10-Q · May 15, 2026
OneMedNet Corporation reported a substantial revenue decline of 30% year-over-year in Q1 2026, reaching $96,000, primarily due to the complete phase-out of its BEAM subscription service. The company's net loss for the…
Earnings analysis · 10-Q
ONMD earnings analysis
Filed August 14, 2026 · Our reading of the company's report
The latest report
OneMedNet reported a sharp revenue contraction to $96,000, down from $891,000 in the prior quarter, while gross margin fell to -395.8% and operating margin reached -2,658.3%. Diluted EPS was -$0.04 and free cash flow…
Read full summary
OneMedNet reported a sharp revenue contraction to $96,000, down from $891,000 in the prior quarter, while gross margin fell to -395.8% and operating margin reached -2,658.3%. Diluted EPS was -$0.04 and free cash flow was -$2.0 million, indicating continued substantial cash burn despite sequential EPS improvement. Liquidity was supported by related-party subscriptions and a Yorkville issuance, but the company reported ineffective disclosure controls and material weaknesses in financial reporting and revenue-recognition controls.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.04
- Gross margin
- -395.8%
- Operating margin
- -2658.3%
What stood out
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Revenue and gross margin deteriorated
Revenue was $96,000, down from $891,000 in the prior quarter and $137,000 in the prior-year quarter. Gross margin declined to -395.8% from 18.5% sequentially and -163.5% year over year.
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Operating losses remained extreme
Operating margin was -2,658.3%, compared with -345.9% in the prior quarter and -1,623.4% in the prior-year quarter. Diluted EPS improved to -$0.04 from -$0.07 sequentially but worsened from -$0.06 year over year.
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Related-party financing provided liquidity
The company received approximately $750,000 from a director subscription, approximately $250,000 from a second director subscription, and additional proceeds of approximately $250,000, $100,000 and $100,000 from related-party subscriptions during the quarter.
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SEPA generated additional proceeds
During the three months ended June 30, 2026, the company issued Yorkville 953,862 shares for aggregate gross proceeds of $486,681 under the 2024 SEPA.
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Control remediation is underway
Management stated that remediation of the identified control weaknesses is ongoing and noted the hiring of a full-time controller in July 2025 and the addition of review procedures over financial records.
What to watch
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Ineffective disclosure controls
Management concluded that disclosure controls and procedures were ineffective as of June 30, 2026 because of material weaknesses involving non-routine transactions and segregation of duties.
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Financial reporting control weaknesses
Material weaknesses include user access and segregation of duties, a lack of a formalized control environment, and oversight issues over financial reporting and revenue recognition. The company stated that it does not currently have an expanded accounting department because of limited transaction volume and financial limitations.
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Continued equity financing and dilution
The company issued 953,862 shares to Yorkville for $486,681 of gross proceeds during the quarter and issued 903,614 shares to a director at $0.83 per share, creating material equity dilution risk amid ongoing financing needs.
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Remediation may not succeed
The company stated that remediation is ongoing and that there can be no assurance it will effectively address the material weakness.
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No new formal risk-factor changes
The filing states that there were no material changes from the risk factors previously disclosed in the Form 10-K and other public filings.
Management's outlook
The filing provides no quantitative revenue or EPS outlook and contains no explicit forward guidance.
Earlier filings 2
10-K · April 30, 2026
OneMedNet Corporation is experiencing severe financial strain, as evidenced by dramatic fluctuations in revenue and margins over the past year. Despite achieving a significant milestone with 80 million patient journeys…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.