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Dominari Q1 Revenue Increases by 395% Over Q1 2025

May 13, 2026 7:00 AM

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/
[email protected]

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SOURCE Dominari Holdings Inc.

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