{"id":1020251,"date":"2026-11-12T08:58:21","date_gmt":"2026-11-12T13:58:21","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/hyperion-defi-reports-q3-2026-financial-results-with-third-consecutive-quarterly-record-net-income-achieving-breakeven-guidance-on-core-operations-and-cash-flows\/"},"modified":"2026-11-12T08:58:21","modified_gmt":"2026-11-12T13:58:21","slug":"hyperion-defi-reports-q3-2026-financial-results-with-third-consecutive-quarterly-record-net-income-achieving-breakeven-guidance-on-core-operations-and-cash-flows","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/hyperion-defi-reports-q3-2026-financial-results-with-third-consecutive-quarterly-record-net-income-achieving-breakeven-guidance-on-core-operations-and-cash-flows\/","title":{"rendered":"Hyperion DeFi Reports Q3 2026 Financial Results with Third Consecutive Quarterly Record Net Income, Achieving Breakeven Guidance on Core Operations and Cash Flows"},"content":{"rendered":"
\n

\n Company Reports Record Q3 2026 Net Income of $39.6M and $48.7M Adjusted EBITDA(8)<\/sup><\/em>\n <\/p>\n

\n Company Achieved +127% Quarter-over-Quarter Growth in Revenue and Gross Profit; +143% Quarter-over-Quarter Growth in Adjusted Gross Profit(1)<\/sup><\/em>\n <\/p>\n

\n Scaling DeFi Businesses Generated ~3.6x Base Staking Yield in Q3<\/em>\n <\/p>\n

\n All Legacy Debt Retired and Share Repurchases Commenced<\/em>\n <\/p>\n

DALLAS, Nov. 12, 2026 (GLOBE NEWSWIRE) — Hyperion DeFi, Inc. (NASDAQ: HYPD) (\u201cHyperion DeFi\u201d or the \u201cCompany\u201d), the first U.S. publicly listed DeFi company building on Hyperliquid, today reported results for the third quarter ended September 30, 2026.<\/p>\n

\u201cWe are pleased to report a third consecutive quarter of record Net Income and, importantly, our first quarter of breakeven-or-better core operating profit and cash flows, achieved one quarter ahead of our initial 2026 year-end target\u201d, said Hyunsu Jung, CEO of Hyperion DeFi. Mr. Jung continued, \u201cWith our legacy debt now retired, share repurchases underway, and our core operations having achieved the inflection point we promised since day one, we continue to position ourselves as the premier institutional gateway to DeFi innovation as we deliver on our mission to revolutionize blockchain financial services.\u201d<\/p>\n

