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Item 7. Management’s Discussion and Analysis

2026-03-31 compared with 2025-04-15 · 295 added, 94 removed, 109 unchanged (78% of the section changed)

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organized as follows:

Discussion of our business and overall analysis of financial and other highlights affecting the Company in order to provide context for the remainder of the MD&A.

Discussion of our business and overall analysis of financial and other highlights affecting

the Company in order to provide context for the remainder of the MD&A.

● Critical Accounting Estimate.

Accounting estimates we believe are most important to understanding the assumptions and judgments incorporated in our reported financial results and forecasts.

Accounting estimates we believe are most important to understanding the

assumptions and judgments incorporated in our reported financial results and forecasts.

● Recently Issued Accounting Pronouncements.

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An analysis of our financial results is presented to compare 2025 to 2024.

We also provide a discussion of our Liquidity and Capital Resources position and usage.

Dominari is a holding

company that, through its various subsidiaries, is primarily engaged in wealth management, investment banking, sales and trading and asset

In addition to capital investment, Dominari provides management support to the executive teams of its subsidiaries,

helping them to operate efficiently and reduce cost under a streamlined infrastructure.

also provide a discussion of our Liquidity and Capital Resources position and usage.

Dominari is a holding company that, through its

various subsidiaries, is engaged in wealth management, investment banking, sales and trading, asset management and insurance.

to capital investment, Dominari provides management support to the executive teams of its subsidiaries, helping them to operate efficiently

and reduce cost under a streamlined infrastructure.

Dominari Financial, a wholly owned subsidiary

of Dominari, executes the Company’s growth strategy in the financial services industry.

In addition to organic growth, Dominari

Financial seeks partnership opportunities and acquisitions of third-party financial assets such as registered investment advisors and

businesses, broker dealers, asset management and fintech firms, and insurance brokers.

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,

was consummated on March 27, 2023.

The newly acquired dually registered broker-dealer and investment adviser was renamed Dominari Securities

and is a wholly owned subsidiary of Dominari Financial.

Critical Accounting Estimates

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our consolidated financial condition and results of operations.

Stock-based Compensation

The Company accounts for share-based payment awards

exchanged for services at the estimated grant date fair value of the award.

Stock options issued under the Company’s long-term incentive

plans are granted with an exercise price equal to no less than the market price of the Company’s stock at the date of grant and

expire up to ten years from the date of grant.

These options generally vest over a one- to five-year period.

The Company estimates the fair value of time-based

vesting stock option grants to employees using the Black-Scholes option pricing model and the assumptions used in calculating the fair

value of stock-based awards represent management’s best estimates and involve inherent uncertainties and the application of management’s

The fair value of market-based performance awards is calculated using a Monte Carlo simulation.

The Company recognizes stock-based

compensation expense on a graded-vesting basis over the requisite service period for each separately vesting tranche of each award.

Expected Term - The expected term of options

represents the period that the Company’s stock-based awards are expected to be outstanding based on either the simplified method,

if applicable, which is the half-life from vesting to the end of its contractual term or when applicable, probability estimates of expected

exercises of such options.

Expected Volatility - The Company computes

stock price volatility over expected terms based on its historical common stock trading prices.

Risk-Free Interest Rate - The Company bases

the risk-free interest rate on the implied yield available on U.

Treasury zero-coupon issues with an equivalent remaining term.

The Company accounts for forfeitures as they occur.

Financial instruments, including cash and cash

equivalents, accounts payable and accrued expenses and accrued compensation and commissions are carried at cost, which management believes

approximates fair value due to the short-term nature of these instruments.

The Company measures the fair value of financial assets and

liabilities based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal

or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.

The Company maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value.

The Company uses three levels of inputs that may

be used to measure fair value:

Level 1 - quoted prices in active markets for

identical assets or liabilities

Level 2 - quoted prices for similar assets and

liabilities in active markets or inputs that are observable

Level 3 - inputs that are unobservable (for example,

cash flow modeling inputs based on assumptions)

Observable inputs are based on market data obtained

from independent sources, while unobservable inputs are based on the Company’s market assumptions.

Unobservable inputs require significant

management judgment or estimation.

