SS Innovations International, Inc. (formerly Avra Medical Robotics, Inc.) reported significant financial developments in its latest 10-Q filing for the period ending June 30, 2024. The company experienced a notable increase in total assets, rising from $30.9 million in December 2023 to $38.3 million by June 2024. This growth was primarily driven by an increase in accounts receivable, which surged from $1.9 million to $4.6 million, and a rise in non-current assets from $11.7 million to $15.7 million.

Despite the increase in assets, the company faced a substantial rise in total current liabilities, which jumped from $7.9 million to $17.7 million, contributing to an overall increase in total liabilities from $11.7 million to $21.3 million. The accumulated deficit also widened, increasing from $(26.4 million) to $(32.0 million), while total stockholders’ equity decreased from $19.2 million to $17.0 million.

Revenue performance showed a marked improvement, with system sales for the three months ended June 30, 2024, reaching $4.2 million, compared to $1.5 million in the same period of 2023. For the six-month period, revenues totaled $11.6 million, up from $3.1 million year-over-year. Gross profit for the three months was $1.0 million, significantly higher than $224,163 in the prior year, although selling, general, and administrative expenses also increased sharply from $2.0 million to $3.8 million, leading to a loss from operations of $(2.8 million) for the quarter, compared to $(1.8 million) in 2023.

The net loss for the three months ended June 30, 2024, was $(2.9 million), up from $(1.9 million) in the same period last year. For the six months, the net loss was $(5.6 million), compared to $(2.8 million) in 2023. The company reported a comprehensive loss of $(5.6 million) for the six months, reflecting the challenges in managing operational costs against rising revenues.

Strategically, SS Innovations launched its "SSI Mantra" surgical robotic system in India and has expanded its market presence, selling 17 systems in the first half of 2024, including exports to Nepal. The company is actively pursuing regulatory approvals in the U.S. and EU, expected in late 2025. Additionally, the company raised $4.5 million through notes payable during the six months, indicating ongoing efforts to secure funding for operational scaling.

The company’s financial controls are under review, with identified deficiencies in documentation and segregation of duties, although management does not consider these to represent material weaknesses. A new ERP system is being implemented to enhance operational efficiency.