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Dominari Holdings Inc. (DOMH-4.25%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing revenues of $4,043,000, compared to $963,000 in the same quarter of the previous year. The increase is attributed to commissions and underwriting revenue earned by Dominari Securities and Dominari Manager LLC.
Operating costs and expenses for the quarter were $7,239,000, resulting in a loss from operations of $3,196,000, compared to a loss of $3,104,000 in the previous year.
Total other expenses for the quarter were $1,015,000, compared to $437,000 in the previous year, primarily due to a realized and unrealized loss on notes receivable and a change in the carrying value of investments.
Net loss for the quarter was $4,211,000, compared to $3,541,000 in the previous year. The basic and diluted net loss per share was $0.67, compared to $0.66 in the previous year.
Cash used in operating activities was $11,902,000, while cash provided by investing activities was $12,472,000, primarily from the sale of marketable securities.
Dominari had a working capital of $22,345,000 as of September 30, 2024, with cash and cash equivalents of $3,403,000.
The filing also details the company's shift in focus from biotechnology to financial services, including the acquisition of Dominari Securities LLC and the formation of Dominari Financial Heritage Strategies LLC.
The company identified a material weakness in its internal controls over financial reporting related to the accounting for certain notes receivable and long-term investments.
Dominari continues to focus on expanding its financial services operations, including wealth management, investment banking, and insurance services.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Dominari Holdings Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.