Dominari Holdings Inc. reported third‑quarter 2025 results that saw revenue climb 49% to $50.8 million, driven by the rapid expansion of its Dominari Financial segment. The financial services arm continued to grow underwriting and commission revenue, while the legacy biotechnology business—formerly AIkido Pharma—contributed only a modest share of the top line.
Operating expenses surged to $52.4 million, a jump from $7.2 million in Q3 2024, which translated into a $1.6 million loss from operations. The sharp rise in administrative costs reflects the company’s heavy investment in building out its new underwriting platform and expanding its workforce to support the financial services pivot.
Net income to common stockholders reached $125.2 million, a dramatic turnaround from the $4.2 million loss in Q2 2025. The bulk of the gain—$125.081 million—originated from “other income” related to a market‑value increase in Dominari’s investment in American Bitcoin Corp. The investment gain is non‑operational, underscoring that the core business remains in a high‑expense, growth‑phase stage.
Year‑to‑date revenue totaled $93.0 million, up 703% from $19.0 million in 2024. The growth is largely attributable to the financial services segment, which generated $50.8 million in the quarter and $42.2 million in the first nine months of 2025. The company’s CEO, Anthony Hayes, highlighted the “remarkable year‑to‑date revenue growth of more than 700% year‑over‑year” as evidence of the momentum behind the strategic shift.
Analyst coverage remains limited, with a split view: Weiss Ratings maintains a “sell” stance while Wall Street Zen upgraded to “buy.” The mixed consensus reflects uncertainty about the sustainability of the investment‑driven net income and the company’s ability to convert operating losses into profitability.
Management emphasized that the operating loss is a deliberate investment in the new business model. CEO Hayes noted that the “efforts of Dominari’s President, Mr. Kyle Wool, continue to strengthen our balance sheet and reflect the financial discipline and foundation that underpin our business.” The company’s recent approval as a Limited Underwriting member of the NYSE and NYSE American, effective October 8, 2025, signals regulatory confidence in its financial services capabilities.
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