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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of report (Date of earliest event reported): May 14, 2025
SS INNOVATIONS INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
| Florida | 000-56608 | 47-3478854 | ||
| (State or Other Jurisdiction of Incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
|
405, 3rd Floor, iLabs Info Technology Centre Udyog Vihar, Phase III, Gurugram, Haryana, India |
122016 | |
| Address of Principal Executive Office (Street and Number) | (Zip Code) |
Registrant’s telephone number, including area code: +91 73375 53469
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each Class | Trading Symbol | Name of each exchange on which registered | ||
| Common Stock | SSII | The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
As used in this Current Report on Form 8-K (this “Current Report”), the terms “SSi,” “the Company,” “we,” “us” and “our” refer to SS Innovations International, Inc. and its subsidiaries.
Item 2.02 Results of Operations and Financial Condition.
The disclosure set forth in Item 7.01 of this Current Report is incorporated herein in its entirety by reference.
Item 7.01. Regulation FD Disclosure.
On May 14, 2025, the Company issued a press release announcing unaudited financial results for the three months ended March 31, 2025. A copy of the press release is included as Exhibit 99.1 to this Current Report.
The information set forth in Items 2.02 and 7.01 of this Current Report, and in the press release included as Exhibit 99.1 to this Current Report, are deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information set forth in Items 2.02 and 7.01 of this Current Report, and in the press release included as Exhibit 99.1 to this Current Report, shall not be deemed incorporated by reference into any filing under the Exchange Act or the Securities Act of 1933, as amended, regardless of any general incorporation language in such filing.
Forward-Looking Statements:
This Report may contain statements that are not historical facts and are considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. The words “anticipate,” “assume,” “believe,” “estimate,” “expect,” “will,” “intend,” “may,” “plan,” “project,” “should,” “could,” “seek,” “designed,” “potential,” “forecast,” “target,” “objective,” “goal,” or the negatives of such terms or other similar expressions to identify such forward-looking statements. These statements relate to future events or SSi’s future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company’s control and which could, and likely will, affect actual results, levels of activity, performance or achievements. Some of the risks and uncertainties, although not all risks and uncertainties, that could cause the Company’s actual results to differ materially from those presented in its forward-looking statements are set forth in the Company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and all of its other filings with the U.S. Securities and Exchange Commission, as such risks, uncertainties and other important factors may be updated from time to time in the Company’s subsequent reports. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to SSi’s operations, results of operations, growth strategy and liquidity.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | |
| 99.1 | Press Release, dated May 14, 2025 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: May 14, 2025 | SS INNOVATIONS INTERNATIONAL, INC. | |
| By: | /s/ Sudhir Srivastava | |
| Sudhir Srivastava, M.D. | ||
| Chairman and Chief Executive Officer | ||
2
Exhibit 99.1
SS Innovations Reports First Quarter 2025 Financial Results
Record Quarterly Revenue of $5.1 Million Driven by Higher SSi Mantra 3 Unit Sales
On Track for July 2025 De Novo Application to the FDA for SSi Mantra 3
Fort Lauderdale, FL – May 14, 2025 – SS Innovations International, Inc. (the “Company” or “SS Innovations”) (Nasdaq: SSII), a developer of innovative surgical robotic technologies dedicated to making robotic surgery affordable and accessible to a global population, today announced unaudited financial results for the three months ended March 31, 2025. The Company also filed its Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, with the Securities and Exchange Commission on May 14, 2025.
First Quarter 2025 Overview
| ● | Revenue increased 40.8% to $5.1 million from $3.6 million in the first quarter of 2024. |
| ● | Gross margin expanded 121 basis points to 21.23% from 20.02% in the first quarter of 2024. |
| ● | Gross profit rose 49.3% to $1.1 million from $0.7 million in the first quarter of 2024. |
| ● | Net loss of $5.7 million, or $(0.03) per diluted share, compared to net loss of $9.8 million, or $(0.06) per diluted share, in the first quarter of 2024. |
| ● | SSi Mantra surgical robotic system installations totaled 15, up 66.7% from 9 installations in the first quarter of 2024. |
As of March 31, 2025
| ● | Long-term debt of $0. |
| ● | Cash and cash equivalents totaled $15.9 million, excluding restricted cash. |
| ● | SSi Mantra cumulative installed base totaled 78 and cumulative surgeries reached 3,568. |
Subsequent Events
| ● | On April 25, 2025, the Company’s common stock uplisted to The Nasdaq Capital Market®. |
CEO Commentary
Dr. Sudhir Srivastava, Chairman of the Board and Chief Executive Officer of SS Innovations, commented, “In the first quarter of 2025, we achieved record quarterly revenue of $5.1 million, up 40.8% from $3.6 million in the first quarter of 2024, driven by higher unit sales of our innovative, cutting-edge SSi Mantra 3 surgical robotic system to leading healthcare facilities in India and abroad. Our gross margin also improved during the quarter, primarily reflecting a reduction in raw material prices. With an expanding installed base and growing utilization of SSi Mantra 3 by medical professionals globally, SS Innovations is well positioned for continued robust organic growth during the remainder of the year.”
