American Shared Hospital Services reported second quarter and first half 2026 financial results. Second quarter revenue increased 19% year-over-year to $8.4 million, driven by a 40% rise in Direct Patient Services revenue to $4.9 million and a 22% increase in Proton Beam Radiation Therapy revenue to $2.3 million. The company reported a net loss of $514,000, or $0.07 per diluted share, compared to a net loss of $280,000 in the prior-year period. Adjusted EBITDA was $1.3 million for the quarter. Cash from operating activities totaled $4.4 million in the first half of 2026. Subsequent to the quarter end, the company entered into a Third Amendment to its Credit Agreement with Fifth Third Bank and secured $2.0 million of subordinated financing from RCS/TIG Holdings LLC. American Shared Hospital Services is a provider of stereotactic radiosurgery equipment and advanced radiation therapy cancer treatment services.

American Shared Hospital Services entered into a Third Amendment to its Credit Agreement and Forbearance Agreement with Fifth Third Bank on July 22, 2026, addressing prior Events of Default. The lender agreed to forbear from exercising remedies until June 30, 2027, during which time minimum cash and coverage covenants are suspended. The amendment imposes strict restrictions, including a prohibition on new revolving advances, limits on bank account balances, and mandatory monthly prepayments of excess cash flow exceeding $5,000,000. The company must make quarterly principal payments of $125,000 on the Term Loan and $75,000 on the Delayed Draw Term Loan starting October 10, 2026. Concurrently, the company issued a $2,000,000 promissory note to RCS/TIG Holdings LLC, owned by Executive Chairman Raymond Stachowiak, bearing 10% interest and secured by a subordinated lien on assets. The company also issued warrants to purchase 220,000 shares at $1.45 per share. American Shared Hospital Services provides radiology and medical imaging services to hospitals.

Chief Financial Officer Raymond S. Frech resigned effective July 7, 2026, for personal reasons, noting no disagreements regarding accounting policies or practices. The Board appointed Alexis N. Tirrito (Wallace), the current Chief Accounting Officer and Secretary, to serve as interim CFO, principal financial officer, and principal accounting officer effective immediately. Ms. Tirrito's base salary was increased to $240,000 with a 20% target performance bonus for 2026. The company and Mr. Frech entered into a customary severance agreement. American Shared Hospital Services provides healthcare services.