SS Innovations International, Inc.
For the period ended Jun 30, 2025. Filed Aug 6, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 6, 2025
SSII$2.11+11.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-14.
0001213900-25-043327
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-06.
0001213900-25-072563
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 61 previous paragraphs and 69 current paragraphs.
32 unchanged; 20 reworded; 15 added; 9 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 4 previous and 5 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (15)
Current report
Three months ended June 30, 2025, as compared to the three months ended June 30, 2024
Current report
*Research and development expense.*Research and development expenses were $498,600 for the three months ended June 30, 2025, as compared to $759,004 for the three months ended June 30, 2024. Research and development expense primarily consists of salaries paid to engineers, amounting to $411,505 and $431,920 for the three months ended June 30, 2025 and 2024, respectively. The decrease in research and development expenses compared to the prior period is primarily due to the nature of activities undertaken. In the previous quarter, we incurred higher research and development costs while working on the development of Mantra 3.0, whereas in the current quarter, our research and development efforts were focused on routine product enhancements, which involved relatively lower expenditure.
Current report
*Stock compensation expense.*We had stock compensation expenses of $1,630,295 and $2,443,792 during three months ended June 30, 2025 and 2024, respectively. The substantial decrease in the stock compensation expense is primarily due to reversal of expenses relating to resigned employees during three months ending June 30, 2025.
Current report
Other income/expenses, net. We earned other income of $24 for the three months ended June 30, 2025, as compared to $40,381 of other expenses during the three months ended June 30, 2024. The decrease in interest expenses of $25,777 is due to the decrease in interest expenses related to notes payable by $81,983, offset by an increase of $56,206 in interest expenses on overdraft facilities. Additionally, interest and other income, net, increased by $14,628 due to the reversal of certain provisions and higher interest income earned on fixed deposits.
Current report
*Income tax expense.*For the three months ended June 30, 2025 our income tax expense increased by $353,729 as compared to nil during the three months period ended June 30, 2024, primarily due to the recognition of income tax expense in our Indian operations for the first time. Historically, our Indian subsidiary had incurred tax losses and was not subject to current income tax. However, during the current period, the Indian operations generated sufficient taxable profits, resulting in the utilization of previously unrecognized deferred tax assets and recognition of current tax expense.
Current report
Six months ended June 30, 2025, as compared to the Six months ended June 30, 2024
Current report
*Total Revenue.*We had revenues of $15,120,915 (comprising $13,283,520 of system sales, $1,485,038 of instrument sales, $315,863 of warranty sales and lease income $36,494), for the six months ended June 30, 2025, compared to $8,146,819 (comprising $7,752,957 of system sales and $322,636 of instrument sales, $38,202 of warranty sales and lease income of $33,024) for the six months ended June 30, 2024. The increase in revenue is primarily due to sale of increased number of surgical robotic systems and instruments in the June 2025 period, as compared to the June 2024 period.
Current report
Gross profit. We had gross profit of $7,002,266 for the six months ended June 30, 2025, as compared to $2,165,968 for the six months ended June 30, 2024. The increase in gross profit margin was on account of decreases in raw material prices and improvements in manufacturing processes which resulted in less consumption of raw material from the 2024 quarter to the 2025 quarter.
Current report
*Stock compensation expense.*We had stock compensation expense of $4,009,507 and $9,552,542 during six months ended June 30, 2025 and June 30, 2024, respectively. The substantial decrease in the stock compensation expense is primarily due to reversal of expenses relating to resigned employees during the current period.
Current report
*Selling, general and administrative expense.*We incurred $6,638,587 in general and administrative expenses during the six months ended June 30, 2025, as compared to $5,088,362 in June 30, 2024, respectively.
Current report
Income tax expense. For the six months ended June 30, 2025 our income tax expense increased by $353,729 as compared to nil during the six months period ended June 30, 2024, primarily due to the recognition of income tax expense in our Indian operations for the first time. Historically, our Indian subsidiary had incurred tax losses and was not subject to current income tax. However, during the current period, the Indian operations generated sufficient taxable profits, resulting in the utilization of previously unrecognized deferred tax assets and recognition of current tax expense.
