Hyperion DeFi (NASDAQ: HYPD) builds HYPE treasury and targets 4x 2026 profit
Rhea-AI Filing Summary
Hyperion DeFi, Inc. reported its first full year under its new DeFi strategy, showing rapid but still small operating growth alongside very large digital-asset swings. Q4 2025 revenue was $496,229, up from $302,506 in Q3, while non-GAAP Adjusted Gross Profit rose 87% to $820,997.
Digital-asset volatility dominated results: Q4 Treasury Gains (Losses) were a loss of $36.8M versus an $11.9M gain in Q3, driving a Q4 net loss of $39.8M and full-year 2025 net loss of $45.3M on revenue of $813,455. Adjusted EBITDA was $(38.9)M in Q4.
At December 31, 2025, the company reported Gross HYPE Holdings of $47.8M and cash and equivalents of $6.4M, with Gross HYPE Holdings increasing to $73.9M by March 23, 2026. Management guides 2026 Adjusted Gross Profit of $4M–$6M, about four times 2025’s $1M. It also signed a letter of intent to monetize its Optejet ophthalmic device, with potential closing in Q2 2026.
Separately, the Board adopted Third Amended and Restated Bylaws, reducing the stockholder meeting quorum to one-third of shares entitled to vote and confirming that stockholder actions may be taken at meetings or by written consent.
Positive
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Insights
Small but fast-growing DeFi operations sit atop a highly volatile HYPE token treasury.
Hyperion DeFi is repositioned as a DeFi operating company whose economics are still dominated by its HYPE token holdings. Q4 2025 revenue of $496k and Adjusted Gross Profit of $821k remain modest, even after strong quarter-over-quarter growth.
The non-GAAP DeFi businesses scaled quickly, but Q4 Treasury Gains (Losses) of $(36.8M) versus an $11.9M gain in Q3, plus large digital-asset impairments, produced a full-year net loss of $45.3M. Adjusted EBITDA swung from $8.0M in Q3 to $(38.9M) in Q4, underscoring balance sheet risk.
Gross HYPE Holdings were $47.8M at December 31, 2025, rising to $73.9M by March 23, 2026, alongside $6.4M in cash. Management’s 2026 Adjusted Gross Profit guidance of $4M–$6M (~4x 2025) depends on continued Hyperliquid ecosystem growth and execution of its “triple-dip” strategies.
Bylaw changes lower quorum and preserve written consents while capital raises reshape equity.
The Board’s Third Amended and Restated Bylaws reduce the quorum for stockholder meetings to one-third of voting shares, which can make it easier to hold valid meetings when participation is limited. Stockholder actions can still be taken via duly called meetings or written consent.
During 2025 the company raised substantial capital: a preferred stock and warrant private placement with $50M gross proceeds and an at-the-market common stock program with $40.6M gross proceeds. These financings turned a prior stockholders’ deficit into $41.1M of equity, while adding a preferred class with a stated liquidation preference.
8-K Event Classification
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 2.02. Results of Operations and Financial Condition.
On March 26, 2026, Hyperion DeFi, Inc. (the “Company”) issued a press release announcing its financial results for the fiscal year ended December 31, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information contained in this Item 2.02, including Exhibit 99.1, is being “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). The information contained in this Item 2.02, including Exhibit 99.1, shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act or into any filing or other document pursuant to the Exchange Act, except as otherwise expressly stated in any such filing.
Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
On March 20, 2026, the Board of Directors (the “Board”) of the Company approved the Company’s Third Amended and Restated Bylaws (the “Restated Bylaws”). The Restated Bylaws provide that (i) the quorum requirement for stockholder meetings shall be one-third (1/3) of the shares of capital stock entitled to vote at such meetings, reduced from a simple majority, and (ii) any action required or permitted to be taken by the stockholders of the Company may be effected at a duly called annual or special meeting of the stockholders of the Company or by any consent in writing by such stockholders. The Restated Bylaws were effective upon adoption by the Board.
The foregoing description of the Restated Bylaws
does not purport to be complete and is qualified in its entirety by reference to the full text of the Restated Bylaws, which is filed
as Exhibit 3.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 7.01. Regulation FD Disclosure.
On March 26, 2026, the Company will host a conference call to discuss its financial and operating results for the year ended December 31, 2025. A copy of the investor presentation that will be used during this conference call is furnished as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference.
The information contained in this Item 7.01, including Exhibit 99.2, is being “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of that Section or Sections 11 and 12(a)(2) of the Securities Act. The information contained in this Item 7.01, including Exhibit 99.2, shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act or into any filing or other document pursuant to the Exchange Act, except as otherwise expressly stated in any such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit Number | Description |
| 3.1 | Third Amended and Restated Bylaws of Hyperion DeFi, Inc. |
| 99.1 | Press Release, dated March 26, 2026. |
| 99.2 | Investor Presentation, dated March 26, 2026 |
| 104 | Cover Page Interactive Data File (embedded within the inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| HYPERION DEFI, INC. | ||
| Dated: March 26, 2026 | By: | /s/ Hyunsu Jung |
| Hyunsu Jung | ||
| Chief Executive Officer | ||
Exhibit 99.1
Hyperion
DeFi Reports 4Q and FY 2025 Financial Results with
Quarter-over-Quarter Growth of +64% Revenue and +87% Adjusted
Gross Profit
Five Diversified, Ramping DeFi Business Lines Delivered Growth Exceeding Q4 Guidance
Treasury Exceeds 1.93M HYPE, 1.92M KNTQ, & 1.00M HPL Tokens as of March 23(14)
HYPD’s Unique “Triple-Dip” HYPE Deployment Generated ~3x Base Staking Income in Q4
Announces Executed LOI to Monetize the Optejet, With Potential Closing in Q2’26
LAGUNA HILLS, Calif., March 26, 2026 -- Hyperion DeFi, Inc. (NASDAQ: HYPD) (“Hyperion DeFi” or the “Company”), the first U.S. publicly listed DeFi company building on Hyperliquid, today reported results for the fourth quarter and full year ending December 31, 2025.
“Against a backdrop of significant market volatility, we are pleased to report rapid growth in our DeFi operating businesses which exceeded our guidance in the fourth quarter,” said Hyunsu Jung, CEO of Hyperion DeFi. Mr. Jung continued, “Today, we are reporting detail on each business we have built in our first six months under our new DeFi strategy. We continue to make progress on our Company’s corporate transformation as a premier institutional gateway to DeFi innovation, and we expect each business to continue to scale through 2026 and beyond. Hyperion DeFi is building for the future of on-chain finance. This is more than just HYPE.”
Q3’25 and Q4’25 Summary GAAP and Non-GAAP Financial Measures
| (Figures in $) | Q3 2025 | Q4 2025 | ||||||||
| GAAP | Revenue | 302,506 | 496,229 | |||||||
| Non-GAAP | Adjusted Gross Profit(1) | 439,386 | 820,997 | |||||||
| GAAP | HYPE Digital Assets | 37,954,590 | 16,233,941 | |||||||
| Non-GAAP | Gross HYPE Holdings(4) | 77,751,604 | 47,837,901 | |||||||
| Non-GAAP | Net Asset Value(9) | 74,545,583 | 44,154,737 | |||||||
| GAAP | Selling, General and Administrative Expense | 2,594,130 | 4,530,542 | |||||||
| Non-GAAP | Operating Expenses Excluding Stock-Based Compensation(5) | 4,315,016 | 3,007,135 | |||||||
| GAAP | Net Operating (Income) Expenses | (4,125,685 | ) | 39,958,264 | ||||||
| Non-GAAP | Treasury Gains (Losses)(6) | 11,868,872 | (36,783,228 | ) | ||||||
| GAAP | Total Other Income (Expense), Net | 2,197,391 | (288 | ) | ||||||
| Non-GAAP | Adjusted Other Income (Expense)(7) | (42,240 | ) | 48,717 | ||||||
| GAAP | Net Income (Loss) | 6,625,582 | (39,765,565 | ) | ||||||
| Non-GAAP | Adjusted EBITDA(8) | 7,951,003 | (38,920,649 | ) | ||||||
All figures in this press release are not audited. Throughout this document, totals may not sum due to rounding. Calculations are based on unrounded results.
This press release includes certain non-GAAP financial measures (including on a forward-looking basis) such as Adjusted Gross Profit, Gross HYPE Holdings, Net Asset Value, Operating Expenses Excluding Stock-Based Compensation, Treasury Gains (Losses), Adjusted Other Income (Expense), and Adjusted EBITDA. Please see “Footnotes” and “Non-GAAP Measures of Financial Performance” for reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures and important additional information.
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2025 Actuals & 2026 Guidance (in $ millions) | Q1'25A | Q2'25A | Q3'25A | Q4'25A | FY'25A | FY'26 Guidance | 2026 Guidance vs. 2025 Actual | |||||||||||||||||||||
| Adjusted Gross Profit(1) | $ | 0.01M | $ | 0.00M | $ | 0.44M | $ | 0.82M | $ | 1.28M | $4M - $6M | ~4x | ||||||||||||||||
Adjusted Gross Profit(1) By Operating Business Line (In $ Thousands) | Q3'25 | Q4'25 | QoQ Growth | |||||||||
| Ecosystem Rewards | - | 285 | >1000 | % | ||||||||
| DeFi Monetization | <1 | 102 | >1000 | % | ||||||||
| Yield Enhancement | 78 | 79 | 2 | % | ||||||||
| Validator Commissions | 21 | 49 | 127 | % | ||||||||
| Staking Yield | 340 | 305 | -10 | % | ||||||||
| Adjusted Gross Profit(1) | 439 | 821 | 87 | % | ||||||||
| Validator Commissions in HYPE(2) | 458 | 1,362 | 197 | % | ||||||||
| Staking Yield in HYPE(2) | 7,437 | 8,713 | 17 | % | ||||||||
| Effective Average HYPE Price In-Period(3) | 45.76 | 35.12 | ||||||||||
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| HYPE Treasury Over Time | September 30, 2025 | December 31, 2025 | March 23, 2026(14) | |||||||||
| Gross HYPE Tokens(2) | 1.72 M | 1.88 M | 1.93 M | |||||||||
| HYPE Token Price | $ | 45.2 | $ | 25.4 | $ | 38.2 | ||||||
| Gross HYPE Holdings(4) | $ | 77.8 M | $ | 47.8 M | $ | 73.9 M | ||||||
| Cash, Cash Equivalents, and USDH | $ | 8.2 M | $ | 6.5 M | $ | 9.2 M | ||||||
Please see “Footnotes” and “Non-GAAP Measures of Financial Performance” for reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures and important additional information.
HYPD Investment Thesis
We believe our Q4’25 results demonstrate that we have transcended the strategy and capabilities of a simple buy-and-hold “DAT” (digital asset treasury company), and instead, we are differentiated as the first U.S. publicly listed DeFi company building on the Hyperliquid blockchain.
| · | We are unique among digital asset treasuries with five diversified operating business lines. |
| · | Our “Triple-Dip” HYPE deployment strategy, by which we earned approximately ~3x base staking income in Q4’25, is possible because of our management’s unique ability to build on the Hyperliquid Blockchain. |
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| · | We achieved +87% quarter-over-quarter growth in Adjusted Gross Profit(1), driven by new DeFi Monetization and Ecosystem Rewards strategies which were just beginning to ramp in Q4’25 (each at >1,000% Q-o-Q growth). |
| · | We operate with strong earnings leverage and a low cost base built for scale, and achieved (30%) quarter-over-quarter decline in Operating Expenses Excluding Stock-Based Compensation(5). |
| · | We anticipate $4M-$6M Adjusted Gross Profit(1) in 2026, ~4x our 2025 FY results. |
Our businesses are designed to simultaneously promote and monetize adoption of the Hyperliquid blockchain. In Q4, our unique ability to “triple-dip” our HYPE tokens across multiple deployment strategies generated ~3x the income would have otherwise generated from staking in isolation. Our “HYPD Triple-Dip” strategy is:
| 1) | Stake our HYPE |
| 2) | Deploy the staked HYPE into another business activity – our Validator, Yield Enhancement, or DeFi Monetization, and |
| 3) | Position ourselves to receive Ecosystem Rewards |
Adjusted Gross Profit(1) in Q3’25 and Q4’25
Adjusted Gross Profit(1), a Non-GAAP Metric, aims to capture all of Hyperion DeFi’s value-add operating business activities beyond simply buying and holding HYPE tokens. In total, Adjusted Gross Profit(1) increased +87% quarter-over-quarter from $439 thousand in Q3’25 to $821 thousand in Q4’25.
