The firm faces acute structural margin pressure, evidenced by a 2026Q1 gross margin of -90.4% and an operating margin of -105.1% as service delivery costs outpace revenue.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 150.8M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -62.63M | -22.17M | 18.15M | 2.04M | 188K | 0 | 0 | 9K | 28K | 1.24M | 877K | 33K | 10K | 24K | 19.92K | 432.86K | 914.77K | 909.82K | 628.32K | 100.41K | 4.04M | 2.68M | 2.85M | 5.86M | 3.99M | 6.3M | 5.95M | 3.1M | 3.5M | 3.7M | 4.2M |
| Gross Margin % | -41.53% | -18.01% | 100% | 100% | - | - | - | 100% | 100% | 100% | 100% | 100% | 100% | 88.89% | 100% | 52.73% | 63.86% | 66.94% | 61.24% | 64.9% | 16.28% | 11.64% | 12.74% | 32.41% | 26.34% | 31.59% | 34.91% | 24.41% | 21.88% | 27.21% | 30.43% |
| Gross Profit Growth % | - | -222.15% | 789.95% | 984.57% | - | - | -100% | -67.86% | -97.73% | 40.94% | 2557.58% | 230% | -58.33% | 20.47% | -95.4% | -52.68% | 0.54% | 44.8% | 525.78% | -97.52% | 50.75% | -5.81% | -51.42% | 47.09% | -36.72% | 5.9% | 91.83% | -11.43% | -5.41% | -11.9% | 10.53% |
| Operating Expenses | -1.29M | 33.56M | 29.67M | 23.84M | 14.53M | 9.44M | 6.55M | 5.69M | 6.9M | 5.06M | 9.43M | 52.04M | 30.62M | 15.37M | 3.49M | 4.78M | 8.93M | 10.1M | 7.14M | 9.74M | 6.52M | 5.57M | 5.69M | 8.14M | 6.99M | 5.84M | 5.54M | 5.7M | 5.5M | 4M | 3.8M |
| OpEx % of Revenue | - | 27.26% | 163.52% | 1168.96% | - | - | - | 63266.67% | 24650% | 409.22% | 1075.03% | 157706.06% | 306210% | 56929.63% | 17527.99% | 582.24% | 623.14% | 742.85% | 695.92% | 6294.5% | 26.26% | 24.16% | 25.47% | 44.99% | 46.18% | 29.31% | 32.5% | 44.88% | 34.38% | 29.41% | 27.54% |
| Selling, General & Admin | -36.24M | 3M | 29.67M | 23.84M | 11.87M | 7.73M | 4.06M | 3.17M | 3.32M | 3.68M | 4.58M | 5.13M | 20.79M | 15.07M | 2.76M | 3.13M | 4.08M | 3.27M | 3.14M | 3.87M | 5.64M | 5.28M | 5.5M | 6.24M | 4.92M | 4.03M | 3.94M | 3.7M | 3.8M | 2.8M | 2.5M |
| SG&A % of Revenue | - | 2.44% | 163.52% | 1169.1% | - | - | - | 35244.44% | 11871.43% | 297.9% | 522.23% | 15533.33% | 207900% | 55814.81% | 13878.31% | 381.74% | 284.83% | 240.24% | 305.6% | 2502.97% | 22.71% | 22.91% | 24.6% | 34.52% | 32.51% | 20.21% | 23.13% | 29.13% | 23.75% | 20.59% | 18.12% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | -61.34M | -55.73M | -11.53M | -21.8M | -14.35M | -9.44M | -6.55M | -5.68M | -6.87M | -3.82M | -8.55M | -52.01M | -30.61M | -15.35M | -3.47M | -4.35M | -8.01M | -9.19M | -6.51M | -9.64M | -2.48M | -2.89M | -2.85M | -2.27M | -3M | 453.77K | 411.05K | -2.6M | -2M | -300K | 400K |
| Operating Margin % | -40.68% | -45.27% | -63.52% | -1068.96% | - | - | - | -63166.67% | -24550% | -309.22% | -975.03% | -157606.06% | -306110% | -56840.74% | -17427.99% | -529.51% | -559.28% | -675.9% | -634.68% | -6229.6% | -9.98% | -12.52% | -12.73% | -12.58% | -19.85% | 2.28% | 2.41% | -20.47% | -12.5% | -2.21% | 2.9% |
| Operating Income Growth % | - | -383.44% | 47.11% | -51.93% | -51.95% | -44.23% | -15.15% | 17.3% | -79.85% | 55.3% | 83.56% | -69.91% | -99.46% | -342.02% | 20.13% | 45.74% | 12.79% | -41.08% | 32.43% | -288.62% | 14.07% | -1.42% | -25.1% | 24.26% | -761.8% | 10.39% | 115.81% | -30% | -566.67% | -175% | -20% |
