Underwriting revenues increased nearly six-fold and liquidity and working capital more than double in 2025
NEW YORK, March 31, 2026 /PRNewswire/ -- Dominari Holdings Inc. (Nasdaq: DOMH) ("Dominari" or the "Company"), today announced highlights of its financial results for the year ended December 31, 2025, which were filed with the Securities and Exchange Commission ("SEC") in the Company's annual SEC Form 10K.
"In 2025, we achieved remarkable year over year revenue growth of nearly five times the revenue we had in 2024, reflecting strong underwriting activity, added sources of revenue, robust client engagement and disciplined operational execution," said Anthony Hayes, Chief Executive Officer of Dominari. Mr. Hayes further noted that "when excluding non-cash-based expenses, we saw a year over year proforma bottom line improvement of nearly $46 million as compared to 2024 using the same metrics." Mr. Hayes continued, "The explosive growth and expansion of our business reflect the continued efforts and leadership of Dominari's President, Mr. Kyle Wool, and his team of professionals. The Company's financial metrics have improved across the board as we focus on delivering value to our shareholders every day. We look to build upon our success in 2026, and we are excited about the opportunities ahead. Under Mr. Wool's leadership, we expect continued growth with our business model that emphasizes prudent management while also being flexible and a trusted partner to continue to provide exceptional customer service to our clients."
2025 Highlights
| DOMINARI HOLDINGS INC. Condensed Consolidated Balance Sheets ($ in thousands except share and per share amounts)
| ||||||||
| | | December 31, | | | December 31, | | ||
| | | 2025 | | | 2024 | | ||
| ASSETS | | | | | | | ||
| | | | | | | | ||
| Cash and cash equivalents | | $ | 34,005 | | | $ | 4,079 | |
| Marketable securities | | | 46,516 | | | | 4,157 | |
| Securities owned | | | 9,756 | | | | 1,616 | |
| Receivable from clearing brokers | | | 3,995 | | | | 17,279 | |
| Long-term equity investments | | | 11,744 | | | | 12,282 | |
| Loans to employees | | | 1,767 | | | | 2,150 | |
| Right-of-use assets | | | 2,721 | | | | 2,944 | |
| Notes receivable | | | — | | | | 902 | |
| Prepaid expenses and other assets | | | 2,403 | | | | 1,716 | |
| Total assets | | $ | 112,907 | | | $ | 47,125 | |
| | | | | | | | | |
| LIABILITIES AND STOCKHOLDERS' EQUITY | | | | | | | | |
| Accounts payable and accrued expenses | | $ | 611 | | | $ | 919 | |
| Accrued compensation and commissions | | | 17,754 | | | | 2,057 | |
| Accrued dividends payable | | | 10,335 | | | | — | |
| Contract liabilities | | | 4,504 | | | | 1,100 | |
| Lease liability | | | 2,841 | | | | 3,039 | |
| Income taxes payable | | | 7,318 | | | | — | |
| Other liabilities | | | 173 | | | | 157 | |
| Total liabilities | | | 43,536 | | | | 7,272 | |
| | | | | | | | | |
| Stockholders' equity | | | | | | | | |
| Preferred stock, $.0001 par value, 50,000,000 authorized | | | | | | | | |
| Convertible Preferred Series D: 5,000,000 shares designated; 3,825 shares issued and outstanding as of December 31, 2025 and 2024; liquidation value of $0.0001 per share | | | — | | | | — | |
| Convertible Preferred Series D-1: 5,000,000 shares designated; 834 shares issued and outstanding as of December 31, 2025 and 2024; liquidation value of $0.0001 per share | | | — | | | | — | |
| Common stock, $0.0001 par value, 100,000,000 shares authorized; 16,067,435 and 7,037,022 shares issued as of December 31, 2025 and 2024, respectively; 16,067,435 and 6,976,874 shares outstanding as of December 31, 2025 and 2024, respectively | | | — | | | | — | |
| Additional paid-in capital | | | 337,505 | | | | 263,820 | |
| Treasury stock, as of cost, 0 shares and 60,148 shares as of December 31, 2025 and 2024, respectively | | | — | | | | (501) | |
| Accumulated deficit | | | (268,134) | | | | (223,466) | |
| Total stockholders' equity | | | 69,371 | | | | 39,853 | |
| Total liabilities and stockholders' equity | | $ | 112,907 | | | $ | 47,125 | |
| DOMINARI HOLDINGS INC. Consolidated Statements of Operations ($ in thousands except share and per share amounts)
| ||||||||
| | | Years Ended December 31, | | |||||
| | | 2025 | | | 2024 | | ||
| Revenues | | | | | | | ||
| Underwriting services | | $ | 79,030 | | | $ | 11,362 | |
| Carried interest | | | 22,681 | | | | — | |
| Commissions | | | 19,551 | | | | 6,065 | |
| Interest income | | | 1,272 | | | | 666 | |
| Principal transactions | | | (872) | | | | 2,158 | |
| Other revenue | | | 1,442 | | | | 720 | |
| Total revenue | | | 123,104 | | | | 20,971 | |
