Dominari Holdings Inc.

What they do

Dominari operates principally through Dominari Securities LLC, a broker-dealer and registered investment adviser acquired in 2023 from Fieldpoint Private Bank & Trust. The company provides investment advisory services, annuity and insurance products, and engages in underwriting and principal trading. It also holds long-term equity investments, including a strategic investment in American Bitcoin Corp. that was sold in January 2026 for $32.4 million in cash.

Revenue drivers

• Underwriting revenues — Totaled $79.0 million in 2025, up 596% from $11.4 million in 2024, representing the largest revenue component.
• Carried interest — Generated $22.7 million in 2025, approximately 18% of total revenue, with no such revenue in 2024.
• Other revenue sources — Includes investment banking, sales and trading, asset management, and insurance-related revenues, contributing to total revenue of $123.1 million in 2025.

Recent performance

For fiscal year 2025, Dominari reported total revenue of $123.1 million, up 487% from $21.0 million in 2024. The company's net loss to common stockholders was $22.4 million in 2025, compared to a net loss of $14.7 million in 2024. Operating cash flow turned positive at $22.7 million in 2025 versus a negative $16.7 million in 2024. In the quarter ended June 30, 2026, revenue was $16.8 million, down from $50.8 million in the September 2025 quarter. The company ended June 30, 2026 with cash and equivalents of $25.0 million, down from $34.0 million at year-end 2025.

Strategy

Dominari's stated strategy is to grow its financial services business both organically and through acquisitions of third-party financial assets, including registered investment advisors, broker-dealers, asset management firms, fintech companies, and insurance brokers. Management emphasizes streamlining infrastructure, managing costs, and providing management support to subsidiary executive teams. The company also focuses on strengthening its balance sheet, as evidenced by its first-ever dividends in 2025 and a 248% increase in liquid assets during that year.

Risks

• Credit risk from customer and principal transactions — The company is exposed to counterparty nonperformance in its execution, settlement, and financing activities, even when collateralized.
• Market risk on principal investments — Principal transactions and investments in securities and derivative positions expose Dominari to market value fluctuations that can result in losses.
• Non-cash stock-based compensation volatility — In 2025, non-cash stock-based compensation of $55.0 million significantly widened operating losses, and similar future charges could impact reported results.
• Financing and liquidity constraints — The company's cash and equivalents declined from $34.0 million to $25.0 million in the first half of 2026, and shareholder equity fell from $69.4 million to $21.8 million, reflecting dividends and other uses of capital.

Outlook

Management expects to build on 2025's revenue growth and underwriting activity, with continued growth anticipated under the leadership of President Kyle Wool. The company plans to focus on prudent management, flexibility, and customer service to expand its business model. However, the 10-K notes that forward-looking statements involve risks and uncertainties that could cause actual results to differ materially.