Dominari 2025 Revenue Surges 487% in 2025, Balance Sheet Strengthens Significantly

Rhea-AI Summary

Dominari Holdings (Nasdaq: DOMH) reported 2025 revenue of $123.1M, up ~487% from $21.0M in 2024, driven by underwriting revenue of $79.0M and carried interest of $22.7M.

GAAP loss widened due to $55.0M of non-cash stock-based compensation; adjusted non-GAAP net income was $32.6M. Liquid assets rose to $94.3M and total equity increased to $69.4M.

Positive

• Revenue +487% to $123.1M in 2025
• Underwriting revenues +596% to $79.0M
• Adjusted non-GAAP net income of $32.6M (ex-stock compensation)
• Liquid assets increased to $94.3M (+248%)
• Total stockholders' equity up to $69.4M (+74%)

Negative

• Loss from operations of $55.7M in 2025
• Non-cash stock-based compensation of $55.0M inflated operating costs
• Net loss attributable to common stockholders of $22.4M
• Provision for income taxes of $7.3M in 2025

News Market Reaction – DOMH

+14.24%

9 alerts

+14.24% Session close to close

+6.2% Peak Tracked

-7.0% Trough Tracked

$49.97M Market Cap

1.0x Rel. Volume

In the Mar 31 session, DOMH gained 14.24%, reflecting a significant positive market reaction. Argus tracked a peak move of +6.2% during that session. Argus tracked a trough of -7.0% from its starting point during tracking. Our momentum scanner triggered 9 alerts that day, indicating moderate trading interest and price volatility.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock surged +14.2% in the session following this news. A strong positive reaction aligns with t...

Analysis

The stock surged +14.2% in the session following this news. A strong positive reaction aligns with the article’s emphasis on explosive revenue growth and a swing to positive non-GAAP earnings, with 2025 revenue at $123.1M and adjusted net income of $32.6M. The balance sheet showed liquid assets of $94.3M and total equity of $69.4M. Investors could also weigh the sizable non-cash stock-based compensation and expanding operating costs when assessing durability.

Key Figures

2025 Revenue: $123.1M Underwriting revenue: $79.0M Carried interest: $22.7M +5 more

8 metrics

2025 Revenue $123.1M Full year 2025, up over 487% from $21.0M in 2024

Underwriting revenue $79.0M 2025 vs $11.4M in 2024, 596% increase

Carried interest $22.7M About 18% of 2025 total revenue; none in 2024

Loss from operations $55.7M 2025, wider than $8.7M loss in 2024, driven by non-cash stock comp

Adjusted net income $32.6M 2025 non-GAAP, vs $13.1M loss in 2024 excluding stock-based comp

Liquid assets $94.3M Year-end 2025, up $67.2M (248%) from 2024

Dividends declared $22.2M Dividends in 2025, including $10.0M payable to Jan 6, 2026 record holders

Net cash from operations $22.7M 2025 operating cash flow vs $16.7M use in 2024

Historical Context

5 past events · Latest: Mar 16 (Neutral)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Mar 16	Regulatory inquiry update	Neutral	-0.7%	Disclosed House Committee information request on Chinese IPO underwriting.
Dec 12	Dividend date change	Positive	-2.9%	Adjusted record and payment dates for previously announced $10M dividend.
Dec 11	Special cash dividend	Positive	+14.2%	Announced ~$10M special cash dividend of about $0.44 per share.
Dec 08	Advisory board, shelf pull	Positive	-1.5%	Added ambassador to advisory board and withdrew $2B shelf citing strong liquidity.
Nov 11	Q3 2025 earnings	Positive	+9.9%	Reported 703% YTD revenue growth and large ABTC-driven income plus dividend.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Positive capital return and growth updates have often led to gains, but other upbeat or strategic news has sometimes seen modest selloffs, indicating mixed alignment between good news and short-term price reactions.

Recent Company History

Recent news for DOMH has focused on rapid growth, capital returns, and governance. A Nov 11, 2025 update highlighted multi-hundred-percent revenue and income gains plus NYSE underwriting approval. In Dec 2025, the company declared and then adjusted dates for a $10M special dividend. A Dec 8, 2025 leadership expansion coincided with withdrawing a prior shelf, and a Mar 16, 2026 letter to shareholders disclosed a U.S. House information request. Today’s full-year results extend the 2025 growth narrative.

Key Terms

carried interest, non-GAAP, Regulation G, GAAP, +4 more

8 terms

carried interest financial

"Carried interest totaled $22.7 million or approximately 18% of 2025 total revenue..."

Carried interest is a share of the profits earned by investment managers from the investments they oversee, serving as their reward for successful performance. It functions like a bonus that motivates managers to maximize returns for investors, similar to earning a commission based on performance. This income is often taxed at a lower rate than regular income, making it a significant aspect of investment compensation.

non-GAAP financial

"The press release contains non-GAAP financial measures within the meaning of Regulation G..."

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

Regulation G regulatory

"non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities..."

Regulation G is a U.S. securities rule that requires companies to show and explain how any highlighted financial numbers that differ from standard accounting figures were calculated, and to provide a clear bridge to the official results. For investors this acts like a recipe card: when a company presents a simplified or adjusted profit number, Regulation G forces them to show the original ingredients and steps so readers can judge whether the adjusted figure gives a clearer or misleading picture of financial health.

