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olivLaw · US equity research

Dominari Holdings Inc. DOMH

Security Brokers, Dealers & Flotation Companies · SIC 6211 · Vertical: Security Brokers, Dealers & Flotation Companies (SIC 6211)

1.64USD−1.20% · 1 dayClose 04 Nov 2026

Dominari Holdings is a holding company whose subsidiaries work in wealth management, investment banking, sales and trading, asset management and insurance, after moving away from biotechnology. Revenue rose by over 487% in fiscal 2025, but the company still reports a net loss, and that growth depends heavily on its underwriting activity in securities offerings.

At the close of 04 Nov 2026, Dominari Holdings Inc. (DOMH) stock was 1.64 USD (−1.20% on the day), with market capitalisation 39.8 m USD, dividend yield 59.56%, beta 2.51, 52-week range 1.64–5.46 USD. Latest reported quarter (Q2 2026): revenue of 16.8 m USD (−56.9% YoY), net income of -5.0 m USD (−130.0% YoY), diluted EPS -0.24 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
39.8 m USD
shares as of 07 Aug 2026
P/E (TTM)
unavailable
Diluted EPS TTM -4.69 · TTM to 30 Jun 2026
E/P (TTM)
-285.71%
TTM to 30 Jun 2026
Dividend yield
59.56%
Beta (2y)
2.51
Volatility (1y) 75%
52-week range
1.645.46

Price history

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Technical reading

RSI (14)
32.6
weak (30–45)
Bollinger (20, 2)
1.53 – 2.21
in the lower half of the band · %B 0.16 · band width 36.6%
SMA 50 / 200
2.11 / 2.88
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.15 / -0.14
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−21.9%−2.0%−19.9 pp—
3 months−33.6%−2.2%−31.4 pp—
6 months−51.5%+4.3%−55.7 pp—
Year to date−66.9%+10.6%−77.4 pp—
1 year−63.6%+10.5%−74.1 pp−11.1%
3 years−18.4%+73.7%−92.1 pp+60.5%
5 years−88.8%+61.7%−150.5 pp—
Max drawdown (1y)
−70.0%
11 Nov 2025 → 30 Oct 2026
Max drawdown (5y)
−93.7%
08 Nov 2021 → 30 Dec 2024
Compound annual growth (5y)
−35.4%
S&P 500 +10.1%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
16.8 m USD
−56.9% YoY
Net income
-5.0 m USD
−130.0% YoY
Diluted EPS
-0.24
−121.4% YoY
net / operating
-29.7% / -6.8%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue4.0 m9.4 m7.2 m38.9 m50.8 m30.1 m35.8 m16.8 m
Operating income-3.2 m35.0 k-32.9 m-14.9 m-1.6 m-2.7 m-37.6 m-1.1 m
Pre-tax income——-32.5 m17.7 m——-44.5 m-2.5 m
Income tax———0——12.9 m2.4 m
Net income-4.2 m1.1 m-32.5 m16.6 m125.2 m-131.8 m-57.4 m-5.0 m
Diluted EPS-0.670.17 ≈-3.021.127.27-8.55 ≈-3.17-0.24
Operating cash flow-4.7 m ≈-4.8 m1.2 m-353.0 k ≈-4.9 m ≈26.8 m-28.9 m-9.9 m ≈
Dividends paid——7.1 m7.0 m4.9 m-92.0 k10.0 m8.9 m

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year201820192020202120222023⚠ 20242025
Revenue28.0 k9.0 kunavailableunavailableunavailable2.0 m21.0 m123.1 m
Revenue YoY−97.7%−67.9%unavailableunavailableunavailableunavailable—+487.0%
Net income1.7 m-4.2 m-12.3 m-7.2 m-22.1 m-22.9 m-14.7 m-22.4 m
Net income YoYunavailable−342.2%unavailableunavailableunavailableunavailable—unavailable
Diluted EPS0.91-1.67unavailable-1.48-4.91-4.38-2.38-1.57
Diluted EPS YoYunavailable−283.5%unavailableunavailableunavailableunavailable—unavailable
net %6,167.9%-46,477.8%unavailableunavailableunavailable-1,122.2%-70.1%-18.2%
Free cash flow-2.8 munavailableunavailableunavailableunavailable-22.7 munavailableunavailable

