Dominari Reports Q3 2026 Results

Lower operating expenses narrowed the nine-month operating loss despite declining revenue, while cash and stockholders' equity fell from year-end.

Rhea-AI Summary

Dominari Holdings (Nasdaq: DOMH) reported a third-quarter 2026 net loss to common stockholders of $1.9 million, narrowing sequentially. The loss fell 65% from $5.4 million in Q2, but reversed prior-year net income of $125.2 million. Diluted earnings per share fell from $7.27 to a loss of $0.08.

Revenue declined approximately 69% to $16.4 million year over year, while operating expenses fell 65% to $18.3 million. Quarterly operating loss widened to $1.9 million from $0.4 million. For the nine months ended September 30, revenue fell 30% to $69.0 million, operating loss narrowed to $40.6 million, and net loss to common stockholders reached $64.7 million.

Dominari Financial remained profitable, with quarterly segment net income of $1.8 million. Dominari raised approximately $3.3 million through warrant inducements during Q3. By November 10, it had repurchased over 1.9 million shares for approximately $3.4 million under a $5.0 million target.

13 points · 0 major

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2 major · 19 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointQ3 common-stockholder net loss narrowed 65% sequentially to $1.9 million from $5.4 million.
• Moderate pointQ3 operating expenses decreased 65% to $18.3 million, down $34.6 million year over year.
• Moderate pointDominari Financial segment net income was $1.8 million in Q3 and $12.7 million year to date.
• Moderate pointAnnual recurring revenue reached $3.6 million, up 341% from $0.8 million at Q2 2025 end.
• Moderate pointQ3 warrant inducements raised approximately $3.3 million. 11% of market cap
• Moderate point. Forward-looking: it has not happened yet and may not happen.Share repurchases totaled over 1.9 million shares for approximately $3.4 million by November 10; target: $5.0 million. 12% of market cap
• Moderate pointTotal liabilities decreased to $33.265 million from $43.536 million at December 31, 2025.

6 minor points

• Minor pointNine-month operating expenses declined 25% to $109.6 million, down $37.2 million year over year.
• Minor pointNine-month operating loss narrowed to $40.646 million from $48.169 million a year earlier.
• Minor pointRevenue-line interest income rose to $469,000 in Q3 and $1.055 million year to date, versus $447,000 and $827,000.
• Minor pointOther revenue increased to $1.455 million in Q3 and $2.476 million year to date, versus $807,000 and $1.424 million.
• Minor pointDominari Securities net capital was approximately $18.5 million against a $0.6 million minimum requirement.
• Minor pointWorking capital was approximately $14.5 million at September 30, 2026.

Negative

• Major pointQ3 revenue fell approximately 69% to $16.4 million from $52.4 million a year earlier.
• Major pointNine-month common-stockholder results reversed to a $64.703 million loss from $109.332 million income year over year.
• Moderate pointQ3 operating loss widened to $1.9 million from $0.4 million a year earlier.
• Moderate pointQ3 common-stockholder results reversed to a $1.941 million loss from $125.210 million income year over year.
• Moderate pointCommon shares outstanding increased to 25,391,569 at September 30 from 16,067,435 at December 31, 2025.
• Moderate pointCash decreased to $23.989 million at September 30 from $34.005 million at December 31, 2025.
• Moderate pointMarketable securities decreased to $2.622 million at September 30 from $46.516 million at December 31, 2025.
• Moderate pointTotal stockholders' equity fell to $22.414 million at September 30 from $69.371 million at December 31, 2025.
• Moderate pointUnrecognized-tax-benefit liability increased to $13.739 million at September 30 from $7.318 million at December 31, 2025.

