10-Q - SS Innovations International, Inc. (0001676163) (Filer)

Thu, Nov 14, 2:22 PM (22 days ago)

SS Innovations International, Inc. (SSII) reported significant financial developments for the quarter ending September 30, 2024. The company generated revenues of $3,408,706, a substantial increase from $1,779,602 in Q3 2023, driven by the sale of seven surgical robotic systems. However, the net loss widened to $6,119,381 from $1,222,340 year-over-year, primarily due to increased stock compensation expenses totaling $3,337,465. Total assets rose to $37,811,974 from $30,825,337, while total liabilities surged to $23,919,989, reflecting a significant increase in bank overdrafts and notes payable. The company raised $4.95 million through convertible promissory notes to bolster working capital. Cash and cash equivalents decreased to $220,364, indicating liquidity pressures. SSII is under a restatement process for previous financial statements, impacting its internal controls. The company’s ongoing efforts include expanding its surgical robotics market presence, with 40 systems sold and a growing network of installations, which may enhance future revenue streams. Despite these challenges, SSII aims to secure additional funding to support its operational growth and expansion plans.