Current report
*Net Loss.*We incurred a net loss of $5,938,044 for the six months ended June 30, 2025, as compared to a net loss of $13,982,323 for the six months ended June 30, 2024. The decrease in net loss from June 30, 2024 to June 30, 2025 is primarily the result of the increase in gross profit by $4,836,298, decrease in stock compensation expense by $5,543,035 offset by increase in selling, general and administrative expenses of $1,550,225 and income tax expense of $353,729.
Current report
Effective February 14, 2024, the Company sold $2,450,000 in principal amount of 7% Convertible One-Year Promissory Notes (the “Bridge Notes”) to five investors in a private transaction, one of whom was Sushruta Pvt Ltd. (“Sushruta*”*), Sushruta, the Bahamian holding company of Dr. Sudhir Srivastava, our founder, Chairman, Chief Executive Officer and controlling shareholder, who subscribed for a $1,000,000 Bridge Note. Interest on the Bridge Notes accrued at the rate of 7% per annum and was payable together with the principal amount upon maturity, which was one year from issuance. The Bridge Notes were convertible at the option of the noteholders, at any time prior to maturity into shares of our common stock at a conversion price of $4.45 per share. Sushruta’s Bridge Note, together with accrued interest thereon, was repaid upon maturity in February 2025.
Current report
Dr. Sudhir Srivastava, through Sushruta, provided the Company with $2,000,000 in financing on December 4, 2024, $5,000,000 in financing on January 3, 2025, $10,000,000 in financing on January 20, 2025, $5,000,000 in financing on January 30, 2025 and $8,000,000 in financing on March 19. 2025.
Current report
Each tranche of financing provided by Dr. Srivastava was evidenced by a one-year convertible promissory note (collectively, the “One-Year Notes”). The One-Year Notes bore interest at the rate of seven percent (7%) per annum, which accrued and was due at maturity. The One-Year Notes were convertible at the option of the holder into shares of our common stock at a conversion price of $1.38 per share, subject to adjustment for stock splits, stock dividends and similar recapitalization events. As of March 31, 2025, all $30,000,000 in principal amount of One-Year Notes, together with $164,548 in interest thereon, were converted by Sushruta into 21,858,368 shares of our common stock.
Removed paragraphs (9)
Previous report
Three months ended March 31, 2025, as compared to three months ended March 31, 2024
Previous report
*Stock compensation expense.*We had compensation expenses of $2,379,212 and $7,108,750 during three months ended March 31, 2025 and March 31, 2024, respectively. The substantial decrease in the stock compensation expense in the 2025 quarter is primarily the result of the award of stock options to executive officers of the Company in February 2024 under our 2016 Incentive Stock Plan, in recognition of their efforts in developing and commercializing our SSi Mantra system.
Previous report
In February 2024, the Company raised $2,450,000 through a private offering of 7% One-Year Convertible Promissory Notes (“Notes”) from two affiliates of $1,000,000 each and $450,000 from three other investors to finance its ongoing working capital requirements. These notes are payable in full after 12 months from the respective date of issuance of these Notes and are convertible at the election of noteholder at any time through the maturity date at a per share price of $4.45.
Previous report
In July 2024, the Company raised $500,000 from its affiliate by issuance of One-Year 7% Promissory Notes to finance its ongoing working capital requirements. These Notes are payable in full after 12 months from the respective date of issuance of these Notes.
Previous report
In October and November 2024, the Company raised $500,000 from its affiliate by issuance of One-Year 7% Promissory Notes to finance its ongoing working capital requirements. These Notes are payable in full after 12 months from the respective date of issuance of these Notes.
Previous report
In December 2024, the Company raised $2,000,000 from its affiliate by issuance of One-Year 7% Convertible Promissory Notes to finance its ongoing working capital requirements. These Notes are payable in full after 12 months from the respective date of issuance of these Notes and are convertible at the election of noteholder at any time through the maturity date at a per share price of $1.38.