In some cases, the inputs used to measure an asset or liability may fall into different levels of the

fair value hierarchy.

In those instances, the fair value measurement is required to be classified using the lowest level of input that

is significant to the fair value measurement.

Such determination requires significant management judgment .

Securities owned

Securities owned consist of equity securities

including, common stock and warrants of publicly traded companies which are held by Dominari Securities.

Securities owned and securities

sold, but not yet purchased are recorded in the balance sheet at fair value, with the change in fair value and any realized gains or losses

upon purchase or sale recorded within the statement of operations as principal transactions.

Dominari Securities may receive securities, including

common or preferred stock and stock purchase warrants, from companies as part of its compensation for underwriting services.

These instruments

are stated at fair value in accordance with GAAP, and recorded within the balance sheet as securities owned.

Such securities that the

Company receives may be subject to contractual or instrument specific restrictions which prevent Dominari Securities from reselling the

securities within the open market.

Under ASC 820 only those restrictions which are an attribute of the instrument, and do not arise from

any contractual agreement, are considered when determining fair value.

A portion of the Company’s equity securities,

which are held by Dominari Securities are subject to restrictions.

Equities that have periods of contractual trading restrictions, discounts

were considered in determining fair value The Company’s significant unobservable inputs, included the implied probability of 15%

of certain marketplace transactions and events occurring which would permit the sale of equities held.

These equities are included in

securities owned.

The Company holds certain other strategic investments

that are not part of its broker-dealer trading activities.

These investments are accounted for under ASC 321 using the measurement alternative.

Equity securities that are not part of our broker-dealer trading activities are included marketable securities on the consolidated balance

These investments are generally strategic in nature and are not actively traded.

Unrealized gains and losses on these investments

are recognized in earnings when impairment is identified or when observable price changes occur and are classified in other income (loss)

in the consolidated statement of operations.

Warrant Investments

Warrant fair values are primarily determined using

a Black Scholes option pricing model, which includes the underlying stock price, warrant strike price, expected remaining term, volatility,

and risk-free rate as the primary inputs to the model.

Increases or decreases in any of these inputs could result in a material change

in fair value.

Additionally, for warrants that have periods of contractual trading restrictions, marketability discounts were considered

in determining fair value.

Warrants held by Dominari Securities are included in securities at fair value owned and other warrants are

included in marketable securities.

● The following inputs are considered for determining the fair

values of warrants:

● The underlying stock price is equal to the closing price of the underlying stock as of the measurement

● The expected remaining term is equal to the time to expiration of the warrant investment.

● Volatility, or the amount of uncertainty or risk about the size of the changes in the warrant investment

● The risk-free interest rates are derived from the U.S.

Treasury yield curve.

The risk-free interest rates

are calculated based on a weighted average of the risk-free interest rates that correspond closest to the expected remaining term of the

warrant investment.

● Marketability discounts are applied for warrants that have sales restrictions (or lock-up periods).

discounts are calculated using a combination of the Finnerty Model and the Asian Put Model using a term equal to the period of such restriction.

Fair Value Option - Short-Term Note and Convertible

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those characteristics specific to the underlying investments.

The carrying value is adjusted to estimated fair value at the end of

each quarter, required to be reported separately in our consolidated balance sheets from those instruments using another accounting method.

The carrying value is adjusted to estimated fair value at the end of each

quarter, required to be reported separately in our consolidated balance sheets from those instruments using another accounting method.

Under this guidance, the Company makes certain

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Long-Term Investments

The Company accounts for long-term equity investments

under Accounting Standards Codification (“ASC”) 321 “Investments—Equity Securities” (“ASC 321”).

In accordance with ASC 321, equity securities with readily determinable fair values are accounted for at fair value based on quoted market

Any equity securities with a readily determinable fair value are included within marketable securities on the accompanying consolidated

balance sheet.

Equity securities without readily determinable fair values are accounted for either at net asset value or using the measurement

Under the measurement alternative, the equity investments are measured at cost, less any impairment, if any, plus or minus

changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer.

