American Shared Hospital Services (NYSE American: AMS) reported financial results for the fourth quarter and full year ended December 31, 2025, revealing a net loss of $1.6 million for the year compared to net income of $2.2 million in 2024. The company attributed the downturn to lower proton therapy volumes and the expiration of three Gamma Knife agreements, though it announced a seven-year lease extension with Orlando Health for its Proton Beam Radiation Therapy System through 2033, underscoring the durability of its partnerships.
Total revenue for 2025 was $28.1 million, down slightly from $28.3 million in 2024. Direct patient care services revenue grew 23.7% to $15.5 million, driven by the first full year of operations at three Rhode Island centers and a center in Puebla, Mexico. LINAC revenue rose 35.4% to $11.5 million, while Gamma Knife and proton therapy revenues declined. The company ended the year with eight domestic leasing agreements and six direct patient care centers.
CEO Gary Delanois described 2025 as a year of transition and operational expansion, noting successful integration of the Rhode Island centers and completion of the Gamma Knife Esprit upgrade in Lima, Peru. He said the company is focused on optimizing operations and expanding patient access to advanced radiation therapy. Executive Chairman Ray Stachowiak highlighted Certificate of Need approvals for a radiation therapy center in Bristol, Rhode Island, and a proton therapy center in Johnston, Rhode Island, which are expected to expand the company's footprint.
CFO Scott Frech noted that the company is in discussions with its lender to address covenant violations and strengthen the balance sheet. Despite a decrease in cash to $3.7 million from $11.3 million, Frech emphasized the company's focus on driving revenue growth and improving liquidity. Shareholders' equity stood at $24.0 million, or $3.66 per share, trading at a discount to book value.
Adjusted EBITDA fell to $5.5 million in 2025 from $8.9 million in 2024, reflecting lower margins from the shift to direct patient care. The company's direct patient care segment now represents the majority of revenue, a strategic move to create more stable income streams. Same-center Gamma Knife procedures increased 11.3% following equipment upgrades, while proton therapy volumes experienced what the company described as normal cyclical fluctuations.
The conference call to discuss results is scheduled for 12:00 PM ET today, accessible via the company's website at www.ashs.com or by dialing 1-844-413-3972. A replay will be available through April 7, 2026, at 1-855-669-9658, access code 6331493.