The series breaks before 2024: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
34.0 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
69.4 m USD
Total assets
112.9 m USD
Debt / equity
unavailable
Current ratio
unavailable
ROE
-41.1%
ROA
-28.0%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
2.0 m
2024
21.0 m
2025
123.1 m

SEC (XBRL)· 31 Mar 2026verified

Research & development
2023
3.0 k
2024
—
2025
—

SEC (XBRL)· 01 Apr 2024verified

SG&A
2023
—
2024
—
2025
—

SEC (XBRL)· 31 Mar 2023verified

Operating income
2023
-21.8 m
2024
-8.7 m
2025
-55.7 m

SEC (XBRL)· 31 Mar 2026verified

Pre-tax income
2023
—
2024
-14.7 m
2025
-13.2 m

SEC (XBRL)· 31 Mar 2026verified

Income tax
2023
—
2024
—
2025
7.3 m

SEC (XBRL)· 31 Mar 2026verified

Net income
2023
-22.9 m
2024
-14.7 m
2025
-22.4 m

SEC (XBRL)· 31 Mar 2026verified

Diluted EPS
2023
-4.38
2024
-2.38
2025
-1.57

SEC (XBRL)· 31 Mar 2026verified

Weighted average diluted shares
2023
5.2 m
2024
6.2 m
2025
14.3 m

SEC (XBRL)· 31 Mar 2026verified

Balance sheet · USD

Cash
2023
2.8 m
2024
4.1 m
2025
34.0 m

SEC (XBRL)· 31 Mar 2026verified

Current assets
2023
28.1 m
2024
28.2 m
2025
—

SEC (XBRL)· 15 Apr 2025verified

Property, plant & equipment, net
2023
344.0 k
2024
239.0 k
2025
135.0 k

SEC (XBRL)· 31 Mar 2026verified

Total assets
2023
57.6 m
2024
47.1 m
2025
112.9 m

SEC (XBRL)· 31 Mar 2026verified

Accounts payable
2023
1.0 m
2024
919.0 k
2025
—

SEC (XBRL)· 15 Apr 2025verified

Current liabilities
2023
1.6 m
2024
3.8 m
2025
—

SEC (XBRL)· 15 Apr 2025verified

Total liabilities
2023
4.6 m
2024
7.3 m
2025
43.5 m

SEC (XBRL)· 31 Mar 2026verified

Equity
2023
52.9 m
2024
39.9 m
2025
69.4 m

SEC (XBRL)· 31 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
-22.2 m
2024
-16.7 m
2025
22.7 m

SEC (XBRL)· 31 Mar 2026verified

Capex
2023
427.0 k
2024
—
2025
—

SEC (XBRL)· 15 Apr 2025verified

Free cash flow
2023
-22.7 m ≈
2024
—
2025
—

SEC (XBRL)· 01 Apr 2024derived

Investing cash flow
2023
-7.2 m
2024
18.0 m
2025
1.9 m

SEC (XBRL)· 31 Mar 2026verified

Financing cash flow
2023
-939.0 k
2024
—
2025
5.3 m

SEC (XBRL)· 31 Mar 2026verified

Dividends paid
2023
—
2024
—
2025
11.9 m

SEC (XBRL)· 31 Mar 2026verified

Share repurchases
2023
—
2024
—
2025
—

SEC (XBRL)· 31 Mar 2023verified

Computed indicators

Growth

Revenue growth (YoY)
487.0%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
input data missing
EBIT margin
-32.3%
computed by olivLawTTM to 30 Jun 2026
Net margin
-51.6%
computed by olivLawTTM to 30 Jun 2026
FCF margin
unavailable
input data missing

