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 | - | - | ||||||
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; 22,613,781 and | 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 | Three Months | |||||||
March 31, | March 31, | |||||||
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]
SOURCE Dominari Holdings Inc.
