SS Innovations International Inc(SSII) - 2025 Q3 - Quarterly Report

Financial Performance - Total revenue for the three months ended September 30, 2025, was $12,829,349, a significant increase from $4,386,516 for the same period in 2024, representing a growth of approximately 192%[202]. - Gross profit for the three months ended September 30, 2025, was $6,164,936, compared to $2,317,407 in the same period of 2024, reflecting an increase in gross profit margin due to lower raw material prices[203]. - For the nine months ended September 30, 2025, total revenue was $27,950,264, compared to $12,533,335 for the same period in 2024, marking an increase of approximately 123%[212]. - The net loss for the three months ended September 30, 2025, was $3,717,964, compared to a net loss of $3,245,483 for the same period in 2024, despite an increase in gross profit[211]. - The Company reported a net loss of $17,227,806 for the nine months ended September 30, 2024, with non-cash adjustments of $13,528,234[232]. Market Activity - The company sold 28 surgical robotic systems in the three months ended September 30, 2025, and 55 systems in the nine months ended September 30, 2025, indicating a growing market presence[197]. Expenses - Research and development expenses for the three months ended September 30, 2025, were $786,319, up from $442,839 in the same period of 2024, reflecting ongoing investment in product enhancements[204]. - Selling, general and administrative expenses increased to $4,821,552 for the three months ended September 30, 2025, compared to $2,508,479 in the same period of 2024, primarily due to higher legal and underwriting fees[207]. Assets and Cash Flow - Total assets as of September 30, 2025, were $69,577,027, up from $42,385,213 as of December 31, 2024, indicating strong growth in the company's financial position[200]. - Cash at the end of the year on September 30, 2025, was $12,039,247, compared to $6,152,262 at the end of the previous year[230]. - In the nine months ended September 30, 2025, the net cash used in operating activities was $17,023,417, resulting from a net loss of $9,656,008[230]. - The Company had a net cash used in investing activities of $1,944,527 for the purchase of property and equipment during the nine months ended September 30, 2025[234]. Financing Activities - The Company raised $24,793,391 from financing activities during the nine months ended September 30, 2025, primarily from the issuance of convertible notes[235]. - The Company sold $2,450,000 in principal amount of 7% Convertible One-Year Promissory Notes, with a conversion price of $4.45 per share[225]. - As of September 30, 2025, all $30,000,000 in principal amount of One-Year Notes were converted into 21,858,368 shares of common stock at a conversion price of $1.38 per share[228]. - The net cash provided by financing activities in the nine months ended September 30, 2024, was $6,014,946, including proceeds from convertible notes and promissory notes[236]. - The Company raised $2,000,000 from Sushruta through the issuance of two One-Year 7% Promissory Notes in April 2024[226]. Taxation and Funding Concerns - The company incurred an income tax expense of $1,847,059 for the three months ended September 30, 2025, due to the recognition of taxable profits in its Indian operations for the first time[210]. - The Company does not have any committed sources of funding, raising substantial doubt about its ability to continue as a going concern[229]. - The Company plans to raise additional capital through private or public offerings to support its expansion and R&D efforts, highlighting the need for ongoing funding[201].