Below is a summary of all six of our operating business activities included within Adjusted Gross Profit(1):
| 1. | Staking Yield: We stake our HYPE to our Validator and earn rewards. |
| o | In Q4’25, the Company earned 8,713 HYPE tokens from staking, up 17% quarter-over-quarter versus 7,437 in Q3’25. |
| o | On a dollar basis, our HYPE earned from staking generated $305 thousand Adjusted Gross Profit(1) in Q4’25 versus $340 thousand in Q3’25 (-10% quarter-over-quarter), given the Effective Average HYPE Price In-Period(3) declined from 45.76 in Q3’25 to 35.12 in Q4’25. |
| o | In Q4’25, we updated our Joint Validator structure which causes Staking Yield on third-party delegated HYPE tokens to our Validator to be added to our GAAP Revenue and Cost of Revenue on and after December 15, 2025. These components on third-party rewards offset to zero in Adjusted Gross Profit(1). |
| 2. | Validator Commissions: The Company operates its Validator under a Joint Validator Operators Agreement (together with Kinetiq and Pier Two) and earns commissions on rewards delivered to third-party tokens delegated to the Validator. |
| o | 11.8 million HYPE tokens were delegated to our Validator as of December 31, 2025, which is +43% versus 8.2 million delegated as of September 30, 2025. |
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| o | In Q4’25, the Company earned 1,362 HYPE tokens as validator commissions, up 197% quarter-over-quarter versus 458 in Q3’25. |
| o | On a dollar basis, our HYPE earned from validator commissions generated $49 thousand Adjusted Gross Profit(1) in Q4’25 versus $21 thousand in Q3’25 (+127% quarter-over-quarter), given the Effective Average HYPE Price In-Period(3) declined from 45.76 in Q3’25 to 35.12 in Q4’25. |
| o | In Q4’25, we updated our Joint Validator structure which causes Validator Commissions owed to our partners Kinetiq and Pier Two to be added to our GAAP Revenue and Cost of Revenue on and after December 15, 2025. These components on third-party commissions offset to zero in Adjusted Gross Profit(1). |
| 3. | Yield Enhancement: The Company pursues accretive strategies to enhance yield earned on its tokens. |
| o | Yield Enhancement activities generated $79 thousand Adjusted Gross Profit(1) in Q4’25 versus $78 thousand in Q3’25 (+2% quarter-over-quarter). |
| o | Q4’25 and Q3’25 Yield Enhancement activities included selling covered call options on the price of HYPE to institutional counterparties, collateralized by the Company’s LSTs. |
| o | In Q1’26, we announced a partnership with Rysk to launch an Institutional Volatility Income Vault, further optimizing our Yield Enhancement capabilities while building the infrastructure to accommodate third-party HYPE tokens within the Vault in the future. |
| 4. | DeFi Monetization: The Company supports and monetizes Hyperliquid DeFi activity with sustainable, scalable practices. |
| o | DeFi Monetization activity generated $102 thousand Adjusted Gross Profit(1) in Q4’25 versus less than $1 thousand Q3’25, as our new strategies began to ramp. |
| o | DeFi Monetization includes our Temporary HYPE Asset Use Agreements and protocol partnerships. |
| o | Trading volumes on our Felix-partner markets cumulatively exceeded $2.8 billion as of March 23, 2026(14). |
| o | In Q1’26, we announced a partnership with the HyperLend protocol to create a whitelisted lending pool native to the HyperEVM network whereby we can borrow on-chain via smart contracts at a rate significantly below our existing borrowing costs (4.0% vs. 8.0%). In addition, we expect to selectively open the pool to third-party participants over time, generating additional diversified fee income opportunities for us. |
| o | In Q1’26, the Company entered into a HYPE Asset Use Service Agreement with Silhouette AG (“Silhouette”). The Company agreed to link 100,000 of its owned and staked HYPE tokens to the trading wallet of Silhouette, allowing Silhouette and its customers to receive reduced trading fees on the Hyperliquid decentralized exchange, and entitling the Company to earn a portion of those fee savings as income, plus 100% of staking rewards. |
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| 5. | Ecosystem Rewards: Through our active participation in the Hyperliquid DeFi ecosystem, the Company positions itself for the receipt of future potential token airdrops, protocol incentives, and other rewards that may become available periodically. |
| o | Ecosystem Rewards generated $285 thousand Adjusted Gross Profit(1) in Q4’25, versus none in Q3’25. |
| o | In November 2025, we received 1,918,478 KNTQ tokens in Kinetiq’s airdrop token generation event. |
| o | As of March 23, 2026, Q1 QTD we have received 1,000,000 HPL tokens from Hyperlend in connection with our on-chain credit pool partnership. |
| o | Given our partnerships with other Hyperliquid ecosystem participants such as Rysk, Felix, and Silhouette, and given that we are continuing to accrue additional Kinetiq points, we anticipate additional ecosystem rewards in 2026. |
| 6. | Life Sciences: Hyperion DeFi continues to develop its proprietary Optejet User Filled Device (UFD). |
| o | Life Sciences did not generate any Adjusted Gross Profit(1) in Q4’25 or Q3’25. |
| o | In Q1’26, we executed a non-binding Letter of Intent (LOI) to monetize the Optejet, our last remaining product within the Life Sciences segment, and the transaction may close in Q2’26. |
Non-GAAP Income Summary (In $ Thousands) | Q3'25 | Q4'25 | ||||||
| Adjusted Gross Profit(1) | 439 | 821 | ||||||
| Operating Expenses Excluding Stock-Based Compensation(5) | 4,315 | 3,007 | ||||||
| Treasury Gains (Losses)(6) | 11,869 | (36,783 | ) | |||||
| Adjusted Other Income (Expense)(7) | (42 | ) | 49 | |||||
| Adjusted EBITDA(8) | 7,951 | (38,921 | ) | |||||
Please see “Footnotes” and “Non-GAAP Measures of Financial Performance” for reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures and important additional information.
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Q3’25 and Q4'25 Expense Summary Results
| · | Operating Expenses Excluding Stock-Based Compensation(5) declined (30%) quarter-over-quarter from $4.3 million in Q3’25 to $3.0 million in Q4’25. |
| · | Research and development expenses declined (49%) quarter-over-quarter from $374 thousand in Q3’25 to $189 thousand in Q4’25. |
| · | Selling, general, and administrative expenses excluding stock-based compensation decreased (28%) quarter-over-quarter, from $3.9 million in Q3’25 to $2.3 million in Q4’25. |
Q3’25 and Q4'25 Treasury Summary
| · | Gross HYPE Tokens(2) increased from 1.72 million as of Q3’25 to 1.88 million as of Q4’25. |
| o | Our HYPE treasury position has grown to over 1.93 million tokens as of March 23, 2026(14). |
| · | Gross HYPE Holdings(4) decreased from $77.8 million as of Q3’25 to $47.8 million as of Q4’25 as the price of HYPE declined from $45.19 to $25.43 in Q4’25. |
| · | Net Asset Value(9) decreased from $74.5 million as of Q3’25 to $44.2 million as of Q4’25. |
| · | Treasury Gains (Losses)(6) was ($36.8 million) in Q4’25 versus $11.9 million in Q3’25. |
Q3'25 and Q4’25 Net Income (Loss) and Adjusted EBITDA(8)
| · | Q4’25 Net Loss of ($39.8 million) compares to Q3’25 Net Income of $6.6 million. |
| · | Q4’25 Adjusted EBITDA of ($38.9 million) compares to Q3’25 Adjusted EBITDA of $8.0 million. |
| · | Q4’25 Net Loss Attributable to Common Shareholders of ($40.6 million) compares to Q3’25 Net Income Attributable to Participating Securities of $5.8 million. |
| · | Q4’25 Net Loss per Share was ($6.29) on 6,452,733 on weighted average shares outstanding; compared to Q3’25 Net Income per Common Share of $0.26 on a basic basis (6,027,713 weighted average shares) and $0.05 on a diluted basis (28,951,915 weighted average shares) |
FY'25 Cash Flows Summary
| · | Net Cash Used in Operating Activities declined from $30.1 million in FY’24 to $14.8 million in FY’25 (of which $4.1 million was in Q4’25). |
| o | Our cash, cash equivalents, and USDH exceed $9.2 million as of March 23, 2026(14). |
| · | Net Cash Used in Investing Activities increased from $0.2 million in FY’24 (purchase of property and equipment) to $72.0 million in FY’25 (purchase of digital assets, of which $6.3 million was in Q4’25). |
| · | Net Cash Provided by Financing Activities increased from $17.6 million in FY’24 to $91.0 million in FY’25. |
| o | Net cash provided by financing activities for the year ended December 31, 2025 totaled approximately $91.0 million, which was primarily attributable to $49.4 million of net proceeds from the sale of Series A Preferred Stock and warrants in the Private Placement, $39.4 million of net proceeds from the sale of common stock in our “at-the-market” offering (of which $9.4 million was in Q4’25) and $4.8 million of net proceeds from the exercise of stock warrants partially offset by $1.5 million from the repayment of notes payable and $0.9 million from payment of preferred dividends. |
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| o | Net cash provided by financing activities for the year ended December 31, 2024 totaled approximately $17.6 million, which was primarily attributable to $17.0 million of net proceeds from the sale of common stock and warrants in equity offerings and, $6.1 million of net proceeds from the sale of common stock in our “at-the-market” offering, partially offset by $5.5 million from the repayment of notes payable. |
FY'25 Summary Financial Results
| · | Revenue increased substantially from $57 thousand in FY’24 to $0.8 million in FY’25. |
| · | Research and development expenses declined (87%) year-over-year from $14.5 million in FY’24 to $1.9 million in FY’25. |
| · | Selling, general, and administrative expenses increased 20% year-over-year from $14.3 million in FY’24 to $17.2 million in FY’25. |
| · | Net Loss declined (9%) year-over-year from ($49.8 million) in FY’24 to ($45.3 million) in FY’25. |
| · | Net Loss Attributable to Common Stockholders declined (6%) year-over-year from ($49.8 million) in FY’24 to ($47.0 million) in FY’25. |
| · | Net Loss per Share – Basic and Diluted of ($59.81) in FY’24 compares to ($9.40) in FY’25, on 832,997 weighted average shares (basic and diluted) in FY’24 versus 5,000,331 in FY’25. |
Conference Call & Webcast
Hyperion DeFi, Inc. will host a conference call to discuss fourth quarter and full year 2025 results at 8:00 a.m. Eastern Time on March 26, 2026. A slide presentation that includes supplemental financial information and reconciliations of certain non-GAAP measures to their most directly comparable GAAP measures can be accessed through the Company’s Investor Relations website at https://ir.hyperiondefi.com/events-and-presentations along with information for the conference call. Participants may also submit questions in advance of the call via email to IR@hyperiondefi.com. A webcast of the call will be archived and available through April 6, 2026 at 11:59 p.m. Eastern Time on the Company's website.
Presentation
All growth rates represent quarter-over-quarter comparisons, except as otherwise noted. All amounts in tables are presented in U.S. dollars, rounded to the nearest dollar, except as otherwise noted. As a result, certain amounts and rates may not sum or recalculate using the rounded dollar amounts provided. All numbers in this press release are not audited.
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About the Hyperliquid Platform and the HYPE Token
Hyperliquid is a next-generation layer one blockchain optimized for high frequency, transparent trading. The blockchain includes fully on-chain perpetual futures and spot order books, with every order, cancel, trade, and liquidation occurring within 70 millisecond block times. It also hosts the HyperEVM, a general-purpose smart contract platform that supports permissionless decentralized financial applications akin to Ethereum.
HYPE is the native token of Hyperliquid. Staked HYPE provides utility for users via reduced trading fees and increased referral bonuses. As of March 2026, more than 41 million HYPE have been autonomously purchased and sequestered by the blockchain with the trading fees generated on the network’s central limit order books.
About Hyperion DeFi, Inc.
Hyperion DeFi, Inc. is the first U.S. publicly listed DeFi company building on Hyperliquid. The Company provides investors with streamlined access to the Hyperliquid ecosystem, one of the fastest growing, highest revenue-generating blockchains in the world. Shareholders benefit from compounding exposure to HYPE, both from its native staking yield and additional revenues generated from its unique on-chain utility.
Hyperion DeFi is also developing its proprietary Optejet User Filled Device that is designed to work with a variety of topical ophthalmic liquids, including artificial tears and lens rewetting products. The Optejet is especially useful in chronic front-of-the-eye diseases due to its ease of use, enhanced safety and tolerability, and potential for superior compliance versus standard eye drops. Together, these benefits may result in higher treatment compliance and better outcomes for patients and providers.
For more information, please visit Hyperiondefi.com or follow @hyperiondefi on X.
Forward Looking Statements; Disclaimer
Except for historical information, all the statements, expectations and assumptions contained in this press release are forward-looking statements. Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements, our future activities or other future events or conditions, including the viability of, and risks associated with, our cryptocurrency treasury strategy, the growth and revenue potential of the Hyperliquid ecosystem and the growth prospects of the Company. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and in some cases are likely to, differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors discussed from time to time in documents which we file with the U.S. Securities and Exchange Commission.
9
Any forward-looking statements speak only as of the date on which they are made, and except as may be required under applicable securities laws, Hyperion DeFi does not undertake any obligation to update any forward-looking statements.
