Executive Summary

Q4 2024 closed a transformational year, with audited FY 2024 revenue of $18.146M; based on nine-month revenue of $11.584M, Q4 revenue implies $6.562M, while a preliminary press release had signaled “over $8.0M” in the quarter, later reconciled by the 10-K .
Quarterly profitability inflected: implied Q4 net income was $1.069M, versus losses in Q2–Q3 (driven by investment banking momentum and reduced operating losses) .
Management emphasized expansion initiatives: FINRA-approved broker expansion (50 new seats), strategic AI/data center venture (ADC, subsequently American Bitcoin), and a Bitcoin treasury program to deploy excess cash into IBIT ETF holdings .
Internal control remediation remained a focus following material weaknesses disclosed in Q2 and Q3 around fair value accounting for notes receivable and investments .
Post-quarter catalysts: February 2025 special dividend of $0.32 per share and roughly $13.5M capital raised to fund growth and liquidity, underpinning medium-term execution .

What Went Well and What Went Wrong

What Went Well

Strong investment banking and brokerage activity lifted revenues, with Q2 revenue $6.174M and Q3 revenue $4.043M, and implied Q4 revenue $6.562M (FY $18.146M), reflecting ramp in underwriting and commissions .
Strategic growth actions: FINRA approved expansion (+50 seats), enhancing production capacity; management concurrently formed ADC to pursue energy-efficient data centers, and later minority ownership in American Bitcoin with Hut 8 operational partnership .
CEO tone was confident: “2024 was a transformative year for Dominari, marked by significant revenue growth, strategic investments and expansion activities…” (Anthony Hayes) .

What Went Wrong

Fair-value accounting weaknesses: material weaknesses in internal controls identified in Q2 and Q3—specifically around notes receivable and long‑term investments—necessitated remediation and external valuation support .
Investment impairments and write-offs weighed on results: Tevva to $0, Thrasio to $0, Epic Games markdown, Anduril impairment; write-off on Raefan notes on collectability—collectively dragging nine-month and annual other income/(expense) .
Despite revenue surge, FY net loss remained sizable at $(14.703)M amid increased compensation and G&A associated with scaling operations .

Financial Results

Consolidated P&L (quarterly)

Metric	Q2 2024	Q3 2024	Q4 2024
Revenue ($USD)	$6.174M	$4.043M	$6.562M (FY $18.146M − 9M $11.584M)
Net Income ($USD)	$(6.120)M	$(4.211)M	$1.069M (FY − 9M)
EPS ($USD)	$(1.01)	$(0.67)	$0.17*
Net Income Margin (%)	−99.1% (−6.120/6.174)	−104.2% (−4.211/4.043)	16.3% (1.069/6.562)

*Values retrieved from S&P Global.

Notes:

Q4 revenue and net income are derived from audited FY 2024 and Q3 nine-month figures.
The company furnished a preliminary figure of “over $8.0M” revenue in Q4 in an 8‑K Exhibit press release; audited filings imply $6.562M for Q4 .

Revenue Mix (quarterly)

Revenue Type ($USD)	Q2 2024	Q3 2024	Q4 2024
Underwriting	$312k	$1,971k	N/A
Commissions	$1,775k	$1,161k	N/A
Advisory Fees	$96k	$638k	N/A
Other	$246k	$273k	N/A
Total	$6,174k	$4,043k	N/A

KPIs and Balance Highlights

KPI	Q2 2024	Q3 2024	FY 2024
Deposits with Clearing Broker ($USD)	$13.365M	$14.181M	N/A
Dominari Securities Net Capital ($USD)	~$12.6M	~$12.46M	N/A
Receivable from Clearing Brokers ($USD)	N/A	N/A	$17.279M

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue/Margins	Q4 2024 / FY 2024	None provided	No formal quantitative guidance issued	Maintained: No formal guidance
Bitcoin Treasury (IBIT)	As of Mar 31, 2025	Not applicable	~$2.0M IBIT holdings; plan to continue allocating excess cash	Initiated program
Dividend	Paid Mar 3, 2025	None prior	$0.32 per share special cash dividend	New dividend declared
Broker-Dealer Capacity	2024–2025	Prior capacity	FINRA approval to add 50 seats and new offices	Raised capacity

Earnings Call Themes & Trends

(No Q4 2024 earnings call transcript found in our document set.)

