OpGen, Inc. (OPGN): Business Model Canvas [Dec-2025 Updated]

You're digging into a company that made a truly radical shift: OpGen, Inc. has completely exited its legacy diagnostics business to focus squarely on financial services, specifically listing sponsorship via its CapForce unit. Honestly, this new model is lean-operating costs dropped by about 73% year-over-year-but it's also incredibly concentrated, with 100% of its 2025 year-to-date revenue, totaling $4,000,000, coming from just one client. This structure hinges on facilitating access to US capital markets, backed by a $7,000,000 equity financing line, which presents both a clear opportunity and a definite near-term risk. Check out the full Business Model Canvas below to see the key resources and revenue streams driving this pivot.

OpGen, Inc. (OPGN) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that are propping up OpGen, Inc. (OPGN) as it navigates its pivot into financial technology. Honestly, the structure of these partnerships is critical because the company's current financial stability is deeply intertwined with just a few key players. Let's break down who's holding the strings and driving the new business.

Controlling Stockholder AEI Capital Ltd. for Critical Financing

AEI Capital Ltd. is definitely the most important partner right now; they are the controlling investor, which means their influence on OpGen, Inc.'s business decisions is substantial. This relationship is the primary lifeline for liquidity, given the company is pre-revenue in its new model for Q1 2025. You need to know the terms of this support.

The financing arrangement, an amended securities purchase agreement, extends the period during which OpGen, Inc. can issue shares to AEI Capital Ltd. until December 31, 2025. As of March 31, 2025, OpGen, Inc. had already sold 1,079,109 shares to AEI Capital for $2.0 million. What this estimate hides is the remaining capacity: OpGen, Inc. retains the right to sell up to an additional $7,000,000 of common stock under this agreement. That's the near-term funding runway you're looking at.

European Credit Investment Bank (ECIB) for a Digital Investment Banking Joint Venture

The move into digital investment banking is formalized through a joint venture (JV) with the European Credit Investment Bank (ECIB). CapForce International Holdings Ltd., OpGen, Inc.'s wholly-owned subsidiary, entered into the Joint Venture Agreement on April 3, 2025. The resulting entity is named CapForce EC Capital Markets Ltd., and CapForce maintains contractual control, including for accounting consolidation purposes.

The profit-sharing structure is detailed, showing how OpGen, Inc. plans to benefit from the JV's success:

• The parties agreed to equally split all profits earned by the Joint Venture for the Trading Platform.
• The parties agreed to share equally all capital expenditures and operating expenses for the Trading Platform.
• For operations unrelated to the Trading Platform, CapForce receives 80% of profits if revenues are less than $10.0 million.
• CapForce receives 90% of profits if the Joint Venture's revenues exceed $10.0 million.

Also, ECIB granted CapForce an option to purchase between 11% and 30% of the equity interests of ECIB held in the Joint Venture, though the purchase price needs mutual agreement.

Single International Client Providing 100% of 2025 Year-to-Date Revenue

This is the most concrete, yet riskiest, piece of the new revenue model. The entire financial performance of the repositioned OpGen, Inc. for 2025 is currently dependent on one relationship. For the nine months ended September 30, 2025, the company generated $4,000,000 in revenue, which was 100% from listing sponsorship services provided to a single international client.

Here's a quick look at the concentration risk as of late Q3 2025:

Metric	Amount as of September 30, 2025	Context
Total Revenue YTD (9 months)	$4,000,000	Entirely from one international client.
Revenue in Q3 2025	$0	The client revenue was not recognized in the third quarter.
Revenue in Q1 2025 (3 months)	$0 million	Company was pre-revenue in its new model for the first quarter.
Accounts Receivable from Client	$4,043,838	Tied to this same relationship.
Customer Concentration (Receivables)	99%	One customer represented this percentage of accounts receivable at March 31, 2025.

The company posted a net loss of $(608,730) in Q3 2025, which shows the revenue recognition is lumpy, but year-to-date net income was $2,493,129.

