asha20250930

asha20250930_10q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025 or

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________ to _______________.

Commission file number 001-08789

American Shared Hospital Services

(Exact name of registrant as specified in its charter)

California	94-2918118
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)

601 Montgomery Street	Suite 850	San Francisco,	California	94111-2619
(Address of principal executive offices)				(Zip code)

(415) 788-5300

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
American Shared Hospital Services Common Stock, No Par Value	AMS	NYSE AMERICAN

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer ☐	Accelerated Filer ☐	Non-Accelerated Filer ☒	Smaller reporting company ☒
Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by a check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of November 11, 2025, there were outstanding 6,543,000 shares of the registrant’s common stock.

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

AMERICAN SHARED HOSPITAL SERVICES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

ASSETS	*September 30, 2025*		*December 31, 2024*
Current assets:
Cash and cash equivalents	$	5,095,000	$	11,025,000
Restricted cash		250,000		250,000
Accounts receivable, net of allowance for credit losses of $380,000 and $265,000 at September 30, 2025 and at December 31, 2024		11,806,000		11,610,000
Tax receivables		1,363,000		550,000
Other receivables		545,000		495,000
VAT receivable		904,000		8,000
Prepaid maintenance		42,000		1,392,000
Prepaid expenses and other current assets		586,000		928,000

Total current assets		20,591,000		26,258,000

Property and equipment, net		32,285,000		31,125,000
Land		1,305,000		19,000
Goodwill		1,265,000		1,265,000
Intangible asset		78,000		78,000
Right of use assets, net		3,750,000		1,015,000
Other assets		355,000		437,000

Total assets	$	59,629,000	$	60,197,000

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	1,107,000	$	1,562,000
Employee compensation and benefits		593,000		1,368,000
Other accrued liabilities		2,069,000		1,888,000
Related party liabilities		521,000		1,320,000
Asset retirement obligations, related party (includes $250,000 and $250,000 non-related party at September 30, 2025 and December 31, 2024)		1,200,000		1,200,000
Current portion of lease liabilities		128,000		226,000
Line of credit		2,000,000		-
Current portion of long-term debt, net		9,553,000		2,841,000

Total current liabilities		17,171,000		10,405,000

Long-term lease liabilities, less current portion		4,304,000		1,500,000
Long-term debt, net, less current portion		8,631,000		17,341,000
Deferred income taxes		924,000		924,000

Total liabilities		31,030,000		30,170,000

Commitments (see Note 8)

Shareholders' equity:
Common stock, no par value (10,000,000 authorized shares; Issued and outstanding shares - 6,510,000 at September 30, 2025 and 6,420,000 at December 31, 2024)		10,763,000		10,763,000
Additional paid-in capital		8,909,000		8,605,000
Retained earnings		4,893,000		5,815,000
Total equity-American Shared Hospital Services		24,565,000		25,183,000
Non-controlling interests in subsidiaries		4,034,000		4,844,000
Total shareholders' equity		28,599,000		30,027,000

Total liabilities and shareholders' equity	$	59,629,000	$	60,197,000

See accompanying notes

AMERICAN SHARED HOSPITAL SERVICES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	*Three Months Ended September 30,*						*Nine Months Ended September 30,*
	*2025*			*2024*			*2025*			*2024*

Revenues:
Rental revenue from medical equipment leasing	$	3,137,000		$	3,312,000		$	9,699,000		$	11,464,000
Direct patient services revenue		4,034,000			3,687,000			10,655,000			7,807,000
		7,171,000			6,999,000			20,354,000			19,271,000
Costs of revenue:
Maintenance and supplies		650,000			613,000			1,916,000			1,671,000
Depreciation and amortization		1,441,000			1,666,000			4,383,000			4,418,000
Other direct operating costs		3,216,000			3,180,000			9,168,000			6,691,000
Other direct operating costs, related party		278,000			170,000			729,000			510,000
		5,585,000			5,629,000			16,196,000			13,290,000

Gross margin		1,586,000			1,370,000			4,158,000			5,981,000

Selling and administrative expense		1,538,000			1,923,000			5,092,000			5,698,000
Interest expense		392,000			336,000			1,253,000			1,070,000
Loss on write down of impaired assets and associated removal costs, net		-			-			-			188,000

Operating loss		(344,000	)		(889,000	)		(2,187,000	)		(975,000	)

