American Shared Hospital Services filings document an operating company focused on stereotactic radiosurgery equipment and advanced radiation therapy services. Its 8-K reports cover quarterly financial results, proton beam radiation therapy lease amendments, credit agreement matters, indebtedness classification, and executive officer changes.
Proxy materials describe board governance, executive compensation, equity award practices, insider trading policy references, and pay-versus-performance disclosures. The filing record also ties financing and corporate governance disclosures to the company's leasing agreements, direct patient care operations, and subsidiaries involved in radiation therapy financing and services.
American Shared Hospital Services disclosed that reporting persons TIGH II, LLC and Anita G. Zucker no longer own any of the company’s common stock. On June 22, 2026, TIGH II sold all 586,468 shares it held in a private transaction to RCS/TIG Holdings, LLC, an entity affiliated with the company’s executive chairman, at $2.28 per share for total consideration of $1,337,147. Following this sale, both TIGH II and Mrs. Zucker report 0% beneficial ownership and have ceased to be holders of 5% or more of the outstanding shares.
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 $7,084,000, up from $6,112,000 a year earlier, driven mainly by growth in direct patient services and higher proton beam volumes. The company still posted a net loss attributable to shareholders of $612,000, or $0.09 per share. Management disclosed covenant breaches and nonpayment of all amounts due at the April 2026 maturity of its $22,000,000 credit agreement, and warned that these issues raise substantial doubt about its ability to continue as a going concern.
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 is holding its 2026 annual shareholder meeting virtually on June 24, 2026. Shareholders of record as of April 27, 2026, when 6,627,466 common shares were outstanding, can vote on four key items.
Investors will elect four directors (Daniel G. Kelly Jr., Kathleen Miles, Raymond C. Stachowiak and Vicki L. Wilson), cast a non-binding advisory vote on 2025 executive compensation, approve an amendment and restatement of the Incentive Compensation Plan, and ratify Baker Tilly US, LLP as independent auditor. The board recommends voting “FOR” all proposals.
The proxy details governance practices, including independent committee structures, an insider trading and hedging policy, and an October 2024 compensation recoupment policy. It also explains the Variable Compensation Plan and equity incentives, and seeks to extend the Incentive Compensation Plan’s term by five years to February 22, 2032 without increasing the 2,580,000-share authorization.
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.
Stachowiak Raymond C reported acquisition or exercise transactions in this Form 4 filing.
American Shared Hospital Services Executive Chairman Raymond C. Stachowiak received an award of 100,000 Restricted Stock Units, each convertible into one share of Common Stock upon vesting. The units vest in four equal installments of 25,000 on April 1, 2026, July 1, 2026, October 1, 2026, and January 1, 2027.
After this award, he holds 774,678 shares of Common Stock directly, and also reports indirect holdings of 158,500 shares through RCS Investments, Inc. and 760,559 shares through Stachowiak Equity Fund.
American Shared Hospital Services reports on its cancer-focused equipment leasing and direct patient services business while highlighting serious financing challenges. The company carries multiple credit facilities, has breached key debt covenants with Fifth Third Bank, and discloses that these defaults raise substantial doubt about its ability to continue as a going concern. It continues to expand Gamma Knife and proton therapy operations in the U.S. and Latin America, including new joint ventures in Mexico and Rhode Island, but relies heavily on a few large customers and Medicare reimbursement trends. Long-term debt, liquidity constraints, and pending negotiations with lenders are central risks for shareholders.
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.