# EDGAR Filing Document

**Accession Number:** 0000744825
**File Stem:** 0001437749-25-034719
**Filing Date:** 2025-11
**Character Count:** 21058
**Document Hash:** bc9528b8e6643f429b4cc085b69bcd62
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-034719.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0001437749-25-034719

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251113

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251113

**DATE AS OF CHANGE**: 20251113

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN SHARED HOSPITAL SERVICES
- **CENTRAL INDEX KEY:** 0000744825
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MEDICAL LABORATORIES [8071]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 942918118
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-08789
- **FILM NUMBER:** 251476819

**BUSINESS ADDRESS:**
- **STREET 1:** 601 MONTGOMERY STREET
- **STREET 2:** SUITE 1112
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94111
- **BUSINESS PHONE:** 415-788-5300

**MAIL ADDRESS:**
- **STREET 1:** 601 MONTGOMERY STREET
- **STREET 2:** SUITE 1112
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94111

?xml version='1.0' encoding='ASCII'? asha20251112_8k.htm

**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): November 13, 2025

**AMERICAN SHARED HOSPITAL SERVICES**

(Exact Name of Registrant as Specified in Its Charter)

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| | | |
|:---|:---|:---|
| **California** | **1-08789** | **94-2918118** |
| (State or Other Jurisdiction<br> of Incorporation) | (Commission<br> File Number) | (IRS Employer<br> Identification No.) |
| **601 Montgomery Street, Suite 850**<br> **San Francisco, California** | **601 Montgomery Street, Suite 850**<br> **San Francisco, California** | **94111** |
| (Address of Principal Executive Offices) | (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:

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| | | |
|:---|:---|:---|
| 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 |

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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. ☐

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**Item 2.02. Results of Operations and Financial Condition.**

On November 13, 2025, the Company issued a press release announcing its financial results for the third quarter ending September 30, 2025. 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.

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| | |
|:---|:---|
| <u>Exhibit No.</u> | <u>Description</u> |
| Exhibit 99.1 | [Press Release dated November 13, 2025.](ex_887818.htm) |
| 104 | Cover page Interactive Data File (embedded within the Inline XBRL document) |

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**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.

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| | |
|:---|:---|
|  | AMERICAN SHARED HOSPITAL SERVICES |
|  | (Registrant) |
| Dated: November 13, 2025 | <u>/s/ Raymond C. Stachowiak</u> |
|  | By: Raymond C. Stachowiak |
|  | Title: Executive Chairman of the Board |

---

## Exhibit 99.1

**Exhibit 99.1**

**American Shared Hospital Services Reports Third Quarter 2025 Financial Results**

*Third Quarter Revenue Increased 2.5% Period over Period with 42.3% EBITDA Growth*

*Revenue for the First Nine Months Increased 5.6% Year Over Year*

*Signs Existing Health System to 10 Year Extension and an Upgrade to their Gamma Knife System*

*Conference Call Scheduled for 1:00 PM ET Today*

SAN FRANCISCO, CA, November 13, 2025 – American Shared Hospital Services (NYSE American: AMS) (the "Company"), a leading provider of stereotactic radiosurgery equipment and advanced radiation therapy cancer treatment services through its equipment leasing and direct patient care services segments, today announced financial results for the third quarter ended September 30, 2025.

**Key Financial Highlights**

Q3 2025 Revenue increased 2.5% period over period<br>

Q3 2025 Direct patient services revenue increased 9.4% period over period<br>

Q3 2025 Gross margin of 22.1% increased 15.8% period over period<br>

Q3 2025 Net loss decreased 91.8% to $17,000 from a loss of $207,000 in Q3 2024<br>

Q3 2025 EBITDA increased 42.3% to $1.94 million compared to $1.37 million in Q3 2024<br>

Gary Delanois, Chief Executive Officer, commented: "I am pleased to report revenue increases in both our three and nine-month results which were primarily driven by increased revenue in our direct patient care services segment as our new physicians in Rhode Island ramp up and volumes increase. Our new radiation therapy center in Puebla Mexico is off to a fantastic start where revenue has grown significantly. I am also gratified to see the period over period increase in Gamma Knife revenue in the third quarter, and we remain vigilant in driving the overall revenue growth of the Company. As we look into the remainder of this year and 2026, we expect further growth in revenue from the new Esprit being installed in our new Gamma Knife center in Guadalajara, Mexico that is expected to startup in the second quarter of 2026. We are also very pleased to announce the recent signing of an Existing Health System to a 10 Year Extension for an Esprit – the latest model Gamma Knife System."

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Mr. Delanois continued: "We believe we are well positioned for continued long-term growth with our Certificate of Need approvals for the first radiation therapy treatment center in Bristol, Rhode Island where permitting activities are underway and a proton beam radiation therapy treatment center in Johnston, Rhode Island, which will put us on track to further expand our Rhode Island footprint and growth potential. As we stay focused on our strategic initiatives to further improve efficiency and to take advantage of economies of scale to maximize profitability, our new business development pipeline, and balance sheet positions us well for this next phase of growth."

