Dominari Holdings Responds to U.S. Congressional Inquiry
Dominari Holdings released the following letter to clients and shareholders: "As reported in certain media outlets, Dominari Securities recently received a letter dated March 8, 2026 from the U.S. House Select Committee on the Strategic Competition Between the United States and the Chinese Communist Party requesting information regarding the underwriting of initial public offerings by Chinese companies. Dominari takes this inquiry seriously and we intend to cooperate with the Committee... To provide an additional frame of reference, Dominari's limited involvement in Chinese IPO activity ceased in 2024. Additionally, Dominari's activity in Hong Kong IPOs, ceased in mid-2025. From the Company's perspective, we chose to focus on American companies. Dominari is an American investment bank focused on building American companies, supporting American innovation, and helping to create American jobs. A focus that we have been executing on, as noted in several of our recent shareholder letters, such as our October 16, 2025 Letter "Dominari Securities Raises Over $1.4 Billion Year-to-Date in Support of American Innovation and Entrepreneurship" or our January 28, 2026, Letter to Shareholders where we referenced how Dominari successfully raised $345 million for New America Acquisition I Corp. Or, where Dominari served as exclusive placement agent for Unusual Machines Inc. on two separate secondary offerings during the past year. The first transaction, completed in May 2025, raised $40 million, followed by a second offering in July 2025 that raised $48.5 million. Unusual Machines is a great American drone company, and we are proud to support their vision. "
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- Significant Revenue Growth: In 2025, Dominari Holdings reported total revenues of $123.1 million, a remarkable 487% increase from $21.0 million in 2024, reflecting strong underwriting activity and robust client engagement, which enhances the company's competitive position in the market.
- Surge in Underwriting Revenue: Underwriting revenues reached $79.0 million in 2025, up 596% from $11.4 million in 2024, not only strengthening the company's revenue structure but also laying a solid foundation for future business expansion.
- Impact of Non-Cash Compensation: Despite an increase in operating loss to $55.7 million from $8.7 million in 2024, primarily due to $55.0 million in non-cash stock-based compensation, this trend highlights the cost pressures faced by the company during its rapid expansion phase.
- First-Time Shareholder Returns: Dominari declared $22.2 million in dividends in 2025, including a $10.0 million dividend for shareholders of record on January 6, 2026, marking the company's first-ever dividend payment and demonstrating its commitment to enhancing shareholder value.
- Impressive Financials: Dominari Holdings reported a FY GAAP EPS of -$1.57, yet achieved revenues of $123.1 million, reflecting a remarkable 487% year-over-year growth, indicating strong business potential.
- Surge in Underwriting Revenue: The underwriting revenue for 2025 reached $79.0 million, a staggering increase of 596% compared to $11.4 million in 2024, showcasing the company's enhanced competitiveness in the market.
- Optimized Revenue Structure: Carried interest amounted to $22.7 million, approximately 18% of total revenue in 2025, contrasting with no such revenue in 2024, highlighting the diversification and stability of the company's profit model.
- Strategic Merger Activity: Aureus Greenway has signed a merger with drone startup Powerus, backed by the Trump family, which could provide Dominari Holdings with new growth opportunities and market expansion.
- Significant Revenue Growth: In 2025, Dominari Holdings reported revenues of $123.1 million, nearly five times the $20.97 million from 2024, reflecting strong underwriting activity and client engagement, indicating robust growth potential in the financial services sector.
- Liquidity and Capital Enhancement: As of December 31, 2025, the company's cash and cash equivalents reached $34.01 million, more than eight times the $4.08 million in 2024, demonstrating successful liquidity management and capital allocation, which strengthens its competitive position in the market.
- Operational Efficiency Improvement: Excluding non-cash expenses, Dominari's adjusted net loss for the year decreased to $22.44 million from $14.70 million in 2024, reflecting positive progress in operational efficiency and cost control measures.
- Optimistic Future Outlook: CEO Anthony Hayes stated that the company expects continued growth in 2026, emphasizing the strategic importance of flexible management and exceptional customer service, aimed at further enhancing shareholder value.
- Small IPO Revenue Share: Since its inception in 2023, less than 10% of Dominari's investment banking revenue has come from IPOs, indicating limited participation in the IPO market and emphasizing the company's strategic focus on non-IPO activities.
- Cessation of Chinese IPOs: Dominari ceased its involvement in Chinese IPOs in 2024 and halted Hong Kong IPO activities in mid-2025, reflecting a strategic shift towards supporting American companies to foster local innovation and job creation.
- Significant Fundraising Achievements: As of 2026, Dominari has raised over $1.4 billion in support of American innovation and entrepreneurship, including successfully raising $345 million for New America Acquisition I Corp, showcasing its strong fundraising capabilities in the U.S. market.
- Support for Local Enterprises: Dominari served as the exclusive placement agent for Unusual Machines Inc., completing two financings in the past year that raised $40 million and $48.5 million respectively, further solidifying its commitment to supporting American businesses.
- Merger Agreement Signed: Aureus Greenway Holdings (AGH) has entered into a definitive merger agreement with Powerus, a firm founded by U.S. Army Special Operations veterans, aiming to enhance the development of autonomous drone systems for high-risk military and commercial environments through resource and technology integration.
- Investor Backing: The combined company has secured notable investor support from American Venture Partners, Eric Trump, and Donald Trump Jr., along with a strategic $50 million investment from U.S. drone manufacturer Unusual Machines (UMAC), indicating strong market confidence in the deal.
- Positive Market Reaction: Following the merger announcement, UMAC shares rose 10% in premarket trading, while AGH shares increased by 12%, reflecting investor optimism regarding the merger's potential market impact and future growth prospects.
- Significant Strategic Implications: This merger not only presents an attractive opportunity for AGH shareholders but is also made more relevant by current geopolitical uncertainties, with Powerus continuing as the surviving entity and expected to list on Nasdaq under the ticker “PUSA.”
- Shareholder Value Creation: In 2025, Dominari's stock price rose from $1 to nearly $5, with approximately $22.2 million in dividends paid to shareholders, demonstrating the company's strong commitment to shareholder returns.
- Capital Market Performance: The company successfully closed over 40 transactions in its Equity Capital Markets division, raising nearly $2 billion in capital and generating $28.8 million in gross revenue, reflecting significant improvements in its diversified financing capabilities.
- Strong Private Placements: Dominari completed 56 transactions in private placements and structured finance, raising approximately $440.8 million in capital, underscoring the continued growth and effectiveness of its private market strategy.
- Strategic Investment Positioning: Dominari maintained long-term investments in cutting-edge companies like SpaceX, which achieved significant financing and commercial milestones in 2025, further solidifying Dominari's strategic position in the global innovation landscape.