Dr. Srivastava continued, “After quarter end, we uplisted to Nasdaq, an exciting milestone that symbolizes a new chapter of global expansion for the Company. We intend to widen our presence beyond the seven countries where our SSi Mantra surgical robotic system has been cleared to market, with a focus on pursuing approval in the European Union and United States. We plan to submit a De Novo application for SSi Mantra to the U.S. Food and Drug Administration by the end of July 2025 for multiple indications and continue along the pathway towards a European Union CE Mark decision as soon as late 2025. Our vision is to decentralize and democratize robotic surgery by deploying our cost-effective, gold-standard SSi Mantra 3 devices across the globe for the benefit of a wider range of patients in need.”
Select Business Highlights in First Quarter 2025
| ● | The SSi Mantra 3 surgical robotic system enabled the world’s first ever robotic cardiac telesurgery. |
| ● | The Company’s state-of-the-art mobile telesurgery unit debuted in India with the aim of improving remote surgical access. |
| ● | The SSi Mantra 3 received medical device regulatory approvals in the Philippines and Ukraine. |
Revenue Breakdown and Summary of Installations / Surgeries
| Category | Q1 2024 | Q1 2025 | Variance | Percentage | ||||||||||||
| System sales | $ | 3,494,759 | $ | 4,502,482 | $ | 1,007,723 | 28.8 | % | ||||||||
| Instrument sales | 118,515 | 477,208 | 358,693 | 302.7 | % | |||||||||||
| Warranty sales | 9,407 | 122,504 | 113,097 | 1,202.3 | % | |||||||||||
| Lease income | 15,012 | 18,416 | 3,404 | 22.7 | % | |||||||||||
| Total revenue | $ | 3,637,693 | $ | 5,120,610 | $ | 1,482,917 | 40.8 | % | ||||||||
| SSi Mantra installations | 9 | 15 | 6 | 67 | % | |||||||||||
| Cumulative installed base1 | 24 | 78 | 54 | 225 | % | |||||||||||
| SSi Mantra surgeries | 361 | 787 | 426 | 118 | % | |||||||||||
| Cumulative surgeries1 | 981 | 3,568 | 2,587 | 264 | % | |||||||||||
| 1 | at period end |
About SS Innovations
SS Innovations International, Inc. (Nasdaq: SSII) develops innovative surgical robotic technologies with a vision to make the benefits of robotic surgery affordable and accessible to a larger segment of the global population. The Company’s product range includes its proprietary “SSi Mantra” surgical robotic system and its comprehensive suite of “SSi Mudra” surgical instruments, which support a variety of surgical procedures including robotic cardiac surgery. An American company headquartered in India, SS Innovations plans to expand the global presence of its technologically advanced, user-friendly, and cost-effective surgical robotic solutions. Visit the Company’s website at ssinnovations.com or LinkedIn for more information and updates.
About the SSi Mantra
The SSi Mantra Surgical Robotic System is a user-friendly, modular, multi-arm system with many advanced technology features, including: 3 to 5 modular robotic arms, an open-faced ergonomic surgeon command center, a large 3D 4K monitor, a touch panel monitor for all patient related information display, a virtual real-time image of the robotic patient side arm carts, and the ability for superimposition of 3D models of diagnostic imaging. A vision cart provides the table-side team with the same magnified 3D 4K view as the surgeon to provide better safety and efficiency. The SSi Mantra utilizes over 40 different types of robotic endo-surgical instruments to support different specialties, including cardiac surgery. The SSi Mantra has been clinically validated in India in more than 100 different types of surgical procedures.
Forward-Looking Statements – Safe Harbor
This press release may contain statements that are not historical facts and are considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. The words “anticipate,” “assume,” “believe,” “estimate,” “expect,” “will,” “intend,” “may,” “plan,” “project,” “should,” “could,” “seek,” “designed,” “potential,” “forecast,” “target,” “objective,” “goal,” or the negatives of such terms or other similar expressions to identify such forward-looking statements. These statements relate to future events or SS Innovations International’s future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.
