Dominari Holdings Inc. (NASDAQ: DOMH) reported revenue of $123.1 million for 2025, representing a 487% increase from $21.0 million in 2024, according to its annual filing with the Securities and Exchange Commission.

The financial services company's underwriting revenues reached $79.0 million in 2025, up 596% from $11.4 million in the previous year. The company also generated $22.7 million in carried interest, which comprised approximately 18% of total revenue, compared to zero carried interest revenue in 2024.

Despite the revenue growth, Dominari reported an operating loss of $55.7 million for 2025, compared to an $8.7 million loss in 2024. The increased loss was primarily attributed to $55.0 million in non-cash stock-based compensation expenses recorded during the year.

The company's net loss to common stockholders was $22.4 million, or $1.57 per share, compared to a net loss of $14.7 million, or $2.38 per share, in 2024. When excluding non-cash stock-based compensation, the company reported adjusted net income of $32.6 million compared to an adjusted net loss of $13.1 million in 2024.

Dominari declared $22.2 million in dividends during 2025, marking the first time in the company's history that it has paid dividends to shareholders. This included a $10.0 million dividend announced in December for shareholders of record on January 6, 2026.

The company's balance sheet showed significant strengthening, with liquid assets totaling $94.3 million at year-end 2025, up $67.2 million or 248% from 2024. Total assets increased to $112.9 million, while stockholders' equity rose to $69.4 million, representing a 74% increase year-over-year.

Other income of $42.6 million included gains from the company's strategic investment in American Bitcoin Corp., which began trading on Nasdaq in September 2025. Dominari sold its ABTC shares in January 2026 for $32.4 million in cash.