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/

info@dominari.com

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SOURCE Dominari Holdings Inc.

Dominari Q1 Revenue Increases by 395% Over Q1 2025