| EBITDA | -60.93M | -55.4M | -11.03M | -21.35M | -14.53M | -9.44M | 0 | -4.24M | -5.43M | -2.45M | -6.41M | -45.69M | -20.78M | -15.06M | -3.41M | -4.28M | -7.93M | -9.1M | -6.43M | -9.43M | 121.4K | -311.65K | -567.81K | -771.64K | -1.41M | 1.88M | 1.73M | -900K | -700K | 300K | 1.1M |
| EBITDA Margin % | -40.4% | -45% | -60.79% | -1047.28% | - | - | - | -47133.33% | -19396.43% | -197.9% | -731.24% | -138460.61% | -207800% | -55762.96% | -17108.37% | -521% | -553.85% | -669.7% | -626.32% | -6093.58% | 0.49% | -1.35% | -2.54% | -4.27% | -9.32% | 9.42% | 10.13% | -7.09% | -4.38% | 2.21% | 7.97% |
| EBITDA Growth % | -51.27% | -402.2% | 48.34% | -46.92% | -53.95% | - | 100% | 21.89% | -122.04% | 61.86% | 85.96% | -119.88% | -38.02% | -341.74% | 20.31% | 46.09% | 12.84% | -41.65% | 31.83% | -7865.01% | 138.95% | 45.11% | 26.42% | 45.26% | -175.04% | 8.83% | 291.78% | -28.57% | -333.33% | -72.73% | 10% |
| D&A (Non-Cash Add-back) | 411K | 328K | 496K | 442K | -188K | 0 | 6.55M | 1.44M | 1.44M | 1.38M | 2.14M | 6.32M | 9.83M | 291K | 63.67K | 69.83K | 77.86K | 84.38K | 85.72K | 210.42K | 2.6M | 2.57M | 2.28M | 1.5M | 1.59M | 1.42M | 1.31M | 1.7M | 1.3M | 600K | 700K |
| EBIT | 66.34M | -55.73M | -11.53M | -22.88M | -22.11M | -9.44M | -6.55M | -5.68M | -4.7M | -3.82M | -5.84M | -11.41M | -30.61M | -15.35M | -3.47M | 417.6K | -8.01M | -9.15M | -6.17M | -9.26M | -3.2M | -2.89M | -2.85M | -2.27M | -3M | 453.77K | 411.05K | -2.6M | -2M | -300K | 400K |
| Net Interest Income | 1.47M | 65K | 960K | 716K | -7.07M | 252K | 4K | 4K | 0 | 0 | 0 | 0 | 0 | 0 | 4K | 0 | 6.11K | 37.65K | 346.22K | 377.98K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 1.47M | 65K | 960K | 716K | 687K | 252K | 4K | 4K | 0 | 0 | 0 | 0 | 0 | 0 | 4K | 3.46K | 6.11K | 37.65K | 348.44K | 378.06K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 7.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.46K | 0 | 0 | 2.22K | 77 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | -25.13M | -13.15M | -14.7M | -22.88M | -22.11M | -7.17M | -12.34M | -4.18M | 1.73M | -3.31M | -6.48M | -51.47M | -30.53M | -17.96M | -2.89M | -3.45M | -7.87M | -9.15M | -6.17M | -9.26M | 3.62M | -2.85M | -2.82M | -2.26M | -2.92M | 567.82K | 411.05K | -4.9M | -2.1M | -200K | 200K |
| Pretax Margin % | -16.67% | -10.69% | -81.03% | -1122.22% | - | - | - | -46477.78% | 6167.86% | -267.48% | -738.43% | -155954.55% | -305320% | -66537.04% | -14496.7% | -419.91% | -549.37% | -673.13% | -601.52% | -5985.26% | 14.57% | -12.36% | -12.63% | -12.48% | -19.31% | 2.85% | 2.41% | -38.58% | -13.13% | -1.47% | 1.45% |
| Income Tax | 20.19M | 7.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 385.02K | 14.48K | -133.19K | 37.65K | -552.8K | -3.41M | 105.05K | 0 | 0 | 0 | 0 | 0 | -180.02K | 300K | -100K | -100K | 100K |
| Effective Tax Rate % | -80.32% | -55.63% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -13.33% | -0.42% | 1.69% | -0.41% | 8.96% | 36.81% | 2.9% | 0% | 0% | 0% | 0% | 0% | -43.8% | -6.12% | 4.76% | 50% | 50% |
| Net Income | -47.3M | -22.43M | -14.7M | -22.88M | -22.11M | -7.17M | -12.34M | -4.18M | 1.73M | -3.31M | -6.48M | -51.47M | -30.53M | -17.96M | -3.86M | -3.46M | -7.74M | -9.15M | -4.14M | -938.37K | 3.51M | -2.85M | -2.82M | -2.26M | -2.92M | 567.82K | 591.07K | -5.2M | -2M | -100K | 100K |
