SS Innovations International Inc(SSII) - 2025 Q2 - Quarterly Results

Executive Summary Second Quarter 2025 Highlights 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 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 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 CEO Commentary 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] - 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] - 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] - Continues towards European Union CE marking certification as soon as late 2025[6] Select Business Highlights and Subsequent Events 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] - SSi Mantra system performed its first robotic cardiac surgery in the Western Hemisphere in June 2025[8] - Achieved "world firsts" in July 2025, including robotic telesurgery for weight loss and intercontinental robotic cardiac telesurgery (France to India)[8] | Metric | Value | | :-------------------------- | :---------- | | Cumulative installed base | 112 systems | | Cumulative multi-specialty surgeries | 5,038 | | Telesurgeries | 40 | | Cardiac procedures | 273 | Detailed Financial and Operational Performance Revenue Breakdown and Operational Metrics (Q2 2025 vs Q2 2024) 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) 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 About SS Innovations 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] - Product range includes the proprietary "SSi Mantra" surgical robotic system and "SSi Mudra" surgical instruments[11] - Headquartered in India, with plans for global expansion[11] About the SSi Mantra Surgical Robotic System 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] - Features a large 3D 4K monitor, touch panel for patient information, and virtual real-time image display[12] - Utilizes over 40 different types of robotic endo-surgical instruments, supporting various specialties including cardiac surgery[12] - Clinically validated in India in more than 100 different types of surgical procedures[12] Condensed Consolidated Financial Statements Condensed Consolidated Balance Sheets 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 Three Months Ended June 30, 2025 and 2024 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 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 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] - Increase in net cash used in operating activities largely due to increases in accounts receivable and inventory[20] Additional Information Forward-Looking Statements 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] - These statements are subject to known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially[13] Investor and Media Contacts 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] - Media contact information is provided for RooneyPartners LLC (Kate Barrette)[14]