Dominari Reports Q3 2026 Results
Dominari Holdings Inc. (DOMH) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Dominari Reports Q3 2026 Results Net loss to common stockholders narrowed sequentially in Q3 2026 to $1.9 million as compared to $5.4 million for Q2 2026 NEW YORK, November 10, 2026/PRNewswire/ -- Dominari Holdings Inc. (Nasdaq: DOMH) (“Dominari” or the “Company”), t
Facts are quoted from the filing text and checked against it.
How this was made
The 30-second read
Why it matters
The disclosed numbers are the first public release of the quarter, providing fresh data for valuation and short‑term trading decisions.
Market read
First‑report earnings for a micro‑cap; may trigger modest price movement as investors reassess loss trajectory and buyback impact.
What to watch
Liquidity risk from low cash balance and reliance on volatile capital‑market underwriting.
Q3 2026 revenue fell about 69% year over year to $16,381 thousand, but operating costs fell 65% and the net loss to common stockholders narrowed to $(1,941) thousand from $5.4 million in Q2 2026
Revenue fell sharply in the quarter and in the nine months, the company reported a net loss to common stockholders of $(64,703) thousand for nine months against net income of $109,332 thousand a year earlier, and operating cash outflow widened to $(38,969) thousand. Partly offsetting this, operating costs fell 65% in Q3, the Q3 net loss narrowed sequentially, and the Dominari Financial segment remained profitable.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenue, Q3 2026GAAP | $16.38M | – | approximately 69% lower |
| Total operating costs and expenses, Q3 2026GAAP | $18.26M | – | decreased by $34.6 million, or 65% |
| Compensation and benefits, Q3 2026GAAP | $15.05M | – | decreased by $35.3 million |
| Advisory fees, Q3 2026GAAP | $25K | – | – |
| Legal fees, Q3 2026GAAP | $229K | – | – |
| Professional and consulting fees, Q3 2026GAAP | $2.00M | – | – |
| Other expenses, Q3 2026GAAP | $961K | – | – |
| Loss from operations, Q3 2026GAAP | −$1.88M | – | increased by $1.5 million |
| Total other income (expenses), Q3 2026GAAP | −$294K | – | – |
| Gain (loss) on marketable securities, net, Q3 2026GAAP | $219K | – | – |
| Provision for income taxes, Q3 2026GAAP | −$661K | – | – |
| Net loss attributable to common stockholders, Q3 2026GAAP | −$1.94M | decreased by 65% sequentially | – |
| Net loss per share, diluted, Q3 2026GAAP | $(0.08) per diluted share | – | – |
| Net loss per share, basic, Q3 2026GAAP | $(0.08) per basic share | – | – |
| Adjusted (loss) income from operations, Q3 2026non-GAAP | −$1.20M | – | – |
| Adjusted net loss per share, basic, Q3 2026non-GAAP | $(0.05) per basic share | – | – |
| Dominari Financial segment net income, Q3 2026other | $1.8M | – | – |
| Total revenue, nine months ended September 30, 2026GAAP | $68.97M | – | decreased by $29.7 million, or 30% |
| Underwriting services revenue, nine months ended September 30, 2026GAAP | $48.02M | – | decreased by $10.6 million, or 18% |
| Carried interest, nine months ended September 30, 2026GAAP | $7.66M | – | $11.5 million lower |
| Commissions, nine months ended September 30, 2026GAAP | $11.48M | – | – |
| Principal transactions, nine months ended September 30, 2026GAAP | −$1.72M | – | $5.8 million lower |
| Total operating costs and expenses, nine months ended September 30, 2026GAAP | $109.6M | – | declined by $37.2 million, or 25% |
| Compensation and benefits, nine months ended September 30, 2026GAAP | $97.45M | – | – |
| Advisory fees, nine months ended September 30, 2026GAAP | $137K | – | – |
| Other expenses, nine months ended September 30, 2026GAAP | $6.77M | – | – |
| Loss from operations, nine months ended September 30, 2026GAAP | −$40.65M | – | narrowed by $7.5 million, or 16% |
| Provision for income taxes, nine months ended September 30, 2026GAAP | $14.56M | – | – |
| Net loss attributable to common stockholders, nine months ended September 30, 2026GAAP | −$64.70M | – | – |
| Net loss per share, diluted, nine months ended September 30, 2026GAAP | $(2.97) per diluted share | – | – |
| Net loss per share, basic, nine months ended September 30, 2026GAAP | $(2.97) per basic share | – | – |
| Adjusted (loss) income from operations, nine months ended September 30, 2026non-GAAP | −$20.16M | – | – |
| Adjusted net loss per share, basic, nine months ended September 30, 2026non-GAAP | $(2.04) per basic share | – | – |
| Net cash (used in) operating activities, nine months ended September 30, 2026GAAP | −$38.97M | – | – |
| Net cash provided by investing activities, nine months ended September 30, 2026GAAP | $42.73M | – | – |
| Net cash (used in) provided by financing activities, nine months ended September 30, 2026GAAP | −$13.78M | – | – |
| Net (decrease) increase in cash and cash equivalents, nine months ended September 30, 2026GAAP | −$10.02M | – | – |
