Dominari 2025 Revenue Surges 703% in First Nine Months, Balance Sheet Strengthens Significantly

Rhea-AI Summary

Dominari Holdings (NASDAQ:DOMH) reported strong third-quarter and year-to-date results for the period ended September 30, 2025. Q3 revenue was $50.8M, up 1,150% year-over-year and 49% sequentially. Nine-month revenue was $93.0M, up approximately 703% year-over-year. Other income of $127.7M included a large market-value increase in the company’s investment in American Bitcoin Corp (ticker ABTC), driving net income to common shareholders of $125.2M for Q3. Working capital was $198.8M, total assets $223.4M, and total shareholders' equity $210.3M, reflecting multi-hundred percent increases versus December 31, 2024. The company paid a $0.22 per-share cash dividend (~$4.9M), raised >$1.4B in capital markets activity year-to-date, and its securities unit was approved as a Limited Underwriting member of the NYSE and NYSE American effective Oct 8, 2025.

Positive

• Q3 revenue $50.8M (+1,150% YoY, +49% QoQ)
• Nine-month revenue $93.0M (+~703% YoY)
• Other income $127.7M from marketable securities gains
• Working capital $198.8M (up 716% vs 12/31/2024)
• Raised >$1.4B in capital markets activity year-to-date
• Dominari Securities approved as Limited Underwriting member of NYSE/NYSE American on Oct 8, 2025

Negative

• Loss from operations Q3 $(1.6M) and nine months $(53.0M)
• Accumulated deficit $(126.1M) as of Sept 30, 2025
• General & administrative expense $52.4M in Q3 (high quarterly G&A)
• Paid cash dividend of $0.22 per share (~$4.9M) reducing available cash

Insights

Equity Financial Analyst

Dominari reports steep revenue growth and a fortified balance sheet, with net income driven largely by marketable securities gains.

Revenue rose to $50.8 million in Q3 2025, up more than 1,150% year‑over‑year and 49% sequentially, producing nine‑month revenue of $93.0 million. Operating loss narrowed to $(1.6) million for the quarter, while total shareholders’ equity improved to $210.3 million and working capital to $198.8 million, reflecting substantial balance sheet strengthening.

Key driver of reported profitability was other income of $127.7 million, primarily a marked increase in the market value of the company’s investment in American Bitcoin Corp., which began trading on Nasdaq under ticker ABTC on September 3, 2025. The firm paid a cash dividend of $0.22 per share on September 26, 2025, totaling approximately $4.9 million.

Dependencies and risks are explicit in the reported numbers: operating expenses remain elevated at $52.4 million for the quarter and nine‑month operating loss remains significant at $(53.0) million, indicating that realized gains on marketable securities materially influenced net income. Monitorable items include the realized versus unrealized nature of the marketable securities gains, subsequent valuation changes in the ABTC holding, quarterly operating expense trends, and future underwriting revenue recognition; focus on the next few quarters (Q4 2025 and the upcoming fiscal reporting) for confirmation that operating profitability follows the reported headline net income.

Q3 Revenue of $50.8 Million, up 49% from Q2, 2025

NEW YORK, Nov. 11, 2025 /PRNewswire/ -- Dominari Holdings Inc. (Nasdaq: DOMH) ("Dominari" or the "Company"), today announced highlights of its financial results for the quarter ended September 30, 2025, which were filed today with the Securities and Exchange Commission ("SEC") in the Company's quarterly SEC Form 10Q.

"We achieved remarkable year-to-date revenue growth in the third quarter of more than 700% year-over-year, reflecting strong underwriting activity, robust client engagement and disciplined operational execution," said Anthony Hayes, Chief Executive Officer of Dominari. "The efforts of Dominari's President, Mr. Kyle Wool, continue to strengthen our balance sheet and reflect the financial discipline and foundation that underpin our business. Mr. Wool, and the efforts of many others at Dominari, have produced sequential quarterly and year-over-year growth. The results demonstrate sustained momentum across all segments, positioning the company for continued success and long-term value creation for our shareholders and clients."

