OneMedNet Reports 32% Revenue Decline in Q2 2025, Faces Liquidity Challenges

OneMedNet Corporation reported its financial results for the second quarter of 2025, revealing a total revenue of $155,000 for the three months ended June 30, 2025, a decrease of 32% compared to $227,000 in the same period last year. The decline was primarily attributed to a significant drop in subscription revenue, which fell by 67% to $47,000, due to the planned decommissioning of the BEAM platform. In contrast, web imaging revenue increased by 26% to $108,000, reflecting a strategic shift towards enhancing the iRWD sales focus. For the six months ended June 30, 2025, total revenue was $292,000, down 39% from $476,000 in the prior year.

The company's operating expenses also decreased, totaling $1.8 million for the second quarter, down 23% from $2.4 million in the same quarter of 2024. This reduction was driven by a 31% decrease in general and administrative expenses, which fell to $1.2 million, largely due to a one-time commitment fee incurred in the previous year. Despite these reductions, OneMedNet reported a loss from operations of $2.1 million for the quarter, an improvement from a loss of $2.5 million in the prior year. The net income for the quarter was $2.98 million, a significant turnaround from a net loss of $3.59 million in the same period last year, largely due to gains from troubled debt restructurings and changes in the fair value of financial instruments.

Operationally, OneMedNet has made significant changes, including the conversion of various debt instruments into equity, which has resulted in an increase in the number of shares outstanding. As of June 30, 2025, the company had 46,283,392 shares issued and outstanding, compared to 28,175,172 shares at the end of 2024. The company also reported a cash balance of $122,000 and an investment in Bitcoin valued at $1.6 million, down from $2.8 million at the end of 2024, reflecting strategic asset management amid market volatility.

Looking ahead, OneMedNet faces challenges related to liquidity, as its cash and Bitcoin holdings are not sufficient to fund operations for the next twelve months. The company plans to raise additional capital through equity or debt offerings to support its operations and growth initiatives. Management has expressed concerns about the company's ability to continue as a going concern, emphasizing the need for timely financing to meet operational and capital requirements. The company is also navigating a competitive landscape in the healthcare software sector, focusing on expanding its market share and enhancing product offerings to drive future growth.