2 International Microcaps for Your Watchlist

As we’ve discussed previously in our microcap commentary, microcap companies typically generate most of their sales in the US. This compares to large cap multinationals which are in more mature stages of growth and looking for incremental growth via international expansion.

Oftentimes large caps have fully penetrated the US market and due to their sheer size require expansion abroad to move the needle materially in financial performance. Large cap names like McDonald’s and Coca-Cola immediately come to mind.

Therefore, it is rare in microcap land to find companies generating the majority of their sales outside the US. But this is exactly the case with the two microcaps we profile here.

SS Innovations International, Inc. (SSII), in 2025, realized 87% of its $42.5 m of sales from India. The commercial-stage surgical robotics company is focused on designing, manufacturing, and marketing advanced robotic surgery technologies aimed at expanding access to robot-assisted procedures.

SS Innovations International, Inc. (SSII) reported record revenue in Q2 as sales grew 39.4% YOY to $13.9 m. On an operational level, its installed base reached 238 systems as of Sept. 8, 2026, up 42% from 168 at year-end 2025. 

Procedure growth has been even faster, with cumulative multi-specialty procedures rising 79% to 14,103 from 7,885 over the same period. Approximately 1,500 physicians have been trained on the platform.

The company recorded a net loss of $2.7 million for the quarter and cash burn remains an issue accompanied by intermittent cash raises. Slower collections are a major contributor.

While we remain on the sidelines at Neutral, the sales growth is noteworthy. Additionally, we know many investors out there who are all in on India economic growth for the long-term.

Lastly, a key milestone date to track is Q1 of 2027, when the company expects to hear back from the US FDA U.S. Food and Drug Administration to complete its review of the SSi Mantra's 510(k) premarket notification.

The possibility of a new, lower-cost surgical robot system to challenge the large med tech players in the US market could become a compelling catalyst down the road.

The other microcap worthy of your watchlist is Iveda Solutions, Inc. (IVDA). Although having a diminutive market cap, the stock trades well.

As of Q2, 91% of the company’s sales originated from Taiwan.

Iveda Solutions, Inc. (IVDA) provides AI-driven video surveillance, smart city technologies and Internet of Things (IoT) platforms, including IvedaAI intelligent video search, Cerebro, IvedaSPS smart power, Utilus smart pole, smart sensors, gateways, trackers, drones, body cameras, IvedaCare and LevelNOW.

The application of AI to smart city technology just intuitively makes a lot of sense.

The company has $4.8 m of cash as of the end of June with expectations that this will provide a 12-month funding runway.

Revenue can be lumpy and concentrated as it is typically project driven and reliant upon government contracts. This is partially why we remain at a Neutral until better revenue stability and consistency emerges. 

Continual proof of concept wins with government agencies via news flow will be important to monitor. 

 

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This article originally published on Zacks Investment Research (zacks.com).

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