Legal and Financial Advisors for Complex US Public Listing Processes

While OpGen, Inc. itself is now trading on the OTC Markets Pink Limited Market after delisting from Nasdaq, the expertise for listing processes is embedded in the partnership with AEI Capital Ltd. Specifically, on January 2, 2024, AEI Capital Ltd. entered an agreement to provide listing advisory services for a private company, receiving equity and cash as compensation. By October 2024, AEI Capital assigned all its rights to this compensation to CapForce.

This means CapForce is now the entity executing the advisory work, which includes services like listing sponsorship and consultancy. The compensation structure for that initial advisory mandate involved:

• 0.5% of the Equity Consideration paid as the First Tranche on October 10, 2024.
• A Cash Consideration payment of $60,000 payable after 14 months from the Engagement Agreement date.
• A final Cash Consideration payment of $60,000 upon successful completion of the Client's listing.

The specific external legal and financial advisors OpGen, Inc. uses for its own regulatory compliance and filings are not detailed with specific amounts, but the structure shows the advisory function is being managed through the CapForce mandate inherited from AEI Capital Ltd.

Finance: draft 13-week cash view by Friday.

OpGen, Inc. (OPGN) - Canvas Business Model: Key Activities

You're looking at the core actions OpGen, Inc. is taking to run its new business structure as of late 2025. The focus has clearly shifted away from diagnostics.

Providing listing sponsorship and consulting services via CapForce

The revenue generation is currently tied almost entirely to this activity through the CapForce subsidiary. For the nine months ended September 30, 2025, OpGen, Inc. generated $4,000,000 in revenue. This revenue was entirely from listing sponsorship services for one international client. To be fair, the revenue for the second quarter ended June 30, 2025, was $4 million. However, the company reported $0 revenue for the three months ended March 31, 2025.

The concentration risk here is significant, as this single customer represented 100% of the 2025 year-to-date revenue and 99% of the accounts receivable balance as of September 30, 2025.

Key metrics for this activity include:

• Nine Months Ended September 30, 2025 Revenue: $4,000,000
• Q2 2025 Revenue: $4 million
• Q3 2025 Revenue: $0
• Accounts Receivable from Client (Sep 30, 2025): $4,043,838

Developing a cross-border stock trading and digital investment banking platform

This development work is ongoing, with Research and development expenses focused here. A major step was the Joint Venture Agreement entered into on April 3, 2025, with the European Credit Investment Bank (ECIB). This joint venture is intended to develop and operate a stock trading platform and digital investment banking platform across Asia and globally.

Securing capital through the AEI Capital Ltd. equity financing line

Liquidity management relies on this arrangement. OpGen, Inc. may sell up to an additional $7,000,000 of common stock through December 31, 2025, under the agreement with AEI Capital Ltd.. The total potential financing under the agreement is up to $9 million. As of March 31, 2025, $2.0M had been raised from sales to AEI Capital.

The balance sheet reflects this funding structure. Cash and cash equivalents stood at $414,211 on September 30, 2025, down from $1,112,781 on March 31, 2025. AEI Capital Ltd. directly owned 7,646,603 shares as of July 30, 2025.

Financing and Equity Position Summary (as of late 2025 reporting periods):

Metric	Value	Date/Period	Source Detail
Total Potential Financing Remaining from AEI	$7,000,000	Through Dec 31, 2025
Total Financing Under Agreement (Max)	$9,000,000	Total potential
Cash and Cash Equivalents	$414,211	September 30, 2025
Stockholders' Equity	$10,157,965	September 30, 2025
Equity Investment in Client (Asset)	$5,000,000	September 30, 2025

Winding down and deconsolidating legacy diagnostics operations (Curetis, Ares Genetics)

The operational shift involved the deconsolidation of Curetis and Ares Genetics following their insolvency filings. This activity directly impacted expense structure and revenue recognition.

