DOMHHIGH SIGNALFINANCIAL10-K

DOMH has substantially expanded its share count while reporting meaningfully higher net losses and virtually eliminated R&D spending, suggesting a significant strategic pivot away from biotechnology toward pure financial services.

The dramatic increase in outstanding shares (from 14.7M to 22.6M) combined with substantially higher losses indicates either significant dilutive financing or major acquisition activity that has not yet generated positive returns. The virtual elimination of R&D spending and removal of language about AI/Data Center opportunities and biotechnology wind-down suggests the company has completed its exit from technology ventures to focus exclusively on financial services.

Comparing 2026-03-31 vs 2025-04-15View on EDGAR →
FINANCIAL ANALYSIS

DOMH's financial profile shows signs of significant capital deployment with mixed results - the company issued roughly 8 million additional shares while net losses grew meaningfully to $22.4 million. Operating expenses expanded notably with SG&A rising to $11.7 million, while R&D spending was virtually eliminated at just $3,000. The balance sheet reflects this capital intensity with stockholders' equity declining to $39.9 million despite the share issuance, while deposits grew modestly to $5.0 million, suggesting the financial services pivot is generating some organic growth but at substantial cost.

FINANCIAL STATEMENT CHANGES
R&D Expense
P&L
-99.6%
$830K$3K

R&D spending cut 99.6% — could signal cost discipline or concerning reduction in innovation investment.

Net Income
P&L
-52.6%
-$14.7M-$22.4M

Net income declined 52.6% — review whether driven by operations, interest costs, or non-recurring items.

SG&A Expense
P&L
+51.1%
$7.7M$11.7M

SG&A up 51.1% — significant increase in sales or administrative costs, monitor impact on operating leverage.

Stockholders Equity
Balance Sheet
-24.7%
$52.9M$39.9M

Equity decreased 24.7% — buybacks or losses reducing book value, monitor solvency ratios.

Accounts Receivable
Balance Sheet
-18.7%
$286K$233K

Receivables declined — improved collection efficiency or conservative revenue recognition.

Total Deposits
Balance Sheet
+11.1%
$4.5M$5.0M

Deposits grew 11.1% — expanding customer base or increased trust in the institution.

LANGUAGE CHANGES
NEW — 2026-03-31
PRIOR — 2025-04-15
ADDED
Common stock held by each officer and director of outstanding shares of our common stock has been excluded in that such persons may be deemed to be affiliates.
As of March 27, 2026, there were 22,613,781 shares of the registrant s common stock issued and outstanding.
All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph.
We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law.
( Dominari ) is a holding company that, through its various subsidiaries, is engaged in wealth management, investment banking, sales and trading, asset management and insurance.
Our first transaction in furtherance of our growth in the financial services industry, the acquisition of 100% of a dually registered broker dealer and investment advisor from Fieldpoint Private Bank Trust ( Fieldpoint ), was consummated on March 27, 2023.
The Company is in the process of winding down its historical pipeline of biotechnology assets held by Dominari Labs, LLC (formerly AIkido Labs, LLC).
Dominari Securities is also licensed to provides investment advisory services and annuity and insurance products of certain insurance carriers as an insurance agency through independent and affiliated brokers.
On September 9, 2022, Dominari Financial entered into a membership interest purchase agreement, as amended and restated on March 27, 2023 (the FPS Purchase Agreement ) with Fieldpoint Private Bank Trust ( Fieldpoint ), a Connecticut bank, for the purchase of its wholly owned subsidiary, Fieldpoint Private Securities, LLC, a Connecticut limited liability company ( FPS ), that is a broker-dealer, a member of FINRA and an investment advisor registered with the SEC.
Pursuant to the terms of the FPS Purchase Agreement, Dominari Financial purchased from Fieldpoint 100% of the membership interests in FPS (the Membership Interests ).
REMOVED
Common stock held by each officer and director and by each person known to own in excess of 5% of outstanding shares of our common stock has been excluded in that such persons may be deemed to be affiliates.
As of April 15, 2025, there were 14,704,045 shares of the registrant s common stock issued and 14,643,897 shares outstanding.
( Dominari ) is a holding company that, through its various subsidiaries, is currently engaged in wealth management, investment banking, securities sales and trading and asset management.
In addition to organic growth, the Company seeks opportunities outside of its current business to enhance stockholder value, including in the AI and Data Center sector.
The Company is in the process of winding down its historical pipeline of biotechnology assets held by Aikido Labs, LLC.
Dominari Securities provides investment advisory services and annuity and insurance products of certain insurance carriers as an insurance agency through independent and affiliated brokers.
On September 9, 2022, we entered into a membership interest purchase agreement (the FPS Purchase Agreement ) with Fieldpoint Private Bank Trust ( Fieldpoint ), a Connecticut bank, for the purchase of its wholly owned subsidiary, Fieldpoint Private Securities, LLC, a Connecticut limited liability company ( FPS ) and dually-registered broker-dealer and investment advisor registered with the Financial Industry Regulatory Authority ( FINRA ) and the Securities and Exchange Commission ( SEC ).
Pursuant to the terms of the FPS Purchase Agreement, we purchased from Fieldpoint 100% of the membership interests in FPS (the Membership Interests ) and, as a result thereof, operate the newly acquired dual registered broker-dealer and investment adviser as a wholly owned subsidiary of Dominari Financial Inc.
The FPS Purchase Agreement provided for Dominari s acquisition of FPS s Membership Interests in two closings, the first of which occurred on October 4, 2022, at which Dominari paid Fieldpoint $2,000,000 in consideration for a transfer by Fieldpoint to Dominari of 20% of the Membership Interests.
Following FINRA s approval of the Continuing Membership Application pursuant to FINRA Rule 1017 (the Rule 1017 Application ) on March 20, 2023, the second closing occurred on March 27, 2023, at which time Dominari paid Fieldpoint an additional $1.4 million in consideration for a transfer by Fieldpoint to Dominari of the remaining 80% of the Membership Interests.
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