SS Innovations International, Inc.
For the period ended Jun 30, 2026. Filed Aug 13, 2026.
View on SEC.govAbout this filing
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, 2026 · Filed Aug 13, 2026
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 2026-03-31; filed 2026-05-13.
0001213900-26-055403
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-13.
0001213900-26-088721
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 49 previous paragraphs and 59 current paragraphs.
23 unchanged; 22 reworded; 9 added; 4 removed; 0 previous and 5 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 (9)
Current report
*Research and Development Expenses.*Research and development expenses for the three months ended June 30, 2026, were $2,395,694, as compared to $498,600 for the three months ended June 30, 2025. The increase was primarily attributable to higher expenditures incurred in connection with clinical trials and related regulatory activities undertaken to support the Company’s efforts to obtain regulatory approvals, including U.S. Food and Drug Administration (“FDA”) clearance and CE Mark certification. The increase also reflects higher professional service fees associated with these regulatory initiatives, including regulatory consulting, clinical trial management, testing, documentation, and other compliance-related activities. In contrast, research and development activities during the prior-year period were primarily focused on routine product enhancements, which required relatively lower levels of expenditure.
Current report
Income tax expense. For the three months ended June 30, 2026, income tax expense was $505,276 as compared to $353,729 for the three months ended June 30, 2025, The increase is primarily due to increase in the taxable profits arising from the Indian operations resulting in increase of income tax expense.
Current report
Six months ended June 30, 2026, as compared to the six months ended June 30, 2025
Current report
*Research and Development Expenses.*Research and development expenses for the six months ended June 30, 2026, were $3,391,134, as compared to $1,508,695 for the six months ended June 30, 2025. The increase was primarily attributable to higher expenditures incurred in connection with clinical trials and related regulatory activities undertaken to support the Company’s efforts to obtain regulatory approvals, including U.S. Food and Drug Administration (“FDA”) clearance and CE Mark certification. The increase also reflects higher professional service fees associated with these regulatory initiatives, including regulatory consulting, clinical trial management, testing, documentation, and other compliance-related activities. Additionally, our continued to invest in enhancing the design and technological capabilities of its existing SSi Mantra system and expanding our product offerings.
Current report
Other income, net. We have recognized $309,639 in interest income net for the six months ended June 30, 2026, as compared to $39,451 during the six months ended June 30, 2025. The increase was primarily attributable to higher interest income on sales and fixed deposits, together with nil interest expense on convertible notes, as such expense was incurred during the prior-year period.
Current report
Income tax expense. For the six months ended June 30, 2026, income tax expense was $656,628 as compared to $353,729 for the six months ended June 30, 2025. The increase was primarily due to an increase in the taxable profits arising from the Indian operations as compared to the previous period resulting in an increase of income tax expense.
Current report
Net Loss. We incurred a net loss of $6,243,921 for the six months ended June 30, 2026, as compared to a net loss of $5,938,044 for the six months ended June 30, 2025. The increase in net loss from June 30, 2026 to June 30, 2025 is primarily the result of an increase in research & development expense of $1,882,439, SG&A expense of $2,302,800, stock-based compensation expense of $1,312,964, depreciation and amortization expense of $200,868 and income tax expense of $302,899 offset by an increase in the gross profit by $5,425,905.
Current report
Cash Flow Summary:
Current report
Stock-based Compensation Expense
Removed paragraphs (4)
Previous report
The following table provides selected balance sheet data for the Company as of:
Previous report
*Research and Development Expenses.*Research and development expenses for the three months ended March 31, 2026, were $995,440, as compared to $1,010,095 for the three months ended March 31, 2025. The decrease primarily attributable to cost optimization initiatives and the timing of project-related expenditures, partially offset by continued investments in product development and technology enhancements.
Previous report
Income tax expense. For the three months ended March 31, 2026, our income tax expense increased by $151,352 as compared to nil during the three months period ended March 31, 2025, 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 recognition of current tax expense.
