Every 8-K that American Shared Hospital Services (AMS) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 8-K covers material events a company has to report between its quarterly reports, so if you follow AMS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full AMS filings page.
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.
American Shared Hospital Services entered into a Third Amendment to its Credit Agreement and a Forbearance Agreement with Fifth Third Bank on July 22, 2026. The bank agreed to forbear from exercising certain remedies for specified Events of Default through June 30, 2027, and to suspend the Minimum Unrestricted Cash, Fixed Charge Coverage Ratio and Total Funded Debt covenants during this standstill period.
In exchange, the company accepted tight restrictions, including no new revolving borrowings, mandatory monthly prepayments of obligations from Excess Cash Flow above $5,000,000, new monthly interest and scheduled quarterly principal payments on its term loans, detailed liquidity and cash-management controls, limits on capital expenditures and foreign investments, a requirement to pursue a sale of all or part of its assets, and acceleration of all obligations upon termination of the standstill.
Also on July 22, 2026, the company issued a $2,000,000 subordinated promissory note bearing 10% annual interest to RCS/TIG Holdings LLC, an entity controlled by its Executive Chairman, with proceeds placed in a blocked account. In connection with this related-party financing, it granted a warrant exercisable through July 21, 2027 to purchase 220,000 common shares at $1.45 per share in an unregistered private placement under Section 4(a)(2) of the Securities Act, approved by disinterested directors.
American Shared Hospital Services reported that on July 7, 2026, Chief Financial Officer Raymond S. Frech resigned for personal reasons, effective immediately. The company stated that his resignation did not involve any disagreement regarding accounting policies or practices.
The board appointed Alexis N. Tirrito (Wallace), currently Chief Accounting Officer and Secretary, as interim CFO and principal financial and accounting officer, effective the same day. She will retain her roles as CAO and Secretary. Ms. Tirrito, a CPA, has been with the company since 2013 and became CAO and Secretary in October 2021. In connection with the interim CFO role, her base salary was set at $240,000, with a 2026 target performance bonus of 20% of base salary. A customary severance agreement with general releases and waivers was entered into with Mr. Frech.
American Shared Hospital Services held its annual shareholder meeting on June 24, 2026, with 4,490,690 shares represented, or 67.75% of the 6,627,466 shares outstanding and entitled to vote, establishing a quorum. Shareholders elected four directors — Daniel G. Kelly, Jr., Kathleen Miles, Raymond C. Stachowiak and Vicki L. Wilson — to serve until the next annual meeting.
Shareholders gave majority support in an advisory vote on the Company’s executive compensation and approved the Amendment and Restatement of the Company’s Incentive Compensation Plan. They also ratified the appointment of Baker Tilly US, LLP as independent registered public accounting firm for the year ending December 31, 2026.
American Shared Hospital Services reported that its lender, Fifth Third Bank, has issued a notice declaring multiple Events of Default under the company’s Credit Agreement. The defaults include failing to maintain unrestricted cash and equivalents of at least $5,000,000 as of September 30, 2025, breaching financial covenants as of December 31, 2025, missing a required compliance certificate for the quarter ended March 31, 2026, and not repaying term loan obligations due April 9, 2026. As a result, interest on advances has increased to the Default Rate, which adds 2% per year to the existing applicable margin. The lender has reserved all rights, including accelerating all obligations and enforcing on collateral, and the company states it would not have enough cash on hand to satisfy accelerated payments, though acceleration has not yet occurred.
American Shared Hospital Services reported first quarter 2026 revenue of $7.1 million, up 15.9% from $6.1 million a year earlier, driven mainly by higher direct patient services. Gross margin rose to $1.3 million, or 18.2%, compared with $0.9 million, or 15.4%, reflecting better utilization and mix.
The company still posted a net loss attributable to American Shared Hospital Services of $0.6 million, or $0.09 per diluted share, similar to the prior year’s $0.10 loss per share, but operating loss narrowed. Adjusted EBITDA increased 18.4% to $1.1 million. Cash, cash equivalents, and restricted cash increased to $5.2 million as of March 31, 2026, while management highlighted growing treatment volumes at its Rhode Island and Puebla centers and continued focus on optimizing its capital structure.
American Shared Hospital Services announced that CEO Gary Delanois resigned for personal reasons, effective April 24, 2026. The board appointed long-time executive Craig K. Tagawa, currently President, as interim CEO effective April 27, 2026, and he will retain his President role.
