Operational cash burn remains persistent, with the company generating negative free cash flow in nearly every observed period, including a -16.1% FCF margin in 2026Q1.
| Cash from Operations | -7.1M | -7.5M | -6.98M | -4.79M | -4.7M | -1.84M | -2.13M |
| Operating CF Margin % | - | -552.1% | -1086% | -469.25% | -407.89% | -168.94% | -257.88% |
| Operating CF Growth % | 2.8% | -7.45% | -45.75% | -1.87% | -154.99% | 13.21% | - |
| Net Income | -3.35M | -2.8M | -10.13M | -33.78M | -30.45M | -2.94M | -2.82M |
| Depreciation & Amortization | 64K | 65K | 57K | 28K | 25K | 14.47K | 13.92K |
| Stock-Based Compensation | 1.68M | 2.03M | 628K | 1.48M | 1.86M | 97.87K | 606.51K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -6.14M | -6.91M | 956K | 26.88M | 23.89M | 0 | -234.5K |
| Working Capital Changes | 654K | 106K | 1.5M | 611K | -29K | 984.13K | 310.59K |
| Change in Receivables | -450K | -282K | -61K | -133K | 73K | 81.09K | -91.89K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 877K | 0 | 1.49M | 717K | 1.93M | 0 | 0 |
| Cash from Investing | 739K | 2.31M | -1.98M | -44K | -58K | -29.94K | 0 |
| Capital Expenditures | -10K | -13K | -51K | -44K | -58K | -29.94K | 0 |
| CapEx % of Revenue | 0.76% | 0.96% | 7.93% | 4.31% | 5.03% | 2.74% | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | -313K | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 6.45M | 5.61M | 9.09M | 4.61M | 4.33M | 2.49M | 1.33M |
| Debt Issued (Net) | 1.74M | 1.87M | 3.12M | 6.13M | 5.14M | 2.49M | 1.33M |
| Equity Issued (Net) | 4.67M | 2.56M | 6.07M | 16K | -85.72M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -11K | 0 | -200K | 0 | -88.55M | 0 | 0 |
| Other Financing | 41K | 1.18M | -100K | -1.53M | 84.92M | 0 | 0 |
| Net Change in Cash | 89K | 413K | 125K | -224K | -428K | 620.14K | -816.05K |
| Free Cash Flow | -7.11M | -7.52M | -7.03M | -4.83M | -4.76M | -1.87M | -2.13M |
| FCF Margin % | -538.82% | -553.05% | -1093.93% | -473.56% | -412.92% | -171.68% | -257.88% |
| FCF Growth % | 4.4% | -6.85% | -45.48% | -1.55% | -154.01% | 11.8% | - |
| FCF per Share | -0.13 | -0.17 | -0.25 | -0.68 | -0.39 | -0.13 | -0.14 |
| FCF Conversion (FCF/Net Income) | 2.12x | 2.68x | 0.69x | 0.14x | 0.15x | 0.63x | 0.75x |
| Interest Paid | -10K | 23K | 26K | 0 | 0 | 0 | 0 |
| Taxes Paid | 1K | 1K | 18K | 0 | 0 | 0 | 0 |
Severe liquidity and solvency
According to quarterly financial disclosures, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios frequently deviating from unity, suggesting that reported earnings are not currently supported by actual cash generation from the company's core medical data curation operations.
The persistent gap between net income and operating cash flow suggests that accounting accruals are playing a disproportionate role in the company's financial presentation. Investors should monitor this divergence, as it implies that the firm's reported profitability may be decoupled from the underlying cash-generating capacity of its business model.
As reported in recent financial statements, ONMD has consistently generated negative free cash flow across nearly every observed period, with the exception of a singular anomalous quarter, indicating that the business is currently unable to fund its own operations through internal cash generation.
The consistent negative FCF margins suggest that the company is in a state of perpetual cash consumption to sustain its data infrastructure. This trajectory warrants further investigation into whether the firm can reach a cash-flow-positive state before its limited liquidity reserves are fully exhausted.
Based on the provided cash flow data, working capital changes have been highly volatile, with significant swings in quarterly balances suggesting that the company's cash position is heavily influenced by the timing of project-based receivables rather than stable, recurring operational inflows from its data network.
The reliance on working capital fluctuations to manage cash flow appears to be a symptom of the company's project-based revenue structure. This instability makes it difficult to forecast future liquidity needs and suggests that the firm remains vulnerable to delays in client payments.
As indicated by the cash flow statements, the company utilizes stock-based compensation and other non-cash adjustments that mask the true extent of its operational cash burn, complicating the assessment of the firm's actual economic performance relative to its reported GAAP figures.
The use of stock-based compensation as a primary adjustment to operating cash flow may be masking the true cost of talent acquisition in a competitive AI-driven market. Analysts should be wary of these adjustments, as they do not represent a reduction in the actual cash burn required to maintain the business.
Quick answers to the most common questions about buying ONMD stock.
OneMedNet Corporation (ONMD) generated $-7.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
OneMedNet Corporation (ONMD) reported negative free cash flow of $7.5M in 2025, indicating capital requirements exceeded cash from operations.
OneMedNet Corporation (ONMD) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.