Bargain purchase gain RI Acquisition, net of deferred income taxes of $88,000 and $1,314,000		-			263,000			-			3,942,000
Interest and other income, net		63,000			47,000			172,000			212,000
(Loss) income before income taxes		(281,000	)		(579,000	)		(2,015,000	)		3,179,000
Income tax expense (benefit)		48,000			(169,000	)		(296,000	)		(244,000	)
Net (loss) income		(329,000	)		(410,000	)		(1,719,000	)		3,423,000
(Less): net loss attributable to non-controlling interests		312,000			203,000			797,000			91,000
Net (loss) income attributable to American Shared Hospital Services	$	(17,000	)	$	(207,000	)	$	(922,000	)	$	3,514,000

Net (loss) income per share:
(Loss) income per common share - basic	$	(0.00	)	$	(0.03	)	$	(0.14	)	$	0.54
(Loss) income per common share - diluted	$	(0.00	)	$	(0.03	)	$	(0.14	)	$	0.54

Weighted average common shares for basic (loss) earnings per share		6,632,000			6,482,000			6,593,000			6,482,000
Weighted average common shares for diluted (loss) earnings per share		6,632,000			6,482,000			6,593,000			6,520,000

See accompanying notes

AMERICAN SHARED HOSPITAL SERVICES

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

(Unaudited)

	FOR THE THREE AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2025 AND 2024
	*Common Shares*		*Common Stock*		*Additional Paid-in Capital*		*Retained Earnings*			*Sub-Total ASHS*			*Non-controlling Interests in Subsidiaries*			*Total*

Balances at January 1, 2024		6,300,000	$	10,763,000	$	8,232,000	$	3,629,000		$	22,624,000		$	3,655,000		$	26,279,000
Stock-based compensation expense		-		-		98,000		-			98,000			-			98,000
Vested restricted stock awards		30,000		-		-		-			-			-			-
Capital contributions from non-controlling interests		-		-		-		-			-			38,000			38,000
Cash distributions to non-controlling interests		-		-		-		-			-			(95,000	)		(95,000	)
Net income (loss)		-		-		-		119,000			119,000			(54,000	)		65,000
Balances at March 31, 2024		6,330,000		10,763,000		8,330,000		3,748,000			22,841,000			3,544,000			26,385,000
Stock-based compensation expense		-		-		99,000		-			99,000			-			99,000
Vested restricted stock awards		30,000		-		-		-			-			-			-
RI Acquisition non-controlling interests		-		-		-		-			-			2,100,000			2,100,000
Net income		-		-		-		3,602,000			3,602,000			166,000			3,768,000
Balances at June 30, 2024		6,360,000		10,763,000		8,429,000		7,350,000			26,542,000			5,810,000			32,352,000
Stock-based compensation expense		-		-		88,000		-			88,000			-			88,000
Vested restricted stock awards		30,000		-		-		-			-			-			-
RI Acquisition non-controlling interests		-		-		-		-			-			(200,000	)		(200,000	)
Net loss		-		-		-		(207,000	)		(207,000	)		(203,000	)		(410,000	)
Balances at September 30, 2024		6,390,000	$	10,763,000	$	8,517,000	$	7,143,000		$	26,423,000		$	5,407,000		$	31,830,000

Balances at January 1, 2025		6,420,000	$	10,763,000	$	8,605,000	$	5,815,000		$	25,183,000		$	4,844,000		$	30,027,000
Stock-based compensation expense		-		-		89,000		-			89,000			-			89,000
Vested restricted stock awards		30,000		-		-		-			-			-			-
Capital contributions from non-controlling interests		-		-		-		-			-			8,000			8,000
Net loss		-		-		-		(625,000	)		(625,000	)		(287,000	)		(912,000	)
Balances at March 31, 2025		6,450,000		10,763,000		8,694,000		5,190,000			24,647,000			4,565,000			29,212,000
Stock-based compensation expense		-		-		114,000		-			114,000			-			114,000
Vested restricted stock awards		30,000		-		-		-			-			-			-
Net loss		-		-		-		(280,000	)		(280,000	)		(198,000	)		(478,000	)
Balances at June 30, 2025		6,480,000		10,763,000		8,808,000		4,910,000			24,481,000			4,367,000			28,848,000
Stock-based compensation expense

SEC Form 10-Q filed by American Shared Hospital Services