10 minor points

• Minor pointQ3 diluted EPS fell to negative $0.08 from positive $7.27 a year earlier.
• Minor pointNine-month revenue decreased 30% to $69.0 million, down $29.7 million year over year.
• Minor pointNine-month diluted EPS fell to negative $2.97 from positive $7.86 a year earlier.
• Minor pointUnderwriting revenue fell to $7.170 million in Q3 and $48.021 million year to date, versus $32.866 million and $58.636 million.
• Minor pointCarried-interest revenue fell to $5.016 million in Q3 and $7.663 million year to date, versus $8.704 million and $19.204 million.
• Minor pointCommission revenue fell to $2.421 million in Q3 and $11.478 million year to date, versus $6.722 million and $14.570 million.
• Minor pointPrincipal transactions generated losses of $150,000 in Q3 and $1.718 million year to date, versus prior-year gains.
• Minor pointOther income and expenses reversed to $294,000 quarterly expense and $8.494 million nine-month expense, versus prior-year income.
• Minor pointNine-month income tax provision reached $14.562 million, versus none in the comparable 2025 period.
• Minor pointWarrant inducements recorded common-stock deemed dividends of $320,000 in Q3 and $745,000 year to date.

News Explained

The filed Q3 report records 25,391,569 common shares outstanding on September 30, 2026, versus 16,067,435 on December 31, 2025; with holdings unchanged, that increase reduces each holder’s proportional ownership.

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Net loss to common stockholders narrowed sequentially in Q3 2026 to $1.9 million as compared to $5.4 million for Q2 2026 

NEW YORK, Nov. 10, 2026 /PRNewswire/ -- Dominari Holdings Inc. (Nasdaq: DOMH) ("Dominari" or the "Company"), today announced highlights of its financial results for the quarter ended September 30, 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 nine months ended September 30, 2026, while our revenues declined from the comparable period in 2025, we reduced our loss from operations to $40.6 million in the period from a $48.2 million loss from operations in the comparable period in 2025.  This was driven by holding our gross margins steady at lower levels of revenue while decreasing our operating expenses by 65% in the third quarter compared to the third quarter of 2025, as well as an over 25% reduction in operating costs as compared to the nine months in the prior year. During the quarter, the annualized run-rate for recurring revenue from our management services increased to $3.5 million per year or by approximately $2.7 million as compared to that same line item on September 30, 2025". The Company further stated that: "We continued to focus on shareholder liquidity as we initiated a stock repurchase program with a target of buying back $5.0 million of the Company's shares. As of the date of this release, we have repurchased over 1.9 million shares for approximately $3.4 million."

Quarter and Year to Date Highlights

• Net loss to common shareholders sequentially decreased in the quarter by 65% to $1.9 million, from $5.4 million in Q2 2026.
• The Company's operating loss decreased in the year-to-date period by 16% or $7.6 million to $40.6 million, from $48.2 million in the nine months ended September 30, 2025.
• Dominari Financial business segment remained profitable, reporting third quarter segment net income of $1.8 million and year-to-date segment net income of $12.7 million.
• Third quarter and year-to-date operating expenses decreased by $34.6 million and $37.2 million, respectively, as compared to the comparable periods in 2025.
• Raised approximately $3.3 million in the quarter with the Company's warrant inducement program announced in August of 2026.

Third Quarter Results

Third quarter revenue was $16.4 million, approximately 69% lower as compared with $52.4 million in the third quarter of 2025. This decrease was primarily driven by lower underwriting revenue of $25.7 million in the quarter due to fewer deal closings, lower carried interest of $3.7 million, lower commission revenue of $4.3 million, and $3.0 million of lower principal transactions compared to the third quarter of 2025. The Company's annual recurring revenue (ARR) increased to $3.6 million from $0.8 million at the end of Q2, 2025, reflecting an increase of 341%.

Operating costs and expenses decreased by $34.6 million, or 65%, to $18.3 million. Compensation and benefits decreased by $35.3 million, primarily reflecting a lower commission expense of approximately $30.0 million, partially offset by higher professional and other expenses of $1.4 million. As a result, of the lower revenues being offset by the reduced operating expenses, the operating loss increased in the third quarter of 2026 by $1.5 million to $1.9 million from $0.4 million in the prior-year period.