| Net Margin % | -31.37% | -18.22% | -81.03% | -1122.22% | - | - | - | -46477.78% | 6167.86% | -267.48% | -738.43% | -155954.55% | -305320% | -66537.04% | -19360.63% | -421.68% | -540.07% | -673.13% | -403.09% | -606.58% | 14.14% | -12.36% | -12.63% | -12.48% | -19.31% | 2.85% | 3.47% | -40.94% | -12.5% | -0.74% | 0.72% |
| Net Income Growth % | -13.31% | -52.59% | 35.74% | -3.51% | -208.28% | 41.87% | -194.93% | -342.21% | 152.24% | 48.95% | 87.42% | -68.56% | -69.95% | -365.77% | -11.42% | 55.25% | 15.44% | -121.22% | -340.71% | -126.71% | 223.31% | -0.95% | -25.05% | 22.76% | -614.58% | -3.93% | 111.37% | -160% | -1900% | -200% | -75% |
| Net Income (Continuing) | -45.34M | -20.47M | -14.7M | -22.88M | -22.11M | -7.17M | -12.34M | -4.18M | 1.73M | -3.31M | -6.48M | -51.47M | -30.53M | -17.96M | -2.89M | 403.11K | -7.74M | -9.15M | -5.62M | -5.85M | 3.51M | -2.85M | -2.82M | -2.26M | -2.92M | 567.82K | 591.07K | -5.2M | -2M | -100K | 100K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -32K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 668.19K | 679.21K | 547.34K | 0 | 0 | 0 |
| EPS (Diluted) | -0.26 | -1.57 | -2.38 | -4.38 | -7.23 | -1.43 | -7.47 | -28.31 | 15.48 | -43.13 | -121.90 | -2195.89 | -2124.56 | -6542.24 | -6515.24 | -30907.50 | -100470.68 | -147558.56 | -79529.50 | -18045.65 | 70257.00 | -63305.51 | -65628.98 | -55043.17 | -71266.49 | 14559.00 | 15155.00 | -148571.43 | -62500.00 | -3125.00 | 3571.43 |
| EPS Growth % | 35.5% | 34.03% | 45.66% | 39.42% | -405.59% | 80.86% | 73.61% | -282.88% | 135.89% | 64.62% | 94.45% | -3.36% | 67.53% | -0.41% | 78.92% | 69.24% | 31.91% | -85.54% | -340.71% | -125.69% | 210.98% | 3.54% | -19.23% | 22.76% | -589.5% | -3.93% | 110.2% | -137.71% | -1900% | -187.5% | -75% |
| EPS (Basic) | - | -1.57 | -2.38 | -4.38 | -7.23 | -1.43 | -7.47 | -28.31 | 15.48 | -43.35 | -126.45 | -2195.89 | -2124.56 | -6542.24 | -6515.24 | -30907.50 | -100470.68 | -147558.56 | -79529.50 | -18045.65 | 70257.00 | -63305.51 | -65628.98 | -55043.17 | -71266.49 | 14559.00 | 15155.00 | -148571.43 | -62500.00 | -3125.00 | 3571.43 |
| Diluted Shares Outstanding | 180.68M | 142.85M | 6.18M | 5.23M | 5.33M | 4.85M | 1.65M | 147.74K | 111.57K | 76.66K | 53.13K | 23.44K | 14.37K | 2.75K | 592 | 112 | 77 | 62 | 52 | 52 | 50 | 45 | 43 | 41 | 41 | 39 | 39 | 35 | 32 | 32 | 28 |
| Basic Shares Outstanding | 18.07M | 14.29M | 6.18M | 5.23M | 5.33M | 4.85M | 1.65M | 147.74K | 111.53K | 76.26K | 51.21K | 23.44K | 14.37K | 2.75K | 592 | 112 | 77 | 62 | 52 | 52 | 50 | 45 | 43 | 41 | 41 | 39 | 39 | 35 | 32 | 32 | 28 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Persistent negative operating margins
As reported in financial statements, Dominari's revenue trajectory reflects a rapid transition from a biotech shell to a capital markets firm, with quarterly revenue reaching $35.8M in 2026Q1, though this growth appears driven by aggressive team acquisitions rather than organic client asset accumulation or market-based performance.
