Part I [Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements) The unaudited condensed consolidated financial statements show a significant increase in total assets to $109.3 million, driven by growth in financial services activities, with a net income of $17.7 million for Q2 2025 and a net loss of $14.8 million for the six-month period, while cash flow from operations turned positive [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets more than doubled to $109.3 million from $47.1 million at year-end 2024, primarily fueled by increases in marketable securities, receivables from clearing brokers, and long-term equity investments, while total liabilities rose to $20.7 million and stockholders' equity significantly increased to $88.6 million Condensed Consolidated Balance Sheet Highlights ($ in thousands) | Account | June 30, 2025 (Unaudited) | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$109,338** | **$47,125** | | Cash and cash equivalents | $9,469 | $4,079 | | Marketable securities | $18,772 | $5,773 | | Receivable from clearing brokers | $30,986 | $17,279 | | Long term equity investments | $43,744 | $12,282 | | **Total Liabilities** | **$20,738** | **$7,272** | | Accrued commissions | $13,005 | $2,057 | | **Total Stockholders' Equity** | **$88,600** | **$39,853** | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the second quarter of 2025, the company achieved a significant turnaround, posting a net income of $17.7 million compared to a $6.1 million net loss in Q2 2024, driven by a substantial revenue increase to $34.1 million and $37.1 million in other income, primarily from a $31.7 million change in fair value of investments, while the six-month period recorded a net loss of $14.8 million due to increased general and administrative expenses Consolidated Statement of Operations Summary ($ in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | **$34,095** | **$6,174** | **$42,206** | **$7,541** | | General and administrative | $53,521 | $8,910 | $93,642 | $13,082 | | Loss from operations | $(19,426) | $(2,736) | $(51,436) | $(5,541) | | Total other income (expenses) | $37,086 | $(3,384) | $36,608 | $(6,020) | | **Net income (loss)** | **$17,660** | **$(6,120)** | **$(14,828)** | **$(11,561)** | | Net income (loss) per share | $1.12 | $(1.01) | $(1.24) | $(1.92) | [Condensed Consolidated Statements of Changes in Stockholders' Equity](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders%27%20Equity) Total stockholders' equity grew from $39.9 million at the end of 2024 to $88.6 million by June 30, 2025, primarily driven by **$33.9 million** in stock-based compensation, **$13.5 million** from common stock issuance, **$2.3 million** from warrant exercises, and **$20.9 million** from shares issued under advisory agreements, partially offset by a net loss and **$7.1 million** in dividends paid[15](index=15&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash provided by operating activities was **$0.9 million**, a significant improvement from a **$7.2 million** use of cash in the same period of 2024, while investing activities used **$4.3 million** and financing activities provided **$8.8 million**, resulting in a net increase in cash and cash equivalents of **$5.4 million** Summary of Cash Flows ($ in thousands) | Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $882 | $(7,185) | | Net cash (used in) provided by investing activities | $(4,268) | $10,154 | | Net cash provided by financing activities | $8,776 | $0 | | **Net increase in cash and cash equivalents** | **$5,390** | **$2,969** | [Notes to the Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the company's strategic shift from biotechnology to financial services, including the acquisition of Dominari Securities and the formation of new investment and insurance ventures, with key disclosures on a significant increase in long-term investment value driven by a stake in American Bitcoin Corp., a **$13.5 million** equity financing, substantial stock-based compensation, and strong revenue growth from financial services, alongside a noted legal proceeding against a subsidiary - The company has shifted its primary operating focus from biotechnology to the fintech and financial services industries through its subsidiary Dominari Financial Inc., which acquired broker-dealer Dominari Securities LLC[19](index=19&type=chunk) - The company believes it has adequate cash, marketable securities, and anticipated cash flow to fund operations for at least the next twelve months[26](index=26&type=chunk) Long-Term Equity Investments ($ in thousands) | Investment | Carrying Value (June 30, 2025) | Carrying Value (Dec 31, 2024) | | :--- | :--- | :--- | | Investment in American Bitcoin Corp. | $32,000 | - | | Other Investments | $11,744 | $12,282 | | **Total** | **$43,744** | **$12,282** | - In February 2025, the company raised net proceeds of approximately **$13.5 million** through direct offerings and private placements of common stock and warrants[70](index=70&type=chunk) Revenue by Type ($ in thousands) | Revenue Type | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | Underwriting | $14,954 | $4,057 | $20,560 | $4,723 | | Commissions | $8,021 | $1,775 | $10,212 | $2,085 | | Carried interest fees | $10,500 | - | $10,500 | - | | **Total** | **$34,095** | **$6,174** | **$42,206** | **$7,541** | - The company operates in two segments: Dominari Financial and Legacy AIkido, with Dominari Financial generating all **$34.1 million** of revenue and a net gain of **$8.0 million** in Q2 2025, while Legacy AIkido had no revenue but a net gain of **$9.7 million** primarily from investment value changes[104](index=104&type=chunk)[107](index=107&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the significant improvement in Q2 2025 financial performance to the company's successful expansion in the financial services industry, with revenue surging to **$34.1 million** from **$6.2 million** year-over-year, leading to a net income of **$16.6 million** compared to a **$6.1 million** loss, driven by strong underwriting and commission revenues coupled with a **$31.7 million** unrealized gain on long-term investments, notably American Bitcoin Corp., offsetting a substantial increase in general and administrative costs, including **$26 million** in stock-based compensation, while confirming sufficient liquidity for the next 12 months [Results of Operations](index=28&type=section&id=Results%20of%20Operations) Comparing Q2 2025 to Q2 2024, revenue increased by **$27.9 million**, and the company swung from a **$6.1 million** net loss to a **$16.6 million** net income, primarily driven by increased commissions and underwriting revenue from Dominari Securities and a significant markup in the value of the American Bitcoin Corp investment, despite a large increase in G&A expenses mainly from stock-based compensation and higher commission payouts, while for the six-month period, the net loss widened to **$15.9 million** from **$11.6 million** due to one-time stock-based compensation charges Q2 Performance Comparison (2025 vs 2024) | Metric ($ in millions) | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue | $34.1 | $6.2 | +$27.9 | | Net Income (Loss) | $16.6 | $(6.1) | +$22.7 | - The positive change in net income was primarily driven by increased revenues and a **$31.7 million** increase in the carrying value of long-term investments, offset by a **$26 million** increase in stock-based compensation expense and a **$15 million** increase in commissions expense[121](index=121&type=chunk)[124](index=124&type=chunk) [Liquidity and Capital Resources](index=29&type=section&id=Liquidity%20and%20Capital%20Resources) The company's working capital stood at approximately **$43.8 million** as of June 30, 2025, with management asserting that current cash, marketable securities, and anticipated cash flow from operations are sufficient to meet capital requirements for at least the next 12 months, as cash from operations was a positive **$0.9 million** for the first six months of 2025, compared to a **$7.2 million** use of cash in the prior year period, while financing activities provided **$8.8 million** - The company had working capital of approximately **$43.8 million** as of June 30, 2025, and believes its liquidity is sufficient for at least the next 12 months[127](index=127&type=chunk) Net Cash Flow Summary for Six Months Ended June 30 ($ in thousands) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Operating activities | $882 | $(7,185) | | Investing activities | $(4,268) | $10,154 | | Financing activities | $8,776 | - | [Quantitative and Qualitative Disclosures About Market Risk](index=31&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section is not applicable to the company - As a smaller reporting company, this disclosure is not required[135](index=135&type=chunk) [Controls and Procedures](index=31&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were not effective as of June 30, 2025, based on a previously identified material weakness in internal controls over financial reporting, stemming from staffing constraints, lack of timely and accurate book-closing procedures, insufficient review of fair value accounting, and inadequate segregation of duties - The principal executive officer and principal financial officer concluded that disclosure controls and procedures were not effective as of June 30, 2025, due to a material weakness[137](index=137&type=chunk) - The material weakness is attributed to staffing constraints, leading to delays in closing books, lack of proper review over certain fair value accounting, inadequate segregation of duties, and IT control deficiencies[139](index=139&type=chunk) Part II [Legal Proceedings](index=32&type=section&id=Item%201.%20Legal%20Proceedings) The company's subsidiary, Dominari Securities, is involved in a legal action initiated in March 2024 concerning the hiring of new registered representatives from a former employer, with the company disputing the claims and intending to defend itself vigorously, but the outcome and any potential loss cannot be reasonably estimated at this time - In March 2024, a legal action was filed against the company's subsidiary, Dominari Securities, related to the hiring of new registered representatives, and the company cannot predict the outcome or estimate any potential loss[144](index=144&type=chunk) [Risk Factors](index=32&type=section&id=Item%201A.