Legacy revenue comparison shows the transition:

Period	Legacy Revenue	Source of New Revenue
Three Months Ended March 31, 2025	$0 million	Pre-revenue in new model
Nine Months Ended September 30, 2024	$196,149	Listing Sponsorship Services

Operating expenses for the three months ended March 31, 2025, decreased approximately 73% compared to the same period in 2024, primarily due to scaling down these legacy operations. Furthermore, the balance sheet shows that Inventory, which relates to the legacy business, of approximately $1.2M is fully reserved.

The company posted a net income of $2,493,129 for the nine months ended September 30, 2025.

Finance: draft 13-week cash view by Friday.

OpGen, Inc. (OPGN) - Canvas Business Model: Key Resources

You're looking at the core assets OpGen, Inc. (OPGN) is relying on to drive its new FinTech/listing-sponsorship model. The structure is lean, heavily dependent on external financing rights, and concentrated around a single major relationship. This is the foundation as of late 2025.

Structurally, a key resource is the wholly-owned subsidiary, CapForce International Holdings Ltd., which is the operational arm for the digital investment banking and listing sponsorship services. This entity is central to the repositioned business strategy.

Financially, liquidity is underpinned by the access to capital from the controlling stockholder. As of September 30, 2025, OpGen, Inc. retains the right to sell up to an additional $7,000,000 of common stock to AEI Capital Ltd. under the financing arrangement, which extends through December 31, 2025. This flexibility is a critical, though dilutive, resource.

The balance sheet holds a significant non-cash asset tied directly to the primary revenue source. The company reports a $5,000,000 equity investment in the single listing sponsorship client as of September 30, 2025. This investment is measured under ASC 321 via the measurement alternative.

Here's a quick view of the quantifiable financial resources available at that date:

Financial Resource Metric	Amount as of September 30, 2025
Cash and Cash Equivalents	$414,211
Remaining Equity Line Capacity (AEI Capital Ltd.)	$7,000,000
Equity Investment in Listing Client	$5,000,000
Accounts Receivable (YTD from one client)	$4,043,838

The human capital is focused on executing the new mandate. The leadership team includes key personnel with international investment banking and capital markets experience, such as the recently appointed Chief Executive Officer of OpGen, Inc. and its subsidiary, Christian-Laurent Bonte.

The key non-financial and human resources can be summarized like this:

• Wholly-owned subsidiary: CapForce International Holdings Ltd.
• Key personnel with international investment banking and capital markets experience.
• New CEO Christian-Laurent Bonte, appointed December 1, 2025.
• Strategic Joint Venture with European Credit Investment Bank (ECIB) via CapForce EC Capital Markets Ltd.

The entire business model hinges on the successful monetization of the relationship that generated $4,000,000 in revenue for the nine months ended September 30, 2025, which is entirely concentrated in one customer relationship. Finance: draft 13-week cash view by Friday.

OpGen, Inc. (OPGN) - Canvas Business Model: Value Propositions

You're looking at a company that has made a sharp turn, moving away from the complexities of molecular diagnostics to focus squarely on capital markets facilitation. The value OpGen, Inc. delivers now centers on bridging international issuers with US public markets, underpinned by a drastically simplified internal structure.

Facilitating access for international companies to US capital markets is the primary offering through its CapForce subsidiary. This value proposition is directly tied to the recent financial performance; for the nine months ended September 30, 2025, the company generated $4,000,000 in revenue, which came entirely from listing sponsorship services for a single international client. This demonstrates a high-value, albeit concentrated, service delivery model.

The company provides a streamlined path for listing sponsorship and consultancy. This service is so central that a significant portion of the compensation is non-cash; OpGen, Inc. holds a $5,000,000 equity investment in a private issuer, received as consideration for these listing services. This ties OpGen, Inc.'s success to the future success of its clients' public offerings.

You can see the structural change clearly when you compare the old model to the new one. Delivering a lean, focused corporate structure after exiting diagnostics is a key enabler of the current value proposition. For the three months ended March 31, 2025, operating expenses fell approximately 73% year-over-year, dropping from $1,913,464 in Q1 2024 to $522,846 in Q1 2025. This cost discipline is reflected in the nine-month results, where the company posted a net income of $2,493,129 for the period ended September 30, 2025, a stark contrast to the legacy business.