Returns

ROE
-315.4%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
-82.6%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
input data missing
ROCE
unavailable
input data missing
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
unavailable
input data missing
Quick ratio
unavailable
input data missing
Cash ratio
unavailable
input data missing

Cash

Operating cash flow
-17.0 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
39.8 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-285.7%
computed by olivLawTTM to 30 Jun 2026
P/B
1.8x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
0.3x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
59.6%
computed by olivLawTTM to 30 Jun 2026
Shareholder yield (distributions)
59.6%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 2 of at least 6
  • score weight coverage: 12.5% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

1.64 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 39.8 m USD

Key indicators

Market capitalisation
39.8 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
1.8x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
-315.4%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
-51.6%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
487.0%
computed by olivLawFY 2025
Dividend yield
59.6%
computed by olivLawTTM to 30 Jun 2026

Coverage and freshness

24/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 07 Aug 2026
Source: SEC (XBRL)published 11 Aug 2026
verified 1589derived 117

Score by group

13% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · input data missing

no valuation method could be computed

Multiple comparisons use the SIC vertical: Security Brokers, Dealers & Flotation Companies (SIC 6211)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 12.5% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality-51.6%8 (vs peers)50%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheetunavailableunavailable—
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returns59.6%100 (on a fixed band)50%
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partialunavailable · 0/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality· partial8/100 · 1/3 factors with a value
  • Returns· partial100/100 · 1/2 factors with a value
  • Valuation· partialunavailable · 0/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

DOMINARI HOLDINGS INC. (DOMH). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 123.1 m USD in 2025; YoY growth 487.0%; net margin -51.6%; ROE -315.4%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 12.5% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Shareholder yield (distributions): 59.6%

What contradicts it

  • Net margin: -51.6%

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Payout ratio (FCF).

Versus the vertical median

Security Brokers, Dealers & Flotation Companies (SIC 6211) · same industry (4-digit SIC) · compared with 29 companies

Multiples and returns vs the median

P/E
—
vertical median 15.5x
EV/EBITDA
—
vertical median 14.1x
P/S
0.3x
vertical median 2.1x
below median (−85.7%)
P/B
1.8x
vertical median 1.9x
at median
ROE
-315.4%
vertical median 18.5%
below median (−1,807.1%)
Net margin
-51.6%
vertical median 13.5%
below median (−481.3%)
EBIT margin
-32.3%
vertical median 25.8%
below median (−225.2%)
Revenue YoY
487.0%
vertical median 15.4%
above median (+3,055.5%)
Net debt/EBITDA
—
vertical median -0.3x
Dividend yield
59.6%
vertical median 1.9%
above median (+3,061.0%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
MSMorgan Stanley292.3 bn14.918.0%—unavailable+10% / +135%
BLKBlackRock, Inc.179.9 bn28.012.3%24.1%+89.3%+11% / +55%
SCHWSchwab Charles Corp154.4 bn16.120.3%38.8%+22.0%−4% / +46%
RJFRaymond James Financial, Inc.31.1 bn14.118.5%13.6%+6.6%+3% / +54%
SEICSei Investments Company12.9 bn18.928.9%28.1%+8.1%+34% / +85%
FRHCFreedom Holding Corp.11.9 bn73.811.2%6.5%+9.3%+42% / +129%
JEFJefferies Financial Group Inc.10.5 bn11.58.6%7.5%+2.9%−11% / +44%
MKTXMarketaxess Holdings Inc5.8 bn19.523.3%35.2%+3.6%+1% / −31%
SFStifel Financial Corp5.1 bn10.316.4%14.3%+6.7%−10% / +79%
IBKRInteractive Brokers Group, Inc.5.0 bn17.191.3%179.4%+23.4%+20% / +300%
PIPRPiper Sandler Companies5.0 bn6.023.6%14.5%+24.3%−16% / +82%
MIAXMiami International Holdings, Inc.3.5 bn12.528.9%19.8%+19.6%−23% / unavailable
WTWisdomTree, Inc.3.0 bn38.218.7%13.3%+15.4%+81% / +208%
JSMNavient Corporation1.5 bn—-2.0%—−15.6%−21% / −19%
MTCMmtec, Inc.534.8 m—-272.7%-6,944.3%−56.8%+97% / −42%
SIEBSiebert Financial Corp.75.2 m—-1.3%-1.1%+12.3%−43% / −3%
DOMHDominari Holdings Inc.39.8 m—-315.4%-51.6%+487.0%−64% / −18%
LGHLLion Group Holding Ltd.34.3 m—-27.4%-52.8%unavailable−100% / −100%
COHNCohen & Co Inc.33.0 m1.933.3%5.6%+246.2%−33% / +66%
AXGSolowin Holdings, Ltd.26.5 m—-88.9%-47.4%+895.0%−53% / −38%
GLXYGalaxy Digital Inc.1.4 k—-16.7%-0.5%+41.8%−47% / unavailable
VIRTVirtu Financial, Inc.—8.733.6%13.5%+26.2%+48% / +195%
NMRNomura America Finance, LLC————+12.7%+29% / +138%
ETOReToro Group Ltd.—10.41.4%1.6%+9.5%−43% / unavailable
OPYOppenheimer Holdings Inc.—12.49.1%4.9%+14.4%+35% / +131%

