Revenue remains highly volatile with year-over-year growth fluctuating between -92.4% and 33.3%, while structural inefficiencies resulted in a negative gross margin of -4.0% as of 2026Q1.
| Sales/Revenue | 1.32M | 1.36M | 643K | 1.02M | 1.15M | 1.09M | 824.03K |
| Revenue Growth % | 147.93% | 111.35% | -37.02% | -11.45% | 5.61% | 32.49% | - |
| Cost of Goods Sold | 2M | 1.86M | 924K | 1.15M | 1.51M | 1.21M | 611.66K |
| COGS % of Revenue | - | 137.01% | 143.7% | 112.63% | 131.22% | 110.39% | 74.23% |
| Gross Profit | -678K | -503K | -281K | -129K | -360K | -113.41K | 212.37K |
| Gross Margin % | -51.4% | -37.01% | -43.7% | -12.63% | -31.22% | -10.39% | 25.77% |
| Gross Profit Growth % | - | -79% | -117.83% | 64.17% | -217.44% | -153.4% | - |
| Operating Expenses | 9.25M | 9.16M | 9.32M | 6.72M | 7.36M | 2.6M | 3.14M |
| OpEx % of Revenue | - | 674.32% | 1450.08% | 658.57% | 637.9% | 237.88% | 381.6% |
| Selling, General & Admin | 7.79M | 7.65M | 7.86M | 4.66M | 13.84M | 1.8M | 2.38M |
| SG&A % of Revenue | - | 562.84% | 1221.93% | 456.32% | 1200.09% | 165.05% | 289.14% |
| Research & Development | 1.46M | 1.51M | 1.47M | 2.06M | 1.59M | 642.76K | 307.27K |
| R&D % of Revenue | - | 111.48% | 228.15% | 202.25% | 137.99% | 58.87% | 37.29% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | -8.07M | 152.46K | 454.61K |
| Operating Income | -9.93M | -9.67M | -9.61M | -6.85M | -7.71M | -2.71M | -2.93M |
| Operating Margin % | -752.99% | -711.33% | -1493.78% | -671.2% | -669.12% | -248.27% | -355.82% |
| Operating Income Growth % | - | -0.65% | -40.16% | 11.17% | -184.63% | 7.56% | - |
| EBITDA | -9.88M | -9.6M | -9.55M | -6.83M | -7.69M | -2.7M | -2.92M |
| EBITDA Margin % | -748.98% | -706.55% | -1484.91% | -668.46% | -666.96% | -246.95% | -354.14% |
| EBITDA Growth % | -2.13% | -0.57% | -39.9% | 11.25% | -185.23% | 7.61% | - |
| D&A (Non-Cash Add-back) | 53K | 65K | 57K | 28K | 25K | 14.47K | 13.92K |
| EBIT | -3.41M | -2.73M | -9.98M | -33.75M | -30.43M | -2.75M | -2.93M |
| Net Interest Income | -46K | -67K | -147K | -11K | -403.31K | -195.38K | 193.55K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 193.55K |
| Interest Expense | 46K | 67K | 147K | 11K | 403.31K | 195.38K | 0 |
| Other Income/Expense | 6.58M | 6.87M | -522K | -26.91M | -22.72M | -230.29K | 110.55K |
| Pretax Income | -3.35M | -2.8M | -10.13M | -33.76M | -30.43M | -2.94M | -2.82M |
| Pretax Margin % | -254.06% | -206.03% | -1574.96% | -3306.76% | -2639.55% | -269.37% | -342.41% |
| Income Tax | 1K | 1K | 2K | 18K | 17K | 0 | 0 |
| Effective Tax Rate % | -0.03% | -0.04% | -0.02% | -0.05% | -0.06% | 0% | 0% |
| Net Income | -3.35M | -2.8M | -10.13M | -33.78M | -30.45M | -2.94M | -2.82M |
| Net Margin % | -254.13% | -206.11% | -1575.27% | -3308.52% | -2641.02% | -269.37% | -342.41% |
| Net Income Growth % | 66.22% | 72.35% | 70.01% | -10.93% | -935.44% | -4.23% | - |
| Net Income (Continuing) | -3.35M | -2.8M | -10.13M | -33.78M | -30.45M | -2.94M | -2.82M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.06 | -0.06 | -0.36 | -4.77 | -2.51 | -0.20 | -0.19 |
| EPS Growth % | 87.87% | 83.33% | 92.45% | -90.04% | -1155% | -5.26% | - |
| EPS (Basic) | - | -0.06 | -0.36 | -4.77 | -2.51 | -0.20 | -0.19 |
| Diluted Shares Outstanding | 55.32M | 44.55M | 28.08M | 7.08M | 12.13M | 14.96M | 14.96M |
| Basic Shares Outstanding | 55.32M | 44.55M | 28.08M | 7.08M | 12.13M | 14.96M | 14.96M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Severe liquidity and solvency risk
As indicated by the quarterly financial data, ONMD's revenue trajectory remains highly erratic, with year-over-year growth figures fluctuating significantly between -92.4% and 33.3% across the observed periods, suggesting that the company's reliance on project-based clinical research contracts prevents the establishment of a predictable, sustainable growth baseline.
The lack of consistent sequential growth suggests that the company has yet to secure a recurring revenue stream, leaving it vulnerable to the timing of individual client data requests. Investors should monitor whether the company can transition from these lumpy, transactional engagements toward a more stable data-as-a-service model to improve long-term visibility.
Based on reported income statements, the company consistently struggles with negative gross margins, which reached as low as -163.5% in 2025Q1, implying that the direct costs associated with data curation and partner network maintenance currently exceed the revenue generated from these specialized medical imaging datasets.
This persistent margin compression suggests that the company's current operational model is not yet scalable, as the cost of acquiring and de-identifying clinical data remains prohibitively high relative to market pricing. Without a significant increase in the reuse ratio of curated datasets, the company may continue to face difficulty in achieving a gross profit contribution.
According to the provided financial filings, the company maintains a high fixed-cost structure, with SG&A expenses frequently exceeding total quarterly revenue by several multiples, which highlights a fundamental misalignment between the firm's administrative overhead and its current capacity to generate meaningful top-line results in the healthcare information market.
The persistent reliance on heavy SG&A spending to support a relatively small revenue base indicates that the company is operating with significant operational inefficiency. Management's inability to rationalize these costs relative to the current revenue scale warrants further investigation into the sustainability of the firm's current operating model.
As reported in recent financial statements, the company's cash position of $585,000 against consistent quarterly operating losses suggests that the current business model may be unsustainable without immediate and potentially dilutive external financing, posing a significant risk to the company's ability to continue as a going concern.
Short-sellers would likely focus on the extreme disconnect between the company's high-growth narrative and its inability to achieve positive unit economics. The combination of negative gross margins and a rapidly depleting cash balance suggests that the company is in a precarious position that may require a fundamental pivot to avoid insolvency.
Quick answers to the most common questions about buying ONMD stock.
For fiscal year 2025, OneMedNet Corporation (ONMD) reported total revenue of $1.4M. This represents a 64.9% increase compared to $0.8M in 2020.
OneMedNet Corporation (ONMD) reported a net loss of $2.8M for the fiscal year ending 2025.
OneMedNet Corporation (ONMD) reported an operating income of $-9.7M, resulting in an operating profit margin of -711.3%. This margin reflects the operational efficiency of the business before interest and taxes.
OneMedNet Corporation (ONMD) generated $-0.5M in gross profit for the year, representing a gross profit margin of -37.0%. This demonstrates the company's core pricing power and production efficiency.