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SS Innovations International Inc (SSII+5.88%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports revenues of $15,025,717 for the nine months ended September 30, 2024, compared to $4,866,287 for the same period in 2023. The company sold 25 surgical robotic systems during this period.
Research and development expenses increased to $1,726,359 for the nine months ended September 30, 2024, from $781,817 in the previous year, reflecting continued focus on technological improvements.
Stock compensation expenses rose significantly to $6,586,381 for the nine months ended September 30, 2024, due to stock grants and options issued to executives and employees.
Depreciation and amortization expenses were $1,035,861 for the nine months ended September 30, 2024, compared to $110,663 for the same period in 2023.
General and administrative expenses increased to $7,418,541 for the nine months ended September 30, 2024, from $3,293,479 in the previous year, due to the expansion of operations and increased staffing.
The company reported a net loss of $11,699,076 for the nine months ended September 30, 2024, compared to a net loss of $4,060,806 in the previous year.
Cash used in operating activities was $5,474,776 for the nine months ended September 30, 2024, primarily due to the net loss and changes in operating assets and liabilities.
Net cash used in investing activities was $1,655,495 for the nine months ended September 30, 2024, mainly due to additions to property and equipment.
Net cash provided by financing activities was $6,019,381 for the nine months ended September 30, 2024, primarily from the issuance of 7% Convertible Promissory Notes and bank overdrafts.
SS Innovations International Inc continues to focus on expanding its manufacturing capacity and global market presence while addressing financial and operational challenges.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the SS Innovations International Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.