EX-99.1 2 ea024222901ex99-1_ssinnov.htm PRESS RELEASE, DATED MAY 14, 2025

Exhibit 99.1

 

 

SS Innovations Reports First Quarter 2025 Financial Results

Record Quarterly Revenue of $5.1 Million Driven by Higher SSi Mantra 3 Unit Sales

On Track for July 2025 De Novo Application to the FDA for SSi Mantra 3

 

Fort Lauderdale, FL – May 14, 2025 – SS Innovations International, Inc. (the “Company” or “SS Innovations”) (Nasdaq: SSII), a developer of innovative surgical robotic technologies dedicated to making robotic surgery affordable and accessible to a global population, today announced unaudited financial results for the three months ended March 31, 2025. The Company also filed its Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, with the Securities and Exchange Commission on May 14, 2025.

 

First Quarter 2025 Overview

 

●Revenue increased 40.8% to $5.1 million from $3.6 million in the first quarter of 2024.

 

●Gross margin expanded 121 basis points to 21.23% from 20.02% in the first quarter of 2024.

 

●Gross profit rose 49.3% to $1.1 million from $0.7 million in the first quarter of 2024.

 

●Net loss of $5.7 million, or $(0.03) per diluted share, compared to net loss of $9.8 million, or $(0.06) per diluted share, in the first quarter of 2024.

 

●SSi Mantra surgical robotic system installations totaled 15, up 66.7% from 9 installations in the first quarter of 2024.

 

As of March 31, 2025

 

●Long-term debt of $0.

 

●Cash and cash equivalents totaled $15.9 million, excluding restricted cash.

 

●SSi Mantra cumulative installed base totaled 78 and cumulative surgeries reached 3,568.

 

Subsequent Events

 

●On April 25, 2025, the Company’s common stock uplisted to The Nasdaq Capital Market®.

 

CEO Commentary

 

Dr. Sudhir Srivastava, Chairman of the Board and Chief Executive Officer of SS Innovations, commented, “In the first quarter of 2025, we achieved record quarterly revenue of $5.1 million, up 40.8% from $3.6 million in the first quarter of 2024, driven by higher unit sales of our innovative, cutting-edge SSi Mantra 3 surgical robotic system to leading healthcare facilities in India and abroad. Our gross margin also improved during the quarter, primarily reflecting a reduction in raw material prices. With an expanding installed base and growing utilization of SSi Mantra 3 by medical professionals globally, SS Innovations is well positioned for continued robust organic growth during the remainder of the year.”

 

 

 

 

Dr. Srivastava continued, “After quarter end, we uplisted to Nasdaq, an exciting milestone that symbolizes a new chapter of global expansion for the Company. We intend to widen our presence beyond the seven countries where our SSi Mantra surgical robotic system has been cleared to market, with a focus on pursuing approval in the European Union and United States. We plan to submit a De Novo application for SSi Mantra to the U.S. Food and Drug Administration by the end of July 2025 for multiple indications and continue along the pathway towards a European Union CE Mark decision as soon as late 2025. Our vision is to decentralize and democratize robotic surgery by deploying our cost-effective, gold-standard SSi Mantra 3 devices across the globe for the benefit of a wider range of patients in need.”

 

Select Business Highlights in First Quarter 2025

 

●The SSi Mantra 3 surgical robotic system enabled the world’s first ever robotic cardiac telesurgery.

 

●The Company’s state-of-the-art mobile telesurgery unit debuted in India with the aim of improving remote surgical access.

 

●The SSi Mantra 3 received medical device regulatory approvals in the Philippines and Ukraine.

 

Revenue Breakdown and Summary of Installations / Surgeries

 

Category  Q1 2024   Q1 2025   Variance   Percentage 
System sales  $3,494,759   $4,502,482   $1,007,723    28.8%
Instrument sales   118,515    477,208    358,693    302.7%
Warranty sales   9,407    122,504    113,097    1,202.3%
Lease income   15,012    18,416    3,404    22.7%
Total revenue  $3,637,693   $5,120,610   $1,482,917    40.8%
                     
SSi Mantra installations   9    15    6    67%
Cumulative installed base1   24    78    54    225%
                     
SSi Mantra surgeries   361    787    426    118%
Cumulative surgeries1   981    3,568    2,587    264%

 

1at period end

 

About SS Innovations

 

SS Innovations International, Inc. (Nasdaq: SSII) develops innovative surgical robotic technologies with a vision to make the benefits of robotic surgery affordable and accessible to a larger segment of the global population. The Company’s product range includes its proprietary “SSi Mantra” surgical robotic system and its comprehensive suite of “SSi Mudra” surgical instruments, which support a variety of surgical procedures including robotic cardiac surgery. An American company headquartered in India, SS Innovations plans to expand the global presence of its technologically advanced, user-friendly, and cost-effective surgical robotic solutions. Visit the Company’s website at ssinnovations.com or LinkedIn for more information and updates.

