American Shared Hospital Services reported first-quarter 2026 results with revenue of $7.1 million and adjusted EBITDA of $1.124 million, reflecting year-over-year improvement in operating performance. Gross margin rose to $1.288 million (18.2%) while the company recorded a net loss attributable to the company of $0.612 million, or $0.09 per diluted share. Management said direct patient services expansion and higher procedure volumes drove results and that volumes are trending higher into Q2.

Financial Highlights

• Total revenue: $7,084,000 for the three months ended March 31, 2026 (15.9% increase vs. $6,112,000 in Q1 2025).
• Gross profit: $1,288,000, representing a gross margin of 18.2% (compared with $942,000, or 15.4%, in Q1 2025).
• Operating loss: $(924,000) for the quarter, improved from $(1,299,000) in the prior-year period.
• Net loss attributable to American Shared Hospital Services: $(612,000), or $(0.09) per diluted share (Q1 2025: $(625,000), $(0.10) per diluted share).
• Adjusted EBITDA: $1,124,000 for Q1 2026, up from $949,000 in Q1 2025.

Business Highlights

• Direct patient services expansion drove revenue growth, with direct patient services revenue increasing 30.2% year-over-year to approximately $4.1 million.
• Increased procedure volumes across treatment centers: Gamma Knife procedures rose 10.1% (229 procedures) and proton beam radiation therapy (PBRT) treatments increased 20.7% to 1,003.
• Rhode Island centers and the Puebla, Mexico facility continued to ramp utilization and contributed materially to segment growth.
• Leasing revenue remained stable at approximately $3.0 million, with impacts from prior Gamma Knife agreement expirations partially offset by improved volumes at upgraded sites.
• Management continues operational focus on optimizing existing network utilization, improving reimbursement profiles, and progressing discussions with lenders on potential debt extensions to support growth.

Original SEC Filing: AMERICAN SHARED HOSPITAL SERVICES [ AMS ] - 8-K - May. 14, 2026