\n Q3\u201926, Q2\u201926, and Q3\u201925 Summary GAAP and Non-GAAP Financial Measures<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n (All Figures in $)<\/u>
\n <\/em>
\n <\/strong>\n <\/td>\n		\n
\n Q3’26<\/u>
\n <\/strong>\n <\/td>\n		\n
\n Q2’26<\/u>
\n <\/strong>\n <\/td>\n		\n
\n Q3’25<\/u>
\n <\/strong>\n <\/td>\n		\n
\n Q-o-Q
Change<\/u>
\n <\/strong>\n <\/td>\n		\n
\n Y-o-Y
Change<\/u>
\n <\/strong>\n <\/td>\n<\/tr>\n
\n GAAP<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Gross Profit<\/td>\n810,415<\/td>\n\u00a0<\/td>\n357,693<\/td>\n\u00a0<\/td>\n302,506<\/td>\n\u00a0<\/td>\n127<\/td>\n%<\/td>\n168<\/td>\n%<\/td>\n<\/tr>\n
Selling, General and Administrative Expense<\/td>\n3,791,580<\/td>\n\u00a0<\/td>\n3,918,591<\/td>\n\u00a0<\/td>\n2,594,130<\/td>\n\u00a0<\/td>\n(3<\/td>\n%)<\/td>\n46<\/td>\n%<\/td>\n<\/tr>\n
Net Operating (Income) Expenses<\/td>\n(39,287,511<\/td>\n)<\/td>\n(30,650,049<\/td>\n)<\/td>\n(4,125,685<\/td>\n)<\/td>\n28<\/td>\n%<\/td>\n852<\/td>\n%<\/td>\n<\/tr>\n
Total Other Income (Expense), Net<\/td>\n(512,539<\/td>\n)<\/td>\n(56,779<\/td>\n)<\/td>\n2,197,391<\/td>\n\u00a0<\/td>\n803<\/td>\n%<\/td>\n(123<\/td>\n%)<\/td>\n<\/tr>\n
Net Income (Loss)<\/td>\n39,585,387<\/td>\n\u00a0<\/td>\n30,950,963<\/td>\n\u00a0<\/td>\n6,625,582<\/td>\n\u00a0<\/td>\n28<\/td>\n%<\/td>\n497<\/td>\n%<\/td>\n<\/tr>\n
HYPE Digital Assets<\/td>\n108,784,402<\/td>\n\u00a0<\/td>\n74,119,231<\/td>\n\u00a0<\/td>\n37,954,590<\/td>\n\u00a0<\/td>\n47<\/td>\n%<\/td>\n187<\/td>\n%<\/td>\n<\/tr>\n
Cash and Cash Equivalents<\/td>\n6,624,503<\/td>\n\u00a0<\/td>\n9,637,216<\/td>\n\u00a0<\/td>\n8,223,180<\/td>\n\u00a0<\/td>\n(31<\/td>\n%)<\/td>\n(19<\/td>\n%)<\/td>\n<\/tr>\n
Net Cash and Cash Equivalents Provided By Operating Activities<\/td>\n(1,598,167<\/td>\n)<\/td>\n(3,098,419<\/td>\n)<\/td>\n(2,822,819<\/td>\n)<\/td>\n(48<\/td>\n%)<\/td>\n(43<\/td>\n%)<\/td>\n<\/tr>\n
Net Cash and Cash Equivalents Provided By Investing Activities<\/td>\n8,679,877<\/td>\n\u00a0<\/td>\n(5,642,387<\/td>\n)<\/td>\n(20,112,041<\/td>\n)<\/td>\n(254<\/td>\n%)<\/td>\n(143<\/td>\n%)<\/td>\n<\/tr>\n
Net Cash and Cash Equivalents Provided By Financing Activities<\/td>\n(10,094,423<\/td>\n)<\/td>\n10,997,100<\/td>\n\u00a0<\/td>\n23,625,749<\/td>\n\u00a0<\/td>\n(192<\/td>\n%)<\/td>\n(143<\/td>\n%)<\/td>\n<\/tr>\n
\n Non-GAAP<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted Gross Profit(1)<\/sup><\/td>\n2,795,341<\/td>\n\u00a0<\/td>\n1,150,035<\/td>\n\u00a0<\/td>\n439,386<\/td>\n\u00a0<\/td>\n143<\/td>\n%<\/td>\n536<\/td>\n%<\/td>\n<\/tr>\n
Operating Expenses Excluding Stock-Based Compensation(5)<\/sup><\/td>\n2,240,164<\/td>\n\u00a0<\/td>\n2,344,734<\/td>\n\u00a0<\/td>\n4,315,016<\/td>\n\u00a0<\/td>\n(4<\/td>\n%)<\/td>\n(48<\/td>\n%)<\/td>\n<\/tr>\n
Core Operating Earnings(19)<\/sup><\/td>\n555,177<\/td>\n\u00a0<\/td>\n(1,194,699<\/td>\n)<\/td>\n(3,875,630<\/td>\n)<\/td>\n(146<\/td>\n%)<\/td>\n(114<\/td>\n%)<\/td>\n<\/tr>\n
Treasury Gains (Losses)(6)<\/sup><\/td>\n48,053,253<\/td>\n\u00a0<\/td>\n54,815,626<\/td>\n\u00a0<\/td>\n11,868,872<\/td>\n\u00a0<\/td>\n(12<\/td>\n%)<\/td>\n305<\/td>\n%<\/td>\n<\/tr>\n
Adjusted Other Income (Expense)(7)<\/sup><\/td>\n46,677<\/td>\n\u00a0<\/td>\n31,919<\/td>\n\u00a0<\/td>\n(42,240<\/td>\n)<\/td>\n46<\/td>\n%<\/td>\n(211<\/td>\n%)<\/td>\n<\/tr>\n
Adjusted EBITDA(8)<\/sup><\/td>\n48,655,106<\/td>\n\u00a0<\/td>\n53,652,846<\/td>\n\u00a0<\/td>\n7,951,003<\/td>\n\u00a0<\/td>\n(9<\/td>\n%)<\/td>\n512<\/td>\n%<\/td>\n<\/tr>\n
Gross HYPE Holdings(4)<\/sup><\/td>\n167,853,840<\/td>\n\u00a0<\/td>\n132,635,212<\/td>\n\u00a0<\/td>\n77,751,604<\/td>\n\u00a0<\/td>\n27<\/td>\n%<\/td>\n116<\/td>\n%<\/td>\n<\/tr>\n
Net Asset Value(9)<\/sup><\/td>\n182,375,957<\/td>\n\u00a0<\/td>\n134,226,478<\/td>\n\u00a0<\/td>\n74,545,583<\/td>\n\u00a0<\/td>\n36<\/td>\n%<\/td>\n145<\/td>\n%<\/td>\n<\/tr>\n
Cash, Cash Equivalents, and Stablecoins(16)<\/sup><\/td>\n14,544,971<\/td>\n\u00a0<\/td>\n11,758,699<\/td>\n\u00a0<\/td>\n8,223,180<\/td>\n\u00a0<\/td>\n24<\/td>\n%<\/td>\n77<\/td>\n%<\/td>\n<\/tr>\n
Adjusted Net Operating Cash Flow(18)<\/sup><\/td>\n62,695<\/td>\n\u00a0<\/td>\n(2,124,382<\/td>\n)<\/td>\n(2,822,819<\/td>\n)<\/td>\n(103<\/td>\n%)<\/td>\n(102<\/td>\n%)<\/td>\n<\/tr>\n
Adjusted Net Investing Cash Flow(17)<\/sup><\/td>\n12,818,000<\/td>\n\u00a0<\/td>\n(6,165,672<\/td>\n)<\/td>\n(20,112,041<\/td>\n)<\/td>\n(308<\/td>\n%)<\/td>\n(164<\/td>\n%)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n All figures in this press release are not audited. <\/em>
\n Throughout this document, totals may not sum due to rounding. Calculations are based on unrounded results. <\/em>\n <\/p>\n