Previous report
Stock Compensation Expense
Reworded paragraphs (22)
Previous wording
The Company is engaged in the business of developing, manufacturing, and selling a surgical robotic system under our proprietary brand “SSi Mantra,” together with allied accessories and a wide range of surgical instruments capable of supporting cardiac and a variety of other surgical procedures under our proprietary brand**“SSi Mudra”.** Having commenced commercial sales of our surgical robotic system in the second half of 2022, the year 2023 was our first full year of commercial sales and during the year 2024, we introduced our upgraded SSi Mantra 3 system, further consolidated our installed base of SSi Mantra in various parts of India and began to expand our presence in other global markets. Those efforts continued during 2025 with filing for U.S. FDA approval and EU CE mark approval during the year ended December 31, 2025, and are ongoing in 2026. We are also undertaking development efforts to expand our product line in connection with our goal to make robotic surgery more affordable and accessible.
Current wording
We are engaged in the business of developing, manufacturing, and selling a surgical robotic system under its proprietary brand “SSi Mantra,” together with allied accessories and a wide range of surgical instruments capable of supporting cardiac and a variety of other surgical procedures under its proprietary brand“SSi Mudra”. Having commenced commercial sales of our surgical robotic system in the second half of 2022, the year 2023 was our first full year of commercial sales and during the year 2024, we introduced our upgraded SSi Mantra 3 system, further consolidated our installed base of SSi Mantra in various parts of India and began to expand our presence in other global markets. Those efforts continued during 2025 with filing for U.S. FDA approval and EU CE mark approval during the year ended December 31, 2025, and are ongoing in 2026. We are also undertaking development efforts to expand our product line in connection with our goal to make robotic surgery more affordable and accessible.
Previous wording
Our manufacturing operations being based in India derive significant operating cost advantages in terms of availability of quality and cost-effective fabrication/3D printing solutions, electronic/electrical/mechanical components, outsourced services and skilled manpower. All these factors help us in having lower costs of production which eventually helps us make our surgical robotic system cost effective and relatively affordable.
Current wording
Our manufacturing operations being based in India derive significant operating cost advantages in terms of availability of quality and cost-effective fabrication/3D printing solutions, electronic/electrical/mechanical components, outsourced services and skilled manpower. All these factors help achieve lower costs of production and make our surgical robotic system cost effective and relatively affordable.
Previous wording
During the three months ended March 31, 2026, we sold 18 SSi Mantra surgical robotic systems and installed 3 systems on a pay-per-use basis and upgraded 2 systems.
Current wording
During the six months ended June 30, 2026, we sold 46 SSi Mantra surgical robotic systems, installed 1 system on a pay-per-use basis and upgraded 3 systems.
Previous wording
The financial statements appearing elsewhere in this report have been prepared assuming that the Company will continue as a going concern. The Company is still in its initial years of revenue generation by way of the sale of its product and has not yet established consistent operational revenue cash flows to meet all its fixed operating costs and hence may continue to incur losses for some time. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.
Current wording
The financial statements appearing elsewhere in this report have been prepared assuming that we will continue as a going concern. We are still in our initial years of revenue generation by way of the sale of our product and have not yet established consistent operational revenue cash flows to meet all its fixed operating costs and hence may continue to incur losses for some time. These conditions raise substantial doubt about our ability to continue as a going concern.
Previous wording
To date, the Company has mainly relied on debt and equity raised in private offerings to finance its operations. During the balance of the year ending December 31, 2026, the Company plans to raise additional capital through further private or public offerings of its securities. However, if we are unable to do so and if we experience a shortfall in operating capital, we could be faced with having to limit our expansion plans, research and development efforts and marketing activities.
Current wording
To date, we have mainly relied on debt and equity raised in private and public offerings to finance its operations. During the balance of the year ending December 31, 2026, we plan to raise additional capital through further private or public offerings of our securities. However, if we are unable to do so and if we experience a shortfall in operating capital, we could be faced with having to limit our expansion plans, research and development efforts and marketing activities.
Previous wording
Total Revenue. For the three months ended March 31, 2026,we had revenues of $11,101,366 (comprised of $9,575,370 of system sales, $1,151,228 of instrument sales, $357,686 of warranty sales and lease income $17,082), compared to 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), during the three months ended March 31, 2025. The increase in revenue is primarily due to an increase in the number of SSi Mantra 3 surgical robotic systems and instruments sold during the three months ended March 31, 2026, as compared to the three months ended March 31, 2025.