%20Risk%20Factors) As a smaller reporting company, Dominari Holdings is not required to provide risk factor disclosures in its Form 10-Q, referring to the risk factors set forth in its Annual Report on Form 10-K filed on April 15, 2025 - The company is not required to provide this information as a "smaller reporting company" and refers to its most recent Form 10-K for a discussion of risk factors[145](index=145&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=32&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) There were no unregistered sales of equity securities or specific uses of proceeds to report for the period - None[146](index=146&type=chunk) [Defaults Upon Senior Securities](index=32&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) There were no defaults upon senior securities during the period - None[147](index=147&type=chunk) [Mine Safety Disclosures](index=32&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not Applicable[148](index=148&type=chunk) [Other Information](index=32&type=section&id=Item%205.%20Other%20Information) There is no other information to report for the period - None[149](index=149&type=chunk) [Exhibits](index=33&type=section&id=Item%206.%20Exhibits) The report includes standard exhibits, such as the CEO and CFO certifications required under Sections 302 and 906 of the Sarbanes-Oxley Act, as well as Inline XBRL data files - Exhibits filed include: - Certifications of the Principal Executive Officer and Principal Financial Officer pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 - Inline XBRL Instance Document and related taxonomy files[150](index=150&type=chunk)

Core Insights - Dominari Holdings Inc. announced a $100 million equity investment for SRM Entertainment, with the potential for a total investment of $210 million upon full warrant exercise [1][2] - Justin Sun, founder of the TRON blockchain, will join SRM as an advisor, indicating a strategic partnership [2] - The investment will enable SRM to initiate a TRON Token Treasury Strategy, capitalizing on the growing adoption of blockchain and digital assets [4] Company Overview - SRM Entertainment designs and manufactures custom merchandise for major theme parks and entertainment venues, distributing products worldwide [7] - The company’s products are based on popular entertainment franchises and include specialty items like the patented Sip With Me cups [7] Industry Context - The transaction highlights increasing institutional confidence in blockchain technology as a foundational layer for global finance [4] - TRON, founded in 2017, supports smart contracts and decentralized applications, focusing on low-cost, high-speed transactions, particularly for stablecoin transfers [3]

Core Insights - Dominari Holdings Inc. is set to join the Russell Microcap® Index effective June 30, 2025, enhancing its visibility among institutional and retail investors [1][3] - The Russell Microcap® Index includes the 4,000 largest US stocks ranked by total market capitalization, with membership lasting for one year [2] - Russell indexes serve as benchmarks for approximately $10.6 trillion in assets, indicating their significance in the investment management industry [3] Company Overview - Dominari Holdings Inc. operates as a holding company engaged in wealth management, investment banking, sales and trading, and asset management [4] - The company aims to enhance shareholder value through organic growth and opportunities in sectors such as AI and Data Centers [4] - The CEO of Dominari Holdings emphasized the importance of the Russell Microcap® Index inclusion as a milestone for the company's growth strategy [3] Industry Context - FTSE Russell, the provider of the Russell indexes, is a global leader in index benchmarking, covering 98% of the investable market globally with approximately $18.1 trillion benchmarked to its indexes [5] - The Russell indexes are widely utilized by investment managers and institutional investors for index funds and as benchmarks for active investment strategies [3][5] - FTSE Russell is committed to high industry standards in index design and governance, guided by transparent rules-based methodologies [5]

[Part I - Financial Information](index=4&type=section&id=Part%20I%20-%20Financial%20Information) This section presents the unaudited financial statements, management's discussion and analysis, market risk disclosures, and internal controls for the reporting period [Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Dominari Holdings Inc. reported increased assets and revenues, but a significant **$32.5 million net loss** driven by G&A, with positive operating cash flow [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Presents the company's financial position, including assets, liabilities, and equity, at specific reporting dates Condensed Consolidated Balance Sheet Highlights ($ in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $6,315 | $4,079 | | Marketable securities | $12,555 | $5,773 | | Total current assets | $34,700 | $28,150 | | Total assets | $52,335 | $47,125 | | **Liabilities & Equity** | | | | Total current liabilities | $6,048 | $3,783 | | Total liabilities | $9,907 | $7,272 | | Total stockholders' equity | $42,428 | $39,853 | | Total liabilities and stockholders' equity | $52,335 | $47,125 | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Details the company's revenues, expenses, and net loss over the reporting period Condensed Consolidated Statements of Operations ($ in thousands, except per share data) | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Revenues | $8,112 | $1,367 | | General and administrative | $40,122 | $4,172 | | Loss from operations | $(32,010) | $(2,805) | | Net loss | $(32,488) | $(5,441) | | Net loss per share, basic and diluted | $(3.02) | $(0.91) | | Weighted average shares outstanding | 10,775,219 | 5,995,065 | [Condensed Consolidated Statements of Changes in Stockholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders%27%20Equity) Outlines changes in equity components, including net loss, stock-based compensation, and stock issuances - Stockholders' equity increased from **$39.9 million** at the end of 2024 to **$42.4 million** as of March 31, 2025. Key activities included stock-based compensation of **$7.7 million**, issuance of common stock raising **$13.5 million**, and advisory shares valued at **$20.9 million**. These were offset by a net loss of **$32.5 million** and dividends of **$7.1 million**[14](index=14&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Summarizes cash inflows and outflows from operating, investing, and financing activities Condensed Consolidated Statements of Cash Flows Highlights ($ in thousands) | Cash Flow Activity | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $1,235 | $(8,594) | | Net cash (used in) provided by investing activities | $(5,436) | $7,717 | | Net cash provided by financing activities | $6,437 | $0 | | Net increase (decrease) in cash | $2,236 | $(877) | | Cash and cash equivalents, end of period | $6,315 | $1,956 | [Notes to the Condensed Consolidated Financial Statements (Unaudited)](index=8&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) Provides detailed explanations and additional information supporting the financial statements - The company is shifting its primary focus from biotechnology to the fintech and financial services industries through its subsidiary, Dominari Financial Inc., which acquired broker-dealer Dominari Securities LLC[18](index=18&type=chunk) - As of March 31, 2025, the company had **$6.3 million** in cash and cash equivalents and **$12.6 million** in marketable securities, which management believes is adequate to fund operations for at least the next twelve months[23](index=23&type=chunk)[24](index=24&type=chunk) Revenue by Type ($ in thousands) | Revenue Type | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Underwriting | $5,607 | $409 | | Commissions | $2,191 | $310 | | Account advisory and management fees | $132 | $341 | | Other | $182 | $307 | | **Total** | **$8,112** | **$1,367** | - In February 2025, the company raised net proceeds of approximately **$13.5 million** through a direct offering and concurrent private placement of common stock and warrants[65](index=65&type=chunk) - The company operates in two reportable business segments: Dominari Financial (broker-dealer business) and Legacy AIkido (investment holdings). For Q1 2025, Dominari Financial generated **$8.1 million** in revenue and had a net loss of **$2.0 million**, while Legacy AIkido had no revenue and a net loss of **$30.5 million**[98](index=98&type=chunk)[101](index=101&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Revenue increased to **$8.1 million**, but loss from operations widened to **$32.0 million** due to stock-based compensation, with **$28.5 million** working capital - The increase in loss from operations to **$32.0 million** in Q1 2025 from **$2.8 million** in Q1 2024 was primarily driven by increased stock-based compensation expense of **$7.7 million** for restricted stock and **$20.9 million** for advisory agreement shares[113](index=113&type=chunk) - The company's business strategy is focused on growth in the financial services industry through its subsidiary Dominari Financial Inc., which includes wealth management, investment banking, and asset management[106](index=106&type=chunk) - As of March 31, 2025, the company had working capital of approximately **$28.5 million** and believes its cash, marketable securities, and anticipated cash flow from operations will be sufficient to meet its needs for at least the next 12 months[116](index=116&type=chunk) Cash Flow Summary (Three Months Ended March 31, $ in millions) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Cash from Operating Activities | $1.2 | $(8.6) | | Cash from Investing Activities | $(5.4) | $7.7 | | Cash from Financing Activities | $6.4 | $0.0 | [Quantitative and Qualitative Disclosures About Market Risk](index=33&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company has indicated that this section is not applicable - This item is