American Shared Hospital Services (AMS) posts 19% Q2 revenue jump but remains unprofitable

Q: How did American Shared Hospital Services (AMS) perform financially in Q2 2026?

AMS grew Q2 2026 revenue by 19% to $8.4 million but reported a net loss of $514,000 . Growth was driven by Direct Patient Services and Proton Beam Radiation Therapy, while higher legal and credit-loss expenses pressured profitability.

Q: How fast is AMS’s Direct Patient Services segment growing?

Direct Patient Services revenue rose 40% in Q2 2026 to $4.9 million and 35% in the first half to $8.9 million . Growth reflects higher patient volumes at Rhode Island, Peru and Puebla radiation therapy centers.

Q: What is the profitability trend for AMS, including Adjusted EBITDA?

AMS remained unprofitable, with a Q2 2026 net loss of $514,000 and first-half net loss of $1.1 million . Q2 Adjusted EBITDA declined to $1.3 million , and first-half Adjusted EBITDA was $2.5 million , both slightly below 2025 levels.

Q: What recent financing and credit agreement steps has AMS taken?

After quarter-end, AMS executed a Third Amendment and Forbearance Agreement with Fifth Third Bank, revising certain repayment schedules, and obtained $2.0 million in subordinated financing from RCS/TIG Holdings LLC to enhance liquidity.

Filing Impact

(Very High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

American Shared Hospital Services reported strong top-line growth but continued losses for the quarter and six months ended June 30, 2026. Second quarter revenue rose 19% to $8.4 million from $7.1 million, driven mainly by a 40% increase in Direct Patient Services revenue to $4.9 million, higher radiation therapy volumes in Rhode Island, Peru and Puebla, and a 22% increase in Proton Beam Radiation Therapy revenue to $2.3 million. Gamma Knife revenue also edged up to $2.7 million.

Despite growth, profitability remained challenged. Q2 gross margin declined to $1.4 million from $1.6 million and net loss attributable to the company widened to $514,000 ($0.07 per share). Management attributed higher losses largely to $285,000 of legal costs related to a Third Amendment to its credit agreement and a $909,000 increase in credit loss allowances. Adjusted EBITDA fell to $1.3 million from $1.7 million.

For the first half of 2026, revenue increased 18% to $15.5 million, with Direct Patient Services up 35% to $8.9 million. Operating cash flow reached $4.4 million, helping boost cash, cash equivalents and restricted cash to $6.8 million from $3.7 million at year-end, while current long-term debt declined to $16.2 million. After quarter-end, the company amended its credit agreement and entered a forbearance arrangement with Fifth Third Bank and obtained $2.0 million in subordinated financing from an entity controlled by its Executive Chairman to support liquidity and capital structure initiatives.

Positive

Revenue grew double digits: Q2 2026 revenue increased 19% to $8.4 million, and first-half revenue rose 18% to $15.5 million versus 2025.
Direct Patient Services expanding rapidly: segment revenue climbed 40% in Q2 to $4.9 million and 35% in the first half to $8.9 million, strengthening recurring patient-care driven income.
Strong operating cash generation: cash from operating activities reached $4.4 million in the first half of 2026, funding debt repayments and distributions to non-controlling interests.
Liquidity improved: cash, cash equivalents and restricted cash increased to $6.8 million at June 30, 2026 from $3.7 million at December 31, 2025, while current portion of long-term debt declined to $16.2 million.
Growth in advanced therapies: Proton Beam Radiation Therapy revenue rose 22% in Q2 to $2.3 million and to $4.3 million for the first half, reflecting higher volumes and reimbursement.
Financing actions support flexibility: a Third Amendment and Forbearance Agreement with Fifth Third Bank plus $2.0 million subordinated financing provide additional capital structure flexibility.

Negative

Company remains unprofitable: Q2 2026 net loss attributable to the company widened to $514,000 ($0.07 per share), and first-half net loss increased to $1.1 million.
Gross margin compressed: Q2 gross margin declined to $1.4 million from $1.6 million in Q2 2025 despite 19% revenue growth, indicating higher cost pressure.
Adjusted EBITDA declined: Q2 Adjusted EBITDA fell to $1.3 million from $1.7 million, and first-half Adjusted EBITDA slipped to $2.5 million from $2.7 million year over year.
Higher legal and credit loss costs: results were impacted by $285,000 of legal fees tied to the Third Amendment to the credit agreement and a $909,000 increase in allowance for credit losses for certain receivables.
Capital structure under active renegotiation: the need for a Third Amendment and Forbearance Agreement with Fifth Third Bank and related subordinated financing highlights ongoing balance sheet and financing pressures.