To reflect his expanded responsibilities, Mr. Tagawa’s base salary will increase from $265,000 to $325,000, and his 2026 target performance bonus under the company’s variable compensation plan will rise from 40% to 50% of base salary. The company states there are no family relationships or related-party transactions requiring disclosure involving Mr. Tagawa.
American Shared Hospital Services reported fourth quarter and full year 2025 results showing pressure on revenue mix, margins, and liquidity as it shifts toward direct patient care services.
Q4 2025 revenue fell 14.8% to $7.7 million, driven by the expiration of three Gamma Knife agreements and lower proton beam radiation therapy volumes. Direct patient care services grew to 63% of Q4 sales, with segment revenue up 2.6% to $4.9 million, while leasing revenue dropped 33.9% to $2.9 million. Gross margin compressed to 12% from 35% a year earlier, but the Q4 net loss narrowed to $631,000, or $0.09 per share, from a $1.3 million loss.
For full year 2025, revenue slipped 0.9% to $28.1 million. Direct patient care revenue increased 23.7% to $15.5 million, offset by a decline in equipment leasing revenue to $12.6 million. Full year gross margin fell to 18% from 32%, and results swung to a net loss of $1.6 million, or $0.23 per share, versus prior net income that had included a $3.8 million bargain purchase gain. Adjusted EBITDA declined to $5.5 million from $8.9 million. Cash and restricted cash decreased to $3.7 million, while current liabilities more than doubled and current long-term debt reached approximately $17.3 million, with certain credit facility covenants unmet and waivers under discussion. The company highlighted growth in LINAC and direct care volumes, a seven-year extension of its proton therapy lease with Orlando Health through 2033, new Certificate of Need approvals in Rhode Island, and continued international expansion.
American Shared Hospital Services entered into a second amendment to its Proton Beam Radiation Therapy Lease Agreement with Orlando Health, Inc. on March 13, 2026. The amendment extends the lease term for the proton therapy system by seven years, from April 6, 2026 through April 5, 2033.
The updated agreement sets lease payments for the extended term using a technical component collection percentage, with that percentage decreasing during certain twelve‑month periods. It also grants Orlando Health an option to purchase the leased equipment at the end of the term, with a defined purchase price and exercise window.
The amendment further addresses the company’s obligation to remove the equipment at its expense if Orlando Health does not exercise the purchase option, including related financial understandings, and clarifies each party’s maintenance and insurance responsibilities.
American Shared Hospital Services disclosed that investors should no longer rely on its unaudited balance sheet as of September 30, 2025, because certain debt was misclassified. Debt totaling $8,631,000 under its Fifth Third and DFC credit agreements was reported as long-term but will be restated as a current liability, which affects how near-term obligations appear but not revenue, expenses, net loss, cash flows, or total assets.
The company had previously received a notice from Fifth Third asserting an Event of Default tied to a covenant requiring at least $5,000,000 in unrestricted domestic cash and cash equivalents for the quarter ended September 30, 2025. As of this report, neither Fifth Third nor DFC has accelerated repayment, and the company is discussing a waiver and amendment while evaluating impacts on liquidity, financial condition, and going concern considerations. It plans to file amended third-quarter 2025 financial statements as soon as practical.
American Shared Hospital Services reported that Fifth Third Bank sent a notice asserting an Event of Default under the company’s Credit Agreement. The lender claims the default arose because the borrowers did not maintain at least $5,000,000 in unrestricted cash and cash equivalents for the quarter ended September 30, 2025.
Under the notice, Fifth Third has suspended the $7,000,000 revolving loan commitment for additional advances and reserved its rights to accelerate all obligations and take action against collateral. The bank also demanded payment of certain attorney’s fees by December 15, 2025. As of this report, the obligations have not been accelerated. The company is evaluating the impact on its financial statements, liquidity, other credit arrangements, and is in discussions with the lender about a waiver and amendment, with no assurance of a successful outcome.
American Shared Hospital Services furnished an 8-K to report that it issued a press release with its financial results for the third quarter ended September 30, 2025.
The company states that the full text of this third-quarter 2025 financial results press release is provided as Exhibit 99.1 to the report and notes that it does not intend for this exhibit to be incorporated by reference into future Exchange Act filings.
American Shared Hospital Services filed an 8-K reporting that on August 13, 2025 it issued a press release announcing its financial results for the quarter ended June 30, 2025. The company states the press release is furnished as Exhibit 99.1 and that it does not intend for that exhibit to be incorporated by reference into future filings. The filing identifies the registrant, its address, stock listing (AMS on NYSE American) and is signed by Executive Chairman Raymond C. Stachowiak.