American Shared Hospital Services (AMS) Q1 2026 earnings summary

Executive summary

• Revenue grew 15.9% year-over-year to $7.1 million, driven by expansion in direct patient services and higher procedure volumes at Rhode Island and Puebla centers.

• Gross margin increased 36.7% year-over-year to $1.3 million, or 18.2% of revenue, reflecting improved utilization and higher revenue.

• Net loss attributable to shareholders was $0.6 million ($0.09/share), a slight improvement from $0.10/share in Q1 2025, due to increased revenues offset by higher operating costs.

• Adjusted EBITDA rose 18.4% year-over-year to $1.1 million, reflecting improved operating performance.

• Leadership transition announced with Craig Tagawa appointed as interim CEO, bringing over 35 years of experience.

Financial highlights

• Total revenue: $7.1 million, up from $6.1 million in Q1 2025, led by direct patient services.

• Gross margin: $1.3 million (18.2% of revenue), up from $0.9 million (15.4%).

• Operating loss narrowed to $0.9 million from $1.3 million year-over-year.

• Cash and equivalents increased to $5.2 million from $3.7 million at year-end.

• Net loss per share was $0.09, compared to $0.10 in Q1 2025.

Outlook and guidance

• Volumes are trending higher into Q2 2026, with continued growth expected in direct patient care and proton therapy.

• Management is focused on optimizing operations, increasing patient access, and enhancing financial performance.

• New facilities in Rhode Island (Bristol and Johnston) on schedule, with openings expected in 18–30 months.

• Guadalajara center expected to begin operations late 2026.

• Management is actively negotiating with lenders to extend or amend credit agreements but cannot assure successful outcomes.