Dominari 2025 Revenue Surges 703% in First Nine Months, Balance Sheet Strengthens Significantly

Q3 Revenue of $50.8 Million, up 49% from Q2, 2025

NEW YORK, Nov. 11, 2025 /PRNewswire/ -- Dominari Holdings Inc. (Nasdaq: DOMH) ("Dominari" or the "Company"), today announced highlights of its financial results for the quarter ended September 30, 2025, which were filed today with the Securities and Exchange Commission ("SEC") in the Company's quarterly SEC Form 10Q.

"We achieved remarkable year-to-date revenue growth in the third quarter of more than 700% year-over-year, reflecting strong underwriting activity, robust client engagement and disciplined operational execution," said Anthony Hayes, Chief Executive Officer of Dominari. "The efforts of Dominari's President, Mr. Kyle Wool, continue to strengthen our balance sheet and reflect the financial discipline and foundation that underpin our business. Mr. Wool, and the efforts of many others at Dominari, have produced sequential quarterly and year-over-year growth. The results demonstrate sustained momentum across all segments, positioning the company for continued success and long-term value creation for our shareholders and clients."

Third Quarter 2025 Highlights (as of September 30, 2025)

Strategic and Operational Update

DOMINARI HOLDINGS INC.

Condensed Consolidated Balance Sheets

($ in thousands except share and per share amounts)

September

30,

2025

December

31,

2024

(Unaudited)

ASSETS

Current assets

Cash and cash equivalents

5,373

4,079

Marketable securities

170,838

5,773

Receivable from clearing brokers

28,860

17,279

Prepaid expenses and other assets

1,257

1,019

Total current assets

206,328

28,150

Property and equipment, net

161

239

Notes receivable, at fair value - non-current portion

902

Long term equity investments

11,744

12,282

Loans to employees

1,868

2,150

Right-of-use assets

2,862

2,944

Security deposit

483

458

Total assets

223,446

47,125

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

Accounts payable and accrued expenses

779

919

Accrued commissions

4,788

2,057

Contract liabilities - current

795

240

Lease liability - current

530

410

Other current liabilities

599

157

Total current liabilities

7,491

3,783

Lease liability, less current portion

2,464

2,629

Contract liabilities, less current portion

3,194

860

Total liabilities

13,149

7,272

Stockholders' equity

Preferred stock, $0.0001 par value, 50,000,000 authorized

Convertible Preferred Series D: 5,000,000 shares designated; 3,825 shares issued and

outstanding as of September 30, 2025 and December 31, 2024; liquidation value of

$0.0001 per share

Convertible Preferred Series D-1: 5,000,000 shares designated; 834 shares issued and

outstanding as of September 30, 2025 and December 31, 2024; liquidation value of

$0.0001 per share

Common stock, $0.0001 par value, 100,000,000 shares authorized; 15,817,323 and

7,037,022 shares issued as of September 30, 2025 and December 31, 2024,

respectively 15,817,323 and 6,976,874 shares outstanding as of September 30, 2025

and December 31, 2024

Additional paid-in capital

336,284

263,820

Treasury stock, as of cost, 0 shares as of September 30, 2025 and 60,148 as of

December 31, 2024

(501)

Accumulated deficit

(126,124)

(223,466)

Total Dominari stockholders' equity

210,160

39,853

Non-controlling interests

137

Total stockholders' equity

210,297

39,853

Total liabilities and stockholders' equity

223,446

47,125

DOMINARI HOLDINGS INC.

Condensed Consolidated Statements of Operations

($ in thousands except share and per share amounts)

(Unaudited)

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Revenues

50,821

4,043

93,026

11,584

Operating costs and expenses

General and administrative

52,420

7,239

146,061

20,321

Total operating expenses

52,420

7,239

146,061

20,321

Loss from operations

(1,599)

(3,196)

(53,035)

(8,737)

Other income (expenses)

Interest income

550

280

973

729

Gain (loss) on marketable securities, net

159,130

163,094

767

Realized and unrealized gain (loss) on note receivable, net

(429)

221

(2,086)

Change in carrying value of investments

(32,000)

(955)

(6,445)

Total other income (expenses)

127,680

(1,015)

164,288

(7,035)

Net income (loss)

126,081

(4,211)

111,253

(15,772)

Less: Net income attributable to non-controlling interests

871

1,921

Net income (loss) attributable to common stockholders

of Dominari Holdings Inc.

125,210

(4,211)

109,332

(15,772)

Net income (loss) per share, basic and diluted

Basic

8.11

(0.67)

7.98

(2.57)

Diluted

7.27

7.86

Weighted average number of shares outstanding, basic and

diluted

Basic

15,442,342

6,328,261

13,700,375

6,129,504

Diluted

17,223,257

13,902,950

DOMINARI HOLDINGS INC.

Condensed Consolidated Statements of Cash Flows

($ in thousands)

(Unaudited)

Nine Months Ended

September 30,

2025

2024

Cash flows from operating activities

Net income/(loss)

111,253

(15,772)

Adjustments to reconcile net income/ (loss) to net cash used in operating activities:

Amortization of right-of-use assets

309

287

Depreciation

Unrealized (gain) loss on marketable securities

(163,685)

3,361

Change in carrying value of long-term equity investments

6,445

Non-cash underwriting revenue

(17,909)

Non-cash commissions expense

16,651

Stock-based compensation

54,811

1,116

Realized loss (gain) on marketable securities

897

(3,762)

Realized and unrealized (gain) loss on note receivable

(221)

2,086

Changes in operating assets and liabilities:

Prepaid expenses and other assets

(238)

165

Receivable from clearing brokers

(11,581)

(6,494)

Security Deposits

(25)

Accounts payable and accrued expenses

(140)

257

Accrued salaries and benefits

(38)

Accrued commissions

2,731

295

Lease liabilities

(272)

(299)

Contract liabilities

2,889

Other current liabilities

442

314

Notes receivable, at fair value - net interest accrued

(21)

Net cash (used in) operating activities

(4,031)

(11,902)

Cash flows from investing activities

Purchase of marketable securities

(16,960)

(4,007)

Sale of marketable securities

15,941

14,767

Collection of principal on note receivable

1,144

750

Loans to employees

(2,390)

Collection of loans to employees

282

Purchase of long-term investments

(150)

Sale of long term investments

538

3,500

Net cash provided by investing activities

945

12,472

Cash flows from financing activities

Cash paid for dividends

(11,990)

Distribution to Non Controlling Interest

(1,784)

Cash received from issuance of common stock

13,517

Cash received from issuance of common stock for warrants exercised

4,637

Net cash provided by financing activities

4,380

Net increase in cash and cash equivalents and restricted cash

1,294

570

Cash and cash equivalents, beginning of period

4,079

2,833

Cash and cash equivalents, end of period

5,373

3,403

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, 2024 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/

Investor Relations

Hayden IR

Brett Maas, Managing Partner

Phone: (646) 536-7331

Email: brett@haydenir.com

www.haydenir.com

SOURCE Dominari Holdings Inc.