Net loss attributable to common stockholders was $1.9 million, or a loss of $0.08 per share, compared with net income attributable to common stockholders of $125.2 million, or earnings of $7.27 per share, in the third quarter of 2025. The year-over-year decrease was primarily driven by the Company's approximately $126.5 million of other income in Q3 2025 vs $0.3 million loss in 2026 which was primarily driven by the valuation increase from the investment in American Bitcoin Corp. ("ABTC).

Year-to-Date Operating Progress

For the nine months ending September 30, 2026, total revenue decreased by $29.7 million, or 30%, to $69.0 million compared to the nine months ending September 30, 2025. The primary driver of the reduced revenue was related to carried interest which was $11.5 million lower than the comparable period in 2025 reflecting the Company's carried interest from a single deal in 2025 that totaled $19.0 million of the $19.2 million in 2025 revenue. Underwriting revenue decreased by $10.6 million, or 18%, to $48.0 million, reflecting increased volatility in the capital markets resulting in lower deal flow. Additionally, principal trading was $5.8 million lower in the 2026 year to date period as well.

The first nine months of 2026 operating costs and expenses declined by $37.2 million, or 25%, to $109.6 million, and the operating loss narrowed by $7.5 million, or 16%, to $40.6 million from $48.2 million in the comparable period in 2025. Consolidated net loss attributable to common stockholders was $64.7 million, as compared to net income of $109.3 million in 2025 reflecting the impact of the ABTC investment as well as a $14.6 million tax provision in 2026 as compared to no such provision in the 2025 comparable period.

Balance Sheet

At September 30, 2026, Dominari had $24.0 million cash and cash equivalents, $2.6 million of marketable securities, $4.8 million of securities owned, $4.7 million receivable from clearing brokers and $9.8 million of long-term equity investments. Working capital was approximately $14.5 million, and total stockholders' equity was $22.4 million.

Dominari Securities maintained approximately $18.5 million of net capital against a $0.6 million minimum requirement.

DOMINARI HOLDINGS INC. Condensed Consolidated Balance Sheets ($ in thousands except share and per share amounts)
		September 30,				December 31,
		2026				2025
		(Unaudited)
ASSETS
Cash and cash equivalents		$	23,989			$	34,005
Marketable securities			2,622				46,516
Securities owned			4,771				9,756
Receivable from clearing brokers			4,707				3,995
Long-term equity investments			9,837				11,744
Accounts receivable			1,828				-
Note receivable			93				-
Loans to employees			1,337				1,767
Right-of-use assets			2,291				2,721
Prepaid expenses and other assets			4,204				2,403
Total assets		$	55,679			$	112,907
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued expenses		$	792			$	611
Accrued compensation and commissions			5,579				17,754
Accrued dividends payable			296				10,335
Contract liabilities			8,632				4,504
Lease liability			2,454				2,841
Liability for unrecognized tax benefits			13,739				7,318
Income tax payable			1,179				-
Other liabilities			594				173
Total liabilities			33,265				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 September 30, 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 September 30, 2026 and    December 31, 2025; liquidation value of $0.0001 per share			-				-
Common stock, $0.0001 par value, 100,000,000 shares authorized;    25,873,765 and 16,067,435 shares issued as of September 30, 2026    and December 31, 2025, respectively; 25,391,569 and 16,067,435    shares outstanding as of September 30, 2026 and December 31, 2025,    respectively			3				-
Treasury stock, at cost, 482,196 shares as of September 30, 2026, and 0    shares as of December 31, 2025			(1,164)				-
Additional paid-in capital			366,054				337,505
Accumulated deficit			(341,837)				(268,134)
Total Dominari Holdings stockholders' equity			23,056				69,371
Non-controlling interests			(642)				-
Total stockholders' equity			22,414				69,371
Total liabilities and stockholders' equity		$	55,679			$	112,907