not applicable for the reporting period[122](index=122&type=chunk) [Controls and Procedures](index=33&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were not effective due to a material weakness in internal controls, with remediation efforts underway - As of March 31, 2025, the principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were not effective due to a material weakness in internal controls[124](index=124&type=chunk) - The material weakness stems from staffing constraints, lack of proper review over certain fair value accounting, inadequate segregation of duties, IT general control deficiencies, and insufficient documentation of controls[126](index=126&type=chunk) - The company is actively remediating the material weakness by increasing accounting personnel and engaging external specialists. However, the weakness will not be considered fully remediated until the new controls are tested and proven effective over time[127](index=127&type=chunk)[128](index=128&type=chunk) [Part II - Other Information](index=34&type=section&id=Part%20II%20-%20Other%20Information) This section provides disclosures on legal proceedings, risk factors, equity sales, defaults, mine safety, and other relevant information [Legal Proceedings](index=34&type=section&id=Item%201.%20Legal%20Proceedings) Dominari Securities is involved in a legal action regarding hiring practices, with the company intending to defend itself vigorously, and no loss contingency recorded due to unpredictable outcome - In March 2024, the company's subsidiary, Dominari Securities, received a notice of a filed action related to the hiring of new registered representatives from their former employer[132](index=132&type=chunk) - The company plans to defend itself vigorously but cannot predict the outcome or reasonably estimate any potential loss. Consequently, no loss contingency has been recorded[132](index=132&type=chunk) [Risk Factors](index=34&type=section&id=Item%201A.%20Risk%20Factors) As a "smaller reporting company," Dominari Holdings Inc. is not required to provide risk factor disclosures in its Form 10-Q, directing investors to its Annual Report on Form 10-K - As a "smaller reporting company," the registrant is not required to provide the information requested by this item. Current risk factors are detailed in the Annual Report on Form 10-K[133](index=133&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=34&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities or use of proceeds for the period - None[134](index=134&type=chunk) [Defaults Upon Senior Securities](index=34&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities for the period - None[135](index=135&type=chunk) [Mine Safety Disclosures](index=34&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not Applicable[136](index=136&type=chunk) [Other Information](index=34&type=section&id=Item%205.%20Other%20Information) The company reported no other information for the period - None[137](index=137&type=chunk) [Exhibits](index=35&type=section&id=Item%206.%20Exhibits) The report includes CEO and CFO certifications under Sarbanes-Oxley Sections 302 and 906, along with Inline XBRL documents - The report includes CEO and CFO certifications under Sarbanes-Oxley Sections 302 and 906, along with various Inline XBRL instance and taxonomy documents[138](index=138&type=chunk)

Financial Performance - For the fiscal year ended December 31, 2024, the company recognized approximately $18.1 million in revenue from operations, an increase of approximately $16.1 million compared to the previous year[172]. - The company incurred a loss from operations of approximately $11.5 million in 2024, a decrease from a loss of $21.8 million in 2023[172]. - The company reported a gain of approximately $5.2 million from marketable securities for the year ended December 31, 2024, an increase of approximately $4.6 million over the prior period[173]. - The company experienced a net loss of approximately $14.7 million in 2024, influenced by various factors including changes in long-term investments and marketable securities[176]. Investment and Cash Flow - The carrying value of long-term investments decreased by approximately $7.1 million in 2024, compared to an increase of $0.8 million in 2023, resulting in a change of approximately $7.8 million[173]. - Net cash used in operating activities was approximately $15.1 million for the year ended December 31, 2024, compared to $22.2 million in 2023[176]. - Net cash provided by investing activities was approximately $16.3 million in 2024, compared to a net cash used of $7.2 million in 2023[177]. Working Capital and Future Plans - As of December 31, 2024, the company had approximately $24.4 million in working capital, with $4 million in cash and cash equivalents and $5.8 million in marketable securities[174]. - The company raised approximately $13.5 million subsequent to December 31, 2024, which is available to fund operations[174]. - The company plans to finance its activities through increased revenue, managing cash and cash equivalents, and seeking additional funds through securities sales or credit facilities[173].

