American Shared Hospital Services (AMS) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue increased 16% sequentially and 0.2% year-over-year to $7.1M, driven by direct patient services and international expansion, offsetting declines in leasing revenue.

• Net loss attributable to shareholders was $280K ($0.04/share) for Q2 2025, compared to net income of $3.6M in Q2 2024, which included a $3.7M bargain purchase gain from the Rhode Island acquisition.

• Direct patient services revenue rose due to the Rhode Island acquisition and Puebla, Mexico facility, while equipment leasing revenue declined due to contract expirations and lower Gamma Knife volumes.

• Four consecutive years of significant revenue growth, nearly doubling since 2021, and three years of profitability.

• Strategic focus on operational efficiency, business development, and long-term shareholder value.

Financial highlights

• Q2 2025 revenue was $7.1M, up 16% sequentially and slightly up year-over-year; six months revenue was $13.2M, up $911K year-over-year.

• Direct patient services revenue was $3.5M in Q2 2025, up 11-12% year-over-year; equipment leasing revenue was $3.57M, down 8% year-over-year.

• Q2 2025 gross margin was $1.6M–$1.63M, up 73% sequentially but down 34% year-over-year.

• Q2 2025 net loss was $280K ($0.04/share), improved from Q1 2025 loss of $625K, but down from Q2 2024 net income of $3.6M.

• Adjusted EBITDA for Q2 2025 was $1.7M, up from $949K in Q1 2025, but down from $2M in Q2 2024.

Outlook and guidance

• Management expects continued growth in direct patient services from Rhode Island and Puebla, Mexico, with new centers in Mexico and Rhode Island expected to start up in late 2025.

• Anticipation of revenue from the new Gamma Knife center in Guadalajara, Mexico, by year-end.

• The company believes cash on hand, operations, and credit line are sufficient for debt and working capital needs over the next 12 months.

• Ongoing investments in new equipment and facility upgrades are planned, with $8.4M in equipment commitments and $11.9M in service commitments.

• Strategic initiatives focus on operational efficiency, economies of scale, and business development pipeline to drive future profitability.