Certain information contained in this press release relates to or is based on studies, publications, surveys and other data obtained from third-party sources and Hyperion DeFi’s own internal estimates and research. While Hyperion DeFi believes these third-party studies, publications, surveys and other data to be reliable as of the date of this press release, it has not independently verified, and makes no representation as to the adequacy, fairness, accuracy or completeness of, any information obtained from third-party sources. In addition, no independent source has evaluated the reasonableness or accuracy of Hyperion DeFi’s internal estimates or research and no reliance should be made on any information or statements made in this press release relating to or based on such internal estimates and research. You should conduct your own investigation and analysis of Hyperion DeFi, its business, prospects, results of operations and financial condition. In furnishing this information, Hyperion DeFi does not undertake any obligation to provide you with access to any additional information (including forward-looking information and any projections contained herein) or to update or correct the information.
Hyperion DeFi, Inc. Investor Contact:
Jason Assad
Hyperion DeFi, Inc.
IR@hyperiondefi.com
(678) 570-679
10
Hyperion DeFi, Inc.
Balance Sheets
| December 31, | December 31, | |||||||
| 2025 | 2024 | |||||||
| Assets | ||||||||
| Current Assets | ||||||||
| Cash and cash equivalents | $ | 6,443,467 | $ | 2,121,463 | ||||
| Prepaid expenses and other current assets | 802,342 | 645,736 | ||||||
| Total Current Assets | 7,245,809 | 2,767,199 | ||||||
| Digital assets | 16,345,347 | — | ||||||
| Digital assets receivable, net | 6,935,131 | — | ||||||
| Digital intangible assets | 20,591,555 | — | ||||||
| Operating lease right-of-use asset | 415,998 | 718,360 | ||||||
| Other assets | 230,416 | 182,200 | ||||||
| Total Assets | $ | 51,764,256 | $ | 3,667,759 | ||||
| Liabilities and Stockholders’ Equity (Deficit) | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable | $ | 317,900 | $ | 1,954,681 | ||||
| Accrued former licensor obligations | — | 2,245,087 | ||||||
| Accrued expenses and other current liabilities | 1,871,106 | 1,322,674 | ||||||
| Operating lease liabilities - current portion | 512,007 | 575,163 | ||||||
| Notes payable - current portion, net of debt discount of $0 and $527,870 as of December 31, 2025 and December 31, 2024, respectively | — | 5,212,532 | ||||||
| Convertible notes payable - net of debt discount of $0 and $263,930 as of December 31, 2025 and December 31, 2024, respectively | — | 4,736,070 | ||||||
| Total Current Liabilities | 2,701,013 | 16,046,207 | ||||||
| Notes payable - non-current portion, net of debt discount of $543,230 and $0 as of December 31, 2025 and December 31, 2024, respectively | 7,796,136 | — | ||||||
| Operating lease liabilities, non-current portion | 206,600 | 717,504 | ||||||
| Total Liabilities | 10,703,749 | 16,763,711 | ||||||
| Commitments and contingencies (Note 11) | ||||||||
| Stockholders’ Equity (Deficit): | ||||||||
| Preferred stock, $0.0001 par value, 60,000,000 shares authorized; Series A Non-Voting Convertible Preferred Stock, 5,435,898 shares designated, and 5,435,897 and 0 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively, with a liquidation preference of $50,795,000 as of December 31, 2025 | 544 | — | ||||||
| Common stock, $0.0001 par value, 600,000,000 shares authorized; 8,762,329 shares issued and 8,680,005 shares outstanding as of December 31, 2025 and 1,506,369 shares issued and outstanding as of December 31, 2024 | 876 | 151 | ||||||
| Additional paid-in capital | 281,937,072 | 182,213,889 | ||||||
| Treasury stock, at cost, 82,324 shares as of December 31, 2025 | (253,558 | ) | — | |||||
| Accumulated deficit | (240,624,427 | ) | (195,309,992 | ) | ||||
| Total Stockholders’ Equity (Deficit) | 41,060,507 | (13,095,952 | ) | |||||
| Total Liabilities and Stockholders’ Equity (Deficit) | $ | 51,764,256 | $ | 3,667,759 | ||||
11
Hyperion DeFi, Inc.
Statements of Operations
| For the Year Ended | ||||||||
| December 31, | ||||||||
| 2025 | 2024 | |||||||
| Revenue | $ | 813,455 | $ | 57,336 | ||||
| Cost of revenue | (303,290 | ) | (3,927,228 | ) | ||||
| Gross Profit (Loss) | 510,165 | (3,869,892 | ) | |||||
| Operating (Income) Expenses: | ||||||||
| Research and development | 1,910,430 | 14,462,722 | ||||||
| Selling, general and administrative | 17,175,698 | 14,333,114 | ||||||
| Realized gain - digital assets | (8,321,844 | ) | — | |||||
| Unrealized loss - digital assets | 9,030,413 | — | ||||||
| Impairment loss - digital assets | 27,188,768 | — | ||||||
| Impairment loss - other assets | — | 11,207,897 | ||||||
| Gain on covered call option | (157,570 | ) | — | |||||
| Provision for credit losses | 405,331 | — | ||||||
| Reacquisition of license rights | — | 4,864,600 | ||||||
| Net Operating Expenses | 47,231,226 | 44,868,333 | ||||||
| Loss From Operations | (46,721,061 | ) | (48,738,225 | ) | ||||
| Other Income (Expense): | ||||||||
| Other income (expense), net | 389,685 | (90,601 | ) | |||||
| Gain on extinguishment of liabilities | 2,334,711 | — | ||||||
| Change in fair value of equity consideration payable | — | 1,240,800 | ||||||
| Interest expense | (1,557,788 | ) | (2,484,431 | ) | ||||
| Interest income | 240,018 | 254,024 | ||||||
| Total Other Income (Expense), Net | 1,406,626 | (1,080,208 | ) | |||||
| Net Loss | (45,314,435 | ) | (49,818,433 | ) | ||||
| Dividend to preferred stockholders | (1,684,783 | ) | — | |||||
| Net Loss Attributable to Common Stockholders | $ | (46,999,218 | ) | $ | (49,818,433 | ) | ||
| Net Loss per Share - Basic and Diluted | $ | (9.40 | ) | $ | (59.81 | ) | ||
| Shares Outstanding - Basic and Diluted | 5,000,331 | 832,997 | ||||||
12
Hyperion DeFi, Inc.
Statements of Changes in Stockholders’ (Deficit) Equity
| For the Years Ended December 31, 2025 and 2024 | |||||||||||||||||||||||||||||
| Total | |||||||||||||||||||||||||||||
| Additional | Stockholders’ | ||||||||||||||||||||||||||||
| Preferred Stock | Common Stock | Paid-In | Treasury Stock | Accumulated | (Deficiency) | ||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Capital | Shares | Amount | Deficit | Equity | |||||||||||||||||||||
| Balance - January 1, 2024 | — | $ | — | 569,409 | $ | 57 | 154,490,596 | — | $ | — | $ | (145,491,559 | ) | $ | 8,999,094 | ||||||||||||||
| Issuance of common stock in At the Market Program [1] | — | — | 70,381 | 7 | 6,047,362 | — | — | — | 6,047,369 | ||||||||||||||||||||
| Issuance of common stock as consideration for licensing agreement [2] | — | — | 7,668 | 1 | 436,808 | — | — | — | 436,809 | ||||||||||||||||||||
| Issuance of common stock as consideration for reacquisition of licensing agreement [3] | — | — | 28,742 | 3 | 2,322,388 | — | — | — | 2,322,391 | ||||||||||||||||||||
| Issuance of common stock and warrants in offerings [4] | — | — | 653,493 | 66 | 17,011,256 | — | — | — | 17,011,322 | ||||||||||||||||||||
| Exercise of pre-funded stock warrants | — | — | 152,905 | 15 | 1,208 | — | — | — | 1,223 | ||||||||||||||||||||
| Warrant modification and additional warrants - incremental value [5] | — | — | — | — | 2,868,000 | — | — | — | 2,868,000 | ||||||||||||||||||||
| Warrant modification and additional warrants - in issuance costs for offering [6] | — | — | — | — | (2,868,000 | ) | — | — | — | (2,868,000 | ) | ||||||||||||||||||
| Issuance of common stock as consideration for modification of loan agreement | — | — | 23,771 | 2 | 199,998 | — | — | — | 200,000 | ||||||||||||||||||||
| Stock-based compensation: | |||||||||||||||||||||||||||||
| Amortization of stock option awards | — | — | — | — | 1,454,946 | — | — | — | 1,454,946 | ||||||||||||||||||||
| Amortization of restricted stock units | — | — | — | — | 249,327 | — | — | — | 249,327 | ||||||||||||||||||||
| Net loss | — | — | — | — | — | — | — | (49,818,433 | ) | (49,818,433 | ) | ||||||||||||||||||
| Balance - December 31, 2024 | — | — | 1,506,369 | 151 | 182,213,889 | — | — | (195,309,992 | ) | (13,095,952 | ) | ||||||||||||||||||
| Issuance of preferred stock and warrants in private placement [7] | 5,435,897 | 544 | — | — | 49,365,206 | — | — | — | 49,365,750 | ||||||||||||||||||||
| Issuance of common stock in At the Market offering [8] | — | — | 5,607,759 | 561 | 39,357,243 | — | — | — | 39,357,804 | ||||||||||||||||||||
| Issuance of common stock from exercise of warrants [9] | — | — | 502,125 | 50 | 3,892,423 | — | — | — | 3,892,473 | ||||||||||||||||||||
| Induced exercise of stock warrants [10] | — | — | 197,118 | 19 | 922,731 | — | — | — | 922,750 | ||||||||||||||||||||
| Warrants issued in consideration for debt modification | — | — | — | — | 858,270 | — | — | — | 858,270 | ||||||||||||||||||||
| Issuance of common stock from the partial conversion of note payable | — | — | 404,820 | 41 | 640,295 | — | — | — | 640,336 | ||||||||||||||||||||
| Issuance of common stock from the delivery of vested restricted stock units | — | — | 529,297 | 53 | (53 | ) | — | — | — | — | |||||||||||||||||||
| Shares withheld for employee payroll taxes | — | — | — | — | — | 82,324 | (253,558 | ) | — | (253,558 | ) | ||||||||||||||||||
| Reverse stock split settlement of fractional shares | — | — | (41 | ) | — | (160 | ) | — | — | — | (160 | ) | |||||||||||||||||
| Stock-based compensation: | |||||||||||||||||||||||||||||
| Amortization of stock option awards | — | — | — | — | 533,062 | — | — | — | 533,062 | ||||||||||||||||||||
| Amortization of restricted stock units | — | — | — | — | 5,785,548 | — | — | — | 5,785,548 | ||||||||||||||||||||
| Issuance of common stock to vendors in consideration for service provided | — | — | 14,882 | 1 | 53,401 | — | — | — | 53,402 | ||||||||||||||||||||
| Net loss | — | — | — | — | — | — | — | (45,314,435 | ) | (45,314,435 | ) | ||||||||||||||||||
| Preferred stock dividend ($0.59 per preferred share outstanding) | — | — | — | — | (1,684,783 | ) | — | — | — | (1,684,783 | ) | ||||||||||||||||||
| Balance - December 31, 2025 | 5,435,897 | $ | 544 | 8,762,329 | $ | 876 | $ | 281,937,072 | 82,324 | $ | (253,558 | ) | $ | (240,624,427 | ) | $ | 41,060,507 | ||||||||||||
[1] Includes gross proceeds of $6,234,402 less total issuance costs of $187,033.
[2] Shares issued as partial consideration for License Agreement with Formosa Pharmaceuticals Inc.
[3] Shares issued as partial consideration for reversion of License Agreement with Bausch & Lomb Ireland Limited.
[4] Includes gross proceeds of $19,385,015, less total cash issuance costs of $2,373,693.
[5] Offering includes modification of warrants and additional warrants in the July 2024 offering.
[6] Non-cash warrant modification and additional warrants issuance costs related to one of the offerings are shown on a separate line item for clarity.
[7] Includes gross proceeds of $50,000,000 less total issuance costs of $634,250.
[8] Includes gross proceeds of $40,645,265 less total issuance costs of $1,287,461.
[9] Partial exercise of the Armistice warrants.
[10] Includes gross proceeds of $1,039,206 less total issuance costs of $116,456. Also note that incremental value and non-cash warrant modification and additional warrants issuance costs related to the warrant inducement entered into on January 16, 2025 offset to a zero balance. See Note 10 – Stockholders’ Equity (Deficiency).
13
Hyperion DeFi, Inc.
