• A public venture capital firm for data centers and internet technology.
• A blank check company searching for a data center or internet technology business.
• A publicly traded acquisition fund specifically targeting tech infrastructure.

• Business Combinations: Effecting mergers, capital stock exchanges, asset acquisitions, stock purchases, or reorganizations with one or more businesses.

OneMedNet (symbol: ONMD) operates a healthcare data platform that provides de-identified medical imaging and related clinical data for research and development purposes. It primarily sells its services to other companies. While specific individual customer names are not widely disclosed by OneMedNet, its major customer categories include:

• Pharmaceutical and Biotechnology Companies: These companies utilize OneMedNet's Real World Data (RWD) for drug discovery, clinical trial design, post-market surveillance, and generating real-world evidence to support regulatory submissions and market access strategies.
• Medical Device Companies: Manufacturers of medical devices leverage the data for product development, performance monitoring, validation, and demonstrating the effectiveness and safety of their devices.
• Artificial Intelligence (AI) and Machine Learning (ML) Developers: Companies specializing in AI and ML use OneMedNet's extensive datasets of medical images and associated clinical data to train, validate, and enhance their diagnostic and therapeutic algorithms and solutions.
• Academic and Clinical Research Institutions: Universities and research organizations access the de-identified data for various scientific studies, advancing medical knowledge and understanding of diseases.

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The key risks to OneMedNet's business, trading under the symbol ONMD, are primarily centered around its financial viability, compliance with listing standards, and the complex regulatory landscape of healthcare data.

1. Poor Financial Health and Going Concern Risk: OneMedNet has a history of significant operating losses and negative net income since its inception. The company's financial strength is rated as poor, with high debt levels and negative equity, indicating that its liabilities currently exceed its assets. This has led to substantial doubt about its ability to continue as a going concern, exacerbated by low cash reserves and substantial current liabilities. Furthermore, OneMedNet has experienced negative revenue growth and significantly negative gross and operating margins.
2. NASDAQ Listing Compliance and Stock Volatility: As a micro-cap stock, OneMedNet faces the ongoing challenge of maintaining compliance with NASDAQ's listing requirements, particularly concerning the minimum bid price and market value of listed securities. The company's stock is characterized by significant price fluctuations and high volatility due to low trading volume. Continued non-compliance could lead to delisting, further impacting investor confidence and access to capital.
3. Regulatory Hurdles in Data Privacy: Operating in the healthcare data sector, OneMedNet is highly susceptible to changes and strict adherence to data privacy laws such as HIPAA and GDPR. Any changes in these regulations or failures in maintaining rigorous privacy standards for its imaging Real-World Data (iRWD™) platform could significantly impact its data sharing models and overall business operations.

OneMedNet (NASDAQ: ONMD) operates within several addressable markets related to healthcare data and medical imaging.

Real-World Data (RWD) and Real-World Evidence (RWE) Solutions

OneMedNet's flagship product, the iRWD™ platform, focuses on collecting, de-identifying, and curating regulatory-grade clinical imaging data and associated electronic health records for life sciences companies, AI developers, and pharmaceutical firms.

The addressable market for Real-World Evidence (RWE) solutions is estimated to be $60 billion (global).

Medical Image Exchange Systems

OneMedNet also offers solutions for medical image exchange.

The global medical image exchange systems market is valued at approximately US$ 4.4 billion in 2025 and is projected to reach US$ 7.2 billion by 2032, growing at a compound annual growth rate (CAGR) of 7.4%. North America currently dominates this market, contributing approximately 32.3% of the global share.

Healthcare Data Annotation

Through a strategic partnership with Medcase, OneMedNet has expanded into the healthcare data annotation market.

This global market for healthcare data annotation was valued at $1.5 billion in 2025 and is projected to grow to $2.8 billion by 2030.

Here are 3-5 expected drivers of future revenue growth for OneMedNet (ONMD) over the next 2-3 years:

1. Shift to Recurring Subscription Model: OneMedNet is strategically transitioning its business model from project-based work to recurring subscription partnerships. This shift is anticipated to drive predictable growth and increased annual recurring revenue (ARR). The company reported record bookings of $2.79 million in 2025, marking a 4.1-fold increase compared to 2024, largely due to larger enterprise deals and this move towards recurring subscriptions.
2. Expansion of Healthcare Provider Network and iRWD™ Platform: The continuous expansion of OneMedNet's iRWD™ platform and its integrated network of healthcare sites is a key growth driver. The company has integrated over 2,130 healthcare sites into its platform and reported a 37% year-over-year increase in its network in 2025, encompassing 186 million clinical exams. This expanding network enhances the volume and diversity of data available, attracting more customers in the life sciences and AI sectors.
3. Strategic Partnerships and Advanced Data Integration (e.g., Palantir Foundry): Collaborations and technological integrations are expected to accelerate revenue growth. The commercial launch of OneMedNet's Real-World Data (RWD) platform, powered by Palantir Foundry, is a significant driver. This integration enhances AI-driven search capabilities and scalable data feeds, leading to higher average recurring revenue and larger deal sizes. Additionally, partnerships such as those with ViuHealth to enhance autoimmune datasets and Risorius for neuro data are expected to boost recurring revenue from life sciences and AI customers.
4. Growing Demand for Real-World Data and AI in Healthcare: The increasing demand for Real-World Data (RWD) and artificial intelligence (AI) solutions within the healthcare and life sciences industries presents a significant growth opportunity for OneMedNet. The company's platform is designed to provide de-identified medical imaging and electronic health records, fueling innovation for drugmakers, medical device pioneers, and AI developers. There is a notable industry-wide shift towards AI-driven precision in medical imaging and a rising demand in sectors like cardiac AI diagnostics, which OneMedNet is positioned to address.

Share Issuance

• In November 2023, OneMedNet completed a business combination with Data Knights Acquisition Corp., which included approximately $200 million or more in rollover equity to OneMedNet equity holders.
• The company completed a private placement in July 2024, generating approximately $4.6 million in gross proceeds from the sale of common stock and pre-funded warrants.
• In June 2025, OneMedNet raised approximately $3.7 million in gross proceeds through private placement transactions with accredited investors, including some of its founders and directors.

Inbound Investments

• The business combination with Data Knights Acquisition Corp. in November 2023 implied a pro-forma enterprise value of approximately $317 million.
• In March 2024, OneMedNet secured up to $4.54 million in funding from an institutional investor through a private placement of senior convertible notes, intended for working capital, growth acceleration, network enhancement, and AI-driven solution development.
• Off the Chain Capital has made strategic investments in OneMedNet, recognizing the company's platform and market position.

Outbound Investments

• In July 2024, OneMedNet utilized $1.8 million of the net proceeds from a private placement to acquire Bitcoin ($BTC).
• In September 2024, a portion of the net proceeds from a subsequent private placement was planned for purchasing Bitcoin ($BTC).

Capital Expenditures

• OneMedNet's capital expenditures were -$43,000 in the last 12 months (as of March 2026).
• Adjusted Capital Expenditures for OneMedNet Corporation were -$3.0 thousand in 2025.
• The company is undertaking ongoing investments for long-term growth, focusing on new real-world data offerings, network expansion, and strategic partnerships like the integration of Palantir's AI Platform.