OneMedNet Corp (Class A) (ONMD) Revenue-to-Profit Sankey Flow & SEC XBRL Financials

Per the Roarable RQD rating, ONMD scores 26 out of 100, grade E, labeled "Roarable Strong Sell — Forensic Risk / Avoid." The five pillars are: Fundamental Cash Engine at 4/20 (ROIC -35%; FCF yield 0%), Whale 13F Flow at 3/20 (institutional accumulation and options positioning), Insider Conviction at 3/20 (SEC Form 4 and Congressional PTR cluster flow), Macro Regime Fit at 8/20 (Beta 1.0; sector sensitivity), and Forensic Balance Sheet at 8/20 (Altman Z 2.5; Piotroski F 2/9; Debt/Equity 0.5). The weakest pillars are the cash engine and the two flow pillars, all of which sit at or near the bottom of their ranges. For a prospective investor, the implication is that the company's current cash generation does not support the valuation signal, and the insider and institutional flow evidence provides limited offsetting conviction. Any upside case would have to rest on future operating improvement rather than on the present fundamentals reflected in this rating.

Per the SEC financials, reported operating losses persisted across all three periods, and free cash flow remained negative in each. Per the market data, gross margin is -30%, operating margin -60%, net margin -60%, and ROIC -35%. Per the Roarable RQD rating, the Altman Z-Score is 2.5 and the Piotroski F-Score is 2/9, with Debt/Equity of 0.5. Cash is reported at $0.6M for FY 2025, though debt is listed as N/A in the filings, so balance sheet posture cannot be fully characterized from the source data.

Per the recent news feed, the most notable items are: a TradingView estimates report on ONMD market action (YELLOW); a report that CFO Robert Golden sold $55,290 in company stock (YELLOW); a catalyst item stating a new partner will distribute the company's de-identified U.S. medical data to drug companies worldwide (GREEN); a Benzinga pre-market mention among health care movers (YELLOW); a report of a 10% owner purchase of shares worth over $750K (YELLOW); and a report that director Thomas Kosasa invested $750,001 in common stock (YELLOW). The data partnership item is the only catalyst flagged GREEN. The insider sale and the insider/owner purchases point in opposing directions. The Butterfly supply-chain graph reports no links and no proprietary signals.

Per the Butterfly Supply-Chain Graph, the supply chain is listed as NONE, with no butterfly links and no proprietary signals. Upstream and downstream dependencies, sector correlations, and second-order bottlenecks therefore cannot be mapped from the source data. The only sector-level context available is the Health Care classification and a Beta of 1.0. An investor should note that the data partnership announcement, if it materializes into revenue, would be a dependency on drug-company demand, but the source data does not quantify this link.

• What are the company's products and revenue sources, given that the profile and filings do not describe the business model?
• What is the current debt position, since the filings list debt as N/A despite a reported Debt/Equity of 0.5?
• What is the trajectory of cash burn relative to the $0.6M cash balance reported for FY 2025?
• How material is the data distribution partnership in revenue terms, and when might it contribute?
• Why did reported net income in FY 2023 (-$33.8M) diverge so sharply from operating income (-$6.9M), and what drove the difference?