Third Quarter 2025 Highlights (as of September 30, 2025)

• Revenue of $50.8 million, up over 1,150% from the year ago quarter of $4.0 million and 49% from the second quarter of 2025.
• Loss from operations of $1.6 million, an improvement of $1.6 million compared to a loss of $3.2 million in the year ago quarter.
• Other income of $127.7 million, including a significant increase in the market value of the Company's investment in American Bitcoin Corp., which began trading on the Nasdaq exchange on September 3, 2025 under the ticker symbol "ABTC."
• Net income to common stockholders of $125.2 million, an improvement of $129.4 million compared to a net loss of $4.2 million in the third quarter of 2024.
• Payment by the Company on September 26, 2025 of a cash dividend of $0.22 per share of common stock, for an aggregate of approximately $4.9 million, to shareholders of record as of September 3, 2025.
• Working capital of $198.8 million, total assets of $223.4 million and total shareholders' equity of $210.3 million, compared to $24.4 million, $47.1 million and $39.9 million, respectively, reflecting increases of 716%, 374%, and 428%, respectively, as of December 31, 2024.

Strategic and Operational Update

• Raised more than $1.4 billion in capital markets activity year-to-date from investors to support American companies across key sectors of innovation including artificial intelligence, defense technology, financial infrastructure and next-generation computing.
• Dominari Securities LLC approved as a Limited Underwriting member of the New York Stock Exchange and NYSE American Equities effective October 8, 2025.

 

DOMINARI HOLDINGS INC.
Condensed Consolidated Balance Sheets
($ in thousands except share and per share amounts)
		September 30, 2025				December 31, 2024
		(Unaudited)
ASSETS
Current assets
Cash and cash equivalents		$	5,373			$	4,079
Marketable securities			170,838				5,773
Receivable from clearing brokers			28,860				17,279
Prepaid expenses and other assets			1,257				1,019
Total current assets			206,328				28,150
Property and equipment, net			161				239
Notes receivable, at fair value - non-current portion			-				902
Long term equity investments			11,744				12,282
Loans to employees			1,868				2,150
Right-of-use assets			2,862				2,944
Security deposit			483				458
Total assets		$	223,446			$	47,125
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued expenses		$	779			$	919
Accrued commissions			4,788				2,057
Contract liabilities - current			795				240
Lease liability - current			530				410
Other current liabilities			599				157
Total current liabilities			7,491				3,783
Lease liability, less current portion			2,464				2,629
Contract liabilities, less current portion			3,194				860
Total liabilities			13,149				7,272
Stockholders' equity
Preferred stock, $0.0001 par value, 50,000,000 authorized
Convertible Preferred Series D: 5,000,000 shares designated; 3,825 shares issued and      outstanding as of September 30, 2025 and December 31, 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 September 30, 2025 and December 31, 2024; liquidation value of      $0.0001 per share			-				-
Common stock, $0.0001 par value, 100,000,000 shares authorized; 15,817,323 and      7,037,022 shares issued as of September 30, 2025 and December 31, 2024,      respectively 15,817,323 and 6,976,874 shares outstanding as of September 30, 2025      and December 31, 2024			-				-
Additional paid-in capital			336,284				263,820
Treasury stock, as of cost, 0 shares as of September 30, 2025 and 60,148 as of      December 31, 2024			-				(501)
Accumulated deficit			(126,124)				(223,466)
Total Dominari stockholders' equity			210,160				39,853
Non-controlling interests			137				-
Total stockholders' equity			210,297				39,853
Total liabilities and stockholders' equity		$	223,446			$	47,125

 

DOMINARI HOLDINGS INC.
Condensed Consolidated Statements of Operations
($ in thousands except share and per share amounts)
(Unaudited)
		Three Months Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
Revenues		$	50,821			$	4,043			$	93,026			$	11,584
Operating costs and expenses
General and administrative		$	52,420			$	7,239			$	146,061			$	20,321
Total operating expenses			52,420				7,239				146,061				20,321
Loss from operations			(1,599)				(3,196)				(53,035)				(8,737)
Other income (expenses)
Interest income			550				280				973				729
Gain (loss) on marketable securities, net			159,130				89				163,094				767
Realized and unrealized gain (loss) on note receivable, net			-				(429)				221				(2,086)
Change in carrying value of investments			(32,000)				(955)				-				(6,445)
Total other income (expenses)			127,680				(1,015)				164,288				(7,035)
Net income (loss)		$	126,081			$	(4,211)			$	111,253			$	(15,772)
Less: Net income attributable to non-controlling interests			871				-				1,921				-
Net income (loss) attributable to common stockholders      of Dominari Holdings Inc.		$	125,210			$	(4,211)			$	109,332			$	(15,772)
Net income (loss) per share, basic and diluted
Basic		$	8.11			$	(0.67)			$	7.98			$	(2.57)
Diluted		$	7.27				-			$	7.86				-
Weighted average number of shares outstanding, basic and diluted
Basic			15,442,342				6,328,261				13,700,375				6,129,504
Diluted			17,223,257				-				13,902,950				-

