Dominari Q1 Revenue Increases by 395% Over Q1 2025

Rhea-AI Summary

Dominari (Nasdaq: DOMH) reported Q1 2026 revenue of $35.8 million, up 395% from $7.2 million in Q1 2025, driven mainly by underwriting revenue of $32.9 million, up 488%. Annual recurring revenue reached $1.1 million, up 189%. Net loss to common stockholders was $57.4 million and adjusted non-GAAP net loss was $38.1 million. Operating cash flow was negative $28.9 million. As of March 31, 2026, liquid assets were $67.4 million and stockholders’ equity was $31.6 million. Dominari declared a $9.0 million dividend payable around May 29, 2026.

Positive

• Q1 2026 revenue of $35.8 million, up 395% from $7.2 million in Q1 2025
• Underwriting revenue rose to $32.9 million, a 488% increase year over year
• Annual recurring revenue increased to $1.1 million from $0.4 million, up 189%
• Carried interest revenue reached $1.1 million versus no such revenue in Q1 2025
• Liquid assets totaled $67.4 million and working capital was $21.9 million at March 31, 2026
• Declared a $9.0 million cash dividend payable on or about May 29, 2026
• Adjusted non-GAAP net loss to common stockholders was $38.1 million versus GAAP net loss of $57.4 million

Negative

• Loss from operations was $37.6 million versus $32.9 million in Q1 2025
• Net loss to common stockholders increased to $57.4 million from $32.5 million year over year
• Adjusted non-GAAP loss from operations widened to $18.3 million from $4.3 million
• Net cash used in operating activities was $28.9 million versus $1.2 million provided in Q1 2025
• Other expenses totaled $6.8 million versus $0.4 million of other income in Q1 2025
• Total assets declined to $85.3 million from $112.9 million at December 31, 2025
• Total stockholders’ equity fell to $31.6 million from $69.4 million at year-end 2025
• Non-cash stock-based compensation was $19.3 million in Q1 2026

News Market Reaction – DOMH

+0.26%

12 alerts

+0.26% Session close to close

+5.2% Peak Tracked

-16.7% Trough Tracked

$88.42M Market Cap

0.6x Rel. Volume

In the May 13 session, DOMH gained 0.26%, reflecting a mild positive market reaction. Argus tracked a peak move of +5.2% during that session. Argus tracked a trough of -16.7% from its starting point during tracking. Our momentum scanner triggered 12 alerts that day, indicating notable trading interest and price volatility.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement highlights Dominari’s sharp revenue expansion, with Q1 2026 revenue of $35.8M vers...

Analysis

This announcement highlights Dominari’s sharp revenue expansion, with Q1 2026 revenue of $35.8M versus $7.2M a year earlier, driven mainly by $32.9M in underwriting services and new carried interest revenue of $1.1M. At the same time, the net loss to common stockholders widened to $57.4M, and total stockholders’ equity fell to $31.6M. Investors may track future quarters for trends in compensation, non-GAAP adjustments and dividend policy alongside continued deal flow.

Key Figures

Q1 2026 revenue: $35.8M Q1 2025 revenue: $7.2M Q1 2026 underwriting revenue: $32.9M +5 more

8 metrics

Q1 2026 revenue $35.8M Quarter ended March 31, 2026

Q1 2025 revenue $7.2M Prior-year first quarter comparison

Q1 2026 underwriting revenue $32.9M Underwriting services revenue in Q1 2026

Q1 2025 underwriting revenue $5.6M Underwriting services revenue in Q1 2025

Annual recurring revenue $1.1M ARR at end of Q1 2026 vs $0.4M at end of Q1 2025

Loss from operations $37.6M Q1 2026 operating loss vs $32.9M in Q1 2025

Net loss to common $57.4M Q1 2026 net loss attributable to common vs $32.5M in 2025

Declared dividend $9.0M Cash dividend declared in May 2026

Historical Context

5 past events · Latest: May 04 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
May 04	Special dividend	Positive	+5.0%	Announced special cash dividend of about $9M, ~$0.31 per share.
Mar 31	Full-year results	Positive	+14.2%	Reported 2025 revenue of $123.1M, up sharply from $21.0M in 2024.
Mar 16	Regulatory inquiry	Negative	-0.7%	Disclosed U.S. House committee letter on Chinese IPO underwriting.
Dec 12	Dividend timing update	Neutral	-2.9%	Changed record and payment dates for prior $10M special dividend.
Dec 11	Special dividend	Positive	+14.2%	Announced $10M cash dividend, about $0.44 per share, to holders.

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

Pattern Detected

Shares have tended to react positively to strong revenue updates and special dividend news, with prior growth and dividend announcements both seeing notable upside moves.

