OneMedNet (ONMD) Q2 2025 earnings summary

Executive summary

• Revenue declined 32% year-over-year for Q2 2025, driven by the planned decommissioning of the BEAM platform and a strategic shift to iRWD sales.

• Net income for Q2 2025 was $3.0 million, a significant improvement from a net loss of $3.6 million in Q2 2024, primarily due to gains from troubled debt restructurings and fair value adjustments.

• The company completed several debt-to-equity conversions and private placements, raising $3.7 million in gross proceeds during the quarter.

Financial highlights

• Q2 2025 revenue: $0.2 million, down 32% year-over-year.

• Gross margin was negative $0.2 million, with cost of revenue rising to 255% of revenue.

• Operating expenses decreased 23% year-over-year to $1.8 million.

• Net income for Q2 2025: $3.0 million, compared to a net loss of $3.6 million in Q2 2024.

• Adjusted for non-recurring gains, underlying operations remain loss-making.

Outlook and guidance

• Management does not believe current cash and equivalents are sufficient to meet foreseeable cash needs for the next 12 months.

• Plans to raise additional capital through debt and equity offerings to fund operations.

• Strategic focus is shifting to iRWD sales, with BEAM platform decommissioned as of May 2025.