Investor Contact:
The Equity Group
Kalle Ahl, CFA
T: (303) 953-9878
kahl@equityny.com
Devin Sullivan, Managing Director
T: (212) 836-9608
dsullivan@equityny.com
Media Contact:
press@ssinnovations.org
T: (212) 739-0300
SS INNOVATIONS INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
| As of | ||||||||
| March 31, 2025 |
December 31, 2024 |
|||||||
| ASSETS | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ | 15,873,217 | $ | 466,500 | ||||
| Restricted cash | 5,886,589 | 5,838,508 | ||||||
| Accounts receivable, net | 3,962,202 | 4,466,047 | ||||||
| Inventory, net | 14,295,141 | 10,206,898 | ||||||
| Prepaids and other current assets | 7,602,794 | 6,438,338 | ||||||
| Total Current Assets | 47,619,943 | 27,416,291 | ||||||
| Non- Current Assets: | ||||||||
| Property, plant, and equipment, net | 7,044,307 | 5,385,955 | ||||||
| Right of use asset | 2,629,225 | 2,623,880 | ||||||
| Accounts receivable, net | 2,818,043 | 3,299,032 | ||||||
| Restricted cash- Non current | 318,982 | 318,527 | ||||||
| Prepaids and other non current assets | 3,026,461 | 3,341,528 | ||||||
| Total Non-Current Assets | 15,837,018 | 14,968,922 | ||||||
| Total Assets | $ | 63,456,961 | $ | 42,385,213 | ||||
| LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | ||||||||
| Current Liabilities | ||||||||
| Bank overdraft facility | $ | 7,682,411 | $ | 7,994,906 | ||||
| Notes payable | - | 7,450,000 | ||||||
| Current portion of operating lease liabilities | 368,309 | 409,518 | ||||||
| Accounts payable | 3,641,410 | 2,312,382 | ||||||
| Deferred revenue | 1,871,275 | 1,278,602 | ||||||
| Accrued expenses & other current liabilities | 1,433,308 | 1,884,814 | ||||||
| Total Current Liabilities | 14,996,713 | 21,330,222 | ||||||
| Non- Current Liabilities | ||||||||
| Operating lease liabilities, less current portion | 2,402,653 | 2,349,118 | ||||||
| Deferred Revenue- Non Current | 5,405,227 | 5,173,953 | ||||||
| Other non current liabilities | 98,078 | 74,817 | ||||||
| Total Non-Current Liabilities | 7,905,958 | 7,597,888 | ||||||
| Total Liabilities | $ | 22,902,671 | $ | 28,928,110 | ||||
| Stockholders’ equity: | ||||||||
| Preferred stock, authorized 5,000,000 shares of Series A, Non-Convertible Preferred Stock, $0.0001 par value per share; 1,000 shares issued and outstanding as of March 31, 2025 and December 31, 2024 | 1 | 1 | ||||||
| Common stock, 250,000,000 shares authorized, $0.0001 par value, 193,556,177 shares and 171,579,284 shares issued and outstanding as of March 31, 2025 and December 31, 2024 respectively | 19,354 | 17,157 | ||||||
| Accumulated other comprehensive income (loss) | (726,911 | ) | (749,625 | ) | ||||
| Additional paid in capital | 89,705,829 | 56,952,200 | ||||||
| Capital reserve | 899,917 | 899,917 | ||||||
| Accumulated deficit | (49,343,900 | ) | (43,662,547 | ) | ||||
| Total stockholders’ equity | 40,554,290 | 13,457,103 | ||||||
| Total liabilities and stockholders’ equity | $ | 63,456,961 | $ | 42,385,213 | ||||
SS INNOVATIONS INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)
| For The Three months ended | ||||||||
| March 31, 2025 |
March 31, 2024 |
|||||||
| REVENUES | ||||||||
| System sales | 4,502,482 | 3,494,759 | ||||||
| Instruments sale | 477,208 | 118,515 | ||||||
| Warranty sale | 122,504 | 9,407 | ||||||
| Lease income | 18,416 | 15,012 | ||||||
| Total revenue | $ | 5,120,610 | $ | 3,637,693 | ||||
| Cost of revenue | (4,033,402 | ) | (2,909,511 | ) | ||||
| GROSS PROFIT | 1,087,208 | 728,182 | ||||||
| OPERATING EXPENSES: | ||||||||
| Research & development expense | 1,010,095 | 527,991 | ||||||
| Stock compensation expense | 2,379,212 | 7,108,750 | ||||||
| Depreciation and amortization expense | 208,882 | 80,101 | ||||||
