American Shared Hospital Services (AMS) investor relations material

Executive summary

• Q2 2026 revenue rose 19% year-over-year to $8.4 million, and first half revenue increased 18% to $15.5 million, driven by Direct Patient Services and international growth, especially at Rhode Island and Puebla facilities.

• Strategic transformation from equipment leasing to a diversified radiation oncology platform with recurring revenues.

• Net loss attributable to shareholders increased to $514,000 for Q2 and $1,126,000 for the first half, mainly due to higher legal fees and increased credit loss allowances.

• Promoted Alexis Wallace to interim CFO following the departure of the previous CFO.

Financial highlights

• Q2 2026 revenue: $8.43 million (up from $7.07 million in Q2 2025); six-month revenue: $15.51 million (up from $13.18 million year-over-year).

• Q2 Direct Patient Services revenue: $4.9 million (+40% y-o-y); Proton Beam Radiation Therapy: $2.3 million (+22% y-o-y).

• Q2 gross margin: $1.4 million (down from $1.6 million y-o-y); H1 gross margin: $2.7 million (up from $2.6 million y-o-y).

• Q2 adjusted EBITDA: $1.3 million (vs. $1.7 million y-o-y); H1 adjusted EBITDA: $2.5 million (vs. $2.6 million y-o-y).

• Cash, cash equivalents, and restricted cash at June 30, 2026: $6.8 million (up from $3.7 million at year-end 2025).

Outlook and guidance

• Management remains focused on expanding patient access, growing patient volumes, and improving operating efficiencies.

• Strategic investments in advanced radiation therapy technologies and geographic expansion, including new centers in Rhode Island and Latin America, are expected to drive future growth.

• Management highlights substantial doubt about the company's ability to continue as a going concern due to ongoing covenant defaults and liquidity risks.

• The company is pursuing asset sales and additional financing to address upcoming debt maturities and liquidity needs.