The firm's revenue profile is characterized by high volatility and lumpy capital markets income, which complicates the assessment of long-term growth durability. Investors should monitor whether the current pace of onboarding advisory teams can be sustained without further dilutive capital raises or excessive reliance on transition-related incentives.
Based on the provided income statement data, Dominari's gross margin plummeted to -90.4% in 2026Q1, indicating that the direct costs associated with service delivery and advisor compensation are currently outpacing the revenue generated by the firm's wealth management and investment banking segments.
The collapse into negative gross margins suggests that the firm's current compensation structure for advisors is unsustainable at existing scale levels. This trend warrants further investigation into whether these costs are temporary transition-related expenses or a permanent feature of the firm's competitive strategy to attract talent.
According to recent SEC filings, the company's operating margin of -105.1% in 2026Q1 highlights a significant lack of operating leverage, as the firm's fixed overhead and regulatory costs continue to scale in tandem with, or faster than, its top-line revenue growth during this aggressive expansion phase.
The inability to achieve positive operating income despite substantial revenue increases suggests that the firm has not yet reached the necessary economies of scale. Without a clear path to reducing SG&A as a percentage of revenue, the firm may remain trapped in a cycle of high cash burn.
As indicated by the financial data, Dominari's net income figures are heavily influenced by significant stock-based compensation, which reached $19.2M in 2026Q1, suggesting that reported earnings are not reflective of core operational performance and may be obscuring the true extent of the firm's ongoing cash burn.
The reliance on equity-based incentives to retain talent creates a disconnect between accounting profitability and actual cash flow generation. Analysts should adjust for these non-cash charges to better understand the underlying economic viability of the current business model.
Based on reported figures, the firm's reliance on equity-heavy compensation packages to lure advisors from larger wirehouses creates a fragile growth model that may falter if the company's stock price volatility limits its ability to offer competitive, non-dilutive incentives to future high-net-worth advisory teams.
Short-term growth is currently being purchased at the expense of long-term margin stability and shareholder dilution. Investors should be wary of the risk that once vesting periods conclude, the firm may face significant advisor attrition if the platform's value proposition does not evolve beyond equity-based recruitment.
Quick answers to the most common questions about buying DOMH stock.
Dominari Holdings Inc. (DOMH) reported a net loss of $22.4M for the fiscal year ending 2025.
Dominari Holdings Inc. (DOMH) reported an operating income of $-55.7M, resulting in an operating profit margin of -45.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Dominari Holdings Inc. (DOMH) generated $-22.2M in gross profit for the year, representing a gross profit margin of -18.0%. This demonstrates the company's core pricing power and production efficiency.