SS Innovations International (SSII) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 reached a record $11.1M, up 116.8% year-over-year, driven by increased system and instrument sales and SSi Mantra installations.

• Net loss narrowed to $3.6M from $5.7M year-over-year, reflecting higher gross profit and reduced R&D expenses.

• SSi Mantra installations increased 73.3% to 26 units, with a cumulative installed base of 194 across eleven countries.

• Sold 18 surgical robotic systems, installed 3 on a pay-per-use basis, and upgraded 2 systems during the quarter.

• Regulatory approvals obtained in Sri Lanka, Kenya, Indonesia, and the Philippines for new indications and telesurgery.

Financial highlights

• Gross profit rose to $5.3M from $1.1M year-over-year, with gross margin expanding to 48.0% from 21.2% due to higher sales volume.

• System sales grew 112.7% to $9.6M; instrument sales up 141.2% to $1.2M; warranty sales up 192% to $0.36M.

• Operating expenses increased to $9.0M from $7.0M, mainly due to higher stock compensation and SG&A costs.

• Cash and equivalents at quarter-end were $16.0M, with no long-term debt reported.

• Stock compensation expense increased to $3.1M from $2.4M, reflecting new restricted share awards and advisory shares vesting.

Outlook and guidance

• Anticipates FDA review completion for SSi Mantra in the U.S. and expects CE marking certification in the EU in 2026.

• Management expects to require substantial funds for scaling operations, capital expenditure, and R&D.

• Ongoing efforts to raise additional capital through private or public offerings; current cash and income from operations are insufficient for the next 12 months.

• Focus remains on expanding in India, underserved countries, and entering regulated markets such as the US and EU.