Core Viewpoint - Dominari Holdings Inc. is executing an expansion strategy through the formation of American Bitcoin Corporation, focusing on industrial-scale bitcoin mining and strategic bitcoin reserve development [1][2][3] Group 1: Transaction Details - American Data Centers Inc. (ADC) has become an independent company and partnered with Hut 8 Corp to form American Bitcoin Corporation [1][2] - The transaction involved Hut contributing substantially all of its ASIC miners to ADC in exchange for a majority interest, leading to the rebranding of ADC as American Bitcoin [2] - Hut and American Bitcoin have entered into agreements for Hut to provide operational management and ASIC colocation services to American Bitcoin [2] Group 2: Strategic Goals - American Bitcoin aims to become the world's largest and most efficient pure-play bitcoin miner while building a robust strategic bitcoin reserve [3] - The transaction combines Hut's mining operations and infrastructure capabilities with Eric Trump's expertise in capital markets and decentralized financial systems [3] Group 3: Impact on Shareholders - The transaction is expected to create significant shareholder value for Dominari, with an ownership interest in American Bitcoin linked to over $100 million in revenue-producing bitcoin mining machines [4] - Dominari management and its Board of Advisors have successfully created substantial value through this strategic initiative [4] - The transaction is viewed as a milestone in Dominari's vision to evolve into a dynamic holding company focused on emerging technologies [5] Group 4: Company Overview - Dominari Holdings Inc. operates as a holding company engaged in wealth management, investment banking, sales and trading, and asset management [7] - The company seeks to enhance stockholder value through opportunities in sectors like AI and Data Centers [7] - Dominari Securities LLC, a subsidiary, aims to create wealth by capitalizing on emerging trends in the financial services sector [8]

Company Information - The company is registered on The Nasdaq Capital Market under the trading symbol DOMH [2]. - The report indicates that Dominari Holdings Inc. is not an emerging growth company [3]. - The company operates as a Delaware corporation [4]. - The address of the principal executive offices is 725 5th Avenue, 22nd Floor, New York, NY 10022 [2]. - The IRS Employer Identification Number for Dominari Holdings Inc. is 52-0849320 [2]. Financial Results - Dominari Holdings Inc. announced preliminary revenue results for the year ended December 31, 2024 [4]. - The press release detailing the financial results was issued on March 28, 2025 [4]. - The financial information provided is not deemed "filed" under the Securities Exchange Act of 1934 [5]. - The report includes a cover page interactive data file formatted as Inline XBRL [6]. Leadership - The CEO of Dominari Holdings Inc. is Anthony Hayes, who signed the report [9].

