SS Innovations International, Inc. (Nasdaq: SSII), a developer of surgical robotic technologies, announced unaudited financial results for the first quarter ended March 31, 2026, showcasing record revenue growth and expanding 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 installations of the SSi Mantra surgical robotic system and a growing number of procedures.
Gross margin improved significantly to 48.0% from 21.2% in the first quarter of 2025, while gross profit surged 390.0% to $5.3 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 diluted share, in the prior year. The company ended the quarter with $16.0 million in cash and cash equivalents and no long-term debt.
SSi Mantra installations totaled 26 in the quarter, up 73.3% from 15 in the first quarter of 2025. As of March 31, 2026, the cumulative installed base reached 194 systems across eleven countries, with cumulative surgeries hitting 9,744, including 157 telesurgeries, 482 cardiac procedures, and 161 pediatric surgeries.
Dr. Sudhir Srivastava, Chairman and CEO, highlighted the company's momentum: "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." He also noted regulatory approvals received in Sri Lanka, Kenya, Indonesia, and the Philippines, and a private placement that raised approximately $18.6 million in gross proceeds to support growth initiatives.
Looking ahead, the company expects the U.S. Food and Drug Administration to complete its review of the 510(k) premarket notification for the SSi Mantra this year, and continues to pursue European Union CE marking certification, which it believes can also be obtained in 2026. Dr. Srivastava emphasized the company's commitment to "democratizing access to advanced surgical robotic care" as it aims to fortify its position in India, expand into underserved countries, and enter the U.S. and EU markets.
For more information about the company and its technologies, visit ssinnovations.com or follow on LinkedIn.