The Company, throughout the process of determining if there are any

changes resulting from observable price changes is faced with the risk of estimating certain aspects of its underlying investments.

are limited observable and orderly transactions that are known to the Company, due to the fact that its investments are primarily private

The Company estimates and uses judgments for these underlying investments, that result in uncertainty and estimates which could

result in future changes in the carrying value of the investments.

Additionally, the Company uses any information which is known to them,

which could be from different types of instruments.

Any estimates the Company may use, are its best estimate and may be subject to risk

of further changes.

Effect of new accounting pronouncements not

The Company accounts for long-term equity investments under Accounting

Standards Codification (“ASC”) 321 “Investments-Equity Securities” (“ASC 321”).

In accordance with

ASC 321, equity securities with readily determinable fair values are accounted for at fair value based on quoted market prices.

securities with a readily determinable fair value are included within marketable securities on the accompanying consolidated balance sheet.

Equity securities without readily determinable fair values are accounted for either at net asset value or using the measurement alternative.

Under the measurement alternative, the equity investments are measured at cost, less any impairment, if any, plus or minus changes resulting

from observable price changes in orderly transactions for the identical or a similar investment of the same issuer.

These investments

are accounted for under ASC 321 using the measurement alternative.

Equity method investments and other long-term investments that are

not part of our broker-dealer trading activities are included in “long term equity investment” on the consolidated balance

These investments are generally strategic in nature and are not actively traded.

Unrealized gains and losses on these investments

are recognized in earnings when impairment is identified or when observable price changes occur and are classified in other income (loss)

in the consolidated statement of operations.

The Company, throughout the process of determining

if there are any changes resulting from observable price changes is faced with the risk of estimating certain aspects of its underlying

There are limited observable and orderly transactions that are known to the Company, due to the fact that its investments

are primarily private companies.

The Company estimates and uses judgments for these underlying investments, that result in uncertainty

and estimates which could result in future changes in the carrying value of the investments.

Additionally, the Company uses any information

which is known to them, which could be from different types of instruments.

Any estimates the Company may use, are its best estimate and

may be subject to risk of further changes.

Effect of new accounting pronouncements to

be adopted in future periods

In November 2024, the FASB issued ASU No.

“Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures.” This ASU requires that each interim

and annual reporting period, an entity discloses more information about the components of certain expense captions that is currently

disclosed in the financial statements.

This update is effective for annual reporting periods beginning after December 15, 2026.

adoption is permitted.

Management is currently evaluating the effects this guidance will have on its financial statements.

The Company reviewed all other recently issued

accounting pronouncements and concluded that they were either not applicable or not expected to have a significant impact on the Company’s

consolidated financial statements.

accounting pronouncements and concluded that they were either not applicable or not expected to have a significant impact on these consolidated

financial statements.

Recently Issued Accounting Pronouncements

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Results of Operations

Fiscal Year Ended December 31, 2024 Compared

to Fiscal Year Ended December 31, 2023

Comparison of Results for the Fiscal Year Ended

December 31, 2025 and December 31, 2024

Years Ended December 31,

Underwriting services

Carried interest

Interest income

Principal transactions

Other revenue

Total revenue

Operating costs and expenses

Compensation and benefits

Advisory fees

Professional and consulting fees

Other expenses

Total operating expenses

Loss from operations

Other income (expenses)

Interest income

Gain on marketable securities, net

Realized and unrealized gain (loss) on notes receivable, net

Change in carrying value of investments

Total other income (expenses)

Net loss before income tax expense

Provision for income taxes

Net income attributable to non-controlling interests

Net loss attributable to common stockholders of Dominari Holdings Inc.

During the year ended December 31, 2025, we recognized

approximately $18.1 million in revenue from operations, an increase of approximately $16.1 million as of the year ended December 31, 2023,

approximately $123.1 million in revenue from operations, an increase of approximately $102.1million as compared to the year ended December

31, 2024, primarily driven by the increase in our activities of Dominari Securities.

During the years ended December 31, 2024 and 2023, we incurred

a loss from operations of approximately $11.5 million and $21.8 million, respectively.

The decrease in loss in operations was primarily

attributable to the following:

An approximate $16.1 million increase in revenue from operations, offset

An approximate $5.8 million increase in general and administrative expenses – driven by approximately an increase of $8 million of compensation expenses, due to the growing operations of the Company.