| Cash paid for dividends, nine months ended September 30, 2026GAAP | −$19.04M | – | – |
| Purchase of treasury stock, nine months ended September 30, 2026GAAP | −$1.16M | – | – |
| Dominari Financial segment net income, nine months ended September 30, 2026other | $12.7M | – | – |
| Management services annualized recurring revenue run-rate, September 30, 2026other | $3.5 million per year | – | increased by approximately $2.7 million compared with September 30, 2025 |
| Annual recurring revenue (ARR), September 30, 2026other | $3.6M | – | – |
| Dominari Securities net capital, September 30, 2026other | $18.5M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Underwriting services revenue, Q3 2026Company states the decline was due to fewer deal closings. | $7.17M | – | lower underwriting revenue of $25.7 million |
| Carried interest revenue, Q3 2026Company reports lower carried interest versus Q3 2025 without a stated cause in this section. | $5.02M | – | lower carried interest of $3.7 million |
| Commissions revenue, Q3 2026Company reports lower commission revenue versus Q3 2025 without a stated cause in this section. | $2.42M | – | lower commission revenue of $4.3 million |
| Interest income revenue, Q3 2026No change or driver printed for this line in the release. | $469K | – | – |
| Principal transactions revenue, Q3 2026Company reports lower principal transactions versus Q3 2025 without a stated cause in this section. | −$150K | – | $3.0 million of lower principal transactions |
| Other revenue, Q3 2026No change or driver printed for this line in the release. | $1.46M | – | – |
| Dominari Financial business segment, Q3 2026Company states the segment remained profitable. | Segment revenue not printed. Segment net income $1.8 million. | – | – |
Capital returns
- Cash paid for dividends of $(19,039) thousand for the nine months ended September 30, 2026, against $(11,990) thousand in the prior-year nine months.
- Accrued dividends payable of 296 thousand at September 30, 2026, against 10,335 thousand at December 31, 2025 (balance sheet, in thousands).
- Share repurchase program initiated with a target of buying back $5.0 million of the Company's shares. As of the release date, the Company has repurchased over 1.9 million shares for approximately $3.4 million.
- Purchase of treasury stock of $(1,164) thousand in the nine months ended September 30, 2026. Treasury stock at cost was (1,164) thousand with 482,196 shares held at September 30, 2026.
- Cash from exercised warrants of $7,323 thousand in the nine months ended September 30, 2026, against $4,637 thousand in the prior-year nine months.
- Warrant inducement program announced in August 2026 raised approximately $3.3 million in the quarter, according to the release.
- No cash from issuance of common stock is printed for the nine months ended September 30, 2026, against $13,517 thousand net of offering cost in the prior-year nine months.
- Common stock deemed dividend (inducement) of $(745) thousand for the nine months ended September 30, 2026, and $(320) thousand in Q3 2026. Distributions to non-controlling interest of $(898) thousand in the nine months ended September 30, 2026.
What drove it
- Company states that the Q3 revenue decline was primarily driven by lower underwriting revenue of $25.7 million due to fewer deal closings, lower carried interest of $3.7 million, lower commission revenue of $4.3 million and $3.0 million of lower principal transactions.
- Company states that Q3 compensation and benefits decreased by $35.3 million, primarily reflecting lower commission expense of approximately $30.0 million, partially offset by higher professional and other expenses of $1.4 million.
- Company states that the year-to-date revenue decline was primarily driven by carried interest of $11.5 million lower, reflecting carried interest from a single 2025 deal that totaled $19.0 million of the $19.2 million of 2025 revenue.
- Company states that underwriting revenue for the nine months decreased by $10.6 million, or 18%, reflecting increased volatility in the capital markets resulting in lower deal flow.
- Company states that the year-over-year decrease in net income was primarily driven by approximately $126.5 million of other income in Q3 2025 against a $0.3 million loss in 2026, which it says was primarily driven by the valuation change of its investment in American Bitcoin Corp. (ABTC).
- Company states that the nine-month net loss reflects the ABTC investment impact and a $14.6 million tax provision in 2026 against no such provision in the 2025 comparable period.
- Company states that it reduced operating expenses by 65% in Q3 2026 versus Q3 2025 and by over 25% for the nine months, and that it held gross margins steady at lower revenue levels. The release does not print a gross margin figure.