Previous report
In January 2025, the Company raised $28,000,000 from its affiliate by issuance of One-Year 7% Convertible Promissory Notes to finance its ongoing working capital requirements. These Notes are payable in full after 12 months from the respective date of issuance of these Notes and are convertible at the election of noteholder at any time through the maturity date at a per share price of $1.38.
Previous report
In February 2025, the Company paid $4,212,637 towards repayment of five 7% One-Year Promissory Notes totaling to $4,000,000 raised from Sushruta Pvt Ltd., on various dates during the year 2024, along with interest due thereon.
Previous report
In February 2025, the Company converted three 7% One Year Convertible Promissory Notes totaling to $450,000 along with the interest accrued thereon, into 108,048 common shares of the Company as per the conversion rights exercised by the note holders.
Reworded paragraphs (20)
Previous wording
During the period ended March 31, 2025, we sold 8 surgical robotic systems. In addition, during the period ended March 31, 2025, we also installed 4 systems on a pay-per-use basis.
Current wording
During the three months and six months period ended June 30, 2025, we sold 8 and 25 surgical robotic systems respectively. In addition, during the three month period ended June 30, 2025, we installed 5 systems on a pay-per-use basis and 1 system on a demonstration basis.
Previous wording
Total Revenue. We had revenues of $5,120,610 (comprising $4,502,482 of system sales, $477,208 of instrument sales, $122,504 of warranty sales and lease income $18,416), for the three months ended March 31, 2025, compared to $3,637,693 (comprising $3,494,759 of system sales and $118,515 of instrument sales $9,407 of warranty sales and lease income $15,012) for the three months ended March 31, 2024. The increase in net total is primarily due to sale of increased 3 units of surgical robotic systems and instruments during the three months ended March 31, 2025, as compared to three months ended March 31, 2024.
Current wording
Total Revenue. For the three months ended June 30, 2025,we had revenues of $10,000,305 (comprised $8,781,038 of system sales, $1,007,830 of instrument sales, $193,359 of warranty sales and lease income $18,078), as compared to $4,509,126 (comprising $4,258,198 of system sales and $204,121 of instrument sales $28,795 of warranty sales and lease income $18,012) for the three months ended June 30, 2024. The increase in revenue is primarily due to an increase in the number of SSI Mantra 3 surgical robotic systems and instruments during the three months ended June 30, 2025, as compared to the three months ended June 30, 2024.
Previous wording
Gross profit. We had gross profit of $1,087,208 for the three months ended March 31, 2025, compared to $728,182 for the three months ended March 31, 2024. The increase in GP margin by 1.21% is due to reduction in raw material prices as compared to the period ended March 31, 2024.
Current wording
Gross profit. For the three months ended June 30, 2025, we had gross profit of $5,915,058, as compared to $1,437,786 for the three months ended June 30, 2024. The increase in gross profit margin was on account of decreases in raw material prices and improvements in manufacturing processes which resulted in less consumption of raw material from the 2024 quarter to the 2025 quarter.
Previous wording
*Selling, general and administrative expense.*We incurred $3,410,872 in selling, general and administrative (“SG&A”) expense during the three months ended March 31, 2025, as compared to $2,843,659 for the three months ended March 31, 2024.
Current wording
Selling, general and administrative expense. We incurred $3,428,788 in selling, general and administrative (“SG&A”) expense during the three months ended June 30, 2025, as compared to $2,244,703 for the three months ended June 30, 2024.
Previous wording
Net Loss. We incurred a net loss of $5,681,353 for the three months ended March 31, 2025, as compared to a net loss of $9,841,753 for the three months ended March 31, 2024. The decrease in net loss from March 31, 2024 to March 31, 2025 is primarily the result of the reduction in stock compensation expense by $4,729,538 offset by increase in SG&A by $567,213.