Topic	Previous Mentions (Q2 2024)	Previous Mentions (Q3 2024)	Current Period (Q4 2024)	Trend
AI/Data Centers & Bitcoin Strategy	No ADC; investments via SPVs (xAI, Cerebras)	Continued SPV activity; Tevva impairment; Epic markdown	ADC formed; later American Bitcoin minority stake; Bitcoin treasury initiated	Expanding strategic focus
Internal Controls	Material weakness disclosed	Material weakness and remediation plans	Ongoing remediation; strengthened processes (10-K risk factor context)	Improving but ongoing
Investment Banking & Brokerage	Revenue ramp began (Q2 mix; commissions/placement)	Mix shifted to underwriting and commissions	Continued momentum signaled in press release; strong Q4 contribution	Sustained growth
Regulatory/Legal	Litigation regarding advisor recruiting noted	Ongoing; no loss contingency	Risk factors reiterated in 10-K; compliance emphasis	Stable regulatory posture
Legacy Biotech Wind-down	Background description of winding down	Continued wind-down context	No change, focus on financial services	Deprioritized

Management Commentary

“2024 was a transformative year for Dominari, marked by significant revenue growth, strategic investments and expansion activities to further develop our operational footprint.” — Anthony C. Hayes, CEO .
Business highlights noted: FINRA seat expansion (+50), ADC co‑founding and ownership, and Bitcoin treasury deployment into IBIT as excess cash strategy .

Q&A Highlights

No Q4 2024 earnings call transcript available in our source set; therefore, no Q&A highlights to report (we searched but found none).

Estimates Context

Street coverage appears limited: no consensus EPS or EBITDA available for Q4 2024 via S&P Global; S&P records Q4 revenue “actual” at $6.562M and no estimate counts, indicating minimal analyst coverage [GetEstimates].
Implication: With limited external estimates, results are best benchmarked against internal trajectory and audited filings rather than a “beat/miss” framework.

Key Takeaways for Investors

The inorganic and organic build-out of Dominari Securities is translating into revenue scale (FY $18.146M) from near de minimis levels in 2023, with an implied Q4 profitability inflection—monitor sustainability of underwriting and commission pipelines .
Internal control remediation is a near-term execution priority; successful remediation should reduce valuation overhang related to fair value accounting and financial reporting risks .
Strategic optionality is growing: ADC/American Bitcoin (digital infrastructure and mining exposure) and a Bitcoin treasury policy introduce new drivers and volatility—position sizing and risk governance will be key .
Capital position improved with ~$13.5M raised in Feb 2025 and liquidity on clearing broker receivables; special dividend signals confidence but is opportunistic rather than policy—do not extrapolate recurring dividends .
Revenue mix evolution (underwriting, commissions, advisory) suggests sensitivity to market activity; macro/market downturns or reduced deal flow could pressure topline and margins—maintain scenario frameworks .
Watch for further disclosures on control remediation timing/testing, segment profitability, and guidance practices (none currently). Additional formal guidance could catalyze coverage and investor confidence .
The preliminary press release overstated Q4 revenue relative to audited outcomes (“over $8.0M” vs implied $6.562M); management alignment to audited figures increases credibility going forward .

Additional notes:

We read the Q4-related 8-K furnishing the preliminary FY 2024 press release and the full press release; Q4 call transcript was not found in our document catalog .
Prior two quarters’ results from Q2 and Q3 2024 10‑Qs substantiate trend analysis .

S&P Global disclaimer: Items marked with an asterisk (*) are values retrieved from S&P Global.

Dominari Holdings Inc. (DOMH)·Q4 2024 Earnings Summary