| Selling, general and administrative expense | 3,410,872 | 2,843,659 | ||||||
| TOTAL OPERATING EXPENSES | 7,009,061 | 10,560,501 | ||||||
| Loss from operations | (5,921,853 | ) | (9,832,319 | ) | ||||
| OTHER INCOME (EXPENSE): | ||||||||
| Interest Expense | (379,905 | ) | (190,088 | ) | ||||
| Interest and other income, net | 620,405 | 180,654 | ||||||
| TOTAL OTHER INCOME (EXPENSE), NET | 240,500 | (9,434 | ) | |||||
| LOSS BEFORE INCOME TAXES | (5,681,353 | ) | (9,841,753 | ) | ||||
| Income tax expense | - | - | ||||||
| NET LOSS | $ | (5,681,353 | ) | $ | (9,841,753 | ) | ||
| Net loss per share - basic and diluted | $ | (0.03 | ) | $ | (0.06 | ) | ||
| Weighted average- basic shares | 178,836,342 | 170,729,490 | ||||||
| Weighted average- diluted shares | 188,599,859 | 181,609,691 | ||||||
| CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE LOSS | ||||||||
| NET LOSS | $ | (5,681,353 | ) | $ | (9,841,753 | ) | ||
| OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||
| Foreign currency translation gain/(loss) | 6,876 | (79,314 | ) | |||||
| Retirement Benefit (net of tax) | 15,838 | 8,507 | ||||||
| TOTAL COMPREHENSIVE LOSS | $ | (5,658,639 | ) | $ | (9,912,560 | ) | ||
SS INNOVATIONS INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| For The Three months ended | ||||||||
| March 31, 2025 |
March 31, 2024 |
|||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (5,681,353 | ) | $ | (9,841,753 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 208,882 | 80,101 | ||||||
| Operating lease expense | 205,275 | 178,871 | ||||||
| Interest Expense | 155,015 | 283,868 | ||||||
| Interest and other income, net | (140,928 | ) | (168,746 | ) | ||||
| (Reversal of) / Provision for credit loss reserve | (422,711 | ) | 389,330 | |||||
| Stock compensation expense | 2,379,212 | 7,108,750 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable, net | 1,275,750 | (3,186,108 | ) | |||||
| Inventory, net | (5,082,673 | ) | (1,326,859 | ) | ||||
| Deferred revenue | 823,947 | 2,290,417 | ||||||
| Prepaids and other assets | (1,003,604 | ) | 56,511 | |||||
| Accounts payable | 1,329,028 | 926,083 | ||||||
| Accrued expenses & other liabilities | 48,331 | 705,455 | ||||||
| Operating lease payment | (197,545 | ) | (167,838 | ) | ||||
| Net cash used in operating activities | (6,103,374 | ) | (2,671,918 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Purchase of property, plant and equipment | (872,804 | ) | (127,255 | ) | ||||
| Net cash used in investing activities | (872,804 | ) | (127,255 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Proceeds from bank overdraft facility (net) | (312,495 | ) | 188,259 | |||||
| Proceeds from issuance of convertible notes to principal shareholder | 28,000,000 | 1,000,000 | ||||||
| Proceeds from issuance of convertible notes to other investors | - | 1,450,000 | ||||||
| Repayment of convertible notes to principal shareholder, including interest | (4,212,637 | ) | - | |||||
| Repayment of convertible notes to other investors, including interest | (1,068,849 | ) | - | |||||
| Net cash provided by financing activities | 22,406,019 | 2,638,259 | ||||||
| Net change in cash | 15,429,841 | (160,914 | ) | |||||
| Effect of exchange rate on cash | 25,412 | (31,351 | ) | |||||
| Cash and cash equivalents at the beginning of the period | 6,623,535 | 7,087,845 | ||||||
| Cash and cash equivalents at end of the period | $ | 22,078,788 | $ | 6,895,580 | ||||
| Supplemental disclosure of cash flow information: | ||||||||
| Conversion of convertible notes into common stock, including interest | $ | 30,645,360 | $ | - | ||||
| Transfer of systems from inventory to property, plant and equipment | $ | 994,430 | $ | 1,422,880 | ||||
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