Revenue growth remains highly volatile with a 116.5% increase in 2026Q1, yet structural margin constraints persist as evidenced by gross margins fluctuating between 16.8% and 59.1% over the observed period.
| Sales/Revenue | 48.45M | 42.48M | 20.65M | 5.88M | 1.46M | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | 148.24% | 105.74% | 251.2% | 303.19% | - | - | - | - | - | - | - |
| Cost of Goods Sold | 25M | 22.94M | 12.2M | 5.17M | 968.72K | 18.79K | 37.43K | 37.7K | 19.46K | 789 | 0 |
| COGS % of Revenue | - | 54% | 59.07% | 87.87% | 66.43% | - | - | - | - | - | - |
| Gross Profit | 23.44M | 19.54M | 8.45M | 713.45K | 489.59K | -18.79K | -37.43K | -37.7K | -19.46K | -789 | 0 |
| Gross Margin % | 48.39% | 46% | 40.93% | 12.13% | 33.57% | - | - | - | - | - | - |
| Gross Profit Growth % | - | 131.23% | 1084.72% | 45.72% | 2706.03% | 49.81% | 0.72% | -93.71% | -2366.79% | - | - |
| Operating Expenses | 29.57M | 27.74M | 27.43M | 21.38M | 6.17M | 1.39M | 1.07M | 3.28M | 940.92K | 1.01M | 462.49K |
| OpEx % of Revenue | - | 65.29% | 132.83% | 363.65% | 423.01% | - | - | - | - | - | - |
| Selling, General & Admin | 25.03M | 22.98M | 24.5M | 20.81M | 6.09M | 1.39M | 1.06M | 3.22M | 913.79K | 938.85K | 324.12K |
| SG&A % of Revenue | - | 54.08% | 118.65% | 353.86% | 417.3% | - | - | - | - | - | - |
| Research & Development | 3.67M | 3.69M | 2.49M | 576.17K | 83.28K | 1K | 3K | 60.87K | 27.13K | 71.17K | 138.38K |
| R&D % of Revenue | - | 8.68% | 12.07% | 9.8% | 5.71% | - | - | - | - | - | - |
| Other Operating Expenses | 867.02K | 1.08M | 436K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -6.13M | -8.19M | -18.98M | -20.67M | -5.68M | -1.41M | -1.1M | -3.32M | -960.38K | -1.01M | -462.49K |
| Operating Margin % | -12.65% | -19.29% | -91.9% | -351.52% | -389.44% | - | - | - | - | - | - |
| Operating Income Growth % | - | 56.82% | 8.19% | -263.93% | -303.63% | -27.57% | 66.81% | -245.98% | 4.99% | -118.56% | - |
| EBITDA | -4.94M | -7.12M | -18.54M | -20.51M | -5.55M | -1.39M | -1.07M | -3.28M | -940.92K | -1.01M | -462.46K |
| EBITDA Margin % | -10.19% | -16.75% | -89.78% | -348.75% | -380.6% | - | - | - | - | - | - |
| EBITDA Growth % | 73.58% | 61.61% | 9.59% | -269.45% | -299.81% | -30.29% | 67.56% | -249.13% | 6.84% | -118.4% | - |
| D&A (Non-Cash Add-back) | 1.19M | 1.08M | 436K | 162.62K | 128.9K | 18.79K | 37.43K | 37.7K | 19.46K | 789 | 0 |
| EBIT | -5.41M | -7.05M | -18.18M | -20.42M | -5.44M | -1.48M | -1.12M | -3.37M | -960.32K | -1.01M | -462.46K |
| Net Interest Income | -290.39K | 33.09K | -175.24K | -393.6K | 77.73K | 118 | -1.05K | 0 | 58 | -26.92K | -22.49K |
| Interest Income | 722.39K | 1.14M | 798K | 129.76K | 239.73K | 118 | 6 | 0 | 58 | 84 | 31 |
| Interest Expense | 1.01M | 1.11M | 973.24K | 523.36K | 162K | 0 | 1.06K | 0 | 0 | 27K | 22.52K |
| Other Income/Expense | 218.28K | 33.09K | -175.24K | -273.6K | 77.73K | -77.27K | -21.75K | -63.29K | 58 | -26.91K | -22.49K |
| Pretax Income | -5.91M | -8.16M | -19.15M | -20.94M | -5.6M | -1.48M | -1.12M | -3.39M | -960.32K | -1.04M | -484.98K |
| Pretax Margin % | -12.2% | -19.21% | -92.74% | -356.17% | -384.11% | - | - | - | - | - | - |
| Income Tax | 4.12M | 3.97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 0 |
| Effective Tax Rate % | -69.67% | -48.6% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0% | 0% |
| Net Income | -10.03M | -12.13M | -19.15M | -20.94M | -5.6M | -1.48M | -1.12M | -3.39M | -960.32K | -1.04M | -484.98K |
| Net Margin % | -20.7% | -28.55% | -92.74% | -356.17% | -384.11% | - | - | - | - | - | - |
| Net Income Growth % | 48.07% | 36.68% | 8.55% | -273.86% | -277.38% | -31.98% | 66.78% | -252.59% | 7.46% | -113.97% | - |
| Net Income (Continuing) | -10.03M | -12.13M | -19.15M | -20.94M | -5.6M | -1.48M | -1.12M | -3.39M | -960.32K | -1.04M | -484.98K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.05 | -0.06 | -0.10 | -0.16 | -1.41 | -0.52 | -0.48 | -1.57 | -0.46 | -0.53 | -0.25 |
| EPS Growth % | 50.83% | 40% | 37.5% | 88.65% | -171.15% | -8.33% | 69.43% | -241.3% | 13.21% | -112% | - |
| EPS (Basic) | - | -0.06 | -0.11 | -0.16 | -1.41 | -0.52 | -0.48 | -1.57 | -0.46 | -0.53 | -0.25 |
| Diluted Shares Outstanding | 205.31M | 198.7M | 181.89M | 128.45M | 3.98M | 2.85M | 2.34M | 2.15M | 2.09M | 1.95M | 1.92M |
