OneMedNet Corporation (ONMD) Q1 2026 Earnings Report

OneMedNet reported a modest top-line in Q1 2026 with revenue of $96,000, but the quarter manifested a substantial operating loss and a negative gross margin. Revenue declined by 57.71% year-over-year and by 29.93% quarter-over-quarter, reflecting the company’s early-stage commercial trajectory and limited near-term monetization of its AI-driven imaging data platform (iRWD). Gross profit was negative by $0.38 million on $0.096 million of revenue, producing a gross margin of -3.96%. Total operating expenses of $2.172 million drove EBITDA to -$2.552 million and net income to -$2.453 million, with an EPS of -$0.04. The results indicate a burn that outpaces current revenue traction, underscoring the need for additional capital or strategic pivots to achieve meaningful profitability.

Absent explicit forward guidance in the provided materials, the near-term outlook hinges on execution of product development, scale of partner network, and ability to convert pilots into recurring revenue streams. The company appears to be in an investment phase focused on AI imaging data de-identification (iRWD) and data curation for life sciences and research networks, which, if monetized effectively, could yield a multi-year growth trajectory. Investors should monitor: (1) progression of customer pilots and paid engagements, (2) cost discipline and operating leverage as headcount and R&D scale, and (3) capital-raising plans or strategic partnerships that could extend the company’s runway and enable commercialization.