SS Innovations International, Inc. (Nasdaq: SSII), a developer of surgical robotic technologies, announced unaudited financial results for the first quarter ended March 31, 2026, showing record revenue growth and expanded gross margins. The company reported revenue of $11.1 million, a 116.8% increase from $5.1 million in the same period last year, driven by robust growth in SSi Mantra installations and procedures.
Gross margin expanded to 48.0% from 21.2% in the first quarter of 2025, with gross profit rising 390.0% to $5.3 million from $1.1 million. Net loss narrowed to $3.6 million, or $(0.02) per diluted share, compared to a net loss of $5.7 million, or $(0.03) per share, in the prior year quarter. The company had no long-term debt and cash and cash equivalents of $16.0 million as of March 31, 2026.
SSi Mantra surgical robotic system installations totaled 26 in the quarter, up 73.3% from 15 installations in Q1 2025. As of March 31, the cumulative installed base reached 194 across eleven countries, with cumulative surgeries reaching 9,744, including 157 telesurgeries, 482 cardiac procedures, and 161 pediatric surgeries.
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."
During the quarter, SS Innovations received regulatory approval for the SSi Mantra in Sri Lanka from the National Medicines Regulatory Authority and in Kenya from the Pharmacy and Poisons Board. Additionally, the system received approval for telesurgeries in Indonesia and the Philippines. The company also completed a private placement in March 2026, generating approximately $18.6 million in gross proceeds to support growth initiatives. The offering included shares purchased by directors and executive officers at an average price of $4.00 per share and shares to non-affiliate investors at $3.00 per share.
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."
The SSi Mantra is a modular, multi-arm system with features including 3 to 5 robotic arms, an open-faced surgeon command center, a large 3D 4K monitor, and telesurgery capability via the optional SSi MantrAsana Tele Surgeon Console. The system supports over 40 types of robotic instruments and has been clinically validated in India in more than 170 different surgical procedures.
The company's focus on making robotic surgery affordable and accessible aligns with its vision to expand globally. With a strong cash position and no long-term debt, SS Innovations is poised to pursue further growth and regulatory clearances in key markets.
For more information, visit the company's website at ssinnovations.com or follow updates on LinkedIn.