Insights

Analyzing...

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Q2 2026 Revenue: $8,430,000 First-Half 2026 Revenue: $15,514,000 Q2 2026 Net Loss Attributable to AMS: $514,000 +5 more

8 metrics

Q2 2026 Revenue $8,430,000 Three months ended June 30, 2026; up from $7,071,000 in Q2 2025

First-Half 2026 Revenue $15,514,000 Six months ended June 30, 2026; up from $13,183,000 in 2025 period

Q2 2026 Net Loss Attributable to AMS $514,000 Three months ended June 30, 2026; net loss attributable to American Shared Hospital Services

First-Half 2026 Net Loss Attributable to AMS $1,126,000 Six months ended June 30, 2026; compared with $905,000 in prior-year period

First-Half 2026 Operating Cash Flow $4,400,000 Cash from operating activities for the six months ended June 30, 2026

Cash and Restricted Cash $6,761,000 Cash, cash equivalents and restricted cash as of June 30, 2026

Q2 2026 Adjusted EBITDA $1,341,000 Three months ended June 30, 2026; down from $1,701,000 in Q2 2025

Subordinated Financing $2,000,000 Subordinated financing from RCS/TIG Holdings LLC obtained after quarter-end

Key Terms

Adjusted EBITDA, Proton Beam Radiation Therapy, Gamma Knife, non-controlling interest, +2 more

6 terms

Adjusted EBITDA financial

"Reconciliation of GAAP to Non-GAAP Adjusted Results ... Adjusted EBITDA"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

Proton Beam Radiation Therapy medical

"Revenue generated from the Company's Proton Beam Radiation Therapy system increased 22%"

Proton beam radiation therapy is a form of cancer treatment that uses a beam of charged particles (protons) to deliver radiation precisely to a tumor while sparing nearby healthy tissue; imagine a sniper shot that deposits most of its energy exactly where it’s aimed rather than a floodlight that bathes everything. For investors, it matters because the technology drives high-cost equipment purchases, affects hospital service offerings and reimbursement decisions, and can influence demand for related devices, facilities and insurance coverage.

Gamma Knife medical

"Gamma Knife revenue increased to $2.7 million, compared with $2.6 million"

A gamma knife is a medical device that treats brain tumors and other brain disorders by aiming many small beams of radiation to a single spot, much like several flashlights converging to light one precise point without cutting the skin. For investors, it matters because adoption, device sales, treatment volumes and reimbursement can affect hospital revenue, medical-equipment makers’ sales and the competitive landscape for noninvasive brain treatments.

non-controlling interest financial

"Less: Net loss attributable to non-controlling interest"

Non-controlling interest represents the portion of ownership in a company held by investors who do not have a controlling stake, meaning they do not have enough voting power to make major decisions. It is similar to owning a minority share of a business partner’s company—while they benefit from profits, they cannot control how the company is run. This matters to investors because it shows how much of the company's value is owned by outside shareholders and affects overall financial reporting.

Forbearance Agreement financial

"entered into a Third Amendment to its Credit Agreement and Forbearance Agreement with Fifth Third Bank"

A forbearance agreement is a temporary deal between a borrower and a lender where the lender agrees to delay or reduce payments instead of declaring a default; think of it as a pause button on a loan while both sides work out a longer-term fix. It matters to investors because it affects a company’s short-term cash flow and the likelihood of loan losses or restructuring, which can change credit risk and share value.

stock-based compensation expense financial

"Stock-based compensation expense ... Adjusted EBITDA"

Stock-based compensation expense is the value that a company records when it gives employees or executives shares or options to buy shares as part of their pay. It matters because it shows the true cost of paying employees this way, which can affect the company's profits and how investors see its financial health.

Earnings Snapshot

Q2 2026 Revenue: $8,430,000

Three and six months ended June 30, 2026

Q2 2026 Revenue $8,430,000 Increased from $7,071,000 in Q2 2025

First-Half 2026 Revenue $15,514,000 Increased from $13,183,000 in first half 2025

Q2 2026 Net Loss Attributable to AMS $514,000 Widened from $280,000 net loss in Q2 2025

First-Half 2026 Net Loss Attributable to AMS $1,126,000 Increased from $905,000 net loss in first half 2025

Q2 2026 Adjusted EBITDA $1,341,000 Decreased from $1,701,000 in Q2 2025

First-Half 2026 Adjusted EBITDA $2,465,000 Decreased from $2,650,000 in first half 2025

FAQ

How did American Shared Hospital Services (AMS) perform financially in Q2 2026?