The future value proposition includes offering digital investment banking and capital table management services. This is being executed via a joint venture formed on April 3, 2025, with the European Credit Investment Bank (ECIB) to develop and operate a stock trading platform and digital investment banking platform globally.

Here's a quick look at the financial impact of this new focus as of late 2025:

Metric	Value (9M Ended 9/30/2025)	Value (Q1 2025)
Total Revenue	$4,000,000	$0
Net Income / (Loss)	$2,493,129	$(408,133)
Stockholders' Equity	$10,157,965	$7,054,203
Cash & Equivalents	$414,211	$1,112,781

The current value delivery mechanism relies on a few key components:

• Facilitating listing access for international firms.
• Receiving non-cash consideration, such as the $5,000,000 equity investment.
• Maintaining a low operational cost base, with expenses down 73% in Q1 2025 YoY.
• Leveraging future financing capacity of up to an additional $7,000,000 through December 31, 2025.
• Building out digital finance capabilities via the April 2025 joint venture.

To be fair, the current revenue stream is highly concentrated; one customer accounted for 100% of the $4,000,000 revenue for the nine months ended September 30, 2025, and 99% of the $4,043,838 in accounts receivable at that date. If onboarding takes longer than expected for the next client, cash burn could accelerate, despite the AEI financing runway.

The shift has resulted in a significant increase in the balance sheet strength, with stockholders' equity growing to $10,157,965 from $7,380,628 at the end of 2024. This equity growth, coupled with the new business focus, is the core value proposition for current stakeholders.

Finance: review the cash flow impact of the $4,043,838 in accounts receivable by end of Q4 2025.

OpGen, Inc. (OPGN) - Canvas Business Model: Customer Relationships

You're looking at OpGen, Inc. (OPGN) as of late 2025, and the customer relationship block is dominated by one massive, defining relationship. Forget broad customer bases; this is about a singular, high-stakes engagement driving the entire new business model.

Highly concentrated, personalized relationship with the single major client

Honestly, the concentration here is extreme, which is a major factor in your risk assessment. For the nine months ending September 30, 2025, OpGen, Inc. generated $4,000,000 in total revenue, and every single dollar-that's 100%-came from one international listing sponsorship client. This isn't just a large client; it's the entire revenue stream for the new CapForce segment.

This concentration extends right into the balance sheet. As of September 30, 2025, 99% of the company's accounts receivable was tied up with this same counterparty. Back on March 31, 2025, the figure was 94% of receivables from a single customer. What this estimate hides is that the relationship isn't just transactional; OpGen, Inc. also holds a $5,000,000 equity investment in this client, which is a direct, personalized stake in their success. If onboarding takes 14+ days, churn risk rises, but here, if the client's IPO stalls, the equity value is at risk.

Here's the quick math on the customer concentration:

Metric	Value as of September 30, 2025 (9 Months)	Value as of March 31, 2025
Total Revenue from Client	$4,000,000 (100% of TTM Revenue)	N/A
Accounts Receivable Concentration	99%	94%
Equity Investment in Client	$5,000,000	$5,000,000

Direct, consultative engagement for listing sponsorship services

The nature of the relationship is inherently direct and consultative because the service-listing sponsorship and consulting-requires deep involvement. You aren't just selling a product; you are guiding a company through a complex capital markets process. This isn't a mass-market effort; it's a bespoke advisory role.

The services driving this revenue are clearly defined:

• Listing sponsorship for international companies.
• Consulting services under the CapForce subsidiary.
• Digital investment banking advisory support.

The company's operating expenses reflect this focus, with costs of sales now primarily covering subcontractor and advisor fees, which points directly to a service-heavy engagement model.