In addition, the Company also had a decrease of approximately $2.4 million of professional fees (legal, consulting, accounting, etc.), which were largely due to the establishment of Dominari Financial and Dominari Securities during the year ended December 31, 2023.

During the years ended December 31, 2024 and 2023, other expenses was

approximately $3.2 million and $1.1 million, respectively.

The activity for the years ended December 31, 2024 and 2023, is primarily a

result of overall volatility in investment valuations due to macroeconomic uncertainty (i.e.

inflation, global tensions in the Ukraine,

etc.) impacting marketable securities and the change in fair value of note receivable, and long-term investments.

Specifically:

Marketable securities – we recognized a gain of approximately $5.2 million for the year ended December 31, 2024.

The increase of approximately $4.6 million in gains over the prior period is a result of additional activities during the year as we expanded.

Change in carrying value of long term investments – we recognized

a change in carrying value of long term investments of $(7.1) million for the year ended December 31, 2024.

The increase in revenue was primarily attributable

to the following:

Underwriting service revenue increased by $67.7 million or 596% from $11.4 million to $79.0 million in

2025 as compared to 2024, reflecting the impact of it increased efforts in both private placement and registered offering underwriting

activities and deal flow.

Carried interest revenue totaled $22.7 million in 2025 as compared to no such revenue in 2024 as a result

of receiving variable consideration from investment management customers.

Commission revenues increased by $13.5 million or 222% in 2025 as compared to 2024 as a result of the

increased trading activity driven from the increased customer base from the Company’s underwriting deals.

During the year ended December 31, 2025,

31, 2023, we recognized a change in carrying value of long term investments of $0.8 million.

This change of approximately $7.8 million

was the direct result of the Company writing down additional investments due to performance during the year ending December 31, 2024.

Note receivable – the changes over the years ended December 31, 2024 and 2023 are a function of observable market transactions which resulted in a decrease in unrealized loss of approximately $0.9 million on the adjusted fair value of the note receivable during the year ended December 31, 2024, as well as a realized loss of $2.1 million on an uncollectible note.

we recognized $178.8 million in operating costs and expenses representing an increase of $149.2 million or 503% as compared to the year

ended December 31, 2025.

The increase in operating costs and expenses is primarily a result of the following:

Compensation and benefits increased by $123.3 million or 561% in 2025 as compared to the comparable period

in 2024 primarily as a result of increased commissions from the significant increase in revenues along with and increase in the stock-based

compensation totaling $33.7 million in 2025 as compared to $1.6 million in 2024.

The Company recorded $21.1 million of advisory fees in 2025 as compared to $0.1 million in 2024 primarily

as a result of issuing 2.55 million shares of common stock to certain advisors in February 2025.

During the year ended December 31, 2025, other income was approximately $42.5 million as compared to an

other expense of $6.0 million for the year ended December 31, 2024.

The activity for the years ended December 31, 2025 and 2024, is primarily

a result of the following:

Gain on marketable securities, net:

In 2025 we recognized a gain of approximately $42.3 million for the

year ended December 31, 2025 primarily as a result of the Company’s investment in American Bitcoin Corp (“ABTC”) that

resulted in an unrealized gain of $39.4 for the year .

For the year ended December 31, 2024, we recorded gains on marketable securities

totaling $3.1 million from the securities held that the parent holding company.

Change in carrying value of investments:

we recognized no change in carrying value of long term investments

for the year ended December 31, 2025.

During the year ended December 31, 2024, we recognized a reduction in the carrying value of long-term

investments of $7.1 million.

This change of approximately $7.1 million was the direct result of the Company writing down investments due

to performance during the year ending December 31, 2025.

Realized and unrealized gain (loss) on notes receivable:

For the year ended December 31, 2025 the Company

recorded a realized gain of $0.2 million on a note that was satisfied during the period a $2.3 million loss for the year ended December

31, 2024 primarily related to a $2.1 million write off of a note that was deemed uncollectible during the year.

During the year ended December 31, 2025, we recorded

income tax expense of $7.3 million as compared to $0.0 in 2024 primarily as a result of the increase in revenue and the tax impact of

certain expenses related to compensation that are not allowable deductions for tax purposes.