AMS grew Q2 2026 revenue by 19% to $8.4 million but reported a net loss of $514,000. Growth was driven by Direct Patient Services and Proton Beam Radiation Therapy, while higher legal and credit-loss expenses pressured profitability.

What were American Shared Hospital Services (AMS) first-half 2026 results?

For the six months ended June 30, 2026, AMS increased revenue 18% to $15.5 million and generated $4.4 million in operating cash flow. Net loss attributable to the company was $1.1 million, slightly higher than the prior-year period.

How fast is AMS’s Direct Patient Services segment growing?

Direct Patient Services revenue rose 40% in Q2 2026 to $4.9 million and 35% in the first half to $8.9 million. Growth reflects higher patient volumes at Rhode Island, Peru and Puebla radiation therapy centers.

What is the profitability trend for AMS, including Adjusted EBITDA?

AMS remained unprofitable, with a Q2 2026 net loss of $514,000 and first-half net loss of $1.1 million. Q2 Adjusted EBITDA declined to $1.3 million, and first-half Adjusted EBITDA was $2.5 million, both slightly below 2025 levels.

How has American Shared Hospital Services (AMS) liquidity and debt position changed?

Cash, cash equivalents and restricted cash increased to $6.8 million at June 30, 2026 from $3.7 million at year-end, while current long-term debt decreased to $16.2 million. AMS also secured $2.0 million in subordinated financing after quarter-end.

What recent financing and credit agreement steps has AMS taken?

After quarter-end, AMS executed a Third Amendment and Forbearance Agreement with Fifth Third Bank, revising certain repayment schedules, and obtained $2.0 million in subordinated financing from RCS/TIG Holdings LLC to enhance liquidity.

How are AMS’s Gamma Knife and Proton Beam Radiation Therapy businesses performing?

In Q2 2026, Proton Beam Radiation Therapy revenue increased 22% to $2.3 million, with treatment fractions up about 10% year over year. Gamma Knife revenue rose to $2.7 million, supported by improving international volumes, especially after a system upgrade in Peru.

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Understanding 8-K Material Events →

Available on EDGAR 08/13/2026 - 12:44 PM Accepted by SEC EDGAR 08/13/2026 - 12:44 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of report (Date of earliest event reported): August 13, 2026

AMERICAN SHARED HOSPITAL SERVICES

(Exact Name of Registrant as Specified in Its Charter)

California	1-08789	94-2918118
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

601 Montgomery Street, Suite 850 San Francisco, California		94111
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code: (415) 788-5300

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class		Trading Symbol		Name of Each Exchange on Which Registered
American Shared Hospital Services Common Stock, No Par Value		AMS		NYSE AMERICAN

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On August 13, 2026, the Company issued a press release announcing its financial results for the second quarter ending June 30, 2026. The full text of the press release is furnished as Exhibit 99.1 to this report. The Company does not intend for this exhibit to be incorporated by reference into future filings under the Securities Exchange Act of 1934.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
Exhibit 99.1	Press Release dated August 13, 2026.
104	Cover page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

						AMERICAN SHARED HOSPITAL SERVICES

						(Registrant)

Dated: August 13, 2026						/s/ Raymond C. Stachowiak

						By: Raymond C. Stachowiak

						Title: Executive Chairman of the Board

Exhibit 99.1

American Shared Hospital Services Reports Second Quarter and First Half 2026 Financial Results

Second Quarter Revenue Increased 19% to $8.4 Million Driven by Strong Growth from Direct Patient Services

Operating Cash Flow Reached $4.4 Million in First Half of 2026

Conference Call Scheduled for Today at 1:00 PM ET

SAN FRANCISCO, Calif., August 13, 2026 – American Shared Hospital Services (NYSE American: AMS) (the "Company"), a leading provider of stereotactic radiosurgery equipment and advanced radiation therapy cancer treatment services, today announced financial results for the second quarter and six months ended June 30, 2026.

Key Financial Highlights

●

Total second quarter revenue increased 19% year over year (y-o-y) to $8.4 million, compared with $7.1 million in the second quarter of 2025.

●

Second quarter Direct Patient Services revenue increased 40% y-o-y to $4.9 million, driven by higher procedure volumes at the Company's Rhode Island radiation therapy centers and its Peru and Puebla, Mexico facilities.

