OneMedNet Corporation reported its financial results for the three months ended March 31, 2025, on May 14, 2025. Total revenue decreased by 45% year-over-year to $137 thousand, down from $248 thousand in Q1 2024. This decline was primarily due to a 71% drop in subscription revenue (BEAM) to $58 thousand, as the company phased out its legacy platform.
In contrast, web imaging revenue (iRWD) increased by 68% to $79 thousand, up from $47 thousand in Q1 2024, reflecting growth in the company's strategic focus area. Despite this growth, the company reported a net loss of $1.90 million for the quarter, an improvement from the $2.10 million net loss in the prior-year period, influenced by non-cash gains on financial instruments and crypto assets.
As of March 31, 2025, OneMedNet held $144 thousand in cash and cash equivalents and $793 thousand in Bitcoin, which management stated was not adequate to fund operations for the next twelve months. This, along with recurring net losses and an accumulated deficit of $103.5 million, raised substantial doubt about the company's ability to continue as a going concern. The company also noted $18.15 million in current liabilities, including various debt obligations.
The company failed to file a required registration statement by August 30, 2024, constituting an event of default under the Yorkville Note and Standby Equity Purchase Agreement. This default allows Yorkville to increase the interest rate to 18% and demand immediate payment of principal plus a 10% premium. Management's plan to address liquidity involves raising additional capital through equity or debt offerings.
Subsequent to the quarter end, in April and May 2025, the company secured approximately $0.8 million in gross proceeds by issuing 1.9 million shares of common stock to related party investors. This highlights reliance on existing relationships for funding. The company also identified material weaknesses in internal controls over financial reporting.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.