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Here are 1-3 brief analogies for OneMedNet (ONMD):

• Shutterstock for medical images used by researchers and pharma
• ZoomInfo for medical imaging data, but for scientific research and development

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• ipartment® Platform: A cloud-based platform for the secure, compliant exchange and monetization of de-identified medical imaging data.
• Real-World Evidence (RWE) Data Services: Provides access to de-identified medical imaging data sets to support research, drug development, and AI algorithm training.
• Healthcare Data Monetization Solutions: Enables healthcare providers to generate revenue from their de-identified medical imaging data assets.

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OneMedNet (ONMD) primarily sells its services to other companies and organizations, not individuals.

Based on their public statements and SEC filings, OneMedNet operates a Real World Data (RWD) network connecting data contributors (hospitals, imaging centers) with "data requestors" (their customers). While OneMedNet does not publicly disclose specific customer names that account for a significant portion of its revenue (e.g., 10% or more), they clearly define the categories of organizations that utilize their services. Therefore, their major customers fall into the following categories:

• Life Science Companies: This broad category encompasses various companies involved in research, development, and manufacturing of biological products and medical therapies.
• Pharmaceutical and Biotech Companies: These companies utilize OneMedNet's de-identified medical imaging data for drug discovery, clinical trials, post-market surveillance, and therapeutic development.
• Medical Device Companies: Manufacturers of medical devices leverage the data for product development, validation, and performance monitoring.
• Academic Institutions and Research Organizations: Universities and research bodies use the data for scientific studies, hypothesis generation, and clinical research.
• Artificial Intelligence (AI) Developers: Companies and researchers focused on developing AI algorithms for medical imaging and diagnostics are key customers, using the data for training, validation, and benchmarking their models.

As no specific public customer companies are named in OneMedNet's financial disclosures, we cannot list individual company names or their symbols.

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• Amazon.com, Inc. (AMZN)
• Alphabet Inc. (GOOGL)
• Microsoft Corporation (MSFT)

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Aaron Green, President and Chief Executive Officer

Aaron Green assumed the role of President and Chief Executive Officer of OneMedNet in April 2024, having previously served as President since May 2023. He brings over two decades of experience in healthcare IT to his position. Green has a strong track record of driving growth and business transformations. His prior roles include Vice President Cloud Solutions at Optum Insights, which was acquired by United Health Group, and General Manager Radiology Imaging at Change Healthcare (NASDAQ:CHNG). He also spent 15 years at McKesson (NYSE:MCK), where he advanced to Division Vice President, Sales.

Bob Golden, Chief Financial Officer and Corporate Secretary

Bob Golden was appointed Chief Financial Officer of OneMedNet in September 2024, and also serves as Corporate Secretary and a Director. He is a Certified Public Accountant with more than 40 years of experience in financial management. Golden's expertise encompasses financial strategy, business development, and mergers and acquisitions. His past experience includes serving as Managing Partner at Cohen, Bender & Golden LLP since 2015, and holding CFO positions at Promo Shop, Inc. and iKahan Media, Inc. He has also been a member of the Board of Directors for Talon International, Inc.

Jeffrey Yu, MD, Vice President and Chief Medical Officer

Dr. Jeffrey Yu is the Founder, Vice President, Chief Medical Officer, and Chairman of the Board for OneMedNet, which he founded in 2009. He is a board-certified Radiologist with 28 years of extensive healthcare IT experience. Dr. Yu's early research and development led to the creation of the BEAM solution, designed to facilitate secure and efficient sharing of patient imaging studies.

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The key risks to OneMedNet (ONMD) business operations are primarily centered around its financial viability, customer concentration, and intense market competition.

1. Financial Instability and Going Concern Risk: OneMedNet faces significant financial challenges, including ongoing net losses, a negative equity position, and severe liquidity constraints, with only approximately $0.1 million in cash as of June 2025. The company's reliance on external financing, often through equity dilution, and a "going concern" flag underscore its precarious financial state. Its revenues are described as minuscule and sub-scale in comparison to its operating losses.
2. Customer Concentration and Revenue Volatility: A substantial portion of OneMedNet's revenue has historically been concentrated with a few key customers. In 2023 and 2022, Change Healthcare and Siemens Medical Solutions USA collectively accounted for 53% and 52% of the company's revenues, respectively. The potential loss of one or more of these significant customers could lead to a material adverse effect on its revenue and overall business. Additionally, the company experienced a drastic 92.35% decrease in total operating revenue from December 31, 2023, to December 31, 2024, signaling significant challenges in revenue generation and overall financial health.
3. Competitive Pressures and Market Traction: OneMedNet operates in a highly competitive real-world data (RWD) market. The company faces competitive pressures from larger RWD platforms and has struggled to gain significant market traction. While OneMedNet is pursuing new partnerships and showcasing its platforms, its product growth stems from a very small base, leading to questions about its competitive advantages and potential for meaningful market penetration.

