AMS · American Shared Hospital Services

American Shared Hospital Services delivered stronger Q1 2026 results, with revenue climbing 15.9% to $7.1 million, primarily fueled by a 30.2% surge in direct patient services to $4.1 million from expanded volumes at Rhode Island centers and the Puebla, Mexico facility. Gamma Knife procedures rose 10.1% to 229, while PBRT treatments jumped 20.7% to 1,003, reflecting operational ramp-ups and improved reimbursements. Leasing revenue held steady at $3.0 million despite a prior Gamma Knife contract expiration. Gross margins expanded significantly to 18.2% from 15.4%, driven by higher utilization offsetting elevated costs in direct services, including staffing and maintenance at higher fixed-cost sites. Total cost of revenue increased to $5.8 million due to these operational expenses, though partially mitigated by lower depreciation. Selling and administrative expenses edged up modestly to $1.9 million from audit and consulting fees. Operating loss narrowed to $(0.9) million, aided by revenue growth and margin gains, with interest expense declining to $0.3 million on reduced debt. Net loss attributable to AMS remained flat at $(0.6) million, improving EPS slightly to $(0.09). Adjusted EBITDA rose 18.4% to $1.1 million, underscoring core operational strength. Balance sheet showed cash rising to $5.2 million from year-end 2025, supporting facility ramps, while current debt fell to $16.8 million. Management highlighted ongoing volume trends into Q2, operational optimization, and capital structure enhancements, positioning for margin expansion and profitability amid direct care growth.