Transactional and service-based for future digital banking users

While the current revenue is entirely relationship-based consulting, the future structure hints at a more transactional element for a broader, though currently undefined, user base. OpGen, Inc. is planning for scale in the fintech space. In April 2025, CapForce formed a Joint Venture with the European Credit Investment Bank. This JV is specifically designed to develop and operate a stock trading platform and a digital investment banking platform globally.

This suggests a future segmentation where the current client relationship is high-touch advisory, but the platform itself will eventually support more numerous, perhaps lower-touch, transactional users. The current financial data doesn't yet show revenue from this JV or any digital banking users, but the strategic move is clear. You can expect the relationship model to shift as the platform scales, defintely moving toward a higher volume of service-based interactions.

Finance: draft 13-week cash view by Friday.

OpGen, Inc. (OPGN) - Canvas Business Model: Channels

You're looking at how OpGen, Inc. (OPGN) gets its value proposition-now focused on financial technology and listing sponsorship-to the market as of late 2025. The channels are definitely concentrated right now, which is a key risk to keep in mind.

Direct sales and consulting via the CapForce executive team

Direct engagement is the primary channel for OpGen's new business, driven by its subsidiary, CapForce International Holdings Ltd. This isn't traditional sales; it's high-touch listing sponsorship and advisory work. For the nine months ended September 30, 2025, this channel generated $4,000,000 in total revenue for OpGen, Inc.. Honestly, that entire amount came from a single international listing sponsorship client, meaning 100% of year-to-date 2025 revenue was concentrated there. Furthermore, 99% of the company's accounts receivable as of that date were tied to this same relationship. CapForce targets mid-sized, growth-stage private companies looking to go public on global exchanges, specifically those with market capitalization values between USD1 billion and USD10 billion. The executive team's direct efforts are also focused on executing a Joint Venture Agreement with the European Credit Investment Bank (ECIB) formed in April 2025 to enhance market reach.

Digital platform for investment banking (currently in development)

The future channel relies on a platform that's still being built out. CapForce is developing a digital investment banking platform that uses financial technology, Big Data, and Artificial Intelligence. This tech is intended to automate the mining, mapping, and onboarding of late-stage growth companies globally. Research and development expenses are currently being allocated toward this digital infrastructure. When it launches, this platform is planned to be a one-stop investment portal, letting users trade HK stocks, US stocks, futures, Forex, and funds from a single application. The development is a key component of the joint venture with ECIB.

OTC Markets Pink Limited Market for its own stock (post-Nasdaq delisting)

For OpGen, Inc.'s own stock, the channel to investors is the OTC Markets Pink Limited Market, following its delisting from Nasdaq. This market designation carries a warning: the security is eligible for Unsolicited Quotes Only. This means broker-dealers need to complete an initial review under SEC Rule 15c2-11 before they can publish competing quotes and provide continuous market making, which definitely impacts liquidity and spread tightness. The company's profile data on this market was verified by the issuer in 06/2025. You can see the market activity reflected in recent trading data.

Here's a quick look at the key channel-related financial and statistical metrics as of late 2025:

Metric Category	Channel/Activity	Value/Statistic
Revenue (9M Ended 9/30/2025)	CapForce Listing Sponsorship/Consulting	$4,000,000
Revenue Concentration (YTD 2025)	Single Client Contribution	100%
Accounts Receivable Concentration (9/30/2025)	Single Client Related	99%
Target Client Market Cap	Listing Sponsorship Focus	USD1 billion to USD10 billion
Stock Market Venue	Company Stock Trading	OTC Markets Pink Limited Market (OPGN)
Stock Price (Recent Close)	OTC Trading	$10.00
Market Capitalization (Recent)	OTC Trading	$100.71 million
Daily Trading Volume (Recent)	OTC Trading	5,541 shares
Platform Development Status	Digital Investment Banking	In development; JV with ECIB formed April 2025

The reliance on that one client for revenue is defintely the most significant factor in understanding the current direct sales channel. Finance: draft a sensitivity analysis on the $4,000,000 revenue stream by Friday.