Statements of Cash Flows
| For the Year Ended | ||||||||
| December 31, | ||||||||
| 2025 | 2024 | |||||||
| Cash Flows From Operating Activities | ||||||||
| Net loss | $ | (45,314,435 | ) | $ | (49,818,433 | ) | ||
| Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities: | ||||||||
| Stock-based compensation | 6,372,012 | 1,704,273 | ||||||
| Change in fair value of equity consideration payable | — | (1,240,800 | ) | |||||
| Depreciation of property and equipment | — | 1,128,449 | ||||||
| Amortization of debt discount | 655,997 | 759,049 | ||||||
| Asset impairments | — | 11,207,897 | ||||||
| Write-down of inventories to net realizable value | — | 3,085,450 | ||||||
| Reacquisition of license rights | — | 2,864,600 | ||||||
| Non-cash lease expense | 302,362 | 528,359 | ||||||
| Gain on extinguishment of liabilities | (2,334,711 | ) | — | |||||
| Non-cash realized gain - digital assets | (3,754,493 | ) | — | |||||
| Unrealized loss - digital assets | 9,030,413 | — | ||||||
| Impairment loss - digital assets | 22,621,417 | — | ||||||
| Staking income | (554,098 | ) | — | |||||
| Non-cash commission paid to co-validators | 26,139 | — | ||||||
| Provision for credit losses | 405,331 | — | ||||||
| Unamortized non-refundable upfront fee on digital asset receivable | 307,278 | — | ||||||
| Interest expense added to note principal | 379,998 | — | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Prepaid expenses and other current assets | (156,587 | ) | 554,020 | |||||
| License fee and expense reimbursement receivables | — | 99,006 | ||||||
| Deferred clinical supply costs | — | 868,328 | ||||||
| Security and equipment deposits | (48,215 | ) | 1,506 | |||||
| Accounts payable | (1,636,781 | ) | 446,596 | |||||
| Accrued compensation | — | (1,514,452 | ) | |||||
| Accrued expenses and other current liabilities | (497,741 | ) | (293,579 | ) | ||||
| Lease liabilities | (574,060 | ) | (501,250 | ) | ||||
| Net Cash and Cash Equivalents Used In Operating Activities | (14,770,174 | ) | (30,120,981 | ) | ||||
| Cash Flows From Investing Activities | ||||||||
| Purchase of property and equipment | — | (161,477 | ) | |||||
| Purchase of productive digital assets | (71,954,039 | ) | — | |||||
| Net Cash and Cash Equivalents Used In Investing Activities | (71,954,039 | ) | (161,477 | ) | ||||
| Cash Flows From Financing Activities | ||||||||
| Proceeds from sale of common stock and warrants in direct offering | — | 19,385,015 | ||||||
| Proceeds from sale of preferred stock and warrants in private placement | 50,000,000 | (2,373,693 | ) | |||||
| Payment of private placement issuance costs | (634,250 | ) | — | |||||
| Proceeds from sale of common stock in At the Market offering | 40,645,265 | 6,234,402 | ||||||
| Payment of issuance costs for At the Market offering | (1,287,461 | ) | (187,033 | ) | ||||
| Proceeds from exercise of stock warrants | 3,892,473 | 1,223 | ||||||
| Proceeds from induced exercise of stock warrants | 1,039,206 | — | ||||||
| Payment of cash issuance costs for induced exercise of stock warrants | (116,456 | ) | — | |||||
| Reverse stock split settlement of fractional shares | (160 | ) | — | |||||
| Repayments of notes payable | (1,463,437 | ) | (5,505,050 | ) | ||||
| Payment of preferred dividend | (892,167 | ) | — | |||||
| Payment of costs in connection with debt extinguishment | (136,796 | ) | — | |||||
| Net Cash and Cash Equivalents Provided By Financing Activities | 91,046,217 | 17,554,864 | ||||||
| Net Increase (Decrease) in Cash and Cash Equivalents | 4,322,004 | (12,727,594 | ) | |||||
| Cash and Cash Equivalents - Beginning of Period | 2,121,463 | 14,849,057 | ||||||
| Cash and Cash Equivalents - End of Period | $ | 6,443,467 | $ | 2,121,463 | ||||
14
Hyperion DeFi, Inc.
Statements of Cash Flows, continued
| For the Year Ended | ||||||||
| December 31, | ||||||||
| 2025 | 2024 | |||||||
| Supplemental Disclosure of Cash Flow Information: | ||||||||
| Cash paid during the period for: | ||||||||
| Interest | $ | 481,360 | $ | 1,622,479 | ||||
| Taxes | $ | — | $ | — | ||||
| Supplemental Disclosure of Non-Cash Investing and Financing Activities | ||||||||
| Deposits of HYPE into liquid staking activities | $ | 58,753,773 | $ | — | ||||
| Redemption of liquid staking tokens for HYPE | $ | 15,675,801 | $ | — | ||||
| Transfer of HYPE to digital asset receivable | $ | 9,922,239 | $ | — | ||||
| Accrued dividend payable | $ | 792,616 | $ | — | ||||
| Purchase of insurance policy financed by note payable | $ | — | $ | 505,050 | ||||
| Accrual for intangible asset milestone obligation | $ | — | $ | 2,000,000 | ||||
| Reclassification of deferred clinical supply costs to inventories | $ | — | $ | 2,975,652 | ||||
| Modification date carrying value of extinguished Avenue Loan | $ | 10,262,280 | $ | — | ||||
| Modification date fair value of modified Avenue Loan | $ | 10,172,657 | $ | — | ||||
| Warrants issued for debt modification | $ | 858,270 | $ | — | ||||
| Warrant modification and additional warrants - incremental value | $ | 1,194,102 | $ | 2,868,000 | ||||
| Common stock issued in consideration for equipment received in conjunction with licensing agreement | $ | — | $ | 135,400 | ||||
| Conversion of Avenue Loan to common stock | $ | 640,336 | $ | — | ||||
| Common stock issued in consideration for licensing agreement | $ | — | $ | 436,809 | ||||
| Common stock issued in consideration for reacquisition of licensing agreement | $ | — | $ | 2,322,391 | ||||
| Common stock issued as consideration for modification of loan agreement | $ | — | $ | 200,000 | ||||
| Interest expense added to note principal | $ | 367,308 | $ | 102,902 | ||||
| Issuance of common stock related to vested restricted stock units | $ | 53 | $ | — | ||||
| Treasury stock held for employee payroll taxes upon the delivery of restricted stock units | $ | 253,558 | $ | — | ||||
15
Hyperion DeFi Non-GAAP Measures of Financial Performance and Supplemental Disclosures
Reconciliation of GAAP Revenue to Non-GAAP Adjusted Gross Profit(1) (unaudited)
| For the Three Months Ended | For the Three Months Ended | |||||||
| September 30, 2025 | December 31, 2025 | |||||||
| Revenue | $ | 302,506 | $ | 496,229 | ||||
| Subtract: Cost of Revenue | - | $ | (303,242 | ) | ||||
| Add: Accumulated but unrealized staking yield on LSTs(10) | $ | 58,771 | $ | 172,463 | ||||
| Add: Operating Income from yield enhancement strategies | $ | 78,109 | $ | 79,461 | ||||
| Add: Realized gains – digital assets from ecosystem rewards | - | $ | 285,450 | |||||
| Add: Interest Income from DeFi Monetization activity | - | $ | 90,636 | |||||
| Adjusted Gross Profit(1) | $ | 439,386 | $ | 820,997 | ||||
Note: See “Footnotes” section for detailed explanations and definitions.
Q4’25 Reconciliation of GAAP HYPE Digital Assets to Non-GAAP Gross HYPE Holdings(4) (unaudited)
| As of December 31, 2025 | ||||||||||||
| Value $ | Token Count | Token Price | ||||||||||
| HYPE - Digital Assets | 16,233,941 | 638,352 | $ | 25.43 | ||||||||
| Add: | ||||||||||||
| HYPE digital asset receivable* | 7,647,740 | 300,725 | $ | 25.43 | ||||||||
| HiHYPE at carrying value | 8,437,277 | 398,277 | $ | 21.18 | ||||||||
| kHYPE at carrying value | 11,369,458 | 505,434 | $ | 22.49 | ||||||||
| kmHYPE at carrying value | 649,820 | 28,888 | $ | 22.49 | ||||||||
| Add: Unrealized accretion (dilution) expected upon future LST to HYPE Token reconversion(11) | 3,499,665 | 9,410 | N.M.** | |||||||||
| Gross HYPE Holdings(4) | 47,837,901 | |||||||||||
| Gross HYPE Tokens(2) | 1,881,086 | $ | 25.43 | |||||||||
| Note: See “Footnotes” section for detailed explanations and definitions. | |||||
| Unrealized accretion (dilution) expected upon LST to HYPE reconversion as of Q3’25 | 4,912,082 | ||||
| In-Period Change in unrealized accretion (dilution) expected upon LST to HYPE vs. Q3’25 | (1,412,417) | ||||
*Presented gross of $405,331 provision for credit losses and $307,278 unamortized nonrefundable upfront fee.
**Throughout this release, N.M. is the abbreviation for “Not Meaningful”.
16
Q3’25 Reconciliation of GAAP HYPE Digital Assets to Non-GAAP Gross HYPE Holdings(4) (unaudited)
| As of September 30, 2025 | ||||||||||||
| Value $ | Token Count | Token Price | ||||||||||
| HYPE digital assets | 37,954,590 | 839,889 | $ | 45.19 | ||||||||
| Add: HiHYPE at Carrying Value | 34,884,932 | 877,871 | $ | 39.74 | ||||||||
| Add: Unrealized accretion (dilution) expected upon future LST to HYPE Token reconversion(11) | 4,912,082 | 2,788 | N.M. | |||||||||
| Gross HYPE Holdings(4) | 77,751,604 | |||||||||||
| Gross HYPE Tokens(2) | 1,720,549 | $ | 45.19 | |||||||||
| Note: See “Footnotes” section for detailed explanations and definitions. | |||||
| Unrealized accretion (dilution) expected upon LST to HYPE reconversion as of June 30, 2025* | 4,912,082 | ||||
| *The Company did not hold any LSTs on or prior to June 30, 2025. Therefore, as of September 30, 2025, the in-period change in unrealized accretion (dilution) expected upon LST to HYPE Token Reconversion is the same as the absolute figure. | |||||
Reconciliation
of GAAP Selling, General and Administrative expense to Non-GAAP
Operating Expense Excluding Stock-Based Compensation(5) (unaudited)
For
the Three Months September 30, 2025 | For
the Three Months December 31, 2025 | |||||||
| Selling, general and administrative expense | $ | 2,594,130 | $ | 4,530,542 | ||||
| Subtract: stock-based compensation expense | $ | 1,347,031 | $ | (1,712,361 | ) | |||
| Add: research and development expense | $ | 373,855 | $ | 188,954 | ||||
| Operating Expense Excluding Stock-Based Compensation(5) | $ | 4,315,016 | $ | 3,007,135 | ||||
Note: See “Footnotes” section for detailed explanations and definitions.
17
Supplemental Disclosure of Disaggregated Stock-Based Compensation (unaudited)
| ($ in Thousands) | For
the Three Months September 30, 2025 | For
the Three Months December 31, 2025 | ||||||
| Mark-to-market adjustment of vested but undelivered stock-based compensation | (2,140 | ) | - | |||||
| Amortized expensing of unearned executive milestone awards | 210 | 998 | ||||||
| All remaining stock-based compensation | 583 | 715 | ||||||
| Total Stock-Based Compensation | (1,347 | ) | 1,712 | |||||
Reconciliation of GAAP Net Operating (Expenses) Income to Non-GAAP Treasury Gains (Losses)(6) (unaudited)
For
the Three Months September 30, 2025 | For
the Three Months December 31, 2025 | |||||||
| Net Operating (Expenses) Income | $ | 4,125,685 | $ | (39,958,264 | ) | |||
| Add Back: | ||||||||
| Research and development expense | $ | 373,855 | $ | 188,954 | ||||
| Selling, general and administrative expense | $ | 2,594,130 | $ | 4,530,542 | ||||
| Provision for credit losses | - | $ | 405,331 | |||||
| In-Period change in unrealized accretion (dilution) upon LST to HYPE reconversion | $ | 4,912,082 | $ | (1,412,417 | ) | |||
| Subtract: | ||||||||
| Accumulated but unrealized staking yield on LSTs(10) | $ | (58,771 | ) | $ | (172,463 | ) | ||
| Operating income from airdrops | - | $ | (285,450 | ) | ||||
| Operating income from yield enhancement strategies | $ | (78,109 | ) | $ | (79,461 | ) | ||
| Treasury Gains (Losses)(6) | $ | 11,868,872 | $ | (36,783,228 | ) | |||
Note: See “Footnotes” section for detailed explanations and definitions.
18
Reconciliation of GAAP Total Other Income (Expense), Net to Non-GAAP Adjusted Other Income (Expense)(7) (unaudited)
For
the Three Months September 30, 2025 | For
the Three Months December 31, 2025 | |||||||
| Total Other Income (Expense), Net | $ | 2,197,391 | $ | (288 | ) | |||
| Add Back: | ||||||||
| Interest expense | $ | 223,080 | $ | 224,799 | ||||
| Reduction in life sciences liabilities(12) | $ | (2,407,154 | ) | - | ||||
| Other non-recurring items(13) | $ | (55,557 | ) | $ | (85,158 | ) | ||
| Subtract: Interest income from DeFi Monetization activity | - | $ | (90,636 | ) | ||||
| Adjusted Other Income (Expense)(7) | $ | (42,240 | ) | $ | 48,717 | |||
Note: See “Footnotes” section for detailed explanations and definitions.
