AMSHIGH SIGNALFINANCIAL10-K

AMS experienced severe financial deterioration with net income swinging from $2.2M profit to -$1.6M loss while current liabilities more than doubled and cash declined 69%.

The dramatic shift from profitability to losses combined with a massive increase in current liabilities and severe cash burn signals potential liquidity stress. The company's current ratio has deteriorated significantly as current liabilities ballooned while current assets declined, creating near-term solvency concerns that investors should monitor closely.

Comparing 2026-03-31 vs 2025-04-04View on EDGAR →
FINANCIAL ANALYSIS

AMS faced a comprehensive financial deterioration across all key metrics, with the company swinging from $2.2M profit to -$1.6M loss while gross profit collapsed 45% and operating losses deepened. The balance sheet shows acute stress with current liabilities more than doubling to $23.4M while cash plummeted 69% to just $3.5M, creating a potential liquidity crisis. Despite some debt reduction and improved operating cash flow, the overall picture reveals a company under significant financial pressure with deteriorating profitability and a compressed balance sheet that raises immediate solvency concerns.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
+1755.1%
$167K→$3.1M

Operating cash flow surged 1755.1% — exceptional cash generation, highest quality earnings signal.

Net Income
P&L
-171%
$2.2M→-$1.6M

Net income declined 171% — review whether driven by operations, interest costs, or non-recurring items.

Current Liabilities
Balance Sheet
+125.3%
$10.4M→$23.4M

Current liabilities surged 125.3% — significant near-term obligations; verify ability to meet short-term debt.

Cash & Equivalents
Balance Sheet
-68.6%
$11.0M→$3.5M

Cash declined 68.6% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Gross Profit
P&L
-44.9%
$9.2M→$5.1M

Gross margin compression — rising input costs, pricing pressure, or unfavorable product mix shift.

Current Assets
Balance Sheet
-32.5%
$26.3M→$17.7M

Current assets declined 32.5% — monitor working capital adequacy and short-term liquidity.

Operating Income
P&L
-27.9%
-$2.8M→-$3.6M

Operating profitability softening — costs rising faster than revenue, watch for margin recovery plan.

Total Debt
Balance Sheet
-14.8%
$20.4M→$17.4M

Debt reduced 14.8% — deleveraging strengthens balance sheet and reduces financial risk.

LANGUAGE CHANGES
NEW — 2026-03-31
PRIOR — 2025-04-04
ADDED
asha20251231_10k.htm 0000744825 AMERICAN SHARED HOSPITAL SERVICES false --12-31 FY 2025 true true true As part of the Company s framework for cybersecurity risk oversight and governance, the Company s network, information, and data-security policies set forth in the NIDSP Guidelines are enforced by the Company s IT Manager and/or its executive team.
false false false false false true false 980,000 265,000 250,000 250,000 0 0 10,000,000 10,000,000 6,575,000 6,575,000 6,420,000 6,420,000 8 2 2 4 1 0 10 0 0 0 0 5 3 5 http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember 0 0 771,000 December 31, 2029 2020 2021 2022 2023 2024 2025 1,014,000 0 0 0 3 115,000 6,000 2 7 The states and local jurisdictions that contribute to the majority (greater than 50%) of the tax effect in this category include Florida and Rhode Island.
health care reform legislation competition and alternatives to our services technological advances and the risk of equipment obsolescence our significant investment in the proton beam radiation therapy business restrictions in our debt agreements that limit our flexibility to operate our business our ability to be in compliance with our debt covenants and repay our indebtedness breaches in security of our information technology the small and illiquid market for our stock These lists are not all-inclusive because it is not possible to predict all factors.
The Company s facilities in Rhode Island, Peru, Ecuador, and Mexico are considered direct patient services, where a contract exists between the Company s facilities and the individual treated at the facility.
Under the agreement, the Company is responsible for providing a linear accelerator ( LINAC ) upgrade to an Elekta Versa HD, and Guadalupe is accountable for all site modification costs.
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REMOVED
The Company s facilities in Rhode Island, Peru, Ecuador, and Mexico are considered direct patient services, which we also refer to as the Company s retail segment, where a contract exists between the Company s facilities and the individual treated at the facility.
As described below, in May 2024, the Company acquired a 60% interest in three, existing linear accelerator ( LINAC ) facilities in Rhode Island, and, in July 2024, the Company began operating a stand-alone LINAC facility in Puebla, Mexico.
Under the Agreement, the Company is responsible for providing a linear accelerator, an Elekta Versa HD, and Guadalupe is accountable for all site modification costs.
Operating costs incurred for the twelve-month period ended December 31, 2024 by Puebla, are included in the consolidated statement of operations.
signed a Joint Venture Agreement with Hospital San Javier, S.A.
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