SS Innovations International (SSII) Q2 2025 earnings summary

Executive summary

• Achieved record Q2 2025 revenue of $10.0M, up 121.8% year-over-year, driven by increased sales of surgical robotic systems and instruments, with expanded presence in India and internationally.

• Gross profit more than tripled to $5.9M, with gross margin expanding to 59.1% from 31.9% in Q2 2024, aided by lower raw material costs and manufacturing efficiencies.

• Net loss narrowed sharply to $0.3M from $4.1M in Q2 2024, reflecting higher gross profit and reduced stock compensation expenses.

• Uplisted to NASDAQ in April 2025, enhancing visibility and access to capital, marking a milestone for global expansion.

• SSi Mantra installations rose 130% year-over-year to 23 in Q2 2025, with a cumulative installed base of 105 in seven countries.

Financial highlights

• Q2 2025 revenue: $10.0M (+121.8% YoY); H1 2025 revenue: $15.1M (+85.6% YoY).

• Q2 2025 gross profit: $5.9M (vs. $1.4M prior year); H1 2025 gross profit: $7.0M (vs. $2.2M prior year).

• Q2 2025 net loss: $0.3M (vs. $4.1M prior year); H1 2025 net loss: $5.9M (vs. $14.0M prior year).

• Cash and equivalents at June 30, 2025: $11.4M; total assets: $70.0M; total liabilities: $28.0M; no long-term debt.

• Stock compensation expense for six months: $4.0M (down from $9.6M prior year).

Outlook and guidance

• Management expects continued need for substantial funding to scale operations, invest in R&D, and expand manufacturing.

• No committed funding sources; ongoing efforts to raise additional capital.

• Substantial doubt remains about ability to continue as a going concern without further financing.

• Expecting to submit a 510(k) application for SSi Mantra 3 to the FDA by end of September 2025 and targeting CE marking certification in the EU as soon as late 2025.

• Anticipates continued robust organic growth in H2 2025, supported by expanding installed base and increased system utilization.