●

Second quarter Proton Beam Radiation Therapy (PBRT) revenue increased 22% y-o-y to $2.3 million, reflecting higher treatment volumes and higher reimbursement per treatment.

●

International Gamma Knife revenue increased 56% during the first six months of 2026 to $2.7 million as treatment volumes increased at the Company's international centers.

●

Cash provided by operating activities totaled $4.4 million during the first six months of 2026.

●

Cash, cash equivalents and restricted cash increased to $6.8 million at June 30, 2026, compared with $3.7 million at December 31, 2025.

"Our second quarter results demonstrate the strength of our diversified radiation oncology platform," said Craig Tagawa, Interim Chief Executive Officer. "Our quarterly revenue growth reflects continued momentum in our Direct Patient Services business, improved Proton Beam Radiation Therapy performance and increasing contributions from our international operations. These results underscore the benefits of the strategic investments we have made over the past several years to expand our treatment capabilities and geographic footprint.

"During the quarter, our Rhode Island facilities continued to deliver strong procedure growth while our Peru and Puebla radiation therapy centers generated another solid quarter of operating performance. In addition, higher procedure volumes and reimbursement at our Proton Beam Radiation Therapy operation contributed meaningfully to revenue growth. We remain focused on improving operating efficiencies, expanding patient access, and positioning our portfolio for sustainable long-term growth."

Ray Stachowiak, Executive Chairman, added:

"The fundamentals of our business remain strong. Demand for advanced radiation therapy continues to grow, and our portfolio of Gamma Knife, Proton Beam Radiation Therapy and radiation oncology centers positions AMS to participate across multiple areas of cancer treatment. While we continue to address our financing initiatives, our priority remains on executing our long-term growth strategy, strengthening our balance sheet and creating value for our shareholders through disciplined capital allocation and continued operational execution."

Second Quarter Financial Results

Total revenue for the second quarter of 2026 increased 19% to $8.4 million, compared with $7.1 million in the prior-year period.

Revenue from the Company's Direct Patient Services segment increased 40% to $4.9 million, reflecting higher procedure volumes at the Company's Rhode Island radiation therapy centers and its Peru and Puebla, Mexico facilities. Radiation therapy revenue from these facilities increased to $3.4 million, compared with $2.5 million during the second quarter of 2025.

Revenue generated from the Company's Proton Beam Radiation Therapy system increased 22% to $2.3 million, driven by both higher treatment volumes and improved average reimbursement. Proton Beam Radiation Therapy treatment fractions increased approximately 10% year over year.

Gamma Knife revenue increased to $2.7 million, compared with $2.6 million in the prior-year quarter. International Gamma Knife procedure volumes continued to improve following installation of the Esprit system upgrade in Lima, Peru during 2025. The upgraded platform has reduced treatment times and improved patient throughput, contributing to stronger operating performance at this Peru location.

Revenue from the Company's Medical Equipment Leasing segment remained generally consistent with the prior-year quarter as lower domestic Gamma Knife procedure volumes, primarily reflecting the expiration of one customer contract in 2025, offset continued strength in Proton Beam Radiation Therapy operations.

Gross margin in Q2 2026 was $1.4 million, compared to $1.6 million in Q2 2025, and was up from $1.3 million in Q1 2026.

The Company reported a net loss attributable to American Shared Hospital Services of $514,000, or $0.07 per diluted share, compared with a net loss of $280,000, or $0.04 per diluted share, in the second quarter of 2025. The increase in net loss primarily reflected the higher legal costs of $285,000 associated with the Company's completed Third Amendment to its credit agreement with Fifth Third and the increase in the allowance for credit losses of $909,000 for accounts receivable prior to May 31, 2025, partially offset by strong revenue growth.

Second quarter adjusted EBITDA was $1.3 million compared to $1.7 million in the prior year quarter.

First Half 2026 Results

For the six months ended June 30, 2026, total revenue increased 18% to $15.5 million, compared with $13.2 million for the first six months of 2025.

Direct Patient Services revenue increased 35% to $8.9 million, reflecting continued growth in patient volumes across the Company's Rhode Island radiation therapy centers and its Peru and Puebla, Mexico facilities. The Company's Direct Patient Services segment continues to represent an increasingly important contributor to consolidated revenue and long-term growth.

Revenues from the Company’s leasing segment increased by $3,000 to $6,565,000 for the six-month period compared to $6,562,000 for the prior year period.