Core Insights - Dominari Holdings Inc. reported preliminary revenue of approximately $19 million for 2024, marking a significant increase of about 900% compared to $2.0 million in 2023 [2][4] - The company experienced strong performance in Q4 2024, with over $8.0 million of the annual revenue recognized during this quarter, driven by effective execution of its growth strategy and rising market demand for investment banking services [2][4] Business Highlights - The CEO of Dominari emphasized that 2024 was a transformative year characterized by substantial revenue growth, strategic investments, and expansion activities aimed at enhancing the company's operational footprint [4] - Dominari Holdings is transitioning into a dynamic holding company, focusing on strategic investments in emerging technologies to drive innovation and long-term shareholder value [4] - The company is engaged in various sectors including wealth management, investment banking, sales and trading, and asset management, while also seeking opportunities in AI and Data Center sectors to enhance shareholder value [5] Strategic Initiatives - Dominari co-founded American Data Centers Inc. (ADC), focusing on developing energy-efficient data centers to meet the demand for high-performance computing infrastructure, holding a 32% stake in ADC [8] - Dominari Securities, a subsidiary, received FINRA approval to expand operations by adding 50 new seats and new office locations [8] - The company established a Bitcoin treasury strategy, currently holding $2 million in its Bitcoin treasury, with plans to continue purchasing shares of Blackrock's iShares Bitcoin Trust ETF as cash reserves grow [8]

Core Viewpoint - Dominari Holdings Inc. is evolving into a broader holding company with a focus on emerging technologies, supported by the approval of its subsidiary Dominari Securities LLC's Continuing Membership Application by FINRA [1][2][3] Group 1: Company Expansion - Dominari Securities LLC has received FINRA approval for its Continuing Membership Application, allowing the addition of 50 new seats and expansion of office locations [2] - The approval is seen as a key milestone that enhances the company's capabilities in investment banking, corporate guidance, and access to capital markets [3] - The company aims to develop a valuable holdings enterprise that fosters innovation in high-growth industries [3] Group 2: Focus on Emerging Technologies - Dominari Holdings has formed and partially owns American Data Center, marking its entry into the technology infrastructure sector [4] - The company plans to invest in next-generation industries within the AI ecosystem, including data centers, renewable energy, and quantum computing [4][7] - The strategic focus on these technology sectors is expected to support early-stage companies through funding and IPO guidance [4] Group 3: Mission and Vision - Dominari Securities LLC aims to create wealth for stakeholders by capitalizing on emerging trends and identifying high-return opportunities [5] - The company positions itself as a forward-thinking financial services provider, committed to technological advancement and market expertise [5]

Revenue Performance - For the three months ended September 30, 2024, the Company recognized approximately $4.0 million in revenue from operations, compared to $1.0 million for the same period in 2023, indicating a 300% increase [102]. - For the nine months ended September 30, 2024, the Company recognized approximately $11.6 million in revenue from operations, compared to $1.0 million for the same period in 2023, reflecting a significant increase [105]. Operational Loss and Efficiency - The Company incurred a loss from operations of approximately $8.7 million for the nine months ended September 30, 2024, a decrease from a loss of $16.0 million for the same period in 2023, showing improved operational efficiency [105]. Market Performance - The Company reported a realized gain of approximately $3.8 million on marketable securities for the nine months ended September 30, 2024, compared to a realized loss of approximately $1.2 million for the same period in 2023, indicating a positive market performance [106]. - The Company recognized an unrealized loss of approximately $3.4 million on marketable securities for the nine months ended September 30, 2024, highlighting ongoing market volatility [106]. Cash Flow Management - The cash used in operating activities for the nine months ended September 30, 2024, was approximately $11.9 million, a decrease from $17.5 million for the same period in 2023, reflecting improved cash flow management [113]. - The net cash provided by investing activities for the nine months ended September 30, 2024, was approximately $12.5 million, a significant improvement compared to a cash outflow of $(10.4) million for the same period in 2023 [114]. - The Company has no cash flows from financing activities for the nine months ended September 30, 2024, compared to cash used of approximately $0.9 million for the same period in 2023 [115]. Liquidity Position - As of September 30, 2024, the Company's working capital amounted to approximately $22.3 million, providing a solid liquidity position for ongoing operations [111]. Joint Venture - The Company entered into a joint venture agreement with Heritage Strategies LLC, establishing Dominari Financial Heritage Strategies LLC, with each party holding a 50% ownership interest [99].