| | | | | | | | | |
| Operating costs and expenses | | | | | | | | |
| Compensation and benefits | | | 145,270 | | | | 21,980 | |
| Advisory fees | | | 21,108 | | | | 116 | |
| Legal fees | | | 2,877 | | | | 722 | |
| Professional and consulting fees | | | 3,003 | | | | 2,666 | |
| Other expenses | | | 6,572 | | | | 4,189 | |
| Total operating expenses | | | 178,830 | | | | 29,673 | |
| Loss from operations | | | (55,726) | | | | (8,702) | |
| | | | | | | | | |
| Other income (expenses) | | | | | | | | |
| Other income | | | 10 | | | | 86 | |
| Interest income | | | 65 | | | | 293 | |
| Gain on marketable securities, net | | | 42,276 | | | | 3,085 | |
| Realized and unrealized gain (loss) on notes receivable, net | | | 221 | | | | (2,347) | |
| Change in carrying value of investments | | | — | | | | (7,118) | |
| Total other income (expenses) | | | 42,572 | | | | (6,001) | |
| Net loss before income tax expense | | $ | (13,154) | | | $ | (14,703) | |
| Provision for income taxes | | | 7,318 | | | | — | |
| Net loss | | | (20,472) | | | | (14,703) | |
| Less: Net income attributable to non-controlling interests | | | 1,963 | | | | — | |
| Net loss attributable to common stockholders of Dominari Holdings Inc. | | $ | (22,435) | | | $ | (14,703) | |
| | | | | | | | | |
| Net loss per share, basic and diluted | | | | | | | | |
| Basic and Diluted | | $ | (1.57) | | | $ | (2.38) | |
| | | | | | | | | |
| Weighted average number of shares outstanding, basic and diluted | | | | | | | | |
| Basic and Diluted | | | 14,285,097 | | | | 6,183,397 | |
| DOMINARI HOLDINGS INC. Consolidated Statements of Cash Flows ($ in thousands)
| ||||||||
| | | Years Ended December 31, | | |||||
| | | 2025 | | | 2024 | | ||
| Cash flows from operating activities | | | | | | | ||
| Net loss | | $ | (20,472) | | | $ | (14,703) | |
| Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | |
| Amortization of right-of-use assets | | | 223 | | | | 391 | |
| Depreciation | | | 105 | | | | 105 | |
| Change in carrying value of long-term investment | | | — | | | | 7,118 | |
| Non-cash underwriting revenues | | | (27,327) | | | | (176) | |
| Non-cash commission expense | | | 20,341 | | | | — | |
| Stock-based compensation – employees | | | 33,978 | | | | 1,633 | |
| Stock-based compensation – advisors | | | 21,029 | | | | - | |
| Realized gain on marketable securities | | | (345) | | | | (6,489) | |
| Unrealized (gain) loss on marketable securities | | | (42,254) | | | | 3,116 | |
| Unrealized (gain) loss on securities owned | | | (1,593) | | | | (1,440) | |
| Realized and unrealized (gain) loss on note receivable | | | (221) | | | | 2,347 | |
| Changes in operating assets and liabilities: | | | | | | | | |
| Prepaid expenses and other assets | | | (451) | | | | (122) | |
| Receivable from clearing brokers | | | 13,284 | | | | (9,592) | |
| Accounts payable and accrued expenses | | | (309) | | | | (117) | |
| Accrued compensation and commissions | | | 15,697 | | | | 1,929 | |
| Contract liabilities | | | 3,404 | | | | 1,100 | |
| Right of use asset and liability, net | | | (198) | | | | (410) | |
| Income taxes payable | | | 7,318 | | | | — | |
| Securities owned | | | 441 | | | | (1,616) | |
| Other liabilities | | | 91 | | | | 135 | |
| Notes receivable, at fair value - net interest accrued | | | (21) | | | | 57 | |
| Net cash provided by (used in) operating activities | | | 22,720 | | | | (16,734) | |
| | | | | | | | | |
| Cash flows from investing activities | | | | | | | | |
| Purchase of marketable securities | | | (18,034) | | | | (6,210) | |
| Sale of marketable securities | | | 17,857 | | | | 21,174 | |
| Collection of principal on note receivable | | | 1,144 | | | | 1,000 | |
| Loans to employees | | | — | | | | (2,390) | |
| Purchase of long-term investments | | | — | | | | (150) | |
| Redemption of long-term investments | | | 538 | | | | 4,316 | |
| Collection of loans to employees | | | 383 | | | | 240 | |
| Net cash provided by investing activities | | | 1,888 | | | | 17,980 | |
| | | | | | | | | |
| Cash flows from financing activities | | | | | | | | |
| Cash paid for Dividends | | | (11,898) | | | | — | |
| Distributions to non-controlling interest | | | (1,963) | | | | — | |
| Cash from issuance common stock, net of offering cost | | | 13,551 | | | | — | |
| Cash from issuance common stock for exercised warrants | | | 5,628 | | | | — | |
| Net cash provided by financing activities | | | 5,318 | | | | — | |
| | | | | | | | | |
| Net increase in cash and cash equivalents | | | 29,926 | | | | 1,246 | |
| Cash and cash equivalents, beginning of period | | | 4,079 | | | | 2,833 | |
| | | | | | | | | |
