AMERICAN SHARED HOSPITAL SERVICES

American Shared Hospital Services received a notice from Fifth Third Bank on May 29, 2026, asserting multiple Events of Default under its Credit Agreement. These defaults include failing to maintain a minimum cash covenant of $5 million, non-compliance with financial ratios, late delivery of a compliance certificate, and failure to pay term loan obligations. As a result, the Lender has increased the interest rate on Advances by 2% per annum and reserves the right to accelerate all payment obligations, which the company states it cannot satisfy.

AMERICAN SHARED HOSPITAL SERVICES reported a net loss attributable to ASHS of $(612,000) for Q1 2026, an improvement from $(625,000) in Q1 2025. Total revenues increased by 15.9% to $7.08 million. However, the company faces substantial doubt about its ability to continue as a going concern due to uncured defaults on its credit agreement with Fifth Third Bank, which matured on April 9, 2026, and non-compliance with DFC Loan covenants. Discussions for debt extension are ongoing with no assurance of a positive outcome.

American Shared Hospital Services reported strong financial results for Q1 2026, with total revenue increasing 15.9% year-over-year to $7.1 million. This growth was primarily driven by a 30.2% increase in direct patient services revenue, fueled by higher patient volumes at its Rhode Island and Puebla, Mexico facilities. The company also saw significant improvements in operating performance, including a 36.7% increase in gross margin to $1.3 million and an 18.4% rise in Adjusted EBITDA to $1.1 million, leading to a reduced operating loss. Management expressed optimism about continued volume growth and efforts to optimize capital structure.

American Shared Hospital Services announced it will hold a conference call to discuss its first quarter 2026 financial results. The results press release will be issued before market open on May 14, 2026, with the conference call scheduled for the same day at 12:00 pm ET. Participants can join via teleconference or a simultaneous webcast, and a replay will be available for a week.

AMERICAN SHARED HOSPITAL SERVICES (AMS) announced its 2026 Annual Meeting of Shareholders to be held virtually on June 24, 2026. Shareholders will vote on the election of four director nominees, an advisory resolution on executive compensation, the amendment and restatement of the Incentive Compensation Plan, and the ratification of Baker Tilly US, LLP as the independent auditor for 2026. The record date for voting is April 27, 2026.

Gary Delanois resigned from his position as Chief Executive Officer of American Shared Hospital Services for personal reasons, effective April 24, 2026. Following his departure, the Board of Directors appointed Craig K. Tagawa, the company's President, to serve as interim CEO, effective April 27, 2026. Mr. Tagawa will maintain his role as President and brings extensive experience, having joined the company in September 1988 and previously holding positions such as Chief Operating Officer and Chief Financial Officer.