DOMH · Dominari Holdings Inc.

Dominari Holdings Inc. reported explosive revenue growth of 487% to $123.1 million for the full year 2025, driven primarily by a nearly six-fold increase in underwriting revenues to $79.0 million and the addition of $22.7 million in carried interest revenue that did not exist in 2024. CEO Anthony Hayes attributed this remarkable growth to strong underwriting activity, added revenue sources, robust client engagement, and disciplined operational execution. The company's loss from operations increased to $55.7 million from $8.7 million in 2024, reflecting $55.0 million of non-cash stock-based compensation recorded in 2025. Excluding this non-cash expense, the company showed substantial improvement with non-GAAP adjusted net income to common stockholders of $32.6 million compared to a net loss of $13.1 million in 2024, representing a $45.6 million year-over-year improvement. Other income surged to $42.6 million from a loss of $6.0 million, primarily driven by gains from the company's strategic investment in American Bitcoin Corp., which began trading on Nasdaq in September 2025 and was subsequently sold for $32.4 million in cash in January 2026. The company's balance sheet strengthened significantly with liquid assets increasing 248% to $94.3 million, total assets growing 140% to $112.9 million, and stockholders' equity rising 74% to $69.4 million. In a milestone event, Dominari declared $22.2 million in dividends during 2025, including a $10.0 million dividend announced in December for shareholders of record on January 6, 2026, marking the first dividend payments in the company's history. Management expressed optimism about continued growth in 2026 under President Kyle Wool's leadership, emphasizing a business model focused on prudent management, flexibility, and exceptional customer service while exploring opportunities in AI and data center sectors.