Recent Company History

Over the past several months, Dominari has combined rapid revenue growth with capital returns. A $10M special dividend in December 2025 and another roughly $9M dividend in May 2026 showed a focus on shareholder distributions. Full-year 2025 revenue reached $123.1M, up sharply from $21.0M, and that momentum continued into Q1 2026 with revenue of $35.8M. The March 2026 shareholder letter highlighted regulatory scrutiny of Chinese IPO underwriting but noted that such deals were a small revenue contributor.

Key Terms

annual recurring revenue (ARR), carried interest, non-GAAP financial measures, right-of-use assets, +4 more

8 terms

annual recurring revenue (ARR) financial

"increased our annual recurring revenue from our management fees..."

Annual Recurring Revenue (ARR) is the predictable amount of money a company expects to earn in a year from its ongoing services or subscriptions. It helps businesses understand their steady income stream, much like knowing how much rent they can count on each year, which is important for planning and growth.

carried interest financial

"currently retain carried interest positions in some exciting emerging companies..."

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 measures financial

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

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

right-of-use assets technical

"Right-of-use assets | | 2,586 | | 2,721"

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

"Excluding the $19.3 million non-cash stock-based compensation, the non-GAAP adjusted net loss..."

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

marketable securities financial

"Marketable securities | | 6,901 | | 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.

contract liabilities financial

"Contract liabilities | | 4,679 | | 4,504"

Contract liabilities are amounts a company has been paid in advance for goods or services it still owes to customers — think of them like gift cards or prepaid subscriptions the company must fulfill later. For investors, they show promised future work or deliveries that will turn into revenue over time, reveal cash already collected, and help assess whether a firm has a backlog of obligations that could affect future earnings and cash flow.

Form 10Q regulatory

"financial results for the quarter ended March 31, 2026, which were filed... Form 10Q."

A Form 10-Q is a quarterly financial report that public companies file with regulators giving a detailed, three-month snapshot of their finances — typically including income, cash flow, assets and management’s discussion of results and risks. Investors use it like a recurring progress report to verify performance against expectations, spot trends, and identify new risks or opportunities before the next annual report.

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

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Underwriting revenues increased over five-fold 

NEW YORK, May 13, 2026 /PRNewswire/ -- Dominari Holdings Inc. (Nasdaq: DOMH) ("Dominari" or the "Company"), today announced highlights of its financial results for the quarter ended March 31, 2026, which were filed with the Securities and Exchange Commission ("SEC") in the Company's quarterly SEC Form 10Q.

The Company stated that:  "In  the first quarter of 2026,  we experienced continued revenue growth mainly from underwriting services, increased our annual recurring revenue from our management fees that we earn on deals that we bring to market  from essentially nil 18 months ago to over $1 million, and currently retain carried interest positions in some exciting emerging companies that we believe will yield positive returns over the  course of the next 24 months."  While the net income reflects one-time, non-recurring expenses for Q1 2026, we believe that the margins we expect from our core business for the balance of the year, will result in improved operating income and bottom-line performance."  The Company concluded, "the leadership team on our broker dealer subsidiary, led by Kyle Wool, continues to deliver world class investment banking services to our ever-growing list of clients, and we believe that will yield continued improved performance for the future."

First Quarter 2026 Highlights

• Revenue of $35.8 million, up 395% from the prior year's first quarter's revenue of $7.2 million.
  • Underwriting revenues totaled $32.9 million in Q1 2026 as compared to $5.6 million for Q1 2025, representing a 488% increase.
  • Carried interest totaled $1.1 million as compared to no such revenue in Q1 2025.
  • The Company's annual recurring revenue (ARR) increased to $1.1 million from $0.4 million at the end of Q1 2025, reflecting an increase of 189%.
• Loss from operations of $37.6 million, an increase of $4.7 million compared to a loss of $32.9 million in the comparable period in 2025, reflecting increased one-time variable expenses in the quarter.
• Other expense of $6.8 million as compared to other income of $0.4 million in Q1 2025. This book loss was primarily driven by the sale of the Company's strategic investment in American Bitcoin Corp. shares in January 2026 for $32.4 million in cash that were valued on the books at $39.4 million based upon the trading value of such shares at year end 2025. Note that the Company's investment totaled just $100.
• Net loss to common stockholders of $57.4 million, an increase of $24.9 million compared to a net loss of $32.5 million in 2024. This increased net loss to common stockholders reflects the above noted one-time expenses in the quarter along with $12.9 million of tax expense recognized in Q1 2026 against no tax provision for the comparable quarter in 2025.
  • Excluding the $19.3 million non-cash stock-based compensation, the non-GAAP adjusted net loss to common stockholders was $38.1 million in the quarter.
• In May 2026, the Company declared a $9.0 million dividend to be paid on or about May 29, 2026, to shareholders of record on May 15, 2026, continuing the Company's continued commitment to reward its shareholder base.
• As of March 31, 2026, the Company's liquid assets (defined as: "cash, marketable securities, securities owned and receivable from clearing brokers") totaled $67.4 million at the end of Q1 2026, working capital totaled $21.9 million, total assets were $85.3 million and total stockholders' equity was $31.6 million.