Reconciliation of GAAP Net Income to Non-GAAP Adjusted EBITDA(8) (unaudited)
| For the Three Months Ended | For the Three Months
Ended | |||||||
| September 30, 2025 | December 31, 2025 | |||||||
| Net Income | $ | 6,625,582 | $ | (39,765,565 | ) | |||
| Add back: | ||||||||
| Stock-based compensation | $ | (1,347,031 | ) | $ | 1,712,361 | |||
| Interest expense | $ | 223,080 | $ | 224,799 | ||||
| Provision for credit losses | - | $ | 405,331 | |||||
| Income Taxes | - | - | ||||||
| Depreciation and amortization expense* | - | - | ||||||
| Reductions in life sciences liabilities(12) | $ | (2,407,154 | ) | - | ||||
| Other non-recurring items(13) | $ | (55,557 | ) | $ | (85,158 | ) | ||
| Add: In-period change in unrealized accretion (dilution) expected upon LST to HYPE reconversion | $ | 4,912,082 | $ | (1,412,417 | ) | |||
| Adjusted EBITDA(8) | $ | 7,951,003 | $ | (38,920,649 | ) | |||
Note: See “Footnotes” section for detailed explanations and definitions.
*Does not include Amortization of Operating Lease.
19
Reconciliation of GAAP HYPE digital assets, as adjusted to Gross HYPE Holdings(4), to Non-GAAP Net Asset Value(9) (unaudited)
| As of | As of | |||||||
| September 30, 2025 | December 31, 2025 | |||||||
| HYPE digital assets, as adjusted to Gross HYPE Holdings(4) | $ | 77,751,604 | $ | 47,837,901 | ||||
| Add: KNTQ digital assets | - | $ | 111,406 | |||||
| Add: Current Assets | $ | 9,085,767 | $ | 7,245,809 | ||||
| Subtract: Current Liabilities | $ | (4,037,092 | ) | $ | (2,701,013 | ) | ||
| Subtract: Notes Payable* | $ | (8,254,696 | ) | $ | (8,339,366 | ) | ||
| Net Asset Value(9) | $ | 74,545,583 | $ | 44,154,737 | ||||
Note: See “Footnotes” section for detailed explanations and definitions.
*Non-current portion; does not subtract debt discount of $598,691 as of September 30, 2025 or $543,230 as of December 31, 2025.
20
Footnotes
| 1. | “Adjusted Gross Profit” is a non-GAAP measure. Adjusted Gross Profit is defined as all in-period gross profit generated by the Company’s operations excluding buying digital assets and associated mark-to-market price movements. Such activities include staking yield, validator operations, yield enhancement activity, DeFi monetization partnerships, ecosystem rewards, and life sciences operations. It is reconciled to the GAAP measure “Revenue” by (i) subtracting Cost of Revenue, (ii) adding accumulated but unrealized staking yield on LSTs, (iii) adding the portion of GAAP operating income which was generated from yield enhancement strategies (such as selling covered calls), (iv) adding the portion of GAAP “Realized gains – digital assets” generated from ecosystem rewards such as the receipt of airdrop tokens, and (v) adding the portion of GAAP “Interest Income” generated from digital assets receivables. We believe “Adjusted Gross Profit” is a helpful financial measure to our management and investors as it aims to capture all in-period gross profit generated by our active operational strategies without the impact of (i) the temporary GAAP earnings volatility of HYPE to LST conversion and LST to HYPE reconversion, (ii) dispersed GAAP presentment of our operational strategies across various Statements of Operations sections, or (iii) the impacts of realized or unrealized gains or losses on our digital assets. We believe Adjusted Gross Profit is a critical metric to quantify and compare our core operational activities between periods. |
| 2. | The following are unaudited supplemental operating disclosures: Gross HYPE Tokens, the number of HYPE tokens staked at the Kinetiq x Hyperion Validator, Validator Commissions in HYPE, and Staking Yield in HYPE. |
| 3. | Calculated as the sum of the in-period Non-GAAP Adjusted Gross Profit components of (a) Validator Commissions plus (b) Staking Yield (such figures being expressed in-period in US Dollars), divided by the sum of (c) Validator Commissions in HYPE plus (d) Staking Yield in HYPE. |
| 4. | “Gross HYPE Holdings” is a non-GAAP measure. Gross HYPE Holdings is defined as the gross market value of the Company’s HYPE assuming (a) all temporary HYPE token use agreements are exited and (b) all LSTs were converted back to HYPE tokens as of the end of each respective reporting quarter. It is reconciled to the GAAP measure “HYPE digital assets” by adding (i) HYPE digital assets receivable (without subtracting provisions for credit losses or unamortized nonrefundable upfront fees), (ii) HYPE LSTs at carrying value (including without limitation HiHYPE, kHYPE, and kmHYPE) and (iii) the unrealized accretion (dilution) expected upon LST to HYPE reconversion as of the end of each respective reporting quarter. We believe Gross HYPE Holdings is a helpful non-GAAP financial measure to our management and investors because it eliminates the temporary HYPE value impacts caused by our DeFi Monetization token movements as well as the conversion and reconversion between HYPE tokens and LSTs, which (a) causes staking yield on our LSTs not to be recognized in-period in accordance with GAAP and (b) does not recognize upward mark-to-market movements in underlying HYPE tokens given LSTs are carried at the lower of cost basis or impaired value. As such, it provides useful information about our balance sheet, allows for greater transparency with respect to important metrics used by our management for financial, risk management and operational decision-making, and provides an additional tool for investors to understand and compare our operating results across reporting periods. |
21
| 5. | "Operating Expenses Excluding Stock-Based Compensation" is a non-GAAP measure. Operating Expenses Excluding Stock-Based Compensation is defined as the Company's operational expenses in-period excluding treasury value movements and stock-based compensation. It is reconciled to the GAAP measure “Selling, general and administrative expense” by (i) subtracting stock-based compensation expense and (ii) adding Research and development expense. Operating Expenses Excluding Stock-Based Compensation provides a metric of total operating expenditures in-period without the impact of treasury value movement or stock-based compensation, thereby creating a helpful metric for operational expense comparisons between different periods for our management and investors. |
| 6. | "Treasury Gains (Losses)" is a non-GAAP measure. Treasury Gains (Losses) is defined as the gross mark-to-market change in the company's digital asset treasury portfolio each period, without accounting for temporary GAAP impacts due to HYPE to LST conversion (or LST to HYPE reconversion) or operating income driven by airdrops or yield enhancement activity. It is reconciled to the GAAP measure “Net Operating Income (Expenses)" by (a) adding (i) Research and development expense, (ii) Selling, general, and administrative expense, (iii) Provision for credit losses, and (iv) the in-period change in unrealized accretion (dilution) expected upon LST to HYPE reconversion, and (b) subtracting (i) accumulated but unrealized staking yield on LSTs, (ii) operating income from airdrops, and (iii) operating income from yield enhancement strategies. Following these adjustments, Treasury Gains (Losses) is a singular metric that can present mark-to-market treasury changes in isolation, which we believe is a helpful metric for management and investors given our large digital asset treasury position and the volatile nature of digital assets. |
| 7. | "Adjusted Other Income (Expense)" is a non-GAAP measure. Adjusted Other Income (Expense) reflects management’s view of recurring activities outside of core operating income and operating expenses. It is reconciled to the GAAP measure "Total Other Income (Expense), Net" by (a) adding back (i) interest expense, (ii) non-recurring gains from reductions in life sciences liabilities, and (iii) other non-recurring items which we do not consider material in nature, and (b) subtracting the portion of GAAP “Interest Income” generated from digital assets receivables. The items added back to Adjusted Other Income (Expense) are excluded because they are non-cash in nature, or because the amount and timing of these items are unpredictable, are not driven by core results of operations, and render comparisons with prior periods and competitors less meaningful. The item subtracted from Adjusted Other Income (Expense) is already captured in the Non-GAAP metric “Adjusted Gross Profit”, as further described in Footnote 1. We believe Adjusted Other Income (Expense) provides a helpful view to management and investors regarding recurring and ongoing income and expense items outside of operating income and operating expenses, presented in a way to compare these elements over time. |
| 8. | “Adjusted EBITDA” is a non-GAAP measure. Adjusted EBITDA is meant to reflect management’s view of recurring business activities and a more comparable view of the mark-to-market impacts on our digital asset treasury holdings in-period. It is reconciled to the GAAP measure “Net Income (Loss)” by removing (i) stock-based compensation, (ii) interest expense, (iii) provision for credit losses, (iv) income taxes, (v) depreciation and amortization expense (excluding amortization of operating lease), (vi) non-recurring gains from reductions in life sciences liabilities, and (vii) other non-recurring items which we do not consider material in nature; and, it adds the in-period change in unrealized accretion (dilution) expected upon LST to HYPE reconversion. The items excluded from our Adjusted EBITDA are excluded because they are non-cash in nature, or because the amount and timing of these items are unpredictable, are not driven by core results of operations, and render comparisons with prior periods and competitors less meaningful. We add to Adjusted EBITDA the in-period change in unrealized accretion (dilution) expected upon LST to HYPE reconversion to give a more complete picture of mark-to-market impacts on our HYPE holdings, disregarding the temporary impacts of conversion and reconversion between HYPE and LSTs. Adjusted EBITDA is used by management, in addition to GAAP financial measures, to understand and compare our operating results across accounting periods, for risk management and operational decision-making purposes. This non-GAAP measure provides investors with additional information in evaluating the Company's operating performance. |
22
| 9. | “Net Asset Value” is a non-GAAP measure. Net Asset Value is defined as the market value of our marketable digital assets less net outstanding debt. It is reconciled to the GAAP measure “HYPE digital assets” as adjusted to “Gross HYPE Holdings” (described more fully in Footnote 4) by (i) adding KNTQ digital assets, (ii) adding Current Assets, (iii) subtracting Current Liabilities, and (iv) subtracting Notes Payable (Non-current portion, without subtracting corresponding debt discounts or any unamortized issuance expenses). We believe Net Asset Value is a helpful non-GAAP financial measure to our management and investors because it provides a more complete picture of our net liquid and marketable assets. It does not include Other digital assets which may not be immediately marketable. It does not include other non-current assets or non-current liabilities beyond the aforementioned items. The Company believes Net Asset Value provides useful information about our balance sheet and financial performance, enhances the overall understanding of our past performance and future prospects, allows for greater transparency with respect to important metrics used by our management for financial, risk management and operational decision-making, and provides an additional tool for investors to use to understand and compare our operating results across accounting periods. |
| 10. | Represents in-period accrued staking yield on HYPE LSTs. Staking yield on LSTs is not recognized in-period in accordance with GAAP; instead, LST staking yield may be recognized with an associated realized gain upon future reconversion from LSTs back into HYPE. |
| 11. | Represents the estimated future financial implications if all company-owned LSTs were reconverted to HYPE at the end of each respective period. Encapsulates both the temporary GAAP valuation methodology differences between LSTs and HYPE plus the realization of previously accrued but unrecognized staking yield on LSTs. |
| 12. | In the three months ended September 30, 2025, Gain on extinguishment of liability and a reduction in accrued liability within other income was $2.2 million and $0.2 million respectively, combined totaling $2.4 million. |
| 13. | In the reconciliation of “Total Other Income (Expense), Net” to “Adjusted Other Income (Expense)”, as well as in the reconciliation of “Net Income (Loss)” to “Adjusted EBITDA”, in the three months ended September 30, 2025, other non-recurring items include gains on sales of equipment, release of reserves held against potential returns of company-sold items, and a one-time realized payment in connection with a terminated LOI. In the three months ended December 31, 2025, other non-recurring items include gains due to valuation differences in the time between contractual and actual delivery dates on certain company-paid expenses denominated in HYPE and in Company equity. |
