OneMedNet CEO's Year-End Letter Highlights Strategic Focus but Ignores Critical Financial Risks

What happened

OneMedNet's CEO issued a letter to shareholders emphasizing 2025 as a year of strategic execution, including the selection of Palantir's AI platform to accelerate development. However, the company remains in a precarious financial position, with only $0.1 million in cash and a going-concern flag as of June 30, 2025, per recent filings. Revenue is sub-scale at $155,000 for Q2 2025, and the business is pivoting from the decommissioned BEAM service to iRWD, adding execution uncertainty. The letter omits any mention of Nasdaq noncompliance issues, which pose a delisting risk with grace periods ending in late 2025. While the Palantir partnership could enhance long-term platform capabilities, it does not address the immediate liquidity crisis or revenue growth challenges highlighted in regulatory disclosures.

Implication

The company's liquidity remains critically low, with reliance on external financing likely to dilute shareholders in the near term. iRWD revenue growth is essential but unproven, and the transition from BEAM adds operational risk during a period of financial stress. Nasdaq noncompliance could trigger a reverse stock split or delisting, further undermining market confidence and stock liquidity. While the Palantir partnership may improve AI platform development, it does not guarantee commercial success or alleviate short-term cash needs. Overall, the risk/reward is unfavorable until OneMedNet demonstrates sustainable revenue, secures stable funding, and resolves listing concerns.

Thesis delta

The CEO's letter does not alter the SELL thesis, as it provides no substantive updates on revenue growth, financing, or Nasdaq compliance. It introduces a potential positive through the Palantir partnership, but this remains speculative until it drives tangible platform improvements and customer adoption. Thus, the stance remains unchanged, with continued focus on execution against the critical watch items outlined in the DeepValue report.