Liquidity%20and%20Capital%20Resources) The company requires substantial funds for scaling operations and R&D, having successfully raised capital through convertible notes, primarily from its principal shareholder. Despite these efforts, the lack of committed funding sources continues to raise substantial doubt about its ability to continue as a going concern - The company needs substantial funds for scaling operations, capital expenditure, and research and development[209](index=209&type=chunk) - During the six months ended June 30, 2025, the company received **$28,000,000** from its principal shareholder (Sushruta Pvt Ltd.) through convertible notes, and subsequently converted **$30,000,000** of these notes into common stock[212](index=212&type=chunk)[213](index=213&type=chunk)[221](index=221&type=chunk) - Net cash provided by financing activities was **$21,703,921** for the six months ended June 30, 2025[221](index=221&type=chunk) - The absence of committed funding sources raises substantial doubt about the company's ability to continue as a going concern[215](index=215&type=chunk)[223](index=223&type=chunk) [Critical Accounting Policies](index=48&type=section&id=Critical%20Accounting%20Policies) This section highlights critical accounting policies that involve significant management judgment, specifically the fair value measurement of stock options and the determination of standalone selling prices for bundled revenue contracts - Critical accounting policies requiring significant management judgment include the fair value of stock options and the standalone selling price in bundled revenue contracts[225](index=225&type=chunk) - The fair value of stock-based awards is determined using the Black-Scholes option-pricing model, requiring estimates of expected term and stock volatility[228](index=228&type=chunk)[229](index=229&type=chunk) - Standalone selling prices for multiple-element arrangements are estimated considering market conditions, historical pricing, and product features when not directly observable[231](index=231&type=chunk) [Off-Balance Sheet Arrangements](index=49&type=section&id=Off-Balance%20Sheet%20Arrangements) The company reported no material off-balance sheet arrangements that would significantly affect its financial condition or results of operations - There are no off-balance sheet arrangements that have or are reasonably likely to have a current or future material effect on the company's financial condition, revenues, or liquidity[233](index=233&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk.](index=49&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk.) This section states that there are no quantitative and qualitative disclosures about market risk applicable to the company - This item is not applicable to the company[234](index=234&type=chunk) [Item 4. Controls and Procedures](index=49&type=section&id=Item%204.%20Controls%20and%20Procedures) The company's disclosure controls and procedures were deemed ineffective as of June 30, 2025, due to material weaknesses in internal control over financial reporting. The company is actively implementing a remediation plan, including engaging external experts and deploying a new ERP system [Disclosure Controls and Procedures](index=49&type=section&id=Disclosure%20Controls%20and%20Procedures) The Chief Executive Officer and Interim Chief Financial Officer determined that the company's disclosure controls and procedures were not effective as of June 30, 2025, due to material weaknesses, including improper application of U.S. GAAP, lack of written internal control documentation, and insufficient segregation of duties - Disclosure controls and procedures were not effective as of June 30, 2025[237](index=237&type=chunk) - Material weaknesses include failure to properly apply U.S. GAAP (e.g., revenue recognition, lease liabilities), lack of written internal control policies, and insufficient segregation of duties[241](index=241&type=chunk) [Remediation Plan](index=50&type=section&id=Remediation%20Plan) The company is actively remediating material weaknesses by enhancing review processes for significant transactions, engaging external experts for financial reporting and internal control guidance, and implementing a comprehensive cloud-based ERP system to integrate business functions - The company is enhancing the review process for significant transactions to ensure proper accounting treatment[237](index=237&type=chunk) - External experts have been engaged to provide guidance on financial reporting, internal controls, and enterprise risk management, and to strengthen existing internal controls and SOPs[237](index=237&type=chunk) - A comprehensive cloud-based ERP system is being designed, developed, and implemented to integrate all business functions within the accounting and financial department[238](index=238&type=chunk) [Changes in Internal Controls Over Financial Reporting](index=50&type=section&id=Changes%20in%20Internal%20Controls%20Over%20Financial%20Reporting) Aside from the described remediation efforts, there were no other material changes in the company's internal controls over financial reporting during the fiscal quarter - Except for the remediation efforts, no other changes in internal controls over financial reporting materially affected or are reasonably likely to materially affect internal control over financial reporting during the fiscal quarter[240](index=240&type=chunk) [PART II – OTHER INFORMATION](index=51&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=51&type=section&id=Item%201.%20Legal%20Proceedings) The company may be involved in various lawsuits and legal proceedings in the ordinary course of business, acknowledging the inherent uncertainties and potential adverse impacts on its operations - The company may become involved in various lawsuits and legal proceedings arising in the ordinary course of business[243](index=243&type=chunk) - Litigation is subject to inherent uncertainties, and an adverse result could harm the company's business[243](index=243&type=chunk) [Item 1A. Risk Factors.](index=51&type=section&id=Item%201A.%20Risk%20Factors.) This section states that there are no new risk factors to report - Not Applicable[244](index=244&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.](index=51&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds.) The company reported no unregistered sales of equity securities or use of proceeds for the period - None[246](index=246&type=chunk) [Item 3. Defaults Upon Senior Securities.](index=51&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities.) The company reported no defaults upon senior securities for the period - None[247](index=247&type=chunk) [Item 4. Mine Safety Disclosures.](index=51&type=section&id=Item%204.%20Mine%20Safety%20Disclosures.) This section states that mine safety disclosures are not applicable to the company - Not applicable[249](index=249&type=chunk) [Item 5. Other Information.](index=51&type=section&id=Item%205.%20Other%20Information.) The company reported no other information for the period - None[249](index=249&type=chunk) [Item 6. Exhibits](index=51&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including Section 302 and 906 certifications from the Chief Executive Officer and Chief Financial Officer, as well as Inline XBRL documents Exhibits Filed | Exhibit No. | Description of Exhibit | | :---------- | :--------------------- | | 31.1 | Section 302 Certification – Chief Executive Officer | | 31.2 | Section 302 Certification – Chief Financial Officer | | 32.1 | Section 906 Certification – Chief Executive Officer | | 32.2 | Section 906 Certification – Chief Financial Officer | | 101.INS* | Inline XBRL Instance Document | | 104* | Cover Page Interactive Data File | [SIGNATURES](index=52&type=section&id=SIGNATURES) The report is duly signed on behalf of SS Innovations International, Inc. by Vishwajyoti P. Srivastava, M.D., in his capacity as Chief Executive Officer – Asia Pacific and Interim Chief Financial Officer - The report was signed by Vishwajyoti P. Srivastava, M.D., Chief Executive Officer – Asia Pacific and Interim Chief Financial Officer, on August 6, 2025[254](index=254&type=chunk)