 

DOMINARI HOLDINGS INC. Condensed Consolidated Balance Sheets ($ in thousands except share and per share amounts)
		March 31,				December 31,
		2026				2025
		(Unaudited)
ASSETS
Cash and cash equivalents		$	27,477			$	34,005
Marketable securities			6,901				46,516
Securities owned			11,118				9,756
Receivable from clearing brokers			21,883				3,995
Long-term equity investments			11,846				11,744
Loans to employees			1,669				1,767
Right-of-use assets			2,586				2,721
Prepaid expenses and other assets			1,840				2,403
Total assets		$	85,320			$	112,907
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued expenses		$	777			$	611
Accrued compensation and commissions			25,005				17,754
Accrued dividends payable			364				10,335
Contract liabilities			4,679				4,504
Lease liability			2,744				2,841
Income taxes payable			20,174				7,318
Other liabilities			-				173
Total liabilities			53,743				43,536
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 March 31, 2026 and December 31, 2025; liquidation value of   $0.0001 per share			-				-
Convertible Preferred Series D-1: 5,000,000 shares designated; 834 shares issued and     outstanding as of March 31, 2026 and December 31, 2025; liquidation value of    $0.0001 per share			-				-
Common stock, $0.0001 par value, 100,000,000 shares authorized; 22,613,781 and     16,067,435 shares issued as of March 31, 2026, and December 31, 2025,    respectively; 22,613,781 and 16,067,435 shares outstanding as of March 31, 2026    and December 31, 2025, respectively			2				-
Additional paid-in capital			357,099				337,505
Accumulated deficit			(325,492)				(268,134)
Total Dominari stockholders' equity			31,609				69,371
Non-controlling interests			(32)				-
Total stockholders' equity			31,577				69,371
Total liabilities and stockholders' equity		$	85,320			$	112,907

 

DOMINARI HOLDINGS INC. Condensed Consolidated Statements of Operations ($ in thousands except share and per share amounts) (Unaudited)
		Three Months Ended
		March 31,
		2026				2025
Revenues
Underwriting services		$	32,949			$	5,606
Carried interest			1,096				-
Commissions			2,490				2,190
Interest income			308				39
Principal transactions			(1,532)				(910)
Other revenue			494				315
Total revenue			35,805				7,240
Operating costs and expenses
Compensation and benefits			68,159				15,457
Advisory fees			36				20,944
Legal fees			1,485				704
Professional and consulting fees			876				829
Other expenses			2,871				2,188
Total operating expenses			73,427				40,122
Loss from operations			(37,622)				(32,882)
Other income (expenses)
Other income			108				-
Interest income			61				21
Gain (loss) on marketable securities, net			(7,014)				(168)
Realized and unrealized gain loss on notes receivable, net			-				221
Change in carrying value of investments			-				320
Total other income (expenses)			(6,845)				394
Net loss before income tax expense		$	(44,467)			$	(32,488)
Provision for income taxes			12,868				-
Net loss			(57,335)				(32,488)
Less: Net income attributable to non-controlling interests			23				-
Net loss attributable to common stockholders of Dominari Holdings Inc.		$	(57,358)			$	(32,488)
Net loss per share, basic and diluted
Basic and Diluted		$	(3.17)			$	(3.02)
Weighted average number of shares outstanding, basic and diluted
Basic and Diluted			18,068,269				10,775,219

 

