SS Innovations International, Inc. reported significant financial developments in its 10-Q filing for the period ending September 30, 2024. Total current assets increased to $26.7 million, up from $20.7 million at the end of 2023, primarily driven by a substantial rise in accounts receivable, which surged to $5.1 million from $1.9 million. Inventory also rose to $9.2 million, compared to $6.3 million previously. However, cash and cash equivalents saw a notable decline, dropping to $220,364 from $2 million.

The company’s total assets increased to $37.8 million, while total liabilities rose sharply to $23.9 million, resulting in a decrease in stockholders’ equity to $13.9 million from $19 million. Current liabilities also saw a significant increase, reaching $18.9 million compared to $8.5 million at the end of 2023.

In terms of sales performance, SS Innovations reported system sales of $14.4 million for the nine months ended September 30, 2024, a substantial increase from $4.3 million in the same period of 2023. For the third quarter alone, system sales reached $3.1 million, up from $1.3 million year-over-year. Gross profit for the nine-month period was $5.4 million, compared to $751,462 in the prior year, although total operating expenses surged to $16.8 million from $4.2 million, leading to an operating loss of $11.3 million, up from $3.4 million.

The net loss for the nine months ended September 30, 2024, was $11.7 million, compared to $4.1 million in the same period of 2023. This increase in net loss was attributed to higher stock compensation expenses and expanded general and administrative costs due to the scaling of operations. The company’s workforce grew from 180 to 278 employees during this period.

Strategically, SS Innovations launched its SSi Mantra surgical robotic system in India and has sold a total of 40 systems as of September 30, 2024, including exports to Nepal, Indonesia, and Ecuador. The company raised $4.95 million through convertible promissory notes and additional funds through promissory notes to support its working capital needs.

The company also faced challenges with its internal controls, identifying material weaknesses that necessitated restating previously issued financial statements. To address these issues, SS Innovations is enhancing its review processes and implementing a new ERP system.