 

2

 

 

About the SSi Mantra

 

The SSi Mantra Surgical Robotic System is a user-friendly, modular, multi-arm system with many advanced technology features, including: 3 to 5 modular robotic arms, an open-faced ergonomic surgeon command center, a large 3D 4K monitor, a touch panel monitor for all patient related information display, a virtual real-time image of the robotic patient side arm carts, and the ability for superimposition of 3D models of diagnostic imaging. A vision cart provides the table-side team with the same magnified 3D 4K view as the surgeon to provide better safety and efficiency. The SSi Mantra utilizes over 40 different types of robotic endo-surgical instruments to support different specialties, including cardiac surgery. The SSi Mantra has been clinically validated in India in more than 100 different types of surgical procedures.

 

Forward-Looking Statements – Safe Harbor

 

This press release may contain statements that are not historical facts and are considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. The words “anticipate,” “assume,” “believe,” “estimate,” “expect,” “will,” “intend,” “may,” “plan,” “project,” “should,” “could,” “seek,” “designed,” “potential,” “forecast,” “target,” “objective,” “goal,” or the negatives of such terms or other similar expressions to identify such forward-looking statements. These statements relate to future events or SS Innovations International’s future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.

 

Investor Contact:

 

The Equity Group

Kalle Ahl, CFA

T: (303) 953-9878

[email protected]

 

Devin Sullivan, Managing Director

T: (212) 836-9608

[email protected]

 

Media Contact:

 

[email protected]

T: (212) 739-0300

 

3

 

 

SS INNOVATIONS INTERNATIONAL, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

   As of 
   March 31,
2025		   December 31,
2024		 
         
ASSETS        
Current Assets:        
Cash and cash equivalents  $15,873,217   $466,500 
Restricted cash   5,886,589    5,838,508 
Accounts receivable, net   3,962,202    4,466,047 
Inventory, net   14,295,141    10,206,898 
Prepaids and other current assets   7,602,794    6,438,338 
Total Current Assets   47,619,943    27,416,291 
           
Non- Current Assets:          
Property, plant, and equipment, net   7,044,307    5,385,955 
Right of use asset   2,629,225    2,623,880 
Accounts receivable, net   2,818,043    3,299,032 
Restricted cash- Non current   318,982    318,527 
Prepaids and other non current assets   3,026,461    3,341,528 
Total Non-Current Assets   15,837,018    14,968,922 
Total Assets  $63,456,961   $42,385,213 
           
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY          
Current Liabilities          
Bank overdraft facility  $7,682,411   $7,994,906 
Notes payable   -    7,450,000 
Current portion of operating lease liabilities   368,309    409,518 
Accounts payable   3,641,410    2,312,382 
Deferred revenue   1,871,275    1,278,602 
Accrued expenses & other current liabilities   1,433,308    1,884,814 
Total Current Liabilities   14,996,713    21,330,222 
           
Non- Current Liabilities          
Operating lease liabilities, less current portion   2,402,653    2,349,118 
Deferred Revenue- Non Current   5,405,227    5,173,953 
Other non current liabilities   98,078    74,817 
Total Non-Current Liabilities   7,905,958    7,597,888 
Total Liabilities  $22,902,671   $28,928,110 
           
Stockholders’ equity:          
Preferred stock, authorized 5,000,000 shares of Series A, Non-Convertible Preferred Stock, $0.0001 par value per share;  1,000 shares issued and outstanding as of March 31, 2025 and December 31, 2024   1    1 
Common stock,  250,000,000 shares authorized, $0.0001 par value, 193,556,177 shares and 171,579,284 shares issued and outstanding as of March 31, 2025 and December 31, 2024 respectively   19,354    17,157 
Accumulated other comprehensive income (loss)   (726,911)   (749,625)
Additional paid in capital   89,705,829    56,952,200 
Capital reserve   899,917    899,917 
Accumulated deficit   (49,343,900)   (43,662,547)
Total stockholders’ equity   40,554,290    13,457,103 
Total liabilities and stockholders’ equity  $63,456,961   $42,385,213 