OpGen, Inc. (OPGN) - Canvas Business Model: Customer Segments

You're looking at the core of OpGen, Inc.'s new business, which pivoted hard from diagnostics to financial services through its CapForce subsidiary. The customer base is extremely narrow right now, which is a major risk factor you need to track.

The primary customer segment OpGen, Inc. targets with its listing sponsorship and consulting services is very specific. They focus on mid-sized, growth-stage private companies globally that are aiming for public market listings. Specifically, OpGen, Inc. targets companies with market capitalization values falling between USD1 billion and USD10 billion. This focus is on facilitating their entry into public markets.

The second segment involves users of the financial technology and digital investment banking platforms OpGen, Inc. is developing. This is being pursued through a joint venture formed in April 2025 with the European Credit Investment Bank. This partnership is designed to support the development and operation of a stock trading platform and a digital investment banking platform, targeting global and Asian markets.

Here's a quick look at the service focus for these segments:

• Listing sponsorship and consultancy services.
• Cross-border securities trading capabilities.
• AI-driven robo-advisory investment banking.
• FinTech-enabled capital table management solutions.

The most critical aspect of OpGen, Inc.'s current customer segment structure is the extreme concentration. Honestly, this is the number that jumps off the page.

Metric	Value as of September 30, 2025	Context
Accounts Receivable Concentration	99%	Represented by a single customer
Year-to-Date 2025 Revenue Concentration	100%	Derived from that same single customer
Total Accounts Receivable Amount	$4,043,838	Tied to the single client relationship
Total Nine-Month 2025 Revenue	$4,000,000	From the single listing sponsorship client

What this estimate hides is that at the earlier date of March 31, 2025, the receivable concentration was slightly lower at 94% from one customer. Still, the September 30, 2025 figures show that the entire revenue generation for the first nine months of 2025, totaling $4,000,000, came from this one relationship. That's a defintely tight spot for counterparty risk.

You should note that OpGen, Inc. also holds a $5,000,000 equity investment in this primary client as of September 30, 2025, which is carried at an estimated value dependent on an anticipated Initial Public Offering (IPO). Finance: draft 13-week cash view by Friday.

OpGen, Inc. (OPGN) - Canvas Business Model: Cost Structure

You're looking at the cost side of OpGen, Inc. (OPGN) as they pivot hard into FinTech through CapForce. The focus now is on minimizing the burn from the old business while funding the new venture. Honestly, the numbers from the first part of 2025 show a drastic shift in spending priorities.

The most concrete data point is the aggressive cost-cutting. For the three months ending March 31, 2025, the company reported operating expenses of $(522,846). This represents a reduction of approximately 73% year-over-year when compared to the operating expenses of $(1,913,464) for the same period in 2024. This massive drop is directly tied to scaling down the legacy precision medicine operations.

The new business structure, focused on listing sponsorship and consultancy, has resulted in a positive operating income for the longer period reported. For the nine months ended September 30, 2025, OpGen posted an operating income of $2,177,744. This profitability in the new model, despite zero revenue in Q3 2025, highlights the impact of those leaner costs.

Here's a breakdown of the key cost elements as we map them against the available financial disclosures:

Cost Category	Period/Context	Amount (USD)	Notes/Comparison
Operating Expenses (Net)	Three Months Ended March 31, 2025	$(522,846)	Decrease of approximately 73% from Q1 2024's $(1,913,464)
Operating Income	Nine Months Ended September 30, 2025	$2,177,744	Reflects new model and tight operating expenses
Operating Expenses (Annual Context)	Year Ended December 31, 2024	$4.9 million	Contextual figure from the 10-K report before the full pivot impact
Legal, Accounting, Compliance	Late 2025	Not specified	Substantial compliance costs are an anticipated risk navigating securities and data protection laws
Platform Development Costs	Late 2025	Not specified	Costs related to the digital investment banking platform development via the ECIB Joint Venture
Executive Personnel Expenses	December 1, 2025	Compensation details announced	New CEO's package includes base salary, guaranteed bonus, performance bonus, and stock grants

The costs associated with legal, accounting, and compliance for securities and listing are an ongoing concern. The company must navigate complex regulatory environments across multiple jurisdictions, which could incur substantial compliance costs. We don't have a specific 2025 dollar amount yet, but the risk is definitely there.