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The emergence and increasing sophistication of synthetic data generation technologies represent a clear threat. These technologies aim to create artificial datasets that mimic the statistical properties and patterns of real-world patient data, but without containing any actual patient information. If synthetic data can achieve sufficient fidelity and reliability for various research and AI training applications, it could significantly reduce the demand for access to real-world de-identified data networks, such as OneMedNet's iRWD™, thereby disrupting its core business model by offering an alternative solution that inherently sidesteps many privacy and access complexities.

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OneMedNet (ONMD) participates in several addressable markets related to healthcare data solutions, primarily focusing on Real-World Data (RWD), de-identified health data, healthcare data monetization, and healthcare data annotation.

• The global Real-World Data (RWD) market was estimated at approximately $1.64 billion in 2024 and is projected to reach around $6.37 billion by 2034, with a Compound Annual Growth Rate (CAGR) of 14.54% from 2025 to 2034. In North America, the RWD market size exceeded $710 million in 2024 and is expected to grow at a CAGR of 14.58% during the forecast period.
• The global de-identified health data market was valued at $7.80 billion in 2024 and is anticipated to reach $15.85 billion by 2032, with a CAGR of 9.32% from 2025 to 2032. The U.S. de-identified health data market size was $1.94 billion in 2024 and is projected to grow to $3.97 billion by 2032. North America held the largest share of this market in 2024, exceeding 31.53%.
• The global healthcare data monetization solutions market was valued at $998.3 million in 2024 and is estimated to grow at an 18.2% CAGR from 2025 to 2034, reaching $5.27 billion in 2034. The U.S. segment of this market was valued at $309.47 million in 2024 and is projected to reach approximately $1.39 billion by 2034. North America dominated the global market in 2024, holding a 42% market share.
• The global healthcare data annotation market was valued at $1.5 billion in 2025 and is projected to reach $2.8 billion by 2030.
• OneMedNet also notes that the broader AI-enabled healthcare opportunity is estimated at $868 billion by 2030.

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Expected Drivers of Future Revenue Growth for OneMedNet (ONMD)

1. Expansion of the iRWD™ Platform and Provider Network: OneMedNet is actively transitioning from its legacy BEAM platform to enhance its iRWD™ sales, with a complete discontinuation of BEAM planned by 2025. The company has significantly expanded its provider network to 1,750 sites, gaining access to 136 million clinical studies and over 5 billion administrative records and claims. This expansion of accessible real-world data is a core strategy to scale and decrease time to revenue by growing relationships with hospitals and academic medical centers.
2. Diversification and Expansion into New Data Markets: OneMedNet's iRWD™ platform is crucial for innovation in various healthcare sectors, including drug development, medical device advancements, and AI applications across rare diseases, oncology, and cardiology. Beyond healthcare, the company leverages its proprietary AI for data anonymization in other industries such as finance, retail, and telecommunications. A recent strategic move includes expanding into the $1.5 billion healthcare data annotation market with its MedCase offering.
3. Enhancement of AI-Powered Platform Capabilities: Continuous improvement of the iRWD™ platform, particularly through AI-driven de-identification, federated search, and multi-modal data integration, is a key driver. These technological advancements aim to accelerate platform development, thereby decreasing the time required for data search and curation. A partnership with Palantir to advance healthcare AI and data analytics further underscores this commitment to technological enhancement.
4. Implementation of a New Subscription Revenue Model: OneMedNet has initiated a new subscription revenue model through a partnership with Circle CVI. This shift towards a subscription-based approach can provide more predictable and recurring revenue streams, fostering sustained financial growth.

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Share Issuance

• OneMedNet completed $3.7 million in private placements of company securities in the second quarter of 2025, including $1.2 million from insiders. The proceeds are intended for working capital, general corporate purposes, and to accelerate sales execution and expand the iRWD™ platform.
• In June 2025, OneMedNet secured approximately $3.7 million through private placements of common stock at $0.42 per share. These proceeds are designated for working capital and general corporate purposes, and the company plans to continue its strategy of adding Bitcoin to its balance sheet.
• In September 2024, OneMedNet announced an additional $1.7 million funding through a follow-on private placement with an affiliate of Off the Chain Capital, where 1,918,591 shares of common stock were sold at $0.65 per share, along with warrants. This followed a previous private placement with Off the Chain Capital on July 24, 2024, which generated gross proceeds of $2.7 million. The net proceeds from these placements are for working capital and general corporate purposes, with plans to use a portion to purchase Bitcoin.

Inbound Investments

• Off the Chain Capital has strategically invested in OneMedNet, recognizing the business case of its platform and market position for long-term value creation.
• Yorkville Advisors Global committed to purchase up to $25.0 million of OneMedNet's common stock over a twenty-four-month period, subject to certain conditions, as part of a standby equity purchase agreement (SEPA) entered into on June 17, 2024.
• On June 18, 2024, Yorkville advanced $1.5 million to OneMedNet under a convertible promissory note due June 18, 2025, with the intention for it to be repaid through SEPA advances for working capital and general corporate purposes.

Capital Expenditures

• OneMedNet's capital expenditures for the quarter ending June 2025 were $3,000.