OneMedNet Corporation announced its financial results for the second quarter and first half ended June 30, 2025, highlighting a significantly improved balance sheet. The company reported a net income of $2.98 million for Q2 2025 and $1.08 million for H1 2025, primarily driven by non-cash gains from debt restructuring.
Total revenue for Q2 2025 decreased by 32% to $155 thousand, and for H1 2025 by 39% to $292 thousand, primarily due to the planned decommissioning of the BEAM platform. However, web imaging (iRWD) revenue demonstrated robust growth, increasing by 26% to $108 thousand in Q2 2025 and by 40% to $187 thousand in H1 2025.
The company achieved a remarkable 80% reduction in total liabilities, from $19.7 million at December 31, 2024, to $6.2 million by June 30, 2025, representing a $13.5 million reduction. This was accomplished through strategic maneuvers including the conversion of $1.7 million in PIPE Notes, $2.6 million in loan extensions, and $2.3 million in shareholder loans into common stock, alongside discounted settlements of other liabilities.
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