 

DOMINARI HOLDINGS INC.
Condensed Consolidated Statements of Cash Flows
($ in thousands)
(Unaudited)
		Nine Months Ended September 30,
		2025				2024
Cash flows from operating activities
Net income/(loss)			111,253			$	(15,772)
Adjustments to reconcile net income/ (loss) to net cash used in operating activities:
Amortization of right-of-use assets			309				287
Depreciation			78				79
Unrealized (gain) loss on marketable securities			(163,685)				3,361
Change in carrying value of long-term equity investments			-				6,445
Non-cash underwriting revenue			(17,909)				-
Non-cash commissions expense			16,651				-
Stock-based compensation			54,811				1,116
Realized loss (gain) on marketable securities			897				(3,762)
Realized and unrealized (gain) loss on note receivable			(221)				2,086
Changes in operating assets and liabilities:
Prepaid expenses and other assets			(238)				165
Receivable from clearing brokers			(11,581)				(6,494)
Security Deposits			(25)
Accounts payable and accrued expenses			(140)				257
Accrued salaries and benefits			-				(38)
Accrued commissions			2,731				295
Lease liabilities			(272)				(299)
Contract liabilities			2,889				-
Other current liabilities			442				314
Notes receivable, at fair value - net interest accrued			(21)				58
Net cash (used in) operating activities			(4,031)				(11,902)
Cash flows from investing activities
Purchase of marketable securities			(16,960)				(4,007)
Sale of marketable securities			15,941				14,767
Collection of principal on note receivable			1,144				750
Loans to employees			-				(2,390)
Collection of loans to employees			282				2
Purchase of long-term investments			-				(150)
Sale of long term investments			538				3,500
Net cash provided by investing activities			945				12,472
Cash flows from financing activities
Cash paid for dividends			(11,990)				-
Distribution to Non Controlling Interest			(1,784)				-
Cash received from issuance of common stock			13,517				-
Cash received from issuance of common stock for warrants exercised			4,637				-
Net cash provided by financing activities			4,380				-
Net increase in cash and cash equivalents and restricted cash			1,294				570
Cash and cash equivalents, beginning of period			4,079				2,833
Cash and cash equivalents, end of period		$	5,373			$	3,403

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, 2024 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/

Investor Relations
Hayden IR
Brett Maas, Managing Partner
Phone: (646) 536-7331
Email: brett@haydenir.com
www.haydenir.com 

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SOURCE Dominari Holdings Inc.

FAQ

What were Dominari (DOMH) Q3 2025 revenue and year-over-year growth?

Q3 2025 revenue was $50.8M, up 1,150% versus Q3 2024 and up 49% from Q2 2025.

How much revenue did Dominari (DOMH) report for the first nine months of 2025?

Dominari reported $93.0M revenue for the nine months ended Sept 30, 2025, an increase of about 703% year-over-year.

What drove Dominari's large net income reported in Q3 2025?

Other income of $127.7M, primarily from a market-value increase in its investment in American Bitcoin Corp (ticker ABTC), drove the Q3 net income.

Did Dominari (DOMH) pay a dividend in 2025 and how much was it?

Yes, Dominari paid a cash dividend of $0.22 per share on Sept 26, 2025, totaling approximately $4.9M.

How strong is Dominari's balance sheet after Q3 2025?

As of Sept 30, 2025 Dominari had $198.8M working capital, $223.4M total assets, and $210.3M total shareholders' equity.

What corporate development did Dominari announce regarding underwriting status in 2025?

Dominari Securities was approved as a Limited Underwriting member of the New York Stock Exchange and NYSE American effective Oct 8, 2025.

Are there notable expense or loss items investors should watch in Dominari's report?

Yes; nine-month loss from operations was $(53.0M) and Q3 general & administrative expense was $52.4M, both items to monitor for operating leverage.