| 14. | Estimated and unaudited figures as of March 23, 2026. |
23
Exhibit 99.2
Hyperion DeFi © 2026 1 HYPD Q4 2025 and FY 2025 Earnings Supplement More than just HYPE. NASDAQ: HYPD
Hyperion DeFi © 2026 2 Use of Non - GAAP Financial Measures This presentation includes certain non - GAAP financial measures (including on a forward - looking basis) such as Adjusted Gross Profit, Gross HYPE Holdings, Net Asset Value, Operating Expenses Excluding Stock - Based Compensation, Treasury Gains (Losses), Adjusted Other Income (Expense), and Adjusted EBITDA. These non - GAAP measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP and should not be considered as an alternative to any performance measures derived in accordance with GAAP. Reconciliations of non - GAAP measures to their most directly comparable U.S. Generally Accepted Accounting Principles (GAAP) counterparts are included in the Financial Supplement - Non - GAAP Reconciliations section of this presentation with additional detail in the Footnotes. Hyperion DeFi believes that these non - GAAP measures of financial results (including on a forward - looking basis) provide useful supplemental information to investors about Hyperion DeFi. Hyperion DeFi’s management uses non - GAAP measures to evaluate our operating performance, formulate business plans, help better assess our overall liquidity position, and make strategic decisions, including those relating to operating expenses and the allocation of internal resources. However, these non - GAAP measures have limitations as analytical tools. Other companies may not use these non - GAAP measures or may use similar measures that are defined in a different manner. Therefore, Hyperion DeFi’s non - GAAP measures may not be directly comparable to similarly titled measures of other companies. We also periodically review our non - GAAP financial measures and may revise these measures to reflect changes in our business or otherwise. Additionally, forward - looking non - GAAP financial measures are presented on a non - GAAP basis without reconciliations of such forward - looking non - GAAP measures because the GAAP financial measures are not accessible on a forward - looking basis and reconciling information is not available without unreasonable effort due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations, including adjustments reflected in our reconciliation of historic non - GAAP financial measures, the amounts of which, based on historical experience, could be material. Forward - Looking Statements Except for historical information, all the statements, expectations and assumptions contained in this presentation are forwar d - l ooking statements. Forward - looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements, our future activities or ot her future events or conditions, including the estimated market opportunities for our platform technology, the viability of, and risks associated with, our cryptocurrency treasury strategy, and the growth and revenue pot ent ial of the Hyperliquid ecosystem and the growth prospects of Hyperion DeFi, Inc. (“Hyperion DeFi”, “Hyperion” or the “Company”) (NASDAQ:HYPD). These statements are based on current expectations, estimates and projecti ons about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to pr edi ct. Therefore, actual outcomes and results may, and in some cases are likely to, differ materially from what is expressed or forecasted in the forward - looking statements due to numerous factors discussed from time to time in documents which we file with the U.S. Securities and Exchange Commission (the “SEC”), including in particular, the risks of our cryptocurrency strategy as detailed in our reports filed with the SEC. Any forward - looking statements speak only as of the date on which they are made, and except as may be required under applicable securities laws, Hyperion DeFi does not undertake any obligation to update any forward - looking statements. Disclaimer Certain information contained in this presentation and statements made orally during this presentation relate to or are based on studies, publications, surveys and other data obtained from third - party sources and Hyperion DeFi’s own internal estimates and research. While Hyperion DeFi believes these third - party studies, publications, surve ys and other data to be reliable as of the date of this presentation, it has not independently verified, and makes no representation as to the adequacy, fairness, accuracy or completeness of, any information obtained fro m t hird - party sources. In addition, no independent source has evaluated the reasonableness or accuracy of Hyperion DeFi’s internal estimates or research and no reliance should be made on any information or statements ma de in this presentation relating to or based on such internal estimates and research. You should conduct your own investigation and analysis of Hyperion DeFi, its business, prospects, results of operations and finan cia l condition. In furnishing this information, Hyperion DeFi does not undertake any obligation to provide you with access to any additional information (including forward - looking information and any projections contained he rein) or to update or correct the information. All figures in this presentation are not audited. Throughout this document, totals may not sum due to rounding. Calculations are based on unrounded results. Q4 2025 Q3 2025 Figures in $ 496,229 302,506 Revenue 820,997 439,386 Adjusted Gross Profit (1) 16,233,941 37,954,590 HYPE Digital Assets 47,837,901 77,751,604 Gross HYPE Holdings (4) 44,154,737 74,545,583 Net Asset Value (9) 4,530,542 2,594,130 Selling, General and Administrative Expense 3,007,135 4,315,016 Operating Expenses Excluding Stock - Based Compensation (5) 39,958,264 (4,125,685) Net Operating (Income) Expenses (36,783,228) 11,868,872 Treasury Gains (Losses) (6) (288) 2,197,391 Total Other Income (Expense), Net 48,717 (42,240) Adjusted Other Income (Expense) (7) (39,765,565) 6,625,582 Net Income (Loss) (38,920,649) 7,951,003 Adjusted EBITDA (8)
Hyperion DeFi © 2026 3 Achieved +87% quarter - over - quarter growth in our operating businesses (Adjusted Gross Profit (1) ), driven by new DeFi monetization and ecosystem rewards strategies which were just beginning to ramp in Q4 (each at >1,000% q - o - q growth) HYPD Investment Thesis Note: Adjusted Gross Profit and Operating Expenses Excluding Stock - Based Compensation are non - GAAP financial measures. See “Footnotes” and "Financial Supplement" sections for detailed definitions and reconciliations to the nearest GAAP Metric. “Triple Dip” HYPE deployment is possible because of management’s unique ability to build on the Hyperliquid blockchain. We earned ~3x base staking income in Q4 Strong earnings leverage with low cost base built for scale; achieved - 30% quarter - over - quarter decline in core costs (Operating Expenses Excluding Stock - Based Compensation (5) ) Anticipated $4M - $6M Adjusted Gross Profit (1) in 2026, ~4x our 2025 FY results Unique among digital asset treasuries with Five Diversified Operating Business Lines
Hyperion DeFi © 2026 4 Top 10 Hyperliquid Validator Institutional Volatility Income Vault $2.8B (14) Traded Volume on Felix - Partner Markets Secured On - Chain Lending Pools We are Building More Every Day Growing Hyperliquid Ecosystem Treasury (14) Ramping DeFi Business Lines Third Party Capabilities + + = Hyperion At A Glance +87% Q4 Q - o - Q Adjusted Gross Profit (1) Guidance of $4M - $6M 2026 Adjusted Gross Profit (1) (~4x 2025) Unique “Triple - Dip” HYPE Deployment Across 5 Strategies Achieved ~3x base staking income in Q4 1.93M HYPE 1.92M KNTQ 1.0M HPL The First Publicly Listed DeFi Company Building on Hyperliquid NASDAQ: HYPD More than just HYPE. Note: Adjusted Gross Profit is non - GAAP financial measure. See “Footnotes” and "Financial Supplement" sections for detailed definitions and reconciliations to the nearest GAAP Metric.
Hyperion DeFi © 2026 5 Hyperion’s Differentiated Value Proposition vs . “Traditional DAT” $HYPE $HYPE Shareholder Value Tied to HODL + Ecosystem Engagement Income Shareholder Value Tied to HODL Multiple DEFI businesses Multiple DEFI businesses Traditional DAT HYPD Ecosystem Growth Over Time
Hyperion DeFi © 2026 6 Five Diversified Operating Business Lines QoQ Growth Q4'25 Q3'25 (In $ Thousands) >1000% 285 - Ecosystem Rewards >1000% 102 <1 DeFi Monetization 2% 79 78 Yield Enhancement 127% 49 21 Validator Commissions - 10% 305 340 Staking Yield 87% 821 439 Adjusted Gross Profit (1) 197% 1,362 458 Validator Commissions in HYPE (2) 17% 8,713 7,437 Staking Yield in HYPE (2) 35.12 45.76 Effective Average HYPE Price In - Period (3) 0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 900,000 1,000,000 Q3'25 Q4'25 Adjusted Gross Profit (1) Staking Yield Validator Commissions Yield Enhancement DeFi Monetization Ecosystem Rewards Note: Adjusted Gross Profit is non - GAAP financial measure. See “Footnotes” and "Financial Supplement" sections for detailed definitions and reconciliations to the nearest GAAP Metric.
Hyperion DeFi © 2026 7 HYPD’s “Triple - Dip” HYPE Deployment is Possible Because of Our Management’s Unique Ability to Build on the Hyperliquid Blockchain DeFi Operating Activity Deal Description HYPD DeFi Partner Ecosystem Rewards DeFi Monetization Yield Enhancement Validator Commissions Staking Yield Hyperion x Kinetiq Validator Kinetiq HYPE Asset Use Service (HAUS) Silhouette HAUS / HIP - 3 Markets Felix USDH Aligned Stablecoin Native Markets kmHYPE / HIP - 3 Markets Kinetiq Markets Institutional Vaults Rysk On - Chain Secured Lending HyperLend 1 1 1 1 1 1 1 3 3 3 3 3 3 3 2 2 2 2 2 2 2 represent cumulative deployment of the same HYPE tokens into multiple strategies in each row 1 2 3
Hyperion DeFi © 2026 8 Anticipated $4M - $6M Adjusted Gross Profit in 2026, ~4x our 2025 FY results 2026 Guidance vs. 2025 Actual FY'26 Guidance FY'25 A Q4'25 A Q3'25 A Q2'25 A Q1'25 A (in $ millions) ~ 4x $4M - $6M $1.28M $0.82M $0.44M $0.00M $0.01M Adjusted Gross Profit (1) Q4’25 vs. Q3’25 QoQ Adjusted Gross Profit (1) Growth (Actual): +87% Note: Adjusted Gross Profit is non - GAAP financial measure. See “Footnotes” and "Financial Supplement" sections for detailed definitions and reconciliations to the nearest GAAP Metric.
Hyperion DeFi © 2026 9 HYPD Treasury Over Time Note: Gross HYPE Holdings is non - GAAP financial measure. See “Footnotes” and "Financial Supplement" sections for detailed definitions and reconciliations to the nearest GAAP Metric. HYPD Net Basis (14) March 23, 2026 (14) December 31, 2025 September 30, 2025 1.93 M 1.93 M 1.88 M 1.72 M Gross HYPE Tokens (2) $37.9 $38.2 $25.4 $45.2 HYPE Token Price $73.4 M $73.9 M $47.8 M $77.8 M Gross HYPE Holdings (4) $9.2 M $6.5 M $8.2 M Cash, Cash Equivalents, and USDH
Hyperion DeFi © 2026 10 About Hyperliquid Note: All metrics in this “About Hyperliquid” Section are as of January 31, 2026, unless otherwise indicated
Hyperion DeFi © 2026 11 Hyperliquid In The News
Hyperion DeFi © 2026 12 [ Why Hyperliquid (HYPE)? Top 1 revenue and Top 10 market cap cryptocurrency Source: CoinMarketCap Source: Artemis As of January 31, 2026 As of January 31, 2026 Top Fees (24h) [ NAME 1 Bitcoin BTC 2 Ethereum ETH 3 BNB BNB 4 XRP XRP 5 Solana SOL 6 TRON TRX 7 Dogecoin DOGE 8 Cardano ADA 9 Bitcoin Cash BCH 10 Hyperliquid HYPE Market Cap: Top 10 Cryptocurrencies (excluding stablecoins) MARKET CAP $1,547,805,619,029 $288,731,033,588 $104,749,399,382 $96,904,830,011 $57,639,798,402 $26,961,884,722 $17,075,603,907 $10,288,871,687 $9,669,311,810 $7,629,886,600
Hyperion DeFi © 2026 13 BUYBACKS MARKET CAP** STAKING YIELD FIXED SUPPLY TOKEN $1,547,805,619,029 Bitcoin $288,731,033,588 Ethereum $57,639,798,402 Solana $7,629,886,600 Hyperliquid Hyperliquid’s Unique Token Design Hyperliquid generates an annualized revenue of > $ 1 B+* . ~ 99 % of this revenue goes back to daily buybacks of HYPE into the Assistance Fund, a powerful mechanism relative to its circulating market cap . Assistance Fund HYPE ~40M Assistance HYPE $ ~1.2B Source: Hypurrscan as of January 31, 2026 * Based upon annualized fees in the last week of January 2026 per Defi Llama ** As of January 31, 2026; Source: CoinMarketCap
Hyperion DeFi © 2026 14 Hyperliquid’s (HYPE) Trading Platform Is Experiencing Rapid Adoption And Growth Hyperliquid Cryptocurrency Market Cap Ranking #10 Hyperliquid Market Cap ~$7.6 Billion Cumulative Fees Generated on Hyperliquid >$1 Billion Hyperliquid Circulating Token Supply ~258 Million Hyperliquid Marketplace Users ~1 Million Hyperliquid Maximum Token Supply ~960 Million (~40 Million Burned) Hyperliquid Cryptocurrency Daily Revenue Ranking #1 Source: Hyperliquid Stats Source: Defi Llama Source: Defi Llama Source: CoinMarketCap Source: CoinMarketCap ; Hypurrscan Source: CoinMarketCap Source: CoinMarketCap (Excluding Stablecoins) Source: Artemis As of January 31, 2026 Daily Trading Volume on Hyperliquid Has Exceeded >$16 Billion Cumulative Trading Volume on Hyperliquid ~$4 Trillion Source: Defi Llama
