OneMedNet Corporation reported its financial results for the third quarter and nine months ended September 30, 2025, revealing a total revenue of $177,000 for the quarter, a 25% increase from $142,000 in the same period last year. However, for the nine-month period, revenue decreased by 24% to $468,000 compared to $617,000 in 2024. The decline in revenue was primarily attributed to the decommissioning of the BEAM platform, which resulted in a complete loss of subscription revenue, offset by a significant increase in web imaging revenue driven by enhanced sales efforts in the iRWD segment.
The company reported a net loss of $741,000 for the third quarter, a notable improvement from a loss of $2.1 million in the same quarter of 2024. For the nine-month period, OneMedNet achieved a net income of $339,000, contrasting sharply with a loss of $7.8 million in the prior year. This turnaround was largely due to gains from troubled debt restructurings, which totaled $5.6 million, and a reduction in operating expenses, which fell to $5.9 million from $6.6 million year-over-year.
Operationally, OneMedNet has made significant changes, including a strategic focus on its iRWD product line, which has led to increased customer deliveries. The company also reported a decrease in general and administrative expenses by 24% to $1.4 million for the third quarter, primarily due to reduced professional fees. The sales and marketing expenses increased by 117% to $304,000, reflecting the company's investment in expanding its sales team to support growth in the iRWD segment.
As of September 30, 2025, OneMedNet's total assets were reported at $1.5 million, down from $3.7 million at the end of 2024. The company’s cash and cash equivalents stood at $149,000, with an investment in Bitcoin valued at $600,000. The total liabilities decreased significantly to $5.4 million from $19.7 million, primarily due to the conversion of debt into equity and settlements with vendors. The company has indicated that it will need to raise additional capital to support its operations and growth plans, as its current cash position is not sufficient to meet its foreseeable cash needs for at least the next 12 months.
Looking ahead, OneMedNet's management has expressed intentions to continue focusing on its iRWD solutions while exploring opportunities for additional funding through equity or debt offerings. The company remains cautious about its ability to maintain liquidity and continue as a going concern, given its history of operating losses and the need for further capital to support its business objectives.
About OneMedNet Corp
OneMedNet is a provider of clinical imaging solutions and curator of regulatory-grade Imaging Real World Data (iRWDTM). The company connects healthcare providers and life sciences firms, enabling access to de-identified, high-quality medical images and associated patient records. Its technology supports regulatory submissions, research, and drug development by unlocking value in imaging archives, leveraging AI/ML, and ensuring data privacy and compliance.
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