Dominari Holdings reported a sharp year-over-year decline in third-quarter revenue, reflecting fewer deal closings and lower revenue from underwriting, carried interest, commissions and principal transactions. The company also cut expenses substantially. Its net loss to common shareholders narrowed from the second quarter, while its operating loss for the quarter was wider than a year earlier.
For the first nine months of 2026, Dominari’s operating loss narrowed from the same period in 2025. The company also reported continued profitability in its financial business segment, growth in recurring revenue, and progress on a planned share-repurchase program.
Key details
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Third-quarter revenue fell 69% to $16.4 million, from $52.4 million a year earlier. Dominari attributed the decrease mainly to $25.7 million less underwriting revenue because of fewer deal closings, as well as lower carried interest, commission revenue and principal transactions.
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Operating costs and expenses dropped 65% to $18.3 million, a year-over-year reduction of $34.6 million. Compensation and benefits fell by $35.3 million, largely because commission expense was about $30 million lower; professional and other expenses rose by $1.4 million.
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The quarterly operating loss was $1.9 million, compared with a $0.4 million loss in the third quarter of 2025. Dominari said the expense reductions partly offset the impact of lower revenue.
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Net loss to common shareholders was $1.9 million, or $0.08 per share. That was down 65% from the $5.4 million net loss in the second quarter of 2026. The release’s year-over-year comparison for this measure is incomplete in the supplied text.
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For the first nine months of 2026, the operating loss narrowed 16% to $40.6 million, from $48.2 million in the comparable 2025 period. The company said operating costs were down by more than 25% year over year for the nine-month period; it reported a $37.2 million decline in operating expenses for that period.
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The financial business segment remained profitable, with net income of $1.8 million in the third quarter and $12.7 million for the first nine months.
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Recurring revenue measures increased. Dominari cited $3.6 million in annual recurring revenue, up from $0.8 million at the end of the second quarter of 2025, a 341% increase. It also said the annualized run rate for recurring revenue from management services reached $3.5 million, about $2.7 million higher than a year earlier.
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The company raised about $3.3 million through a warrant inducement program announced in August 2026.
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Dominari has a $5 million target for its share-repurchase program. As of the results announcement, it had bought back more than 1.9 million shares for approximately $3.4 million.
The results show a mixed quarterly picture: lower revenue coincided with steep expense cuts, but the quarterly operating loss was still larger than a year earlier. Over the first nine months, however, the operating loss narrowed, and the company’s reported repurchases and warrant proceeds reflect separate efforts involving its capital and share count.