Current wording
Net Loss. We incurred net loss of $256,691 for the three months ended June 30, 2025, as compared to a net loss of $4,140,570 for the three months ended June 30, 2024. The decrease in net loss from June 30, 2024 to June 30, 2025 is primarily the result of increases in gross profit by $4,477,272 and reduction in stock compensation expense by $813,497 offset by increases in SG&A by $1,184,085 and income tax expense of $353,729.
Previous wording
*Research and development expense.*Research and development expenses were $1,010,095 for the three months ended March 31, 2025, as compared to $527,991 for the three months ended March 31, 2024. Research and development expense primarily consists of salaries paid to engineers, amounting to $309,147 and $191,487 for the period ended March 31, 2025 and 2024, respectively. The increase in research and development expenses as compared to the previous period is in line with the Company’s continued focus on improving the design and technological capabilities of its SSi Mantra surgical robotic system and further expanding its product offerings.
Current wording
*Research and development expense.*Research and development expenses were $1,508,695 during the six months ended June 30, 2025 as compared to $1,286,995 for the six months ended June 30, 2024. Research and development expense primarily consists of salaries paid to engineers, amounting to $720,652 and $618,471 for the six months period ended June 30, 2025 and June 30, 2024, respectively. The increase in research and development expenses as compared to the prior period is in line with the Company’s continued focus on improving the design and technological capabilities of its existing SSi Mantra system and further expanding its product offerings till the previous quarter.
Previous wording
*Depreciation and amortization expense.*We had depreciation and amortization expense of $208,882 for the period ended March 31, 2025, as compared to $80,101 for the period ended March 31, 2024. The depreciation and amortization expenses primarily consist of depreciation on fixed assets.
Current wording
*Depreciation and amortization expense.*We had depreciation and amortization expense of $469,243 for the period ended June 30, 2025, as compared to $170,577 for the period ended June 30, 2024. The depreciation and amortization expenses primarily consist of depreciation on fixed assets only.
Previous wording
Our SG&A expense comprise of expense relating to salaries and benefits, retirement benefits as well as costs related to recruitment, other compensation expenses of sales and marketing and client management personnel, sales commission, travel and brand building, client events and conferences, training and retention of senior management and other support personnel in enabling functions, telecommunications, utilities, travel and other miscellaneous administrative costs. SG&A expense also include acquisition-related costs, legal and professional fees (which represent the costs of third party legal, tax, accounting, immigration and other advisors), investment in product development, digital technology, advanced automation and robotics, related to grant of our equity awards to members of our board of directors. We expect our SG&A expense to increase as we continue to strengthen our support and enabling functions and invest in leadership development, performance management and training programs. The increase in selling, general and administrative expense is majorly due to marketing event SMRSC 2025 held during the quarter which contributed to approximately to $602,560.
Current wording
Our SG&A expense is comprised of expense relating to salaries and benefits, retirement benefits as well as costs related to recruitment, other compensation expenses of sales and marketing and client management personnel, sales commission, travel and brand building, client events and conferences, training and retention of senior management and other support personnel in enabling functions, telecommunications, utilities, travel and other miscellaneous administrative costs. SG&A expense also includes acquisition-related costs, legal and professional fees (which represent the costs of third party legal, tax, accounting, immigration and other advisors), investment in product development, digital technology, advanced automation and robotics, related to grants of our equity awards to members of our board of directors. The increase in SG&A expenses compared to the previous period is primarily due to higher legal and underwriting fees, increased expenses associated with the Company’s uplisting to NASDAQ, and expenses incurred for business events held during the current period, which were not present in the previous period.
Previous wording
Other income/expenses, net. We earned other income of $240,500 for the three months ended March 31, 2025, as compared to $9,434 of other expenses during the three months ended March 31, 2024. The increase is due to reversal in amount of credit loss reserve by $422,711 offset by increase in interest expense on notes amounting to $189,216 in three months ended March 31, 2025 as compared to March 31, 2024.
