OneMedNet Corporation
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsOneMedNet Corp is a provider of regulatory-grade clinical imaging data and real-world data services for life sciences, relying on iRWD after decommissioning its BEAM platform.
What they do
OneMedNet operates through two revenue streams: iRWD, which securely de-identifies, searches, and curates clinical image archives for pharmaceutical, device manufacturing, CRO, and AI markets, and the now-decommissioned BEAM platform, a medical imaging exchange for healthcare providers. Revenue is recognized when data is delivered for iRWD (fixed fee per data unit) and was subscription-based for BEAM. The BEAM platform was decommissioned in May 2025, so current operations focus on iRWD.
Revenue drivers
- iRWD — Regulatory-grade imaging and clinical data sold on a fixed fee per data unit; revenue recognized on delivery. Accounts for essentially all revenue after BEAM decommission.
- BEAM — Subscription-based medical imaging exchange; decommissioned in May 2025, generating no revenue thereafter.
Recent performance
FY2025 revenue was $1.4M, up from $643,000 in FY2024, but net loss improved to -$2.8M from -$10.1M. Quarterly revenue slowed to $96,000 in Q1 2026 (ending March 31, 2026) after a $890,000 spike in Q4 2025. Operating cash flow remained negative at -$7.5M in FY2025. As of March 31, 2026, cash was $233,000, with total liabilities of $5.6M and shareholder equity of -$4.1M.
Strategy
Management emphasizes the OneMedNet iRWD solution and its federated provider network to meet life science Real World Data requirements. They have not disclosed a new strategy beyond continuing to operate iRWD, given BEAM's decommission. The focus appears to be on cost discipline, evidenced by reduced net losses, and on maintaining Nasdaq listing compliance.
Risks
- Nasdaq delisting risk — Received a notice on April 14, 2026 for non-compliance with the $1.00 minimum bid price; must regain compliance by October 12, 2026 or potentially face delisting.
- Liquidity crunch — Cash and equivalents were only $233,000 as of March 31, 2026, with negative operating cash flow of -$7.5M in FY2025, raising going-concern concerns.
- Revenue volatility — Quarterly revenue swung from $96,000 in Q1 2026 to $890,000 in Q4 2025, indicating lumpy, unpredictable sales.
- Negative equity — Shareholder equity was -$4.1M as of March 31, 2026, reflecting accumulated losses and potential covenant or solvency issues.
Outlook
Management has not provided a formal outlook in the provided excerpts. They intend to monitor the bid price and may consider options to regain Nasdaq compliance. The near-term focus is on maintaining listing and managing liquidity, but no specific revenue or growth targets were disclosed.