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 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 its SSi Mantra surgical robotic system and a growing number of procedures.
Gross margin improved to 48.0% from 21.2% in the first quarter of 2025, while gross profit rose 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, a year earlier. The company ended the quarter with $16.0 million in cash and cash equivalents and no long-term debt.
During the quarter, SS Innovations installed 26 SSi Mantra systems, a 73.3% increase from 15 in the prior-year period. As of March 31, 2026, the cumulative installed base reached 194 systems across eleven countries, and cumulative surgeries totaled 9,744, including 157 telesurgeries, 482 cardiac procedures, and 161 pediatric surgeries. The company also received regulatory approvals for the SSi Mantra in Sri Lanka and Kenya, and for telesurgery in Indonesia and the Philippines. In March 2026, SS Innovations completed a private placement generating approximately $18.6 million in gross proceeds to support growth initiatives.
Dr. Sudhir Srivastava, Chairman and CEO, 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." He added that the company aims to fortify its position in India, expand in underserved countries, and secure entry into the U.S. and European Union markets, with expectations for FDA 510(k) clearance and CE marking certification in 2026.
These results underscore SS Innovations' progress in democratizing access to advanced surgical robotics. The company's focus on affordability and accessibility positions it to capture market share in both developed and emerging markets. With a strong cash position and no debt, SS Innovations is well-capitalized to pursue its growth strategy, including potential U.S. and EU market entry, which could significantly expand its addressable market.
For more information, visit the company's newsroom at https://tinyurl.com/ssiinewsroom.