Hyperion DeFi © 2026 15 Hyperliquid’s Parabolic Growth Hyperliquid has become the leading platform for on - chain derivatives, seen through its rapidly growing fees and crypto perpetuals (“perp”) trading volume expansion since its Token Genesis Event in November 2024. Source: Defi Llama Key Metrics Total Value Locked App Fees (24h) Crypto Spot Volume (24h) Perps Volume (24h) Open Interest $HYPE Price $HYPE Market Cap $HYPE Fully Diluted Value $4.5b $5.1m $672m $15.3b $8.1b $29.54 $8.92b $28.4b ~$4 Trillion CUMULATIVE PERP VOLUME Hyperliquid (HYPE) As of January 31, 2026 >$1 Billion CUMULATIVE HYPERLIQUID FEES
Hyperion DeFi © 2026 16 0 5 10 15 20 25 30 Nov '25 Dec '25 Jan '26 HIP - 3 Monthly Volume ($BN) $3.3 $8.1 $23.9 Source: Artemis Through January 31, 2026 2.9x 2.4x HIP - 3 Fueled Growth Hyperliquid’s New “HIP - 3” Markets (Primarily Commodities & Equities) are Experiencing Rapid Month - over - Month Trading Volume Increases
Hyperion DeFi © 2026 17 Our DeFi Operating Businesses Note: All metrics in this “Our DeFi Operating Business” Section are as of January 31, 2026, unless otherwise indicated
Hyperion DeFi © 2026 18 Early Mover Advantages Create Unique Opportunities for Compounding Revenue Streams Hyperliquid Staking Yield Validator Commissions Hyperliquid Staking Yield Hyperliquid Staking Yield Validator Commissions Yield Enhancement Validator Commissions Yield Enhancement Hyperliquid Staking Yield DeFi Monetization Validator Commissions Yield Enhancement Hyperliquid Staking Yield DeFi Monetization Ecosystem Rewards RETURNS HYPERION DEFI’S RAPIDLY COMPOUNDING DEFI STRATEGY Received 3M Foundation HYPE Delegation *Not active as of January 2026 HAUS Credo Execution* HAUS Felix Execution Co - Branded Kinetiq Validator Launched “HiHYPE” Liquid Staking Token Native Markets Partnership Rysk Yield Vaults HyperLend On - Chain Credit HAUS Silhouette Execution
Hyperion DeFi © 2026 19 Hyperion DeFi stakes and deploys HYPE into the Hyperliquid Ecosystem Clients unlock unique utility on Hyperliquid; Hyperion DeFi earns fees from Clients Client activity promotes broader Hyperliquid adoption Hyperion earns Validator Commissions and Ecosystem Rewards Hyperion DeFi reinvests revenues to purchase more HYPE How HYPD Drives the Institutional Adoption Flywheel • Reduced Trading Fees (Silhouette) • Launch of New “HIP3” Financial Markets (Felix) • On - chain credit pool (HyperLend) • On - chain yield vaults (Rysk) • Enable Native Markets’ USDH “Aligned Stablecoin” 1 2 3 4 5 • Eligible for KNTQ • Eligible for HPL
Hyperion DeFi © 2026 20 DeFi Operating Activity Markets Expansion Efficient Borrowing Trading Fee Savings Enhanced Liquidity DeFi Yield Deal Description HYPD DeFi Partner HiHYPE Liquid Staking Token Kinetiq HYPE Asset Use Service (HAUS) Silhouette HAUS / HIP - 3 Markets Felix USDH Aligned Stablecoin Native Markets kmHYPE / HIP - 3 Markets Kinetiq Markets Institutional Vaults Rysk On - Chain Secured Lending HyperLend HYPD’s Innovative Partnerships Enable Unique Utility on Hyperliquid
Hyperion DeFi © 2026 21 As of January 31, 2026 Source: hyperliquid.xyz As of January 31, 2026 Hyperion Defi’s Validator Has ~12M HYPE And Is A Top 10 Validator
Hyperion DeFi © 2026 22 Over $1B Volume on HYPD - Enabled Felix Markets since November 2025 Felix Markets include Silver, TSLA, Gold, CRCL, COIN and other assets listed in synthetic perpetual format Source: Hyperzap As of January 31, 2026 Cumulative Trading Volume (RHS) ~$1.2 Billion Daily Trading Volume (LHS) has exceeded >$100 Million Cumulative Unique Traders >5,000
Hyperion DeFi © 2026 23 Frictionless exposure to Hyperliquid’s native token HYPE. Access next - generation Decentralized Finance (DeFi). Bridging public markets and on - chain strategies. More than just HYPE. NASDAQ: HYPD
Hyperion DeFi © 2026 24 Financial Supplement
Hyperion DeFi © 2026 25 HYPD Q4’25 GAAP Non - GAAP Income Summary Note: Adjusted Gross Profit, Operating Expenses Excluding Stock - Based Compensation, Treasury Gains (Losses), Adjusted Other Inco me (Expense), and Adjusted EBITDA are non - GAAP financial measures. See “Footnotes” and "Financial Supplement" sections for detailed definitions and reconciliations to the nearest GAAP metric. Q4 2025 Q3 2025 Non - GAAP Income Summary $ 820,997 $ 439,386 Adjusted Gross Profit (1) 3,007,135 4,315,016 Operating Expenses Excluding Stock - Based Compensation (5) (36,783,228) 11,868,872 Treasury Gains (Losses) (6) 48,717 (42,240) Adjusted Other Income (Expense) (7) $ (38,920,649) $ 7,951,003 Adjusted EBITDA (8)
Hyperion DeFi © 2026 26 Description of 2025 Digital Assets Operating Business Lines within Non - GAAP Adjusted Gross Profit (1) *Throughout this document, LST(s) is the abbreviation for “Liquid Staking Token(s)”, including HiHYPE (Hyperion Institutional HY PE), kHYPE (Kinetiq Staked HYPE), and kmHYPE (Kinetiq Market HYPE). Note: Adjusted Gross Profit is non - GAAP financial measure. See “Footnotes” and "Financial Supplement" sections for detailed defi nitions and reconciliations to the nearest GAAP Metric. Description & Financial Presentment Digital Assets Business Activity End - of - day value of the Company’s November 27, 2025 KNTQ Airdrop token receipt is presented as "Realized gains - digital assets" in "Operating (Income) Expenses". Ecosystem Rewards DeFi Monetization partnerships with Credo Cayman, Felix, and Native Markets are presented as either "Revenue" (without any "Cost of Revenue“) or “Interest Income” within “Other Income”. DeFi Monetization Any realized and unrealized gains and losses from Yield Enhancement activities are presented in "Operating (Income) Expenses". Yield Enhancement Validator Commissions are earned in HYPE and expressed as US dollars. Hyperion DeFi's portion of our Validator Commissions is presented as "Revenue" without any "Cost of revenue". Starting December 15, 2025, Validator Commissions owed to Kinetiq and Pier Two are presented as both "Revenue" and "Cost of revenue". Validator Commissions Staking Yield is earned in HYPE and expressed as US dollars. Staking Yield on Hyperion DeFi's HYPE tokens is presented as "Revenue" without any "Cost of revenue", while accrued Staking Yield on our Liquid - Staking Tokens (LSTs*) is included as a Non - GAAP adjustment. Starting December 15, 2025, Staking Yield on third - party delegated HYPE tokens to our Validator are presented as both "Revenue" and "Cost of revenue". Staking Yield
Hyperion DeFi © 2026 27 Disaggregated Non - GAAP Adjusted Gross Profit (1) *Only presented in the Company financials from activity on and after December 15, 2025. **The subset of realized and unrealized gains and losses derived from activities such as selling covered call options on HYPE to kens. ***The subset of realized gains - digital assets derived from ecosystem reward activity such as the receipt of airdrop KNTQ toke ns on November 27, 2025. ****The subset of interest income from digital assets receivables. Note: Adjusted Gross Profit is non - GAAP financial measure. See “Footnotes” and "Financial Supplement" sections for detailed defi nitions and reconciliations to the nearest GAAP Metric. FY'25 Q4'25 Q3'25 Q2'25 Q1'25 (Figures in $ thousands) 15 - - - 15 Life Sciences Revenue Revenue 414 133 281 - - HYPE Staking Yield - HYPD Tokens 296 296 - - - HYPE Staking Yield - 3rd Party Tokens* 70 49 21 - - Validator Commissions - HYPD Portion 7 7 - - - Validator Commissions - Non - HYPD Portion* 12 12 <1 - - DeFi Monetization Revenue (<1) - - - (<1) Life Sciences Cost of Revenue Cost of Revenue (296) (296) - - - HYPE Staking Yield Cost of Revenue - 3rd Party Tokens* (7) (7) - - - Validator Commissions Cost of Revenue - Non - HYPD Portion* 231 172 59 - - LST Staking Yield - HYPD Tokens (10) Non - GAAP Adjustments 158 79 78 - - Yield Enhancement** Operating Income 285 285 - - - Ecosystem Rewards*** 91 91 - - - DeFi Monetization Interest Income**** Other Income 1,275 821 439 - 15 Non - GAAP Adjusted Gross Profit (1)
Hyperion DeFi © 2026 28 Non - GAAP Financial Measures & Reconciliations Reconciliation of Adjusted Gross Profit (1) (unaudited) Note: See “Footnotes” section for detailed explanations and definitions. The sum of individual metrics may not always equal t ota l amounts indicated due to rounding. For the Three Months Ended December 31, 2025 For the Three Months Ended September 30, 2025 $ 496,229 $ 302,506 Revenue (303,242) - Subtract: Cost of Revenue 172,463 58,771 Add: Accumulated but unrealized staking yield on LSTs (10) 79,461 78,109 Add: Operating Income from yield enhancement strategies 285,450 - Add: Realized gains – digital assets from ecosystem rewards 90,636 - Add: Interest Income from DeFi Monetization activity $ 820,997 $ 439,386 Adjusted Gross Profit (1)
Hyperion DeFi © 2026 29 As of December 31, 2025 Token Price Token Count Value $ $ 25.43 638,352 $ 16,233,941 HYPE digital assets Add: 25.43 300,725 7,647,740 HYPE digital assets receivable* 21.18 398,277 8,437,277 HiHYPE at carrying value 22.49 505,434 11,369,458 kHYPE at carrying value 22.49 28,888 649,820 kmHYPE at carrying value N.M.** 9,410 3,499,665 Unrealized accretion (dilution) expected upon future LST to HYPE Token Reconversion (11) $ 47,837,901 Gross HYPE Holdings (4) $ 25.43 1,881,086 Gross HYPE Tokens (2) $ 4,912,082 Unrealized accretion (dilution) expected upon LST to HYPE reconversion as of September 30, 2025 $ (1,412,417) In - Period Change in unrealized accretion (dilution) expected upon LST to HYPE reconversion versus September 30, 2025 *Presented gross of $405,331 provision for credit losses and $307,278 unamortized nonrefundable upfront fee. **Throughout this document, N.M. is the abbreviation for "Not Meaningful“. Note: See “Footnotes” section for detailed explanations and definitions. The sum of individual metrics may not always equal t ota l amounts indicated due to rounding. Non - GAAP Financial Measures & Reconciliations Q4’25 Reconciliation of Gross HYPE Holdings (4) (unaudited)
Hyperion DeFi © 2026 30 Non - GAAP Financial Measures & Reconciliations Q3’25 Reconciliation of Gross HYPE Holdings (4) (unaudited) *The Company did not hold any LSTs on or prior to June 30, 2025. Therefore, as of September 30, 2025, the in - period change in un realized accretion (dilution) expected upon LST to HYPE Token Reconversion is the same as the absolute figure. Note: See “Footnotes” section for detailed explanations and definitions. The sum of individual metrics may not always equal t ota l amounts indicated due to rounding. As of September 30, 2025 Token Price Token Count Value $ $ 45.19 839,889 $ 37,954,590 HYPE digital assets Add: $ 39.74 877,871 34,884,932 HiHYPE at Carrying Value N.M. 2,788 4,912,082 Unrealized accretion (dilution) expected upon future HiHYPE to HYPE Token Reconversion (11) $ 77,751,604 Gross HYPE Holdings (4) $ 45.19 1,720,549 Gross HYPE Tokens (2) $ 4,912,082 In - Period Change in unrealized accretion (dilution) expected upon LST to HYPE reconversion versus June 30, 2025*
Hyperion DeFi © 2026 31 For the Three Months Ended December 31, 2025 For the Three Months Ended September 30, 2025 Reconciliation of Operating Expense Excluding Stock - Based Compensation (5) Value $ Value $ $ 4,530,542 $ 2,594,130 Selling, general and administrative expense (1,712,361) 1,347,031 Subtract: stock - based compensation expense 188,954 373,855 Add: research and development expense $ 3,007,135 $ 4,315,016 Operating Expense Excluding Stock - Based Compensation (5) Non - GAAP Financial Measures & Reconciliations Reconciliation of Operating Expenses Excluding Stock - Based Compensation (5) (unaudited) & Disaggregated Stock - Based Compensation Note: See “Footnotes” section for detailed explanations and definitions. The sum of individual metrics may not always equal t ota l amounts indicated due to rounding. For the Three Months Ended December 31, 2025 For the Three Months Ended September 30, 2025 Disaggregated Stock - Based Compensation Value $ Value $ $ - $ (2,140,000) Mark - to - market adjustment of vested but undelivered stock - based compensation 997,563 209,648 Amortized expensing of unearned executive milestone awards 714,798 583,321 All remaining stock - based compensation $ 1,712,361 $ (1,347,031) Total Stock - Based Compensation
Hyperion DeFi © 2026 32 For the Three Months Ended December 31, 2025 For the Three Months Ended September 30, 2025 Value $ Value $ $ (39,958,264) $ 4,125,685 Net Operating (Expenses) Income Add Back : 188,954 373,855 Research and development expense 4,530,542 2,594,130 Selling, general and administrative expense 405,331 - Provision for credit losses (1,412,417) 4,912,082 In - Period Change in unrealized accretion (dilution) upon LST to HYPE reconversion Subtract : (172,463) (58,771) Accumulated but unrealized staking yield on LSTs (10) (285,450) - Operating Income from airdrops (79,461) (78,109) Operating Income from yield enhancement strategies $ (36,783,228) $ 11,868,872 Treasury Gains (Losses) (6) Non - GAAP Financial Measures & Reconciliations Reconciliation of Treasury Gains (Losses) (6) (unaudited) Note: See “Footnotes” section for detailed explanations and definitions. The sum of individual metrics may not always equal t ota l amounts indicated due to rounding.