Current wording
Total Revenue. For the three months ended June 30, 2026, we had revenues of $13,939,709 (comprised of $12,361,986 of system sales, $1,142,525 of instrument sales, $419,002 of warranty sales and lease income $16,196), compared to revenues of $10,000,305 (comprising $8,781,038 of system sales, $1,007,830 of instrument sales, $193,359 of warranty sales and lease income $18,078), during the three months ended June 30, 2025. The increase in revenue is primarily due to an increase in the number of SSi Mantra 3 surgical robotic systems and instruments sold during the three months ended June 30, 2026, as compared to the three months ended June 30, 2025.
Previous wording
*Stock compensation expense.*We had stock compensation expenses of $3,144,315 and $2,379,212 during the three months ended March 31, 2026 and 2025, respectively. The increase in stock compensation expense was primarily attributable to the issuance of new Restricted Share Awards, as well the vesting of advisory shares during the current period, under the Company’s 2016 Stock Incentive Plan.
Current wording
Stock-based compensation expense. We had stock-based compensation expenses of $2,178,156 and $1,630,295 during the three months ended June 30, 2026 and 2025, respectively. The increase in stock-based compensation expense was primarily attributable to the issuance of new Restricted Share Awards, as well the vesting of advisory shares during the current period, under our 2016 Stock Incentive Plan.
Previous wording
*Depreciation and amortization expense.*We had depreciation and amortization expense of $323,747 for three months ended March 31, 2026, as compared to $208,882 for three months ended March 31, 2025. The increase in depreciation and amortization expense was primarily attributable to an increase in fixed assets during the current period.
Current wording
*Depreciation and amortization expense.*We had depreciation and amortization expense of $346,364 for three months ended June 30, 2026, as compared to $260,361 for three months ended June 30, 2025. The increase in depreciation and amortization expense was primarily attributable to an increase in fixed assets during the current period.
Previous wording
Selling, general and administrative expense. We incurred $4,502,476 in selling, general and administrative (“SG&A”) expense during the three months ended March 31, 2026, as compared to $3,410,872 for the three months ended March 31, 2025.
Current wording
Selling, general and administrative expense. We incurred $4,452,090 in selling, general and administrative (“SG&A”) expense during the three months ended June 30, 2026, as compared to $3,428,788 for the three months ended June 30, 2025.
Previous wording
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 expenses also include 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 expense compared to the previous period is primarily due to higher legal and underwriting fees and expenses incurred for business events held during the current period, which were not present in the previous period.
Current wording
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 expenses also include 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 fees 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 have recognized $207,538 in interest income (net) for the three months ended March 31, 2026, as compared to $240,500 during the three months ended March 31, 2025. The decrease in net income was primarily attributable to the decrease in interest expense on convertible notes during the three months ended March 31, 2026, which was incurred in the prior year period offset by reversal of provision for doubtful debts during the three months period ended March 31, 2025.
Current wording
Other income, net. We have recognized $115,280 in interest income (net) for the three months ended June 30, 2026, as compared to $24 during the three months ended June 30, 2025. The increase in net income was primarily attributable to the increase in interest income on sales and fixed deposits.
Previous wording
Net Loss. We incurred net loss of $3,582,571 for the three months ended March 31, 2026, as compared to a net loss of $5,681,353 for the three months ended March 31, 2025. The decrease in net loss from March 31, 2026 to March 31, 2025 is primarily the result of increase in gross profit by $4,240,013 and reduction in Research & development expense by $14,655 offset by increases in SG&A expense by $1,091,604, Stock compensation expense by $765,103, Depreciation and amortization expense of $114,865 and income tax expense of $151,352.
Current wording
Net Loss. We incurred net loss of $2,661,350 for the three months ended June 30, 2026, as compared to a net loss of $256,691 for the three months ended June 30, 2025. The increase in net loss from June 30, 2026 to June 30, 2025 is primarily the result of an increase in research & development expense of $1,897,094, SG&A expense of $1,023,302, stock-based compensation expense of $547,861, depreciation and amortization expense of $86,003 and income tax expense of $151,547 offset by an increase in gross profit by $1,185,892.
Previous wording
The Company expects to require substantial funds for scaling up its operations, for incurring capital expenditure to have its own in-house machining and tooling capacity and to continue to finance its research and development work in the field of surgical robotics.
Current wording
We expect to require substantial funds for scaling up our operations, incurring capital expenditure to have our own in-house machining and tooling capacity and to continue to finance our research and development work in the field of surgical robotics.
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 a decrease in accounts receivables and increase in deferred revenue.
