ONMD

OneMedNet is a pre-viability nano-cap whose own auditor has flagged substantial doubt about its ability to continue as a going concern. The math is unforgiving: FY2025 revenue was just $1.36M, and it cost more than that to deliver — gross profit was NEGATIVE $503K (-37% gross margin). A company that loses money at the gross line before a single dollar of R&D, sales or G&A has not proven its core product economics work at all. Operating loss was $9.67M on that $1.36M of revenue (an operating margin of -711%), and operating cash burn was $7.5M against a cash balance of only $585K. That runway is a fraction of a year, which means near-certain, imminent dilution or default. Stockholders' equity is already negative (-$2.96M), the accumulated deficit is $104M, and shares outstanding jumped 69.7% in a single year — existing holders are being diluted rapidly just to keep the lights on.

The revenue line looks superficially encouraging (+111% YoY), but the four-year history exposes it as noise, not a trend: $1.15M (2022) → $1.02M (2023) → $643K (2024) → $1.36M (2025). Revenue is essentially flat-to-down over four years with no durable trajectory, and the 2025 'growth' is a bounce off a collapsed 2024 base. Worse, the MD&A discloses that one of its two revenue streams, the BEAM imaging-exchange platform, was DECOMMISSIONED in May 2025 and generates nothing thereafter — so forward revenue rests entirely on the unproven iRWD data business, and the reported growth is not a clean read-through to future quarters. The improved net loss (-$2.8M vs -$10.1M) is not operational progress: operating loss barely moved (-0.6%), so the headline improvement comes from below-the-line items, not the business getting better.