 

4

 

 

SS INNOVATIONS INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited)

 

   For The Three months ended 
   March 31,
2025		   March 31,
2024		 
         
REVENUES        
System sales   4,502,482    3,494,759 
Instruments sale   477,208    118,515 
Warranty sale   122,504    9,407 
Lease income   18,416    15,012 
Total revenue  $5,120,610   $3,637,693 
Cost of revenue   (4,033,402)   (2,909,511)
           
GROSS PROFIT   1,087,208    728,182 
           
OPERATING EXPENSES:          
Research & development expense   1,010,095    527,991 
Stock compensation expense   2,379,212    7,108,750 
Depreciation and amortization expense   208,882    80,101 
Selling, general and administrative expense   3,410,872    2,843,659 
TOTAL OPERATING EXPENSES   7,009,061    10,560,501 
           
Loss from operations   (5,921,853)   (9,832,319)
           
OTHER INCOME (EXPENSE):          
Interest Expense   (379,905)   (190,088)
Interest and other income, net   620,405    180,654 
TOTAL OTHER INCOME (EXPENSE), NET   240,500    (9,434)
           
LOSS BEFORE INCOME TAXES   (5,681,353)   (9,841,753)
Income tax expense   -    - 
NET LOSS  $(5,681,353)  $(9,841,753)
           
Net loss per share - basic and diluted  $(0.03)  $(0.06)
Weighted average- basic shares   178,836,342    170,729,490 
Weighted average- diluted shares   188,599,859    181,609,691 
           
CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE LOSS          
           
NET LOSS  $(5,681,353)  $(9,841,753)
           
OTHER COMPREHENSIVE INCOME (LOSS)          
Foreign currency translation gain/(loss)   6,876    (79,314)
Retirement Benefit (net of tax)   15,838    8,507 
TOTAL COMPREHENSIVE LOSS  $(5,658,639)  $(9,912,560)

 

5

 

 

SS INNOVATIONS INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

   For The Three months ended 
   March 31,
2025		   March 31,
2024		 
Cash flows from operating activities:        
         
Net loss  $(5,681,353)  $(9,841,753)
Adjustments to reconcile net loss to net cash used in operating activities:          
Depreciation and amortization   208,882    80,101 
Operating lease expense   205,275    178,871 
Interest Expense   155,015    283,868 
Interest and other income, net   (140,928)   (168,746)
(Reversal of) / Provision for credit loss reserve   (422,711)   389,330 
Stock compensation expense   2,379,212    7,108,750 
           
Changes in operating assets and liabilities:          
Accounts receivable, net   1,275,750    (3,186,108)
Inventory, net   (5,082,673)   (1,326,859)
Deferred revenue   823,947    2,290,417 
Prepaids and other assets   (1,003,604)   56,511 
Accounts payable   1,329,028    926,083 
Accrued expenses & other liabilities   48,331    705,455 
Operating lease payment   (197,545)   (167,838)
Net cash used in operating activities   (6,103,374)   (2,671,918)
           
Cash flows from investing activities:          
Purchase of property, plant and equipment   (872,804)   (127,255)
Net cash used in investing activities   (872,804)   (127,255)
           
Cash flows from financing activities:          
Proceeds from bank overdraft facility (net)   (312,495)   188,259 
Proceeds from issuance of convertible notes to principal shareholder   28,000,000    1,000,000 
Proceeds from issuance of convertible notes to other investors   -    1,450,000 
Repayment of convertible notes to principal shareholder, including interest   (4,212,637)   - 
Repayment of convertible notes to other investors, including interest   (1,068,849)   - 
Net cash provided by financing activities   22,406,019    2,638,259 
           
Net change in cash   15,429,841    (160,914)
Effect of exchange rate on cash   25,412    (31,351)
Cash and cash equivalents at the beginning of the period   6,623,535    7,087,845 
Cash and cash equivalents at end of the period  $22,078,788   $6,895,580 
           
Supplemental disclosure of cash flow information:          
Conversion of convertible notes into common stock, including interest  $30,645,360   $- 
Transfer of systems from inventory to property, plant and equipment  $994,430   $1,422,880 

 

 

6