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

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

89

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

78

79

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)

58

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

2

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