The stock may face downward pressure due to declining margins, falling cash, and debt covenant risks despite the Orlando lease extension. Monitor upcoming discussions with the lender and whether the company can stabilize leasing revenue. The shift to lower-margin direct care is diluting profitability despite volume growth.
Price Chart
Executive Summary
American Shared Hospital Services reported mixed financial results for 2025, with flat revenue but a sharp decline in profitability due to lower margins and the absence of a prior-year bargain purchase gain. While direct patient care revenue grew 23.7%, leasing revenue fell sharply due to expired contracts and lower proton therapy volumes. The company also announced a seven-year lease extension with Orlando Health, a positive development, but faces liquidity pressure with cash down to $3.7M and debt covenant breaches under its credit facility.
Key Financial Metrics
Key Facts
- Full-year 2025 revenue: $28.1 million, down 0.9% YoY from $28.3 million
- Net loss of $1.6 million in 2025 vs. net income of $2.2 million in 2024
- Direct patient care revenue up 23.7% to $15.5 million, now 55% of total revenue
- Leasing revenue down to $12.6 million from $15.6 million due to expired Gamma Knife contracts and lower PBRT volumes
- Gross margin collapsed to 18% from 32% due to lower-margin direct care mix
- Adjusted EBITDA down 38% to $5.5 million from $8.9 million
- Cash balance dropped to $3.7 million from $11.3 million; $7.5M in capex
- Current debt: $17.3 million; company breached financial covenants and is in discussions with lender
- Seven-year proton therapy lease extension with Orlando Health announced
Financial Impact
Revenue flat but profitability sharply down; $3.8M swing from prior-year bargain purchase gain; EBITDA down $3.4M; gross margin down 14 percentage points
Risk Factors
- Debt covenant breaches could trigger default or restrictive amendments
- Continued decline in high-margin leasing revenue threatens profitability
- Low cash balance ($3.7M) increases liquidity risk given $17.3M current debt
- Adjusted EBITDA down 38% despite revenue stability, signaling operational deterioration
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3265323 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 13, 2026 10w ago | 8-K | $1.60 $1.47 | ▼ −7.84% | ▼ −6.10% | $1.25 (−21.60%) |
Jul 28, 2026 12w ago | 8-K | $1.53 $1.51 | ▲ +1.31% | ▲ +6.33% | $1.25 (+18.01%) |
Jun 30, 2026 16w ago | 8-K | $1.58 $1.54 | ▼ −2.53% | ▼ −1.50% | $1.25 (−20.61%) |
May 14, 2026 23w ago | 8-K | $1.58 $1.42 | ▲ +10.13% | ▲ +9.27% | $1.25 (+20.61%) |
May 14, 2026 23w ago | Press Release | $1.58 $1.42 | ▼ −10.13% | ▼ −9.27% | $1.25 (−20.61%) |
May 7, 2026 24w ago | DEFA14A | $2.01 $1.37 | ▼ −31.84% | ▼ −34.98% | $1.25 (−37.59%) |
Apr 30, 2026 25w ago | DEFA14A | $1.45 $1.64 | ▲ +13.10% | ▲ +8.14% | $1.25 (−13.49%) |
Apr 24, 2026 26w ago | 8-K | $1.32 $1.35 | ▼ −2.27% | ▲ +2.68% | $1.25 (+4.97%) |
Mar 31, 2026 29w ago | 8-K | $1.45 $1.34 | ▲ +7.59% | ▲ +17.01% | $1.25 (+13.49%) |
Mar 31, 2026 29w ago | Press Release | $1.45 $1.34 | ▲ +7.59% | ▲ +17.01% | $1.25 (+13.49%) |
US Market Status
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