Dominari 2025 Revenue Surges 703% in First Nine Months, Balance Sheet Strengthens Significantly
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 |
|
|
December |
|
||
|
|
|
(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 |
|
|
- |
|
|
|
- |
|
|
Convertible Preferred Series D-1: 5,000,000 shares designated; 834 shares issued and |
|
|
- |
|
|
|
- |
|
|
Common stock, $0.0001 par value, 100,000,000 shares authorized; 15,817,323 and |
|
|
- |
|
|
|
- |
|
|
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 |
|
|
- |
|
|
|
(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 |
|
|
Nine Months Ended |
|
||||||||||
|
|
|
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 |
|
$ |
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
||||||
|
|
|
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: [email protected]
www.haydenir.com
SOURCE Dominari Holdings Inc.
Share this article