Regarding personnel expenses for the CapForce executive and technical team, the focus is clearly on specialized talent for the new model. For instance, the December 1, 2025, appointment of the new CEO, Christian-Laurent Bonte, involved a compensation package structured with a base salary, a guaranteed bonus, a performance bonus, and stock grants, signaling investment in key leadership for the FinTech push.

Costs tied to developing the digital investment banking platform are being managed through strategic partnerships. CapForce entered a Joint Venture Agreement in April 2025 with the European Credit Investment Bank (ECIB) specifically to develop and operate a stock trading platform and digital investment banking platform. The specific capital outlay for this development is not itemized in the latest public filings available, but it is a key area of future expenditure.

• The company is actively managing cash burn, with net cash used in operating activities for Q1 2025 being only $(197,872).
• Legacy product and lab revenue costs fell to $0 in Q1 2025, aligning with the business exit.
• The company relies on financing from AEI Capital Ltd., with the right to sell up to an additional $7.0 million of common stock through December 31, 2025.
• The company's common stock trades on the OTC Markets Expert Market following delisting from Nasdaq.

Finance: draft 13-week cash view by Friday.

OpGen, Inc. (OPGN) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of OpGen, Inc. (OPGN) as of late 2025, which is a story of a sharp pivot. The business is now heavily concentrated on financial services through its CapForce subsidiary, moving away from its legacy diagnostics work. Here's the quick math on where the money is coming from, or is expected to come from.

Current Core Revenue: Listing Sponsorship and Consulting

The primary, realized revenue stream is from listing sponsorship and consulting services, entirely from a single international client relationship. For the nine months ended September 30, 2025, OpGen, Inc. generated $4,000,000 in revenue from these services. This concentration is a key factor; that same relationship accounted for 100% of the year-to-date 2025 revenue and 99% of the accounts receivable as of September 30, 2025. This single-source dependency defines the near-term revenue reality.

Revenue Source Category	Specific Activity	Amount (9M 2025)
Service Fees	Listing Sponsorship and Consulting	$4,000,000
Asset Monetization	Equity Stake in Client	$5,000,000 (Carried Value)
Financing Proceeds	AEI Capital Equity Issuance Option	Up to $7,000,000

Future Revenue Potential: Digital Platforms

OpGen, Inc. is developing its digital investment banking platform as part of the CapForce operations. While specific fee projections for this platform aren't public, the focus on this area signals a planned expansion beyond pure listing sponsorship. Research and development expenses are reportedly focused on this technology.

Also, OpGen, Inc. entered a joint venture with ECIB on April 3, 2025, which may represent another avenue for future fee generation, though details on its revenue contribution are not yet clear.

Optionality from Non-Cash Consideration

A significant component of the balance sheet, and thus potential future cash flow, is the equity investment received for services rendered. OpGen, Inc. held a $5,000,000 equity investment in a client as of September 30, 2025. This asset was received as equity consideration for listing services. Monetization of this stake, perhaps through the client's potential Initial Public Offering (IPO), represents a distinct, non-recurring revenue event.

Liquidity Funding Stream

The company maintains access to capital through an arrangement with its controlling stockholder, AEI Capital Ltd. OpGen, Inc. has the option to sell up to an additional $7,000,000 of common stock through December 31, 2025, under this financing agreement. This is not operating revenue, but it is a critical source of cash to fund operations while the service revenue ramps up.

You should note the following key elements impacting the revenue stream structure:

• Revenue for 9M 2025 was $4,000,000, entirely from one customer.
• The $5,000,000 equity stake is a non-cash asset awaiting a liquidity event.
• The AEI Capital financing agreement allows for up to $7,000,000 in potential proceeds.
• The business has defintely pivoted away from legacy product sales.

Finance: draft 13-week cash view by Friday.