 

DOMINARI HOLDINGS INC. Condensed Consolidated Statements of Operations ($ in thousands except share and per share amounts) (Unaudited)
		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2026				2025				2026				2025
Revenues
Underwriting services		$	7,170			$	32,866			$	48,021			$	58,636
Carried interest			5,016				8,704				7,663				19,204
Commissions			2,421				6,722				11,478				14,570
Interest income			469				447				1,055				827
Principal transactions			(150)				2,871				(1,718)				4,039
Other revenue			1,455				807				2,476				1,424
Total revenue			16,381				52,417				68,975				98,700
Operating costs and expenses
Compensation and benefits			15,051				50,332				97,448				117,507
Advisory fees			25				59				137				21,020
Legal fees			229				808				1,765				2,321
Professional and consulting fees			1,997				1,544				3,505				2,771
Other expenses			961				104				6,766				3,250
Total operating expenses			18,263				52,847				109,621				146,869
(Loss) income from operations			(1,882)				(430)				(40,646)				(48,169)
Other income (expenses)
Other income			203				-				374				-
Interest income			34				95				144				146
Gain (loss) on marketable securities, net			219				158,416				(6,862)				159,055
Realized loss on long-term equity investments			(750)				-				(750)				-
Realized and unrealized gain on notes receivable, net			-				-				-				221
Change in carrying value of investments			-				(32,000)				(1,400)				-
Total other income (expenses)			(294)				126,511				(8,494)				159,422
Net (loss) income before income tax expense			(2,176)				126,081				(49,140)				111,253
Provision for income taxes			(661)				-				14,562				-
Net (loss) income before non-controlling interest and deemed dividend			(1,515)				126,081				(63,702)				111,253
Less: Net income attributable to non-controlling interests			106				871				256				1,921
Net (loss) income before deemed dividend			(1,621)				125,210				(63,958)				109,332
Common stock deemed dividend - inducement			(320)				-				(745)				-
Net (loss) income attributable to common stockholders of Dominari Holdings Inc.		$	(1,941)			$	125,210			$	(64,703)			$	109,332
Net (loss) income per share, basic and diluted
Basic		$	(0.08)			$	8.11			$	(2.97)			$	7.98
Diluted		$	(0.08)			$	7.27			$	(2.97)			$	7.86
Weighted average number of shares outstanding, basic and diluted
Basic			24,477,426				15,442,342				21,790,293				13,700,375
Diluted			24,477,426				17,223,257				21,790,293				13,902,950

 