GAAP financial

"financial statements presented in accordance with U.S. generally accepted accounting principles (GAAP)..."

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

Form 10K regulatory

"results for the year ended December 31, 2025, which were filed ... in the Company's annual SEC Form 10K."

An investor's yearly report card: Form 10-K is a detailed annual filing that public U.S. companies submit to the Securities and Exchange Commission, containing audited financial statements, a plain-language review by management, and a list of major risks and legal issues. Investors use it like a company’s full-year handbook to check profitability, cash flow, debt, and risks—information that helps judge whether a stock is a safe or attractive long-term investment.

marketable securities financial

"Cash and cash equivalents | | $34,005 ... Marketable securities | | 46,516..."

Marketable securities are financial assets — such as publicly traded stocks, bonds, and short-term government bills — that a company can quickly sell for cash at a known price. Investors watch them because they show how much ready cash a company can access without selling core operations, like keeping money in a highly liquid savings account versus being tied up in a house, and they affect short-term risk, financial flexibility, and balance-sheet strength.

right-of-use assets technical

"Right-of-use assets | | 2,721 | | 2,944"

Right-of-use assets are the rights a company gains to use a physical space or equipment under a lease agreement. They are recorded as assets on the company's balance sheet, reflecting the value of future benefits from the leased item. For investors, these assets provide a clearer picture of a company's obligations and resources related to leasing arrangements, helping to assess its financial health and operational commitments.

stock-based compensation financial

"reflecting the increased expenses related to $55.0 million of non-cash stock-based compensation..."

Stock-based compensation is when a company pays employees, directors or consultants with shares or the right to buy shares instead of or in addition to cash. It matters to investors because issuing stock or options spreads ownership thinner (like cutting a pie into more slices), which can reduce each existing share’s claim on profits and can also change reported earnings; investors watch it to assess true cost of running the business and how management is incentivized.

View in glossary

AI-generated analysis. How Rhea-AI works. Not financial advice.

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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

• Revenue of $123.1 million, up over 487% from the prior year revenue of $21.0 million.
  • Underwriting revenues totaled $79.0 million in 2025 as compared to $11.4 million in 2024, representing a 596% increase year over year.
  • Carried interest totaled $22.7 million or approximately 18% of 2025 total revenue as compared to no such revenue in 2024.
• Loss from operations of $55.7 million, an increase of $47.0 million compared to a loss of $8.7 million in 2024, reflecting the increased expenses related to $55.0 million of non-cash stock-based compensation recorded in 2025.
• Other income of $42.6 million, an increase of $48.6 million compared to a loss of $6.0 million in 2024. This increase was primarily driven by the increase in the market value of the Company's strategic investment in American Bitcoin Corp., which began trading on the Nasdaq exchange on September 3, 2025 under the ticker symbol "ABTC." The Company sold its ABTC shares in January 2026 for $32.4 million in cash.
• Net loss to common stockholders of $22.4 million, an increase of $7.7 million compared to a net loss of $14.7 million in 2024. This increased net loss to common stockholders is as a result of a $53.4 million increase in non-cash stock-based compensation costs as well as $7.3 million of tax expense recognized in 2025.
  • Excluding the non-cash stock-based compensation, the non-GAAP adjusted net income (loss) to common stockholders was $32.6 million as compared to a net loss of $13.1 million for 2024, or a $45.6 million increase year over year.
• The Company declared $22.2 million of dividends during the year including a $10.0 million dividend announced in December for shareholders of record on January 6, 2026. This represents the first time in the Company's history paying dividends, reflecting the continued commitment to drive shareholder value.
• The Company's liquid assets (defined as: "cash, marketable securities, securities owned and receivable from clearing brokers") totaled $94.3 million at the end of 2025, representing an increase of $67.2 million from year-end 2024 or a 248% increase, total assets increased $65.8 million or 140% to $112.9 million, and total stockholders' equity increased by $29.5 million to $69.4 million compared to $39.9 million, or a 74% increase year over year.

 

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.

FAQ

How much did Dominari (DOMH) revenue grow in 2025 compared to 2024?

Dominari reported revenue of $123.1 million in 2025, a ~487% increase over 2024. According to the company, growth was driven primarily by underwriting revenues of $79.0 million and newly recognized carried interest.

What drove Dominari's operating loss of $55.7M in 2025 for DOMH?

The operating loss was mainly due to $55.0 million of non-cash stock-based compensation recorded in 2025. According to the company, elevated compensation expense materially increased total operating costs versus 2024.

What is Dominari's adjusted (non-GAAP) net income for 2025 and how was it calculated?

Adjusted non-GAAP net income was $32.6 million for 2025 after excluding non-cash stock-based compensation. According to the company, this reconciliation removes $55.0 million of non-cash charges to present proforma earnings.

How strong is Dominari's liquidity position at year-end 2025 (DOMH)?

Dominari reported liquid assets of $94.3 million at December 31, 2025, a 248% increase year-over-year. According to the company, liquid assets include cash, marketable securities, securities owned and receivables from clearing brokers.

Did Dominari (DOMH) pay dividends in 2025 and what was the amount?

Yes, Dominari declared and paid dividends totaling $22.2 million in 2025, including a $10.0 million dividend for shareholders of record January 6, 2026. According to the company, this was the first dividend in its history.