Revenue generated by the Company's Proton Beam Radiation Therapy system increased to $4.3 million, compared with $3.6 million in the prior-year period, reflecting higher treatment volumes and improved reimbursement.

Gamma Knife revenue increased to $4.9 million, compared with $4.7 million during the first six months of 2025. While domestic Gamma Knife leasing volumes declined following the expiration of one customer contract in 2025, international procedure volumes increased significantly especially at the Company's Peru facility.

The Company generated $4.4 million of cash from operating activities during the first six months of 2026, reflecting the continued improvement in operating performance and disciplined working capital management. Cash generated from operations primarily funded scheduled debt repayments and distributions to non-controlling interests during the period.

Gross margin for the first half of 2026 was $2.7 million, compared to $2.6 million for the first half of 2025.

Net loss attributable to American Shared Hospital Services increased by $221,000 to a net loss of $1,126,000, or $0.17 for the six-month period ended June 30, 2026 compared to a net loss of $905,000 or $0.14 per diluted share for the same period in the prior year. Net loss for the six-month period ended June 30, 2026 increased primarily due to legal fees incurred to negotiate the Third Amendment to the Credit Agreement of $285,000 and the increase for credit allowances for the Rhode Island Facilities of $909,000 from accounts receivable prior to May 31, 2025.

Adjusted EBITDA for the six-month period was $2.5 million compared to $2.6 million in the prior year quarter.

Balance Sheet Highlights

Cash, cash equivalents and restricted cash totaled $6.8 million as of June 30, 2026, compared with $3.7 million at December 31, 2025.

The current portion of long-term debt, net was $16.2 million as of June 30, 2026, representing a decrease from $17.3 million at December 31, 2025.

Shareholders’ equity (excluding non-controlling interests) was $23.1 million, or approximately $3.49 per share, reflecting the Company’s capital base after accounting for the net loss during the quarter and the impact of non-controlling interests associated with certain operating subsidiaries, including the Rhode Island facilities and international operations.

Subsequent to quarter end, the Company entered into a Third Amendment to its Credit Agreement and Forbearance Agreement with Fifth Third Bank. The amendment established a revised repayment schedule for certain outstanding borrowings while providing the Company additional flexibility to pursue strategic alternatives and strengthen its capital structure.

In conjunction with the amendment, the Company secured $2.0 million of subordinated financing from RCS/TIG Holdings LLC, an entity controlled by the Company's Executive Chairman. The financing is intended to provide additional liquidity as the Company continues to execute its strategic initiatives.

Management believes these financing actions provide additional flexibility while the Company continues discussions regarding its longer-term capital structure alternatives designed to support future growth initiatives and strengthen its balance sheet.

Strategic Growth Initiatives

"Our strategy remains focused on investing in advanced radiation therapy technologies that improve patient outcomes while generating attractive long-term returns," said Mr. Stachowiak. "The breadth of our platform—including Gamma Knife, Proton Beam Radiation Therapy and radiation oncology centers—provides multiple avenues for sustainable growth as demand for precision cancer treatment continues to expand."

Mr. Stachowiak concluded:

"While we continue to address our capital structure, our operating business is performing well. We are encouraged by the continued growth in Direct Patient Services, improving international performance and strong operating cash generation during the first half of 2026.

"Our priorities remain clear: continue growing procedure volumes, expand our installed base of advanced radiation therapy technologies, prudently manage capital and strengthen our financial position. We believe these efforts position the Company to capitalize on attractive long-term opportunities in precision radiation oncology."

Conference Call

The Company will hold a conference call to discuss its second quarter financial results today at 1:00 pm ET.

Teleconference and Webcast Information

To participate, domestic callers may dial 1-844-413-3972 and international callers may dial 1-412-317-5776 at least 10 minutes prior to the start of the call and ask to join the American Shared Hospital Services call.

A simultaneous webcast of the call may be accessed through the Company's website, www.ashs.com or directly:

https://event.choruscall.com/mediaframe/webcast.html?webcastid=v8y3MbI1

A replay of the call will be available at 1-855-669-9658 or 1-412-317-0088, access code 2844456, through August 20, 2026. The call will also be available for replay on the Company’s website at www.ashs.com.

