SS Innovations International Inc(SSII) - 2025 Q1 - Quarterly Results

Financial and Operational Highlights This section summarizes SS Innovations' strong financial performance in Q1 2025 and outlines key business and strategic advancements First Quarter 2025 Overview SS Innovations reported record quarterly revenue of $5.1 million for Q1 2025, a 40.8% increase year-over-year, driven by higher sales of its SSi Mantra 3 surgical robotic system Q1 2025 Financial Highlights (vs. Q1 2024) | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue | $5.1 million | $3.6 million | +40.8% | | Gross Profit | $1.1 million | $0.7 million | +49.3% | | Gross Margin | 21.23% | 20.02% | +121 bps | | Net Loss | $(5.7) million | $(9.8) million | Narrowed | | Net Loss per Share | $(0.03) | $(0.06) | Narrowed | | SSi Mantra Installations | 15 units | 9 units | +66.7% | Q1 2025 Revenue Breakdown and Operational Metrics (vs. Q1 2024) | Category | Q1 2025 | Q1 2024 | % Change | | :--- | :--- | :--- | :--- | | System sales | $4,502,482 | $3,494,759 | +28.8% | | Instrument sales | $477,208 | $118,515 | +302.7% | | Warranty sales | $122,504 | $9,407 | +1,202.3% | | Total revenue | $5,120,610 | $3,637,693 | +40.8% | | SSi Mantra installations | 15 | 9 | +67% | | Cumulative installed base | 78 | 24 | +225% | | SSi Mantra surgeries | 787 | 361 | +118% | | Cumulative surgeries | 3,568 | 981 | +264% | - The company ended the quarter with $15.9 million in cash and cash equivalents and zero long-term debt[5] Business and Strategic Developments Following the quarter, the company uplisted its stock to the Nasdaq Capital Market, while focusing on global expansion and key operational milestones - The company is on track to submit a De Novo application for the SSi Mantra 3 system to the U.S. Food and Drug Administration (FDA) by the end of July 2025[1][6] - SS Innovations is pursuing a European Union CE Mark decision, with a target of late 2025[6] - Subsequent to the quarter end, on April 25, 2025, the company's common stock was uplisted to The Nasdaq Capital Market®[3] - Key Q1 achievements include: - The SSi Mantra 3 system enabled the world's first robotic cardiac telesurgery - The company debuted a state-of-the-art mobile telesurgery unit in India - Received medical device regulatory approvals in the Philippines and Ukraine[9] Financial Statements This section presents the condensed consolidated balance sheets, statements of operations, and cash flows for SS Innovations, highlighting key financial positions and performance metrics Condensed Consolidated Balance Sheets As of March 31, 2025, total assets grew to $63.5 million from $42.4 million at year-end 2024, largely due to a significant increase in cash and inventory Balance Sheet Summary | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $15,873,217 | $466,500 | | Total Current Assets | $47,619,943 | $27,416,291 | | Total Assets | $63,456,961 | $42,385,213 | | Total Current Liabilities | $14,996,713 | $21,330,222 | | Total Liabilities | $22,902,671 | $28,928,110 | | Total Stockholders' Equity | $40,554,290 | $13,457,103 | Condensed Consolidated Statements of Operations For the three months ended March 31, 2025, revenues increased 40.8% to $5.1 million, with a significant reduction in stock compensation expense leading to a narrowed net loss of $5.7 million Statement of Operations Summary (Three Months Ended) | Account | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Total Revenue | $5,120,610 | $3,637,693 | | Gross Profit | $1,087,208 | $728,182 | | Total Operating Expenses | $7,009,061 | $10,560,501 | | Loss from Operations | $(5,921,853) | $(9,832,319) | | Net Loss | $(5,681,353) | $(9,841,753) | | Net Loss Per Share (basic and diluted) | $(0.03) | $(0.06) | - Stock compensation expense decreased significantly to $2.4 million in Q1 2025 from $7.1 million in Q1 2024, which was a primary driver for the reduction in net loss[15] Condensed Consolidated Statements of Cash Flows In Q1 2025, the company used $6.1 million in cash from operating activities, offset by $22.4 million provided by financing activities, resulting in a net increase in cash of $15.4 million Cash Flow Summary (Three Months Ended) | Activity | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(6,103,374) | $(2,671,918) | | Net cash used in investing activities | $(872,804) | $(127,255) | | Net cash provided by financing activities | $22,406,019 | $2,638,259 | | Net change in cash | $15,429,841 | $(160,914) | | Cash and cash equivalents at end of period | $22,078,788 | $6,895,580 | - Financing activities were primarily driven by $28 million in proceeds from the issuance of convertible notes to a principal shareholder[17] - As a supplemental disclosure, $30.6 million of convertible notes, including interest, were converted into common stock during the period[17] Company and Product Overview This section provides an overview of SS Innovations International, Inc., its mission to democratize robotic surgery, and details its flagship SSi Mantra surgical robotic system About SS Innovations SS Innovations International, Inc. is an American company, headquartered in India, that develops surgical robotic technologies with a mission to make robotic surgery affordable and accessible globally - The company's vision is to democratize robotic surgery by making it affordable and accessible to a larger segment of the global population[8] - The product portfolio includes the SSi Mantra surgical robotic system and SSi Mudra surgical instruments, which support various procedures including robotic cardiac surgery[8] About the SSi Mantra The SSi Mantra is a modular, multi-arm surgical robotic system designed for user-friendliness, featuring advanced technologies and clinical validation across over 100 surgical procedures in India - The system is modular with 3 to 5 robotic arms and features an open-faced ergonomic surgeon command center with a large 3D 4K monitor[10] - It utilizes over 40 different types of robotic endo-surgical instruments to support specialties including cardiac surgery[10] - The SSi Mantra has been clinically validated in India in more than 100 different types of surgical procedures[10]