Current wording
During the six months ended June 30, 2026, net cash used in operating activities was $6,546,449 resulting from our net loss of $6,243,921 partially offset by non-cash charges of $5,735,820 primarily driven by depreciation charges, operating lease expense and stock-based compensation expense. We had cash used in our operating assets and liabilities of $6,038,348 primarily driven by increases in accounts receivables, prepaid and other assets, inventory and decrease accounts payables offset by increase in deferred revenue and income taxes payable.
Previous wording
During the three months ended March 31, 2026, net cash used in operating activities was $2,311,936 resulting from our net loss of $3,582,571 partially offset by non-cash charges of $3,239,977 primarily driven by depreciation charges, operating lease expense and stock compensation expense. We had cash used in our operating assets and liabilities of $1,969,342 primarily driven by increases in prepaid and other assets offset by increase in deferred revenue and decrease in accounts payables.
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-based 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, 2026, we had net cash used in investing activities of $54,189 in purchase of property and equipment.
Current wording
During the six months ended June 30, 2026, we had net cash used in investing activities of $215,060 in purchase of property and equipment.
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
Net cash provided by financing activities was $18,159,697 for the three months ended March 31, 2026, compared to $22,406,019 for the three months ended March 31, 2025. Financing activities during the current period were primarily driven by net proceeds of $18,446,498 from Private Investment in Public Equity, partially offset by net repayments under the bank overdraft facility of $286,801.
Current wording
Net cash provided by financing activities was $21,638,510 for the six months ended June 30, 2026, compared to $21,703,921 for the six months ended June 30, 2025. Financing activities during the current period were primarily driven by net proceeds of $18,446,498 from a private placement completed in March 2026, and proceeds received from bank overdraft facility of $3,192,012.
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, partially offset by net repayments under the bank overdraft facility of $312,495.
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
As of March 31, 2026, the Company has issued two types of equity incentives:
Current wording
As of June 30, 2026, we have issued two types of equity incentives:
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 the Company’s 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 our common stock at a specified price, within a defined period, as per the terms of the stock option agreement. Stock-based compensation expense associated with our 2016 Stock Incentive Plan and its 2026 Stock Incentive Plan (adopted in April 2026) 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
Stock Units (Restricted Stock Units, or RSUs): These do not require the employee to exercise any options. Each stock unit automatically converts into a specified number of shares upon vesting. The Company uses last three months’ average share price of common stock on OTC (prior to April 24, 2025) or on NASDAQ (subsequent to April 24, 2025) as grant date fair value for RSUs.
Current wording
Stock Awards (Restricted Stock Awards, or RSAs): These do not require the employee to exercise any options. Each stock unit automatically converts into a specified number of shares upon vesting. We use the last three month’s average share price of common stock on OTC (prior to April 24, 2025) or on Nasdaq (subsequent to April 24, 2025) as grant date fair value for RSUs.
Rearranged current paragraphs (5)
Current report — wording carried from elsewhere
Total Revenue. For the six months ended June 30, 2026, we had revenues of $25,041,075 (comprised of $21,937,356 of system sales, $2,293,753 of instrument sales, $776,688 of warranty sales and lease income $33,278), compared to 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), during the six months ended June 30, 2025. The increase in revenue is primarily due to an increase in the number of SSi Mantra 3 surgical robotic systems and instruments sold during the six months ended June 30, 2026, as compared to the six months ended June 30, 2025.
Current report — wording carried from elsewhere
*Stock-based compensation expense.*We had stock-based compensation expenses of $5,322,471 and $4,009,507 during the six months ended June 30, 2026 and 2025, respectively. The increase in stock-based compensation expense was primarily attributable to the issuance of new Restricted Share Awards, as well the vesting of advisory shares during the current period, under our 2016 Stock Incentive Plan.
Current report — wording carried from elsewhere
*Depreciation and amortization expense.*We had depreciation and amortization expense of $670,111 for six months ended June 30, 2026, as compared to $469,243 for six months ended June 30, 2025. The increase in depreciation and amortization expense was primarily attributable to an increase in fixed assets during the current period.
Current report — wording carried from elsewhere
Selling, general and administrative expense. We incurred $8,941,387 in selling, general and administrative (“SG&A”) expense during the six months ended June 30, 2026, as compared to $6,638,587 for the six months ended June 30, 2025.
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 expenses also include 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 our uplisting to Nasdaq, and expenses incurred for business events held during the current period, which were not present in the previous period.