Current wording
Other income/expenses. We earned other income of $39,451 for the six months ended June 30, 2025, as compared to $49,815 of other expenses during the six months ended June 30, 2024. The increase in interest income by $253,306 relating to fixed deposits which is offset by increase in interest expense by $164,040 related to interest on bank overdraft facility and convertible notes.
Previous wording
In April 2024, the Company raised $2,000,000 from its affiliate by issuance of two One-Year 7% Promissory Notes of $1,000,000 each, to meet certain working capital requirements. These Notes are payable in full after 12 months from the respective date of issuance of these Notes.
Current wording
In April 2024, the Company raised $2,000,000 from Sushruta by the issuance of two One-Year 7% Promissory Notes (the “7% Notes”) of $1,000,000 each, to meet certain working capital requirements. In July 2024, the Company raised $500,000 from Sushruta by the issuance of an additional 7% Note to finance its ongoing working capital requirements. In October and November 2024, the Company raised $500,000 from Sushruta by issuance of 7% Notes to finance its ongoing working capital requirements. All of the 7% Notes are payable in full together with accrued interest, after 12 months from their respective date of issuance. All of the 7% Notes were repaid in full together with accrued interest thereon, upon maturity in February 2025.
Previous wording
During the three months ended March 31, 2025, net cash used in operating activities was $6,103,374 resulting from our net loss of $5,681,353 partially offset by non-cash charges of $2,384,745 primarily driven by depreciation charges, operating lease expense and stock compensation expense. We had cash used in our operating assets and liabilities of $2,806,766 primarily driven by increases in inventory, prepaid and other assets offset by decrease in accounts receivables and increase in deferred revenue.
Current wording
During the six months ended June 30, 2025, net cash used in operating activities was $9,555,703 resulting from our net loss of $5,938,044 partially offset by non-cash charges of $4,149,120 primarily driven by depreciation charges, operating lease expense and stock compensation expense. We had cash used in our operating assets and liabilities of $7,766,779 primarily driven by increase in inventory, prepaid and other assets and accounts receivables offset by increase in deferred revenue, accounts payable, accrued expenses and other liabilities.
Previous wording
During the three months ended March 31, 2024, net cash used in operating activities was $2,671,918 resulting from our net loss of $9,841,753 partially offset by non-cash charges of $7,872,174 primarily driven by credit loss reserve, depreciation charges and stock compensation expense. We had cash used in our operating assets and liabilities of $702,339 primarily driven by increases in inventory, accounts payable and decrease in prepaid and other assets.
Current wording
During the six months ended June 30, 2024, net cash used in operating activities was $3,694,486 resulting from our net loss of $13,982,323 partially offset by non-cash charges of $10,661,083 primarily driven by credit loss reserve, depreciation charges and stock compensation expense. We had cash used in our operating assets and liabilities of $373,246 primarily driven by increases in inventory, accounts payable and prepaid expenses.
Previous wording
During the three months ended March 31, 2025, we had net cash used in investing activities of $872,804 in purchase of property and equipment.
Current wording
During the six months ended June 30, 2025, we had net cash used in investing activities of $1,189,452 in purchase of property and equipment.
Previous wording
During the three months ended March 31, 2024, we had net cash used in investing activities of $127,255 in purchase of property and equipment.
Current wording
During the six months ended June 30, 2024, we had net cash used in investing activities of $2,239,139 in purchase of property and equipment.
Previous wording
During the three months ended March 31, 2025, we had net cash provided by financing activities of $22,406,019, which comprised of proceeds from $28,000,000 from issuance of convertible notes to our principal shareholder offset by repayment of convertible notes to principal shareholder and other investors amounting to $4,212,637 and $1,068,849 respectively.
Current wording
During the six months ended June 30, 2025, we had net cash provided by financing activities of $21,703,921, which comprised of proceeds of $28,000,000 from issuance of convertible notes to our principal shareholder offset by repayment of convertible notes to our principal shareholder and other investors amounting to $4,212,637 and $1,068,849 respectively and repayment of bank overdraft by $1,014,593.