Hyperion DeFi © 2026 33 For the Three Months Ended December 31, 2025 For the Three Months Ended September 30, 2025 Value $ Value $ $ (288) $ 2,197,391 Total Other Income (Expense), Net Add Back : 224,799 223,080 Interest Expense - (2,407,154) Reduction in life sciences liabilities (12) (85,158) (55,557) Other non - recurring items (13) (90,636) - Subtract: Interest Income from DeFi Monetization activity $ 48,717 $ (42,240) Adjusted Other Income (Expense) (7) Non - GAAP Financial Measures & Reconciliations Reconciliation of Adjusted Other Income (Expense) (7) (unaudited) Note: See “Footnotes” section for detailed explanations and definitions. The sum of individual metrics may not always equal t ota l amounts indicated due to rounding.
Hyperion DeFi © 2026 34 For the Three Months Ended December 31, 2025 For the Three Months Ended September 30, 2025 $ (39,765,565) $ 6,625,582 Net Income (Loss) Add back: 1,712,361 (1,347,031) Stock - based compensation 224,799 223,080 Interest expense 405,331 - Provision for credit losses - - Income taxes - - Depreciation and amortization expense* - (2,407,154) Reductions in life sciences liabilities (12) (85,158) (55,557) Other Non - Recurring Items (13) (1,412,417) 4,912,082 Add: In - Period Change in unrealized accretion (dilution) expected upon LST to HYPE reconversion $ (38,920,649) $ 7,951,003 Adjusted EBITDA (8) Non - GAAP Financial Measures & Reconciliations Reconciliation of Adjusted EBITDA (8) (unaudited) *Does not include Amortization of Operating Lease. Note: See “Footnotes” section for detailed explanations and definitions. The sum of individual metrics may not always equal t ota l amounts indicated due to rounding.
Hyperion DeFi © 2026 35 December 31, 2025 September 30, 2025 Value $ Value $ $ 47,837,901 $ 77,751,604 HYPE digital assets, as adjusted to Gross HYPE Holdings (4) 111,406 - Add: KNTQ digital assets 7,245,809 9,085,767 Add: Current Assets (2,701,013) (4,037,092) Subtract: Current Liabilities (8,339,366) (8,254,696) Subtract: Notes Payable * $ 44,154,737 $ 74,545,583 Net Asset Value (9) Non - GAAP Financial Measures & Reconciliations Reconciliation of Net Asset Value (9) (unaudited) *Non - current portion; does not subtract debt discount of $598,691 as of September 30, 2025 or $543,230 as of December 31, 2025. Note: See “Footnotes” section for detailed explanations and definitions. The sum of individual metrics may not always equal t ota l amounts indicated due to rounding.
Hyperion DeFi © 2026 36 Footnotes
Hyperion DeFi © 2026 37 Footnotes 1. “Adjusted Gross Profit” is a non - GAAP measure. Adjusted Gross Profit is defined as all in - period gross profit generated by the C ompany’s operations excluding buying digital assets and associated mark - to - market price movements. Such activities include staking yield, validator operations, yield enhancement activity, DeFi monetization partnerships, ecosystem rewards, a nd life sciences operations. It is reconciled to the GAAP measure “Revenue” by ( i ) subtracting Cost of Revenue, (ii) adding accumulated but unrealized staking yield on LSTs, (iii) adding the portion of GAAP operating income which was generated from yie ld enhancement strategies (such as selling covered calls), (iv) adding the portion of GAAP “Realized gains – digital assets” generated from ecosystem rewards such as the receipt of airdrop tokens, and (v) adding the portion of GAAP “Interest Inc ome” generated from digital assets receivables. We believe “Adjusted Gross Profit” is a helpful financial measure to our management and investors as it aims to capture all in - period gross profit generated by our active operational strategies wit hout the impact of ( i ) the temporary GAAP earnings volatility of HYPE to LST conversion and LST to HYPE reconversion, (ii) dispersed GAAP presentment of our operational strategies across various Statements of Operations sections, or (iii) the imp acts of realized or unrealized gains or losses on our digital assets. We believe Adjusted Gross Profit is a critical metric t o quantify and compare our core operational activities between periods. 2. The following are unaudited supplemental operating disclosures: Gross HYPE Tokens, the number of HYPE tokens staked at the Ki net iq x Hyperion Validator, Validator Commissions in HYPE, and Staking Yield in HYPE. 3. Calculated as the sum of the in - period Non - GAAP Adjusted Gross Profit components of (a) Validator Commissions plus (b) Staking Y ield (such figures being expressed in - period in US Dollars), divided by the sum of (c) Validator Commissions in HYPE plus (d) Staking Yield in HYPE. 4. “Gross HYPE Holdings” is a non - GAAP measure. Gross HYPE Holdings is defined as the gross market value of the Company’s HYPE assu ming (a) all temporary HYPE token use agreements are exited and (b) all LSTs were converted back to HYPE tokens as of the end of each respective reporting quarter. It is reconciled to the GAAP measure “HYPE digital assets” by addi ng ( i ) HYPE digital assets receivable (without subtracting provisions for credit losses or unamortized nonrefundable upfront fees), (ii) HYPE LSTs at carrying value (including without limitation HiHYPE, kHYPE, and kmHYPE) and (iii) the unrealized accret ion (dilution) expected upon LST to HYPE reconversion as of the end of each respective reporting quarter. We believe Gross HYPE Holdings is a helpful non - GAAP financial measure to our management and investors because it eliminates the temporary HYPE value impacts caused by our DeFi Monetization token movements as well as the conversion and reconversion between HYPE tokens and LSTs, which (a) causes staking yield on our LSTs not to be recognized in - period in accordan ce with GAAP and (b) does not recognize upward mark - to - market movements in underlying HYPE tokens given LSTs are carried at the lower of cost basis or impaired value. As such, it provides useful information about our balance sheet, al low s for greater transparency with respect to important metrics used by our management for financial, risk management and operational decision - making, and provides an additional tool for investors to understand and compare our operating results acros s reporting periods. 5. "Operating Expenses Excluding Stock - Based Compensation" is a non - GAAP measure. Operating Expenses Excluding Stock - Based Compensa tion is defined as the Company's operational expenses in - period excluding treasury value movements and stock - based compensation. It is reconciled to the GAAP measure “Selling, general and administrative expense” by ( i ) subtracting stock - based compensation expense and (ii) adding Research and development expense. Operating Expenses Excluding Stock - Based Compensation provides a metric of total operating expenditures in - period without the impact of treasury va lue movement or stock - based compensation, thereby creating a helpful metric for operational expense comparisons between different periods for our management and investors. 6. "Treasury Gains (Losses)" is a non - GAAP measure. Treasury Gains (Losses) is defined as the gross mark - to - market change in the co mpany's digital asset treasury portfolio each period, without accounting for temporary GAAP impacts due to HYPE to LST conversion (or LST to HYPE reconversion) or operating income driven by airdrops or yield enhancement activity. It is r eco nciled to the GAAP measure “Net Operating Income (Expenses)" by (a) adding ( i ) Research and development expense, (ii) Selling, general, and administrative expense, (iii) Provision for credit losses, and (iv) the in - period change in unrealize d accretion (dilution) expected upon LST to HYPE reconversion, and (b) subtracting ( i ) accumulated but unrealized staking yield on LSTs, (ii) operating income from airdrops, and (iii) operating income from yield enhancement strategies. Following these a dju stments, Treasury Gains (Losses) is a singular metric that can present mark - to - market treasury changes in isolation, which we believe is a helpful metric for management and investors given our large digital asset treasury position and the vol ati le nature of digital assets. 7. "Adjusted Other Income (Expense)" is a non - GAAP measure. Adjusted Other Income (Expense) reflects management’s view of recurring activities outside of core operating income and operating expenses. It is reconciled to the GAAP measure "Total Other Income (Expense), Net" by (a) adding back ( i ) interest expense, (ii) non - recurring gains from reductions in life sciences liabilities, and (iii) other non - recurring items w hich we do not consider material in nature, and (b) subtracting the portion of GAAP “Interest Income” generated from digital assets receivables. The items added back to Adjusted Other Income (E xpe nse) are excluded because they are non - cash in nature, or because the amount and timing of these items are unpredictable, are not driven by core results of operations, and render comparisons with prior periods and competitors less m ean ingful. The item subtracted from Adjusted Other Income (Expense) is already captured in the Non - GAAP metric “Adjusted Gross Profit”, as further described in Footnote 1. We believe Adjusted Other Income (Expense) provides a helpful vi ew to management and investors regarding recurring and ongoing income and expense items outside of operating income and operating expenses, presented in a way to compare these elements over time. 8. “Adjusted EBITDA” is a non - GAAP measure. Adjusted EBITDA is meant to reflect management’s view of recurring business activities and a more comparable view of the mark - to - market impacts on our digital asset treasury holdings in - period. It is reconciled to the GAAP measure “Net Income (Loss)” by removing ( i ) stock - based compensation, (ii) interest expense, (iii) provision for credit losses, (iv) income taxes, (v) depreciation and am ortization expense (excluding amortization of operating lease), (vi) non - recurring gains from reductions in life sciences liabilities, and (vii) other non - recurring items which we do n ot consider material in nature; and, it adds the in - period change in unrealized accretion (dilution) expected upon LST to HYPE reconversion. The items excluded from our Adjusted EBITDA are excluded because they are non - cash in nature, or because the amoun t and timing of these items are unpredictable, are not driven by core results of operations, and render comparisons with prior periods and competitors less meaningful. We add to Adjusted EBITDA the in - period change in unrealized acc retion (dilution) expected upon LST to HYPE reconversion to give a more complete picture of mark - to - market impacts on our HYPE holdings, disregarding the temporary impacts of conversion and reconversion between HYPE and LSTs. Adjust ed EBITDA is used by management, in addition to GAAP financial measures, to understand and compare our operating results across accounting periods, for risk management and operational decision - making purposes. This non - GAAP measure provides investors with additional information in evaluating the Company's operating performance.
Hyperion DeFi © 2026 38 Footnotes (continued) 9. “Net Asset Value” is a non - GAAP measure. Net Asset Value is defined as the market value of our marketable digital assets less ne t outstanding debt. It is reconciled to the GAAP measure “HYPE digital assets” as adjusted to “Gross HYPE Holdings” (described more fully in Footnote 4) by ( i ) adding KNTQ digital assets, (ii) adding Current Assets, (iii) subtracting Current Liabilities, and (iv) subtracting Notes P aya ble (Non - current portion, without subtracting corresponding debt discounts or any unamortized issuance expenses). We believe Net Asset Value is a helpful non - GAAP financial measure to our management and investo rs because it provides a more complete picture of our net liquid and marketable assets. It does not include Other digital assets which may not be immediately marketable. It does not include other non - current assets or non - current liabil ities beyond the aforementioned items. The Company believes Net Asset Value provides useful information about our balance sheet and financial performance, enhances the overall understanding of our past performance and future prospects, all ows for greater transparency with respect to important metrics used by our management for financial, risk management and operational decision - making, and provides an additional tool for investors to use to understand and compare our o perating results across accounting periods. 10. Represents in - period accrued staking yield on HYPE LSTs. Staking yield on LSTs is not recognized in - period in accordance with GA AP; instead, LST staking yield may be recognized with an associated realized gain upon future reconversion from LSTs back into HYPE. 11. Represents the estimated future financial implications if all company - owned LSTs were reconverted to HYPE at the end of each res pective period. Encapsulates both the temporary GAAP valuation methodology differences between LSTs and HYPE plus the realization of previously accrued but unrecognized staking yield on LSTs. 12. In the three months ended September 30, 2025, Gain on extinguishment of liability and a reduction in accrued liability within ot her income was $2.2 million and $0.2 million respectively, combined totaling $2.4 million. 13. In the reconciliation of “Total Other Income (Expense), Net” to “Adjusted Other Income (Expense)”, as well as in the reconcil iat ion of “Net Income (Loss)” to “Adjusted EBITDA”, in the three months ended September 30, 2025, other non - recurring items include gains on sales of equipment, release of reserves held against potential returns of company - sold items, and a one - t ime realized payment in connection with a terminated LOI. In the three months ended December 31, 2025, other non - recurring items include gains due to valuation differences in the time between contractual and actual delivery dates on certa in company - paid expenses denominated in HYPE and in Company equity. 14. Estimated and unaudited figures as of March 23, 2026.
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