OneMedNet Corp SEC 10-Q Report

OneMedNet Corp, a company specializing in regulatory grade imaging and clinical data solutions, has released its Form 10-Q report for the first quarter of 2025. The report highlights significant financial and operational changes, including a strategic shift away from its BEAM platform to focus on its iRWD sales. Below is a detailed summary of the company's financial and business performance for the period.

Financial Highlights

• Total Revenue: $0.137 million, decreased by 45% compared to the same period last year due to the planned discontinuation of the BEAM platform.
• Gross Margin: $(0.224) million, reflecting a significant decrease due to lower subscription revenue and increased costs associated with the transition away from the BEAM platform.
• Loss from Operations: $(2.224) million, increased by 6% from the previous year, driven by a decrease in revenue and a slight reduction in operating expenses.
• Net Loss: $(1.902) million, improved by 10% compared to the previous year, primarily due to changes in fair value of financial instruments and realized gains on Bitcoin sales.
• Basic and Diluted Net Loss per Common Share Outstanding: $(0.06), reflecting a decrease in net loss per share compared to $(0.08) in the prior year, due to an increase in the weighted average number of shares outstanding.

Business Highlights

• Revenue Segments: The company generates revenue from two main streams: iRWD, which provides regulatory grade imaging and clinical data, and BEAM, a medical imaging exchange platform. The iRWD revenue is based on a fixed fee per data unit, while BEAM revenue is subscription-based.
• Geographical Performance: For the three months ended March 31, 2025, revenue from the Americas was $119,000, Europe and the Middle East contributed $4,000, and Asia Pacific added $14,000, indicating a shift in regional revenue distribution compared to the previous year.
• Operational Transition: The company is transitioning away from the BEAM platform to focus on iRWD sales, which has led to a decrease in subscription revenue as customer renewals for BEAM are not being pursued.
• Cost of Revenue: The cost of revenue increased as a percentage of total revenue due to the transition away from the BEAM platform, resulting in lower subscription revenue without immediate cost savings.
• Sales and Marketing: There was a 27% increase in sales and marketing expenses, primarily due to increased personnel costs, reflecting the company's focus on expanding its sales force to support iRWD sales growth.
• Research and Development: Research and development expenses decreased by 22%, driven by reduced personnel and software costs, as resources were reallocated to support iRWD sales rather than new product development.
• Future Outlook: The company plans to continue focusing on iRWD sales and is seeking additional financing to support its operations and growth strategy, which includes potential equity or debt offerings.

SEC Filing: OneMedNet Corp [ ONMD ] - 10-Q - May. 14, 2025