Previous wording
During the three months ended March 31, 2024, we had net cash, provided by financing activities of $2,638,259, which comprised of $2,450,000 in proceeds from issuance of the convertible notes to our principal shareholder and other investors as set forth above.
Current wording
During the six months ended June 30, 2024, we had net cash, provided by financing activities of $5,292,610, which comprised of $842,610 in proceeds from our bank overdraft facility (net), $4,450,000 in proceeds from issuance of convertible notes to our principal shareholder and other investors as set forth above.
Previous wording
While we have been successful in raising funds to finance our operations since inception and we believe that we will be successful in obtaining the necessary financing to fund our operations going forward, we do not have any committed sources of funding and there are no assurance that we will be able to secure additional funding. The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern; however, if we cannot obtain financing, then we may be forced to further curtail our operations or consider other strategic alternatives. Even if we are successful in raising the additional financing, there is no assurance regarding the terms of any additional investment and any such investment or other strategic alternative would likely substantially dilute our current shareholders.
Current wording
While we have been successful in raising funds to finance our operations since inception and we believe that we will be successful in obtaining the necessary financing to fund our operations going forward, we do not have any committed sources of funding and there are no assurances that we will be able to secure additional funding. The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern; however, if we cannot obtain financing, then we may be forced to further curtail our operations or consider other strategic alternatives. Even if we are successful in raising the additional financing, there is no assurance regarding the terms of any additional investment and any such investment or other strategic alternative would likely substantially dilute our current shareholders.
Previous wording
The discussion and analysis of our financial condition and results of operations are based upon the unaudited interim condensed consolidated financial statements included in this Report on Form 10-Q, which have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). A summary of our significant accounting policies is included in Note 2 - Summary of Significant Accounting Policies to our unaudited interim condensed consolidated financial statements under Part I, Item 1, “Financial Statements.”
Current wording
The discussion and analysis of our financial condition and results of operations is based upon the unaudited interim condensed consolidated financial statements included in this Report on Form 10-Q, which have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). A summary of our significant accounting policies is included in Note 2 - Summary of Significant Accounting Policies to our unaudited interim condensed consolidated financial statements under Part I, Item 1, “Financial Statements.”
Previous wording
Stock Options: These provide employees with the right, but not the obligation, to purchase shares of the Company’s stock at a specified price, within a defined period, as per the terms of the stock option agreement. Stock-based compensation expense associated with AVRA 2016 Stock Incentive Plan is measured at fair value using a Black-Scholes option-pricing model at commencement of each offering period and recognized over that offering period.
Current wording
Stock Options: These provide employees with the right, but not the obligation, to purchase shares of the Company’s stock at a specified price, within a defined period, as per the terms of the stock option agreement. Stock-based compensation expense associated with the AVRA 2016 Stock Incentive Plan is measured at fair value using a Black-Scholes option-pricing model at commencement of each offering period and recognized over that offering period.
Previous wording
There are no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.
Current wording
There are no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
*Depreciation and amortization expense.*We had depreciation and amortization expense of $260,361 for three months ended June 30, 2025, as compared to $90,476 for three months ended June 30, 2024. The depreciation and amortization expenses primarily consist of depreciation on fixed assets.
Current report — wording carried from elsewhere
Our SG&A expense is comprised of expenses relating to salaries and benefits, retirement benefits as well as costs related to recruitment, other compensation expenses of sales and marketing and client management personnel, sales commission, travel and brand building, client events and conferences, training and retention of senior management and other support personnel in enabling functions, telecommunications, utilities, travel and other miscellaneous administrative costs. SG&A expense also includes acquisition-related costs, legal and professional fees (which represent the costs of third party legal, tax, accounting, immigration and other advisors), investment in product development, digital technology, advanced automation and robotics, related to grants of our equity awards to members of our board of directors. The increase in SG&A expenses compared to the previous period is primarily due to higher legal and underwriting fees, increased expenses associated with the Company’s uplisting to NASDAQ, and expenses incurred for business events held during the current period, which were not present in the previous period.