SS Innovations International, Inc. (Nasdaq: SSII) announced unaudited financial results for the first quarter of 2026, reporting record quarterly revenue of $11.1 million, a 116.8% increase from $5.1 million in the same period last year. The company, which develops the SSi Mantra surgical robotic system, also saw gross margin expand to 48.0% from 21.2%, with gross profit rising 390.0% to $5.3 million. Net loss improved 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 revenue growth was driven by strong installations of the SSi Mantra system, which totaled 26 in the quarter, up 73.3% from 15 in Q1 2025. As of March 31, 2026, the cumulative installed base reached 194 systems across eleven countries, with cumulative surgeries totaling 9,744, including 157 telesurgeries, 482 cardiac procedures, and 161 pediatric surgeries. The company also reported zero long-term debt and cash and cash equivalents of $16.0 million, excluding restricted cash.
CEO Dr. Sudhir Srivastava attributed the results to robust adoption by hospitals and physicians, highlighting the SSi Mantra's cutting-edge technology, user-friendliness, training capabilities, and cost efficiency. During the quarter, the company received regulatory approvals for multiple indications in Sri Lanka and Kenya, and for telesurgery in Indonesia and the Philippines. Additionally, a private placement in March 2026 raised approximately $18.6 million in gross proceeds to support growth initiatives.
Looking ahead, Dr. Srivastava stated the company aims to fortify its position in the Indian market, expand globally in underserved countries, and secure entry into the United States and European Union markets. The U.S. Food and Drug Administration is expected to complete its review of the 510(k) premarket notification for the SSi Mantra this year, and the company anticipates obtaining CE marking certification in the EU in 2026.
Key business highlights included regulatory approvals from Sri Lanka's NMRA and Kenya's PPB in January 2026, and the completion of a private placement on March 9, 2026, involving the sale of 5,774,839 shares of common stock. The offering included shares sold to directors and executive officers at an average price of $4.00 per share and to non-affiliate investors at $3.00 per share. On March 18, 2026, the company announced telesurgery approvals in Indonesia and the Philippines.
The SSi Mantra system features 3 to 5 modular robotic arms, an open-faced surgeon command center, a large 3D 4K monitor, and over 40 types of robotic instruments, including 5mm instruments for pediatric and ENT surgeries. The optional SSi MantrAsana Tele Surgeon Console enables telesurgery capability. The system has been clinically validated in India for more than 170 different surgical procedures.
For more information, visit the company's website at ssinnovations.com or follow on LinkedIn.
