OneMedNet Preliminary Revenue Jumps 465% to $1 Million in Third Quarter
Key Facts
OneMedNet expects preliminary revenue of about $1 million in the third quarter ended September 30, 2026, up 242% from the previous quarter and 465% from the same period last year, according to a company statement. The figure precedes the release of final quarterly results, while the company said its fourth-quarter guidance is $12 million to $14 million. It tied that outlook to customers accepting the data delivered, making achievement of the guidance contingent on completing that step. The company said its sales pipeline grew during 2026 and that it began executing at scale in the third quarter. It added that order timing, combined with large-scale delivery, is expected to weight annual revenue more heavily toward the fourth quarter.
The contrast between preliminary third-quarter revenue and the stated fourth-quarter guidance reflects an expected concentration of revenue in the final months of the year, in the company's account. It said order timing and large-scale delivery explain this distribution, and that annual revenue is expected to be weighted more heavily toward the fourth quarter. The stated guidance depends on customers accepting the data delivered, according to the statement. On September 18, the company said bookings since the start of the year were nearing $16.2 million, 16 times the level in the same period of 2025. It said then that about 50% of contracts booked during 2026 were with new customers, and that platform improvements had increased order execution speed by about 50 times.
The company attributed its move to large-scale delivery to the completion of much of its operational capabilities. Chief Executive Aaron Green said data curation, de-identification and regulatory-grade, large-scale delivery of multimodal data were "largely complete." The company added that multimodal data comes directly from its healthcare provider partners and that it is expanding its de-identification and delivery infrastructure to keep pace with demand. It said its network includes more than 2,300 sites and covers more than 90 million patient journeys and 270 million studies. On November 4, the company announced a mid-six-figure repeat order from a company developing foundational radiology models, and on November 3 it announced an additional high-six-figure order under a multi-year agreement.
The company's earlier disclosures show that revenue is still starting from a limited base compared with the new guidance. Revenue in the second quarter of 2026 was about $292,000, versus $155,000 in the corresponding period of 2025, an annual increase of 88%. In June, the company said it had recorded more than $3 million in new bookings since the start of the year and expected to recognize most of them as revenue by the end of the third quarter. It also announced in July an agreement worth more than $11.5 million in total to supply de-identified healthcare data, including millions of medical images and clinical reports, for development of a foundational AI model, with delivery to begin immediately. These bookings and agreements put actual execution and data acceptance at the center of tracking the company's ability to convert demand into revenue.
By contrast, the quarterly report filed with the U.S. Securities and Exchange Commission showed second-quarter cost of revenue of $857,000, exceeding revenue of $292,000, while gross margin was negative $565,000. Cash and cash equivalents totaled $358,000 on June 30, and the company used $3.417 million in cash for operating activities during the first half. It said in the report that its cash balance of $0.4 million was insufficient to fund operations for the following twelve months, raising substantial doubt about its ability to continue as a going concern. Management added that it needs additional funding through the issuance of equity or debt. The high fourth-quarter revenue guidance comes against this backdrop, while its execution remains contingent on customers accepting the delivered data.
OneMedNet said the third-quarter figures are preliminary and may be finalized and adjusted when it prepares its quarterly report. The company expects to file its Form 10-Q by November 16, 2026, when quarterly results will be available in its official disclosure. What follows will center on how final revenue compares with the preliminary estimate and on customer acceptance of delivered data, which the company made a condition of its fourth-quarter guidance. The expected report will also provide an official update to quarterly figures after review and preparation are complete. The company linked its expected revenue pattern through year-end to the timing of orders and the speed of deliveries.