SS Innovations International (SSII) Q3 2025 earnings summary

Executive summary

• Revenue for the quarter ended September 30, 2025, was $12.8M, up 192.5% year-over-year, driven by increased system and instrument sales, particularly SSi Mantra units.

• Gross profit rose to $6.2M from $2.3M, reflecting improved manufacturing efficiencies and lower raw material costs.

• Net loss for the quarter was $3.7M, or $(0.02) per diluted share, slightly higher than the $3.2M loss in the prior year, mainly due to higher SG&A and income tax expense.

• SSi Mantra installations reached 27 in Q3 2025, up 350% year-over-year, with the installed base expanding to 127 units across seven countries.

• Regulatory milestones achieved, including a human factors validation study at Johns Hopkins for FDA submission.

Financial highlights

• Q3 2025 revenue: $12.8M (up from $4.4M in Q3 2024); nine-month revenue: $28.0M (up from $12.5M).

• Q3 gross profit: $6.2M (up from $2.3M); nine-month gross profit: $13.2M (up from $4.5M).

• Q3 net loss: $3.7M; nine-month net loss: $9.7M (improved from $17.2M loss in prior year).

• Stock compensation expense decreased to $2.1M in Q3 and $6.1M YTD, down from $2.5M and $12.0M, respectively.

• Income tax expense recognized in India for the first time: $1.8M in Q3 and $2.2M YTD.

Outlook and guidance

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

• Ongoing efforts to raise additional capital through private or public offerings; no committed funding sources.

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

• Anticipates submitting 510(k) premarket notification to the FDA in Q4 2025 and expects CE marking certification in the EU in the first half of 2026.

• Positioned for continued robust organic growth in existing markets.