Concerns
- Total revenue fell about 69% in Q3 2026 to $16,381 thousand from $52,417 thousand, and fell 30% for the nine months to $68,975 thousand from $98,700 thousand.
- Net loss attributable to common stockholders for the nine months was $(64,703) thousand, against net income of $109,332 thousand in the prior-year nine months.
- Operating loss in Q3 2026 was $(1,882) thousand, against $(430) thousand a year earlier. The release says this operating loss increased by $1.5 million in Q3.
- Net cash used in operating activities widened to $(38,969) thousand for the nine months, against $(4,032) thousand a year earlier.
- Cash and cash equivalents fell to $23,989 thousand at September 30, 2026, from $34,005 thousand at December 31, 2025, and marketable securities fell to $2,622 thousand from $46,516 thousand.
- Liability for unrecognized tax benefits rose to $13,739 thousand from $7,318 thousand at December 31, 2025.
- Total stockholders' equity fell to $22,414 thousand from $69,371 thousand at December 31, 2025.
- Annual recurring revenue reported at $3.6 million is described as up 341% from $0.8 million at the end of Q2 2025, a comparison that is not against the same period as Q3 2025.
- The release gives two different figures for the nine-month operating loss decrease: 16% or $7.6 million in the highlights and 16% or $7.5 million in the body text.
What to watch
- Underwriting deal closings and capital markets activity, which the company links to its revenue decline.
- Progress of the $5.0 million share repurchase program, where the release says about $3.4 million had been spent as of the release date.
- Whether the management services annualized run-rate of $3.5 million per year continues to grow from its September 30, 2026 level.
- Cash position and operating cash outflow, given cash of $23,989 thousand at September 30, 2026 and nine-month operating cash outflow of $(38,969) thousand.
- The unrecognized tax benefit liability of $13,739 thousand and the $14.6 million tax provision recorded in 2026.
- Further valuation changes in the ABTC investment, which the company cites as the main driver of the year-over-year swing in other income.
- Operating expense levels following the reductions reported in Q3 2026, since the release says the company held gross margins steady at lower revenue.
Balance sheet and cash flow
- Cash and cash equivalents of $23,989 thousand at September 30, 2026, against $34,005 thousand at December 31, 2025.
- Marketable securities of $2,622 thousand at September 30, 2026, against $46,516 thousand at December 31, 2025. Securities owned of $4,771 thousand against $9,756 thousand.
- Receivable from clearing brokers of $4,707 thousand at September 30, 2026, against $3,995 thousand at December 31, 2025.
- Long-term equity investments of $9,837 thousand at September 30, 2026, against $11,744 thousand at December 31, 2025.
- Total assets of $55,679 thousand at September 30, 2026, against $112,907 thousand at December 31, 2025.
- Total liabilities of $33,265 thousand at September 30, 2026, against $43,536 thousand at December 31, 2025.
- Liability for unrecognized tax benefits of $13,739 thousand at September 30, 2026, against $7,318 thousand at December 31, 2025.
- Contract liabilities of $8,632 thousand at September 30, 2026, against $4,504 thousand at December 31, 2025.
- Accrued compensation and commissions of $5,579 thousand at September 30, 2026, against $17,754 thousand at December 31, 2025.
- Total stockholders' equity of $22,414 thousand at September 30, 2026, against $69,371 thousand at December 31, 2025. Total Dominari Holdings stockholders' equity was $23,056 thousand and non-controlling interests were $(642) thousand.
- Working capital of approximately $14.5 million at September 30, 2026, according to the release.
- Dominari Securities maintained approximately $18.5 million of net capital against a $0.6 million minimum requirement.
- Net cash (used in) operating activities of $(38,969) thousand for the nine months ended September 30, 2026, against $(4,032) thousand in the prior-year nine months.
- Cash paid for taxes of $6,962 thousand in the nine months ended September 30, 2026, against nil in the prior-year nine months.
Analysis
Dominari reported Q3 2026 total revenue of $16,381 thousand, down about 69% from $52,417 thousand in Q3 2025, and nine-month revenue of $68,975 thousand, down 30% from $98,700 thousand. The company attributes the Q3 decline mainly to lower underwriting revenue of $25.7 million from fewer deal closings, lower carried interest of $3.7 million, lower commissions of $4.3 million and $3.0 million less principal transactions. Demand in the capital markets businesses is therefore the main issue in the filing. On a year-to-date basis, carried interest fell $11.5 million, and the company says the 2025 figure was dominated by one deal that contributed $19.0 million of the $19.2 million of 2025 carried interest revenue.
