AMSMEDIUM SIGNALFINANCIAL10-K

AMS experienced a substantial decline in cash position and profitability while expanding international operations in Mexico and consolidating Rhode Island facilities.

The company's cash reserves fell significantly from $11.0M to $3.5M, which could constrain future growth investments and operational flexibility. The meaningful reduction in gross profit coupled with widening operating losses suggests operational challenges, though some decline may reflect integration costs from new facilities in Mexico and Rhode Island acquisitions.

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

AMS faced notable financial headwinds with gross profit declining substantially and operating losses widening from -$2.8M to -$3.6M. The company's cash position deteriorated markedly, dropping 68.6% to $3.5M, though total debt decreased modestly by 14.8% to $17.4M. Overall current assets contracted by 32.5%, painting a picture of tightening liquidity amid operational expansion challenges.

FINANCIAL STATEMENT CHANGES
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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