OneMedNet Announces Record 2025 Bookings but Liquidity and Execution Risks Persist

What happened

OneMedNet reported record bookings of $2.79 million in 2025, a fourfold increase from 2024, highlighting strong demand for its iRWD offerings and progress toward a subscription model. However, the company remains in a precarious financial position, with only $0.1 million in cash and a going-concern flag as of mid-2025, per the DeepValue report. These bookings represent contract value that may not translate to immediate revenue or cash flow, as iRWD revenue is recognized upon dataset delivery, and the company has a history of sub-scale and volatile revenue. While this addresses the iRWD traction watch item, critical risks such as Nasdaq noncompliance and reliance on external financing—likely implying dilution—remain unresolved. Investors should temper optimism, as the company must still demonstrate execution on deliveries and secure funding to mitigate the high risks outlined in the report.

Implication

The surge in 2025 bookings to $2.79 million indicates accelerating demand for OneMedNet's imaging-centric real-world data, which could help transition to a more predictable subscription model over time. However, revenue remains sub-scale and volatile, with FY2024 at $643k and Q2'25 at $155k, so converting bookings to delivered revenue is crucial for financial stability. Liquidity is acutely constrained, with only $0.1 million cash as of mid-2025, necessitating external financing that likely leads to shareholder dilution and heightens going-concern risk. Nasdaq compliance issues add delisting or reverse-split overhangs, further eroding investor confidence. Therefore, while booking momentum is encouraging, investors should await concrete evidence of revenue growth, improved cash flow, and resolved compliance before considering any change in investment stance.

Thesis delta

The record 2025 bookings suggest progress on iRWD traction, moving towards the watch item threshold that could shift the stance from SELL to HOLD if sustained. However, this news does not address the liquidity runway or Nasdaq compliance, which are equally critical for reassessment. Thus, the SELL stance remains unchanged until further evidence of execution and financial stability emerges.