1- and 3-year price returns: for DOMH from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    Dominari Holdings is a holding company whose subsidiaries work in wealth management, investment banking, sales and trading, asset management and insurance, after moving away from biotechnology. Revenue rose by over 487% in fiscal 2025 3, but the company still reports a net loss, and that growth depends heavily on its underwriting activity in securities offerings.

    SWOT

    Strengths

    • Diversification across several financial services lines and rapid revenue growth in the latest year 13.
    • A stronger balance sheet at the end of 2025, with substantial liquid assets and the ability to pay dividends 3.
    • Access to structured funds and investments in companies through dedicated entities that can generate performance revenue 1.

    Weaknesses

    • A net loss attributable to shareholders and a large accumulated deficit, showing profitability is not yet stable 1.
    • Heavy stock-based compensation costs that strongly affected operating results in 2025 3.
    • Internal control over financial reporting was concluded to be ineffective at the end of 2025 1.

    Opportunities

    • Expansion into asset management and alternative funds, where recurring and performance revenue could arise 12.
    • Acquisitions of advisory firms and broker-dealers, in line with the stated strategy of the Dominari Financial subsidiary 1.
    • Continued underwriting activity if the primary equity market stays open 23.

    Threats

    • Underwriting revenue is volatile and could fall quickly if the equity market cools 13.
    • Changes in monetary policy and trade tariffs could reduce trading volumes 1.
    • Competition from large investment banks and long-established brokerage firms with much longer histories 1.

    Risks

    • Credit and counterparty riskmedium

      The company is exposed to customers or counterparties failing to meet obligations in settling and financing transactions, even when collateral exists 1.

    • Market risk on proprietary positionshigh

      Investments and proprietary positions are marked to market daily, and adverse price moves could reduce revenue and profits 1.

    • Transaction and advisory revenuehigh

      Advisory and underwriting revenue depends on a limited number of transactions and can be uneven from one quarter to the next 1.

    • Ineffective internal controlsmedium

      The assessment concluded internal control over financial reporting was not effective at the end of 2025, which could attract regulatory scrutiny 1.

    • Limited operating historymedium

      The financial services business is relatively new, and its ability to remain consistently profitable has not yet been shown 1.

    Investment thesis

    What would need to be true (bull case)

    • If the primary equity market remains active, underwriting could keep supporting revenue and build on the growth seen in 2025 23.
    • A stronger balance sheet and the first dividend in the company's history could strengthen shareholder confidence 3.
    • Expansion into asset management and alternative funds could bring more stable revenue than transaction-based income 1.