Scott Frech, Chief Financial Officer, stated: "Our third quarter of 2025 was highlighted by an increase in direct patient care services revenue, and we expect to see this positive trend continue into the end of the year and beyond. Our momentum continues to build, as we execute on our growth strategy and focus beyond our traditional medical equipment leasing model to a direct provider of radiation therapy treatment services to cancer patients. I am also happy to report the improvement in both gross margin and net income. We remain extremely focused on our operational enhancements and cost efficiencies and this past quarter we paid down short-term debt while also making CapEx investments for our Gamma Knife Facility in Peru. These enhancements are part of the key to further position us for potential robust long-term growth and profitability."

Ray Stachowiak, Executive Chairman, stated: "Our track record of consecutive years of revenue growth and improved margins is expected to position us well for building long-term shareholder value. Our vision remains clear, and we are excited about the new business development initiatives we have in place to drive continued momentum and growth."

**Financial Results for the Three Months Ended September 30, 2025**

For the three months ended September 30, 2025, revenue increased 2.5% to $7.2 million compared to $7.0 million in the prior year period, driven by expanded radiation therapy services in our direct patient care services segment.

Revenue from the Company's direct patient care services segment represented 56% of total sales compared to 53% in the prior year period. Direct patient care services revenue was $4.0 million for Q3 2025, an increase of 9.4% from the same period in the prior year, primarily driven by increased procedures at our new radiation therapy treatment center in Puebla, Mexico.

Revenue from the medical equipment leasing segment decreased 5.3% to $3.1 million for Q3 2025 compared to $3.3 million in the prior year period due to lower PBRT volumes.

Gross margin improved to 22.1% in Q3 2025 and increased 15.8% to $1.6 million, compared to 19.6% or $1.4 million in Q3 2024, primarily due to higher treatment volumes.

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Net loss attributable to American Shared Hospital Services decreased 91.8% for Q3 2025 to a loss of $17 thousand or $0.00 per share compared to a net loss of $207 thousand or $0.03 per diluted share for Q3 2024.

Adjusted EBITDA, a non-GAAP financial measure, was $1.9 million for Q3 2025, compared to $1.4 million in Q3 2024.

**Financial Results for the Nine Months Ended September 30, 2025**

For the nine months ended September 30, 2025, revenue increased 5.6% to $20.4 million compared to revenue of $19.3 million for the first nine months of 2024.

Revenue from the Company's direct patient care services segment increased 36.5% to $10.7 million for the first nine months of 2025 compared to $7.8 million from the same period in the prior year, primarily due to revenue generated by the Rhode Island centers and our new center in Puebla, Mexico.

Revenue from the equipment leasing segment was $9.7 million for the first nine months of 2025 compared to $11.5 million for the first nine months of 2024 due to lower Gamma Knife volumes, driven by the expiration of three customer contracts since the fourth quarter of 2024, and lower PBRT volumes.

Gross margins for the first nine months of 2025 were 20.4% or $4.2 million, compared to $6.0 million for the first nine months of 2024 primarily due to lower treatment volumes and increased operating costs driven by the shift to direct patient care services, which have lower margins compared to the equipment leasing segment.

Net loss attributable to American Shared Hospital Services for the first nine months of 2025 was $0.9 million or $0.14 per share, compared to net income of $3.5 million or $0.54 per diluted share for the first nine months of 2024 which was primarily due to the $3.9 million bargain purchase gain generated from the RI Acquisition and net income from the Rhode Island centers acquired.

Adjusted EBITDA, a non-GAAP financial measure, was $4.6 million for the first nine months of 2025, compared to $5.1 million for the first nine months of 2024.

**Balance Sheet Highlights**

At September 30, 2025, cash, cash equivalents, and restricted cash totaled $5.3 million, compared to $11.3 million at December 31, 2024. The decrease in cash was driven by $7.5 million in capital expenditures during the nine-month period.

American Shared Hospital Services' shareholders' equity (excluding non-controlling interests) was $24.6 million or $3.77 per outstanding share, compared to $25.2 or $3.92 per outstanding share at December 31, 2024.

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**Conference Call** 

The Company will hold a conference call to discuss its third quarter 2025 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, <u>www.ashs.com</u> or directly:

<u>https://event.choruscall.com/mediaframe/webcast.html?webcastid=AWOMV8Fk</u>

A replay of the call will be available at 1-855-669-9658 or 1-412-317-0088, access code 7027755, through November 20, 2025. 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: <u>www.ashs.com</u>

**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 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 risks of variability of financial results between quarters, the risks of the Gamma Knife and proton 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, proton therapy, and direct patient care services businesses, the risk of expanding within or into new markets, the risk that the integration or 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 Quarterly Report on Form 10-Q for the three-month periods ended March 31, 2025 and June 30, 2025 and the Annual Report on Form 10-K for the year ended December 31, 2024.

