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SI

SS Innovations International, Inc. (SSII)·Q1 2025 Earnings Summary

Executive Summary

  • Record quarterly revenue of $5.12M (+40.8% YoY) with gross margin of 21.23%; net loss narrowed to $5.68M and EPS improved to $(0.03) vs $(0.06) YoY .
  • Strong execution on unit placements: 15 SSi Mantra installations (+67% YoY) and cumulative installed base reached 78; cumulative surgeries rose to 3,568 (+264% YoY) .
  • Subsequent uplisting to Nasdaq in April 2025 enhances visibility and access to capital; management reiterated global expansion and regulatory ambitions (EU, U.S.) .
  • Note: Wall Street consensus estimates were unavailable via S&P Global for SSII in Q1 2025, limiting beat/miss analysis; comparisons anchor on actuals [Values retrieved from S&P Global].

What Went Well and What Went Wrong

What Went Well

  • SSi Mantra 3 momentum: record revenue driven by higher system sales; installations up 67% YoY, cumulative installed base 78, cumulative surgeries 3,568 .
  • CEO flagged margin tailwinds: “Our gross margin also improved during the quarter, primarily reflecting a reduction in raw material prices” .
  • Strategic milestones: world’s first robotic cardiac telesurgery, debut of mobile telesurgery unit, and regulatory approvals in the Philippines and Ukraine .

What Went Wrong

  • Actuals fell short of earlier preliminary commentary: March 31 release anticipated ~$6.4M revenue and ~45% gross margin for Q1; actuals were $5.12M and 21.23%, implying lower-than-expected deliveries/mix or cost performance in the quarter .
  • Gross margin remained modest despite YoY expansion (+121 bps), reflecting scale-up costs and mix; gross profit $1.09M vs revenue $5.12M .
  • Continued losses: net loss of $5.68M; cash from operations negative with inventory build and working capital movements (accounts receivable and deferred revenue) .

Financial Results

Consolidated Performance vs Prior Periods and Estimates

MetricQ3 2024Q4 2024Q1 2025
Revenue ($USD)$4,386,516 $8,044,498*$5,120,610
Gross Margin (%)52.8% 48.90%*21.23%
Gross Profit ($USD)$2,317,407 —$1,087,208
Net Income ($USD)$(3,245,483) $(1,923,391)*$(5,681,353)
Diluted EPS ($USD)$(0.02) $(0.0112)*$(0.03)

Values marked with * retrieved from S&P Global.

Revenue Breakdown (Q1)

CategoryQ1 2024Q1 2025Variance ($)Variance (%)
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%

KPIs

KPIQ1 2024Q1 2025VarianceVariance (%)
SSi Mantra installations9 15 6 67%
Cumulative installed base24 78 54 225%
SSi Mantra surgeries361 787 426 118%
Cumulative surgeries981 3,568 2,587 264%

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Q1 revenueQ1 2025~$6.4M (preliminary, 3/31 press) Actual $5.12M Lower vs preliminary
Q1 gross marginQ1 2025~45% (preliminary, 3/31 press) Actual 21.23% Lower vs preliminary
FDA U.S. submission plan2025De Novo by end of July 2025 510(k) by end of September 2025 ; later updated to 510(k) in Q4 2025 Pathway/timing updated later
EU CE Mark timing2025–26As soon as late 2025 First half of 2026 (updated cadence) Extended timeline

Earnings Call Themes & Trends

Note: A Q1 2025 earnings call transcript was not available in our document catalog or public sources for SSII; themes reflect press releases and filings.

TopicPrevious Mentions (Q-2 and Q-1)Current Period (Q1 2025)Trend
Margin drivers2024 commentary anticipated ~45% Q1 margin; scale efficiencies and cost reduction noted Gross margin 21.23%; CEO cited raw material price reductions aiding margin Mixed: margin improving YoY but below preliminary view
Product performance2024: 80 systems installed, >3,500 surgeries; expanding manufacturing capacity to 20 units/month 15 installs; cumulative base 78; 787 quarterly surgeries Continued growth in deployments and utilization
Regulatory pathway (U.S.)Targeting De Novo by end-2025/early-2026 overall approvals Plan to submit De Novo by end-July 2025 ; later shifted to 510(k) by end-Sept and then Q4 2025 Accelerated pathway via 510(k); timing updated
Geographic expansionQuality/regulatory approvals in multiple countries (India, Nepal, Ecuador, Guatemala, Philippines, Indonesia, Ukraine) Added approvals in Philippines and Ukraine Broadening international footprint
TelesurgeryTrials in 2024; adult and pediatric telesurgeries launched World’s first robotic cardiac telesurgery; debut of mobile unit Leadership in telesurgery; increasing milestones
Capital marketsPre-Nasdaq status in 2024 Uplisted to Nasdaq in April 2025 Improved market visibility and potential liquidity

Management Commentary

  • “In the first quarter of 2025, we achieved record quarterly revenue of $5.1 million… driven by higher unit sales of our innovative, cutting-edge SSi Mantra 3 surgical robotic system… Our gross margin also improved during the quarter, primarily reflecting a reduction in raw material prices.” — Dr. Sudhir Srivastava, CEO .
  • “We intend to widen our presence beyond the seven countries… with a focus on pursuing approval in the European Union and United States… submit a De Novo application… by the end of July 2025… Our vision is to decentralize and democratize robotic surgery…” — Dr. Srivastava .
  • Subsequent quarter commentary (context): Shift to 510(k) submission by end-September 2025, and continued pathway toward EU CE Mark as soon as late 2025 ; later noted human factors study completion at Johns Hopkins and expected 510(k) submission in Q4 2025 .

Q&A Highlights

  • A Q1 2025 earnings call transcript for SSII was not available in our source set or public archives; no Q&A themes could be extracted.

Estimates Context

  • S&P Global consensus estimates for Q1 2025 (EPS, revenue, EBITDA) were unavailable for SSII; tool returned actuals only, with no consensus means populated [Values retrieved from S&P Global].
MetricQ1 2025 ConsensusQ1 2025 Actual
Revenue ($USD)N/A*$5,120,610
EPS ($USD)N/A*$(0.03)
EBITDA ($USD)N/A*Approximate operating loss → $(5,921,853) operating loss; EBITDA not provided in release

Values marked with * retrieved from S&P Global; consensus data not available.

Key Takeaways for Investors

  • Momentum in placements and utilization remains strong; system and instrument sales underpin top-line growth with 15 installs and broadening international approvals .
  • Gross margin improved YoY but was well below preliminary commentary, signaling variability in mix, scale, and cost trajectory during commercialization ramp .
  • The regulatory pathway pivot (De Novo → 510(k)) suggests pursuit of a potentially faster U.S. market entry; timing updated through Q2/Q3 signals active FDA engagement and human factors validation progress .
  • Working capital dynamics (inventory build, receivables) and continued net losses highlight cash discipline and financing flexibility as critical during scale-up .
  • Uplisting to Nasdaq is a tangible catalyst for investor visibility and access; paired with milestone telesurgeries, the narrative supports medium-term adoption and geographic expansion .
  • Near-term trading lens: watch for updates on FDA 510(k) filing and EU CE timing, Q2/Q3 installation cadence, and margin progression as manufacturing scales .
  • Medium-term thesis: if regulatory approvals are secured and cost curve improves, SSII’s lower-cost robotic platform and telesurgery leadership could expand TAM across emerging markets and select developed markets; execution on service/instrument attach rates will be key .