| Cash and cash equivalents, end of period | | $ | 34,005 | | | $ | 4,079 | |
| | | | | | | | | |
| Cash paid for interest and taxes | | $ | 485 | | | $ | 9 | |
| | | | | | | | | |
| Supplemental cash flow disclosures including non-cash activities: | | | | | | | | |
| Transfer from long-term investment to marketable securities | | $ | — | | | $ | 1,033 | |
| Right-to-use assets established | | $ | 228 | | | $ | — | |
| Operating lease liabilities established | | $ | 228 | | | $ | — | |
| The press release contains non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. To supplement its consolidated condensed financial statements presented in accordance with U.S. generally accepted accounting principles (GAAP), the Company provides the additional non-GAAP financial measures of operating income, net income and earnings per share. The Company believes that these non GAAP financial measures are appropriate to enhance understanding of its past performance as well as prospects for future performance. A reconciliation of the differences between these non GAAP financial measures with the most directly comparable financial measure calculated in accordance with GAAP is shown in the table below. |
| | | | | | | | |
| DOMINARI HOLDINGS, INC. | | ||||||
| RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | | ||||||
| (In Thousands, Except Share and Per Share Data) | | ||||||
| (Unaudited) | | ||||||
| | | | | | | | |
| | | | | | | | |
| | | Years Ended | | | | ||
| | | December 31, | | | | ||
| | | 2025 | 2024 | | | | |
| | | | | | | | |
| Loss from Operations | | $ (55,726) | $ (8,702) | | | | |
| | | | | | | | |
| Non-cash stock-based compensation | | 55,007 | 1,633 | | | | |
| | | | | | | | |
| Adjusted Loss from Operations | | $ (719) | $ (7,069) | | | | |
| | | | | | | | |
| | | | | | | | |
| Net (loss) attributable to common stockholders' of Dominari Holdings | | $ (22,435) | $ (14,703) | | | | |
| | | | | | | | |
| Non-cash stock-based compensation | | 55,007 | 1,633 | | | | |
| | | | | | | | |
| Adjusted Net Income (loss) attributable to common stockholders' of Dominari Holdings | | $ 32,572 | $ (13,070) | | | | |
| | | | | | | | |
| | | | | | | | |
| Net income (loss) per share, basic and diluted | | | | | | | |
| Basic | | $ 2.28 | $ (2.11) | | | | |
| | | | | | | | |
| Weighted average number of shares outstanding, basic and diluted | | | | | | | |
| Basic | | 14,285,097 | 6,183,397 | | | | |
For additional information about Dominari Holdings Inc., please visit: https://www.dominariholdings.com/
About Dominari Holdings Inc.
The Company is a holding company that, through its various subsidiaries, is currently engaged in wealth management, investment banking, sales and trading and asset management. In addition to capital investment, Dominari provides management support to the executive teams of its subsidiaries, helping them to operate efficiently and reduce cost under a streamlined infrastructure. In addition to organic growth, the Company seeks opportunities outside of its current business to enhance shareholder value, including in the AI and Data Center sectors.
Dominari Securities LLC's Mission Statement:
Dominari Securities LLC, a principal subsidiary of Dominari Holdings Inc., is a dynamic, forward-thinking financial services company that seeks to create wealth for all stakeholders by capitalizing on emerging trends in the financial services sector and identifying early-stage future opportunities that are expected to generate a high rate of return for investors.
Securities Brokerage and Registered Investment Adviser Services are offered through Dominari Securities LLC, a Member of FINRA, MSRB and SIPC. Securities brokerage, investment adviser and other non-bank deposit investments are not FDIC insured and may lose some or all of the principal invested. You can check the background of Dominari Securities LLC and its registered investment professionals and review its SEC Form CRS on FINRA's BrokerCheck site at https://brokercheck.finra.org. Information for Dominari Securities LLC and its registered investment professionals as well as its SEC Form CRS may also be found on FINRA's BrokerCheck site.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the SEC, which include but are not limited to the Risk Factors set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 relating to its business. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.
Contacts:
Dominari Holdings Inc.
https://www.dominariholdings.com/
info@dominari.com
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SOURCE Dominari Holdings Inc.
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