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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, depreciation, and amortization. We define Adjusted EBITDA as net (loss) income before interest expense, interest income, income tax expense (benefit), depreciation and amortization expense, stock-based compensation expense, bargain purchase gain, net, and loss on write down of impaired assets and associated removal costs.

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<br> Ray Stachowiak, Executive Chairman<br> <u>rstachowiak@ashs.com</u>

**Investor Relations**

Kirin Smith, President<br> PCG Advisory, Inc.<br> <u>ksmith@pcgadvisory.com</u>

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**American Shared Hospital Services**

**Condensed Consolidated Statements of Operations**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Summary of Operations Data | Summary of Operations Data | Summary of Operations Data | Summary of Operations Data |
|  |  | (Unaudited) | (Unaudited) |  |
|  | Three months ended September 30, | Three months ended September 30, | Nine months ended September 30, | Nine months ended September 30, |
|  | 2025 | 2024 | 2025 | 2024 |
| Revenues | $7171000 | $6999000 | $20354000 | $19271000 |
| Costs of revenue | 5585000 | 5629000 | 16196000 | 13290000 |
| Gross margin | 1586000 | 1370000 | 4158000 | 5981000 |
| Selling and administrative expense | 1538000 | 1923000 | 5092000 | 5698000 |
| Interest expense | 392000 | 336000 | 1253000 | 1070000 |
| Loss on write down of impaired assets and associated removal costs, net |  |  |  | 188000 |
| Operating loss | (344000) | (889000) | (2187000) | (975000) |
| Bargain purchase gain, net |  | 263000 |  | 3942000 |
| Interest and other income | 63000 | 47000 | 172000 | 212000 |
| (Loss) income before income taxes | (281000) | (579000) | (2015000) | 3179000 |
| Income tax expense (benefit) | 48000 | (169000) | (296000) | (244000) |
| Net (loss) income | (329000) | (410000) | (1719000) | 3423000 |
| Less: Net loss attributable to non-controlling interests | 312000 | 203000 | 797000 | 91000 |
| Net (loss) income attributable to American Shared Hospital Services | (17000) | (207000) | (922000) | 3514000 |
| (Loss) earnings per common share: |  |  |  |  |
| Basic | $(0.00) | $(0.03) | $(0.14) | $0.54 |
| Diluted | $(0.00) | $(0.03) | $(0.14) | $0.54 |
| Weighted Average Shares Outstanding: |  |  |  |  |
| Basic | 6632000 | 6482000 | 6593000 | 6482000 |
| Diluted | 6632000 | 6482000 | 6593000 | 6520000 |

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**American Shared Hospital Services**

**Balance Sheet Data**

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| | | |
|:---|:---|:---|
|  | Balance Sheet Data | Balance Sheet Data |
|  | (Unaudited) | (Unaudited) |
|  | 9/30/2025 | 12/31/2024 |
| Cash, cash equivalents and restricted cash | $5345000 | $11275000 |
| Current assets | $20591000 | $26258000 |
| Total assets | $59629000 | $60197000 |
| Current liabilities | $17171000 | $10405000 |
| Shareholders' equity American Shared Hospital Services | $24565000 | $25183000 |

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**American Shared Hospital Services**

**Adjusted EBITDA**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Reconciliation of GAAP to Non-GAAP Adjusted Results | Reconciliation of GAAP to Non-GAAP Adjusted Results | Reconciliation of GAAP to Non-GAAP Adjusted Results | Reconciliation of GAAP to Non-GAAP Adjusted Results |
|  |  | (Unaudited) | (Unaudited) |  |
|  | Three months ended September 30, | Three months ended September 30, | Nine months ended September 30, | Nine months ended September 30, |
|  | 2025 | 2024 | 2025 | 2024 |
| Net (loss) income attributable to American Shared Hosptial Services | $(17000) | $(207000) | $(922000) | $3514000 |
| Less: Income tax expense (benefit) | 48000 | (169000) | (296000) | (244000) |
| Interest expense | 392000 | 336000 | 1253000 | 1070000 |
| Interest income | (34000) | (63000) | (157000) | (252000) |
| Depreciation and amortization expense | 1454000 | 1644000 | 4411000 | 4501000 |
| Stock-based compensation expense | 101000 | 88000 | 304000 | 285000 |
| Bargain purchase gain, net |  | (263000) |  | (3942000) |
| Loss on write down of impaired assets and associated removal costs |  |  |  | 188000 |
| Adjusted EBITDA | $1944000 | $1366000 | $4593000 | $5120000 |

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