| Basic Shares Outstanding | 196.01M | 190.01M | 170.78M | 128.45M | 3.98M | 2.85M | 2.34M | 2.15M | 2.09M | 1.95M | 1.92M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Insufficient liquidity for scale
As indicated by the quarterly financial data, SSII achieved a significant revenue surge, with year-over-year growth rates frequently exceeding 100%, peaking at 192.5% in 2025Q3, which suggests that the company is successfully capturing early-stage market demand for its robotic surgical systems despite inherent lumpiness in capital equipment sales.
The triple-digit growth trajectory highlights strong initial adoption of the SSI Mantra system, likely driven by aggressive market penetration in emerging regions. However, the inconsistency in quarterly revenue figures suggests that the company's growth remains highly sensitive to the timing of large-scale hospital procurement cycles rather than a steady, predictable recurring revenue stream.
According to the reported income statements, SSII's gross margins have fluctuated significantly, ranging from a low of 16.8% to a peak of 59.1%, which implies that the company has yet to establish the manufacturing efficiencies or pricing power necessary to compete with established industry incumbents like Intuitive Surgical.
The volatility in gross margins suggests that the company is struggling to standardize its production costs or is frequently forced to offer deep discounts to secure system placements. Investors should monitor whether these margins stabilize at a higher level as the company moves beyond its initial launch phase and achieves greater economies of scale.
Based on the provided financial filings, SSII's operating expenses, particularly SG&A, have consistently outpaced gross profit generation, resulting in persistent operating losses that indicate the company has not yet reached the critical mass required to achieve positive operating leverage in its current global expansion phase.
The company's inability to scale operating income alongside revenue growth suggests that the cost of supporting a global sales and clinical infrastructure is currently prohibitive. Without a significant reduction in overhead relative to revenue, the company may continue to face substantial pressure on its bottom line, regardless of top-line success.
As reported in the quarterly data, the company's net income remains deeply negative, with significant stock-based compensation expenses, such as the $2.4M recorded in 2025Q1, further complicating the assessment of true operational performance and suggesting that shareholder dilution is a primary mechanism for funding ongoing losses.
The reliance on stock-based compensation to manage cash burn warrants careful investigation, as it masks the true cost of talent acquisition and retention during this high-growth phase. Investors should be wary of the disconnect between reported EPS and the actual cash requirements needed to sustain the company's current operational trajectory.
Based on the company's reported $3.2M cash balance and history of quarterly operating losses, it appears that SSII faces a precarious liquidity position that may force dilutive capital raises, potentially undermining the long-term value proposition for existing shareholders if the current burn rate remains unchecked.
Short-term observers may focus on the company's inability to maintain a positive cash flow, which poses a direct threat to its ability to fund the necessary R&D and clinical validation for Western market entry. The current financial structure suggests that the company is operating with a very thin margin for error, making it highly vulnerable to any delays in system placements or regulatory approvals.
Quick answers to the most common questions about buying SSII stock.
For fiscal year 2025, SS Innovations International, Inc. (SSII) reported total revenue of $42.5M.
SS Innovations International, Inc. (SSII) reported a net loss of $12.1M for the fiscal year ending 2025.
SS Innovations International, Inc. (SSII) reported an operating income of $-8.2M, resulting in an operating profit margin of -19.3%. This margin reflects the operational efficiency of the business before interest and taxes.
SS Innovations International, Inc. (SSII) generated $19.5M in gross profit for the year, representing a gross profit margin of 46.0%. This demonstrates the company's core pricing power and production efficiency.