About American Shared Hospital Services (NYSE American: AMS)

American Shared Hospital Services (AMS) is a leading provider of turnkey solutions to cancer treatment centers, health systems, and cancer networks in North and South America. The Company works closely with its partners to develop and grow their cancer service lines and provide integrated cancer care to patients in a convenient local setting close to home. For centers under health system partnerships, the Company and its health system partners share in the capital investment cost and profitability of the operations based on their respective ownership interests. For more information, please visit: www.ashs.com

Safe Harbor Statement

This press release may be deemed to contain certain forward-looking statements with respect to the financial condition, results of operations and future plans of American Shared Hospital Services including statements regarding the expected continued growth of the Company and the expansion of the Company’s Gamma Knife, proton beam radiation therapy and direct patient care services business, which involve risks and uncertainties including, but not limited to, the risks of economic and market conditions, the risk of compliance with debt covenants, the risks of variability of financial results between quarters, the risks of the Gamma Knife and proton beam radiation therapy and direct patient care services businesses, the risks of changes to CMS reimbursement rates or reimbursement methodology, the risks of the timing, financing, and operations of the Company’s Gamma Knife, PBRT, and direct patient care services businesses, the risk of expanding within or into new markets, the risk that the continued operation of acquired businesses could adversely affect financial results and the risk that current and future acquisitions may negatively affect the Company’s financial position. Further information on potential factors that could affect the financial condition, results of operations and future plans of American Shared Hospital Services is included in the filings of the Company with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2025, and subsequent reports filed by the Company with the Securities and Exchange Commission.

Non-GAAP Financial Measure

Adjusted EBITDA, the non-GAAP measure presented in this press release and supplementary information, is not a measure of performance under the accounting principles generally accepted in the United States ("GAAP"). This non-GAAP financial measure has limitations as an analytical tool, including that it does not have a standardized meaning. When assessing our operating performance, this non-GAAP financial measure should not be considered a substitute for, and investors should also consider, income before income taxes, income from operations, net income attributable to the Company, earnings per share and other measures of performance as defined by GAAP as indicators of the Company's performance or profitability.

EBITDA is a non-GAAP financial measure representing our earnings before interest expense, interest income, income tax expense (benefit), depreciation, and amortization. We define Adjusted EBITDA as net loss before interest expense, interest income, income tax expense (benefit), depreciation and amortization expense, and stock-based compensation expense.

We use this non-GAAP financial measure as a means to evaluate period-to-period comparisons. Our management believes that this non-GAAP financial measure provides meaningful supplemental information regarding our performance by excluding certain expenses and charges that may not be indicative of the operating results of our recurring core business, such as stock-based compensation expense. We believe that both management and investors benefit from referring to this non-GAAP financial measure in assessing our performance.

Contacts

American Shared Hospital Services
Ray Stachowiak, Executive Chairman
rstachowiak@ashs.com

Investor Relations

Kirin Smith, President
PCG Advisory, Inc.
ksmith@pcgadvisory.com

American Shared Hospital Services

Condensed Consolidated Statements of Operations

	Summary of Operations Data
				(Unaudited)

	Three months ended June 30,						Six months ended June 30,

	2026			2025			2026			2025
Revenues	$	8,430,000		$	7,071,000		$	15,514,000		$	13,183,000
Costs of revenue		6,997,000			5,441,000			12,793,000			10,611,000
Gross margin		1,433,000			1,630,000			2,721,000			2,572,000
Selling and administrative expense		2,042,000			1,746,000			3,952,000			3,554,000
Interest expense		301,000			428,000			603,000			861,000
Operating loss		(910,000	)		(544,000	)		(1,834,000	)		(1,843,000	)
Interest and other income		47,000			45,000			101,000			109,000
Loss before income taxes		(863,000	)		(499,000	)		(1,733,000	)		(1,734,000	)
Income tax expense (benefit)		135,000			(21,000	)		227,000			(344,000	)
Net loss		(998,000	)		(478,000	)		(1,960,000	)		(1,390,000	)
Less: Net loss attributable to non-controlling interest		484,000			198,000			834,000			485,000
Net loss attributable to American Shared Hospital Services	$	(514,000	)	$	(280,000	)	$	(1,126,000	)	$	(905,000	)

Loss per common share:
Basic	$	(0.07	)	$	(0.04	)	$	(0.17	)	$	(0.14	)
Diluted	$	(0.07	)	$	(0.04	)	$	(0.17	)	$	(0.14	)

Weighted Average Shares Outstanding:
Basic		6,872,000			6,582,000			6,737,000			6,577,000
Diluted		6,872,000			6,582,000			6,737,000			6,577,000