Cost reduction is the clearest positive in the release. Operating costs and expenses fell 65% in Q3 to $18,263 thousand, with compensation and benefits down $35.3 million, which the company links mainly to lower commission expense of about $30.0 million. For the nine months, operating costs fell 25% to $109,621 thousand. Because revenue fell faster in dollar terms, the operating loss in Q3 was $(1,882) thousand against $(430) thousand a year earlier. The release says this operating loss increased by $1.5 million. For the nine months, the operating loss was $(40,646) thousand against $(48,169) thousand, and the release describes this as a narrowing of about 16%. The release also says gross margins were held steady at lower revenue levels, but it does not print a gross margin figure, so no margin is shown here.
Below the operating line, the year-over-year comparison is dominated by the prior-year ABTC mark. The company states that Q3 2025 other income of about $126.5 million was driven by a valuation increase in its ABTC investment, against other expense of $(294) thousand in Q3 2026. As a result, Q3 2026 net loss attributable to common stockholders was $(1,941) thousand, or $(0.08) per diluted share, against net income of $125,210 thousand, or $7.27 per diluted share, in Q3 2025. Sequentially, the net loss narrowed 65% from $5.4 million in Q2 2026. The nine-month net loss was $(64,703) thousand, or $(2.97) per share, including a $14.6 million tax provision that the company says was not present in the prior-year period. The non-GAAP adjusted per-share figures in the release, $(0.05) for Q3 and $(2.04) for the nine months, add back non-cash stock-based compensation and are shown separately from GAAP.
Cash generation weakened. Net cash used in operating activities was $(38,969) thousand for the nine months against $(4,032) thousand a year earlier. Cash and cash equivalents were $23,989 thousand at September 30, 2026, down from $34,005 thousand at December 31, 2025, while marketable securities fell from $46,516 thousand to $2,622 thousand. Total stockholders' equity was $22,414 thousand against $69,371 thousand at year-end 2025. The company returned capital in the period, with dividend payments of $(19,039) thousand for the nine months and a share repurchase program targeting $5.0 million, of which about $3.4 million had been spent as of the release date. It also raised about $3.3 million from a warrant inducement program in the quarter.
The release gives no forward guidance and no prior outlook was provided, so no guidance comparison is made. The positive points are the Dominari Financial segment, which the company says remained profitable with Q3 segment net income of $1.8 million and nine-month segment net income of $12.7 million, and the management services annualized run-rate of $3.5 million per year, up about $2.7 million from September 30, 2025. The annual recurring revenue of $3.6 million is compared by the company with the end of Q2 2025 rather than with Q3 2025, so it is not set against the same period.
Not in the filing
stated, not guessed- No forward guidance or outlook for revenue, gross margin, operating expenses or tax rate is printed in the release, so guidance is null.
- No prior-period outlook was provided, so vs_prior_guidance is empty.
- No gross margin or cost of revenue figure is printed, so gross margin is not reported.
- Q2 2026 income statement lines are not printed in full. Only Q2 2026 net loss of $5.4 million appears in the highlights, so other prior-quarter values are null.
- Annual recurring revenue of $3.6 million is compared with $0.8 million at the end of Q2 2025, not with September 30, 2025, so the 341% change has no same-period prior and is not used as a yoy change.
- The nine-month operating loss improvement is printed as $7.6 million in the highlights and $7.5 million in the body text. Both are shown as printed, with the body figure used for the metric row.
- Balance sheet comparisons are against December 31, 2025, not a prior-year same-period figure, so they are shown in balance_sheet_cash_flow and not in prior_year.
- Dominari Financial segment revenue is not printed, only segment net income, so the segment revenue field records that gap.
- Share price reaction, consensus estimates and analyst expectations are not in the documents.
- Quotes from named executives are not in the documents. The statements are attributed only to the Company, so the quotes list is empty.
- Q3 2026 provision for income taxes is shown as (661) in the statement, while no prior-year figure is printed, only a dash.
- Basic and diluted EPS for Q3 2026 are both printed as $(0.08). No separate Q2 2026 EPS is printed.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Dominari Holdings filed an 8‑K reporting its Q3 2026 financial results, highlighting a narrowed net loss, reduced operating expenses, and a $5 million share repurchase program.
Ticker impact
Q3 2026 results show net loss narrowed to $1.9M and a $5M buyback, indicating improved financial position.
likely modest upside as investors price in narrowed loss and share repurchase.
Quarterly loss improvement and active buyback are new, material for a micro‑cap, but scale is limited.
Market effects
Improved results may lift sentiment in the niche financial services/underwriting sector.
Limited to U.S. over‑the‑counter micro‑cap market.
Minimal global impact; relevance confined to DOMH shareholders.
Counterpoint
Losses remain sizable and revenue is sharply down; price could stay pressured despite buyback.
Key entities
- CompanyDominari Holdings Inc.
NASDAQ‑listed micro‑cap financial services firm.