    What would break the thesis

    • The company is still loss-making, and if underwriting revenue falls, results could quickly return to negative territory 13.
    • Heavy stock-based compensation could dilute shareholders and keep margins under pressure 13.
    • Ineffective internal controls and a short track record in financial services could make the company harder for investors to assess 1.

    What to watch

    • Trend in underwriting and advisory revenueQ3 2026
    • Conclusions on internal control over financial reportingnext 10-K
    • Use of proceeds from the ABTC share sale and movement in liquid assets2026
    • Dividend policy after the January 2026 payment2026

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    In 2025 the company declared 22.2 million USD of dividends, the first in its history, while reporting a net loss attributable to common stockholders of 22.4 million USD 13. The balance sheet strengthened, with liquid assets of 94.3 million USD at the end of 2025 3. Compensation costs, largely stock-based, weighed heavily on operating results 3.

    In 2026 the company sold its ABTC shares for 32.4 million USD, expanded its employee equity plan and set up new funds through vehicles such as American Ventures Opportunity Fund, in which it holds 65% 12. Internal control over financial reporting was concluded to be ineffective at the end of 2025 1.

    Segments

    Investment banking and underwriting

    The investment banking division advises on mergers and acquisitions and raises capital for growing companies through initial public offerings, follow-on offerings and private placements 1. Underwriting brought in 79.0 million USD in 2025, the largest part of revenue 3. Revenue here is transaction-based and can vary widely from quarter to quarter 1.

    Wealth and asset management

    Dominari Securities runs brokerage accounts, wealth planning, discretionary advisory accounts and alternative funds for high-net-worth and institutional clients 1. Revenue comes from advisory fees and revenue sharing on alternative investments, and carried interest reached 22.7 million USD in 2025 3.

    Insurance

    Through insurance company agreements and the joint venture Dominari Financial Heritage Strategies, the company distributes life insurance, annuities and wealth planning products, with revenue split between the co-managing partners 1.

    Market context

    The company operates in financial services regulated by the SEC and FINRA, where trading volumes and equity offerings drive revenue directly 1. The 487% growth in 2025 was helped by underwriting, which shows how sensitive results are to the capital markets cycle 3.

    Macroeconomic conditions, monetary policy and US tariff changes could reduce trading volumes and fee revenue, which could affect advisory and underwriting most 12.

    Trends

    • Reopening of equity offering activitytailwind

      Higher underwriting in 2025 and the first half of 2026 suggests the primary equity market has reopened, which could support revenue if activity holds 23.

    • Shift toward asset managementtailwind

      Investors appear to be seeking more alternative funds and private structures, which could bring performance-based revenue if those funds perform well 1.

    • Growth of passive investingheadwind

      Growing interest in index funds could reduce commissions from trading and the value of market-making positions if the trend continues 1.

    • Volatility of transaction revenuemixed

      Advisory revenue is uneven from quarter to quarter, so performance depends on a small number of large transactions 13.

    Competitive position

    Dominari operates in a highly competitive industry, facing brokerage firms, investment banks and asset managers, both large and small 1. The company describes itself as an early-stage financial services firm with a limited operating history 1.

    Its stated advantage is a business model focused on high-net-worth clients and mid-sized issuers, combined with a streamlined holding structure 13. The short history in financial services remains a weakness against established rivals 1.

    • Established brokerage and investment banking firms

      Compete directly in advisory, underwriting and wealth management for institutional and private clients 1.

    • Independent financial advisory firms

      Offer mergers and acquisitions and financing services to mid-sized companies, the core area of the investment banking division 1.

    • Asset managers and alternative fund sponsors

      Compete for capital from high-net-worth clients, especially in alternative funds and private placements 1.

    • Insurance companies with distribution networks

      Distribute the same life and annuity products, making them both partners and competitors 1.

    News & filings

    In the press

    No news in our archive over the last 180 days.

    SEC filings

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Dominari Holdings Inc. · 31 Mar 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Dominari Holdings Inc. · 11 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Dominari Holdings Inc. · 31 Mar 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.