OneMedNet Reports 45% Revenue Decline and $1.9 Million Net Loss in Q1 2025

OneMedNet Corporation reported a significant decline in financial performance for the first quarter of 2025, as detailed in its latest 10-Q filing. The company generated total revenue of $137,000, a decrease of 45% compared to $248,000 in the same period last year. This decline was primarily attributed to a 71% drop in subscription revenue, which fell from $201,000 to $58,000, due to the planned discontinuation of the BEAM platform. However, web imaging revenue increased by 68%, rising from $47,000 to $79,000, reflecting a strategic shift towards enhancing the iRWD sales.

The company's operating expenses remained relatively stable, totaling $2 million, a slight decrease from $2.03 million in the prior year. Notably, general and administrative expenses were consistent year-over-year, while sales and marketing expenses increased by 27% to $290,000, driven by higher personnel costs. Research and development expenses decreased by 22% to $348,000, as resources were reallocated to support iRWD sales growth. OneMedNet reported a net loss of $1.9 million for the quarter, a slight improvement from a loss of $2.1 million in the same quarter of 2024.

In terms of operational metrics, OneMedNet's total assets decreased to $1.73 million as of March 31, 2025, down from $3.73 million at the end of 2024. The company’s cash and cash equivalents also fell to $144,000, alongside a significant reduction in its investment in Bitcoin, which decreased from $2.85 million to $793,000. The company’s liabilities totaled $18.28 million, with current liabilities slightly decreasing from $19.23 million to $18.15 million. The accumulated deficit increased to $103.5 million, raising concerns about the company's ability to continue as a going concern.

Strategically, OneMedNet has undergone significant organizational changes, including a merger with Data Knights Acquisition Corp. in November 2023, which has positioned it to focus on digital medical image management solutions. The company plans to raise additional capital through equity or debt offerings to support its operations and growth initiatives. However, management has expressed uncertainty regarding its ability to secure necessary financing, which could impact its operational viability.

Looking ahead, OneMedNet aims to enhance its focus on iRWD sales while discontinuing the BEAM platform. The company anticipates that this strategic pivot will lead to improved revenue generation in the future. However, the ongoing need for additional funding and the challenges associated with market conditions and competition remain critical factors that could influence its financial outlook.