Net loss of $20.5 million in 2025 was $5.8 million

or 39.2% higher than the $14.7 million loss reported in 2024 .

In 2025, non-controlling interest of $2.0 million was recorded increasing

the net loss attributable to common stockholders’ of the Company to $22.4 million or a $7.7 million increase as compared to $14.7

million in 2024.

Non-GAAP Comparison of Results for the Fiscal

Year Ended December 31, 2025, and December 31, 2024

To supplement its consolidated financial statements

presented in accordance with U.S.

generally accepted accounting principles (GAAP), the table below summarizes the additional non-GAAP

financial measures of loss from operations, net income (loss) applicable to common stockholders’ of Dominari Holdings and earnings

per share as adjusted from excluding non-cash stock-based compensation.

Such noncash stock-based compensation represents charges included

in compensation and benefits expense and advisory expense as reported on the Company’s consolidated statement of operations.

Company believes that these non-GAAP financial measures are appropriate to enhance understanding of its past performance as well as prospects

for future performance.

The non-GAAP financial measures should be considered in addition to, not as a substitute for, measures of financial

performance prepared in accordance with U.S.

A reconciliation of the differences between these non-GAAP financial measures with

the most directly comparable financial measure calculated in accordance with GAAP is shown in the table below ($ thousands):

Loss from operations

Non-cash stock-based compensation

Adjusted loss from operations

Net loss attributable to common stockholders’ of Dominari Holdings

Non-cash stock-based compensation

Adjusted net income (loss) to common stockholders’ of Dominari Holdings

Adjusted net income (loss) per share, basic

Weighted average number of shares outstanding, basic

Liquidity and Capital Resources

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● seeking additional liquidity through credit facilities or other debt arrangements.

Our ultimate success is dependent on our

ability to generate sufficient cash flow to meet our obligations on a timely basis.

Our business may require significant amounts of

capital to sustain operations that we need to execute our business plan to support our transition into the financial services

Our working capital amounted to approximately $24.4 million as of December 31, 2024.

As of December 31, 2024, we had

approximately $4 million of cash and cash equivalents and $5.8 million of marketable securities.

Our ultimate success is dependent on our ability

to generate sufficient cash flow to meet our obligations on a timely basis.

Our business may require significant amounts of capital to

sustain operations that we need to execute our business plan to support our transition into the financial services industry.

capital amounted to approximately $53.1million as of December 31, 2025.

As of December 31, 2025, we had approximately $34.0 million of

cash and cash equivalents, $46.5 million of marketable securities and $9.8 million of securities owned.

Additionally, we had approximately

$4.0 million in receivable from clearing brokers.

Subsequent to December 31, 2024, we raised approximately $13.5 million.

funds are available to fund our operations.

We believe our cash and cash equivalents and marketable securities, together with the

anticipated cash flow from operations will be sufficient to meet our working capital and capital expenditure requirements for at

least the next 12 months.

In the event that cash flow from operations is not sufficient to fund our operations, as expected, or if

our plans or assumptions change, including if inflation begins to have a greater impact on our business or if we decide to move

forward with any activities that require more outlays of cash than originally planned, we may need to raise additional capital

sooner than expected.

We may raise this additional capital by obtaining additional debt or equity financing, especially if we

experience downturns in our business that are more severe or longer than anticipated, or if we experience significant increases in

expense levels resulting from being a publicly traded company or from continuing operations.

All of such funds are available to fund our operations.

We believe our cash and cash

equivalents and marketable securities, together with the anticipated cash flow from operations will be sufficient to meet our working

capital and capital expenditure requirements for at least the next 12 months.

In the event that cash flow from operations is not sufficient

to fund our operations, as expected, or if our plans or assumptions change, including if inflation begins to have a greater impact on

our business or if we decide to move forward with any activities that require more outlays of cash than originally planned, we may need

to raise additional capital sooner than expected.

We may raise this additional capital by obtaining additional debt or equity financing,

especially if we experience downturns in our business that are more severe or longer than anticipated, or if we experience significant

increases in expense levels resulting from being a publicly traded company or from continuing operations.