DOMINARI HOLDINGS INC. Condensed Consolidated Statements of Cash Flows ($ in thousands) (Unaudited)
		Three Months Ended
		March 31,
		2026				2025
Cash flows from operating activities
Net loss		$	(57,335)			$	(32,488)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of right-of-use assets			135				52
Depreciation			26				26
Change in carrying value of long-term investment			-				(320)
Non-cash underwriting revenues			(10,080)				(697)
Non-cash commission expense			7,610				-
Stock-based compensation – employees			19,243				28,626
Stock-based compensation – advisors			36				-
Realized (gain) loss on securities owned			(590)				714
Unrealized loss on securities owned			2,122				259
Realized loss on marketable securities			6,949				670
Unrealized (gain) loss on marketable securities			115				(468)
Realized and unrealized (gain) loss on note receivable			-				(221)
Changes in operating assets and liabilities:
Prepaid expenses and other assets			537				(2,401)
Receivable from clearing brokers			(17,888)				4,848
Accounts payable and accrued expenses			165				520
Accrued compensation and commissions			7,251				1,210
Right of use asset and liability, net			(97)				(122)
Contract liabilities			175				632
Income taxes payable			12,856				-
Other liabilities			(173)				395
Net cash (used in) provided by operating activities			(28,942)				1,235
Cash flows from investing activities
Purchase of marketable securities			(9,185)				(9,035)
Sale of marketable securities			41,736				1,776
Purchase of securities owned			(1,666)
Sale of securities owned			1,242				-
Purchase of long-term investments			(102)				-
Redemption of long-term investments			-				538
Collection of principal on note receivable							1,143
Collection of loans to employees			98				142
Net cash provided by (used in) investing activities			32,123				(5,436)
Cash flows from financing activities
Cash paid for dividends			(9,971)				(7,080)
Distributions to non-controlling interest			(55)				-
Cash from issuance common stock, net of offering cost			-				13,517
Cash from issuance common stock for exercised warrants			317				-
Net cash (used in) provided by financing activities			(9,709)				6,437
Net increase in cash and cash equivalents			(6,528)				2,236
Cash and cash equivalents, beginning of period			34,005				4,079
Cash and cash equivalents, end of period		$	27,477			$	6,315
Cash paid for interest and taxes		$	17			$	-

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.

 

		Three Months Ended				Three Months Ended
		March 31, 2026				March 31, 2025
Loss from operations		$	(37,622)			$	(32,882)
Non-cash stock-based compensation			19,279				28,626
Adjusted loss from operations		$	(18,343)			$	(4,256)
Net loss attributable to common stockholders' of Dominari Holdings		$	(57,358)			$	(32,488)
Non-cash stock-based compensation			19,279				28,626
Adjusted net loss before income tax expense		$	(38,079)			$	(3,862)
Adjustment to the provision for income taxes			-				4,427
Adjusted net loss to common stockholders' of Dominari Holdings			(38,079)				(8,289)
Adjusted net loss per share, basic		$	(2.11)			$	(0.77)
Weighted average number of shares outstanding, basic			18,068,269				10,775,219

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 did Dominari (Nasdaq: DOMH) Q1 2026 revenue compare to Q1 2025?

Dominari reported Q1 2026 revenue of $35.8 million, up 395% from $7.2 million in Q1 2025. According to Dominari, this growth was mainly driven by underwriting services and supported by new carried interest and higher recurring management fee revenue.

What drove Dominari (DOMH) underwriting and carried interest revenue in Q1 2026?

Dominari’s Q1 2026 underwriting revenue was $32.9 million, up from $5.6 million, while carried interest reached $1.1 million versus none in Q1 2025. According to Dominari, these increases reflect stronger deal activity and positions in emerging companies.

What was Dominari (DOMH) Q1 2026 net loss and earnings per share?

Dominari recorded a Q1 2026 net loss attributable to common stockholders of $57.4 million, or $3.17 per share. According to Dominari, adjusted non-GAAP net loss was $38.1 million, reflecting the exclusion of $19.3 million in non-cash stock-based compensation.

What dividend did Dominari (DOMH) declare in May 2026 and when is it paid?

Dominari declared a $9.0 million dividend in May 2026, payable on or about May 29, 2026. According to Dominari, shareholders of record on May 15, 2026 will receive the payment, continuing the company’s stated focus on rewarding its shareholder base.

What is Dominari (DOMH) liquidity and balance sheet position as of March 31, 2026?

As of March 31, 2026, Dominari reported liquid assets of $67.4 million and working capital of $21.9 million. According to Dominari, total assets were $85.3 million, total liabilities $53.7 million, and total stockholders’ equity $31.6 million for the quarter end.

How did Dominari (DOMH) Q1 2026 cash flow from operations compare to Q1 2025?

Dominari used $28.9 million of cash in operating activities during Q1 2026, versus $1.2 million provided in Q1 2025. According to Dominari, this shift reflects higher operating losses, working capital changes, and various non-cash adjustments in the latest quarter.

What were Dominari (DOMH) non-GAAP adjusted losses in Q1 2026 versus Q1 2025?

Dominari reported Q1 2026 adjusted loss from operations of $18.3 million versus $4.3 million in Q1 2025. According to Dominari, adjusted net loss to common stockholders was $38.1 million, compared with $8.3 million for the same quarter a year earlier.