DOMINARI HOLDINGS INC. Condensed Consolidated Statements of Cash Flows ($ in thousands) (Unaudited)
		Nine Months Ended
		September 30,
		2026				2025
Cash flows from operating activities
Net (loss) income before non-controlling interest and deemed dividend		$	(63,702)			$	111,253
Amortization of right-of-use assets			430				309
Depreciation			47				78
Non-cash underwriting revenue			(10,080)				(17,909)
Non-cash commissions expense			7,610				16,651
Stock-based compensation – employees			20,423				54,811
Stock-based compensation – advisors			61				-
Realized loss (gain) on marketable securities			8,945				437
Unrealized gain on marketable securities			(2,008)				(159,186)
Realized (gain) loss on securities owned			(3,343)				460
Unrealized loss (gain) on securities owned			5,059				(4,500)
Realized loss on long term equity investments			750				-
Realized and unrealized (gain) on note receivable			-				(221)
Change in carrying value of long-term investments			1,400				-
Changes in operating assets and liabilities:
Prepaid expenses and other assets			(1,848)				(238)
Receivable from clearing brokers			(712)				(11,581)
Accounts receivable			(1,828)				-
Notes receivable, at fair value – net interest accrued			(93)				(21)
Security deposits			-				(25)
Accounts payable and accrued expenses			181				(140)
Accrued compensation and commissions			(12,175)				2,731
Lease liabilities			(387)				(272)
Contract liabilities			4,128				2,889
Liability for unrecognized tax benefits			6,421				-
Income tax payable			1,179
Other liabilities			573				442
Net cash (used in) operating activities			(38,969)				(4,032)
Cash flows from investing activities
Purchase of marketable securities			(9,440)				(16,960)
Sale of marketable securities			46,406				15,941
Purchase of securities owned			(10,455)				-
Sale of securities owned			16,192				-
Purchase of long term investments			(402)
Sale of long term equity investments			-				538
Collection of principal on note receivable			-				1,144
Collection of loans to employees			430				282
Net cash provided by investing activities			42,731				945
Cash flows from financing activities
Cash paid for dividends			(19,039)				(11,990)
Distributions to non-controlling interest			(898)				(1,784)
Purchase of treasury stock			(1,164)				-
Cash from issuance common stock, net of offering cost			-				13,517
Cash from issuance common stock for exercised warrants			7,323				4,637
Net cash (used in) provided by financing activities			(13,778)				4,380
Net (decrease) increase in cash and cash equivalents			(10,016)				1,293
Cash and cash equivalents, beginning of period			34,005				4,079
Cash and cash equivalents, end of period		$	23,989			$	5,372
Supplemental disclosures of cash flow information
Cash paid for interest		$	11			$	13
Cash paid for taxes		$	6,962			$	-
Deemed dividend		$	745			$	-

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. ($ in thousands except per share amounts)

		Three Months Ended				Three Months Ended
		September 30, 2026				September 30, 2025
Loss from operations		$	(1,882)			$	(430)
Non-cash stock-based compensation			680				12
Adjusted (loss) income from operations		$	(1,202)			$	(418)
Net income (loss) attributable to common stockholders' of Dominari Holdings		$	(1,941)			$	125,210
Non-cash stock-based compensation			680				12
Adjusted net (loss) income before income tax expense		$	(1,261)			$	125,222
Adjustment to the provision for income taxes			-				-
Adjusted net (loss) income to common stockholders' of Dominari Holdings			(1,261)				125,222
Adjusted net (loss) income per share, basic		$	(0.05)			$	8.11
Weighted average number of shares outstanding, basic			24,477,426				15,442,342
		Nine Months Ended				Nine Months Ended
		September 30, 2026				September 30, 2025
Loss from operations		$	(40,646)			$	(48,169)
Non-cash stock-based compensation			20,484				54,811
Adjusted (loss) income from operations		$	(20,162)			$	6,642
Net loss attributable to common stockholders' of Dominari Holdings		$	(64,703)			$	109,332
Non-cash stock-based compensation			20,484				54,811
Adjusted net (loss) income before income tax expense		$	(44,219)			$	164,143
Adjustment to the provision for income taxes			228				4,482
Adjusted net (loss) income to common stockholders' of Dominari Holdings			(44,447)				159,661
Adjusted net (loss) income per share, basic		$	(2.04)			$	11.65
Weighted average number of shares outstanding, basic			21,790,293				13,700,375

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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Dominari's Q3 2026 earnings and revenue?

Dominari reported a $1.9 million net loss to common stockholders, or $0.08 per diluted share, on $16.4 million of revenue. The loss narrowed from $5.4 million in Q2 2026, but compared with $125.2 million of net income in Q3 2025. Revenue declined approximately 69% year over year.

How much stock has Dominari repurchased under its buyback program?

Dominari repurchased over 1.9 million shares for approximately $3.4 million as of November 10, 2026. The stock repurchase program has a target of buying back $5.0 million of company shares.

Why did Dominari's underwriting and carried-interest revenue decline in 2026?

Dominari attributed lower underwriting revenue to fewer deal closings in Q3 and increased capital-market volatility reducing year-to-date deal flow. The nine-month carried-interest comparison included a single 2025 deal that contributed $19.0 million of that period's $19.2 million in carried-interest revenue.