Our ability to obtain capital to implement our

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Cash Flows from Operating Activities

For the years ended December 31, 2024 and 2023, net cash used in operations

was approximately $15.1 million and $22.2 million, respectively.

The cash used in operating activities for the year ending December 31,

2024, is primarily attributable to a net loss of approximately $14.7 million, change in carrying value of long-term investment of approximately

$7.1 million, stock-based compensation of approximately $1.6 million, realized gain on marketable securities of approximately $6.4 million,

unrealized loss on marketable securities of approximately $1.7 million, realized and unrealized loss on note receivable of approximately

For the years ended December 31, 2025, net cash

provided by operations was approximately $22.7million as compared to net cash used in operations of $16.7 million for the year ended December

The cash provided by operating activities for the year ending December 31, 2025, is primarily attributable to net loss of approximately

$20.5 million, non-cash underwriting revenue of approximately $27.3 million, and an unrealized gain on marketable securities of approximately

$42.3 million, offset primarily by non-cash commission expense of approximately $20.3 million, stock-based compensation of approximately

$55.0 million, , and changes in operating assets and liabilities of approximately $38.8 million.

The cash used in operating activities for the

year ending December 31, 2023, is primarily attributable to a net loss of approximately $22.9 million, approximately $1.0 million of unrealized

gain on marketable securities, change in fair value of long-term investment of approximately $0.8 million and changes in operating assets

and liabilities of $5.3 million, partially offset by $3.0 million stock-based compensation expense, approximately $3.2 million in unrealized

losses on note receivable and approximately $1.2 million in realized losses on marketable securities.

The cash used in operating activities

for the year ending December 31, 2024, is primarily attributable to a net loss of approximately $14.7 million, change in carrying value

of long-term investment of approximately $7.1 million, stock-based compensation of approximately $1.6 million, realized gain on marketable

securities of approximately $6.4 million, unrealized loss on marketable securities of approximately $1.7 million, realized and unrealized

loss on note receivable of approximately $2.3 million and changes in operating assets and liabilities of approximately $8.6 million.

Cash Flows from Investing Activities

For the years ended December 31, 2025 and 2024,

net cash provided by and (used in) investing activities was approximately $16.3 million and ($7.2) million, respectively.

The cash provided

by investing activities for the year ended December 31, 2024, primarily resulted from our purchase of marketable securities of approximately

$7.8 million, partially offset by our sale of marketable securities of approximately $21.2 million, sale of long-term investments of $4.3

million, loans to employees of $2.4 million and collection of principal on note receivable of approximately $1 million.

The cash used

in investing activities for the year ended December 31, 2023, primarily resulted from our purchase of marketable securities of approximately

$34.1 million and the acquisition of FPS for approximately $1.1 million, partially offset by our sale of marketable securities of approximately

$27.6 million and collection of principal on note receivable of approximately $1.1 million.

net cash provided by investing activities was approximately $1.9 million and $17.9 million, respectively.

The cash provided by investing

activities for the year ended December 31, 2025, primarily resulted from our sale of marketable securities of approximately $17.9 million

and collection of principal on note receivable of approximately $1.1 million, partially offset by our purchase of marketable securities

of approximately $18.0 million and redemption of long-term investments of approximately of $0.5 million.

The cash provided by investing

activities for the year ended December 31, 2024, primarily resulted from our purchase of marketable securities of approximately $6.2 million,

offset by our sale of marketable securities of approximately $21.2 million, sale of long-term investments of $4.3 million, loans to employees

of $2.4 million and collection of principal on note receivable of approximately $1.0 million.

Cash Flows from Financing Activities

For the years ended December 31, 2025 and 2024,

net cash used in financing activities was $0 and approximately $0.9 million, which reflects the cost for the purchase of treasury stock.

net cash provided by financing activities was approximately $5.3 million and $0, respectively.

The cash provided by financing activities

for the year ended December 31, 2025, was resulted from the issuance of common stock in equity raise of approximately $13.6 million and

issuance of common stock for the warrants exercised of approximately $5.6 million offset by the dividends paid of approximately $11.9

million and distributions to non-controlling interest of approximately $2.0 million.

Contractual obligations

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 7. Management’s Discussion and Analysis