\n 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, Core Operating Earnings, Treasury Gains (Losses), Adjusted Other Income (Expense), Adjusted EBITDA, Adjusted Net Investing Cash Flow, and Adjusted Net Operating Cash Flow. Please see \u201cFootnotes\u201d and \u201cNon-GAAP Measures of Financial Performance\u201d for reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures and important additional information. <\/em>\n <\/p>\n

\n \n <\/p>\n

\n Please see \u201cFootnotes\u201d and \u201cNon-GAAP Measures of Financial Performance\u201d sections for detailed definitions and reconciliations to the nearest GAAP Metric.<\/em>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
\n Adjusted Gross Profit(1)<\/sup>(in $ thousands)<\/strong>\n <\/td>\n\n Q3’25<\/strong>\n <\/td>\n\n Q4’25<\/strong>\n <\/td>\n\n Q1’26<\/strong>\n <\/td>\n\n Q2’26<\/strong>\n <\/td>\n\n Q3’26<\/strong>\n <\/td>\n\n QoQ Growth<\/strong>\n <\/td>\n<\/tr>\n
Ecosystem Rewards<\/td>\n–<\/td>\n285<\/td>\n150<\/td>\n90<\/td>\n1,255<\/td>\n1,302%<\/td>\n<\/tr>\n
DeFi Monetization<\/td>\n<1<\/td>\n102<\/td>\n245<\/td>\n158<\/td>\n334<\/td>\n112%<\/td>\n<\/tr>\n
Yield Enhancement<\/td>\n78<\/td>\n79<\/td>\n211<\/td>\n334<\/td>\n381<\/td>\n14%<\/td>\n<\/tr>\n
Validator Commissions<\/td>\n21<\/td>\n49<\/td>\n40<\/td>\n42<\/td>\n41<\/td>\n(3%)<\/td>\n<\/tr>\n
Staking Yield<\/td>\n340<\/td>\n305<\/td>\n313<\/td>\n527<\/td>\n785<\/td>\n49%<\/td>\n<\/tr>\n
\n Adjusted Gross Profit(1)<\/sup><\/strong>\n <\/td>\n\n 439<\/strong>\n <\/td>\n\n 821<\/strong>\n <\/td>\n\n 960<\/strong>\n <\/td>\n\n 1,150<\/strong>\n <\/td>\n\n 2,795<\/strong>\n <\/td>\n\n 143<\/strong>
\n %<\/strong>\n <\/td>\n<\/tr>\n
Multiple vs. Staking Yield<\/td>\n1.3x<\/td>\n2.7x<\/td>\n3.1x<\/td>\n2.2x<\/td>\n3.6x<\/td>\n\u00a0<\/td>\n<\/tr>\n
HYPE Earned in Staking & Validating(2)<\/sup><\/td>\n7,895<\/td>\n10,076<\/td>\n11,458<\/td>\n11,115<\/td>\n10,885<\/td>\n\u00a0<\/td>\n<\/tr>\n
Effective Average HYPE Price In-Period(3)<\/sup><\/td>\n45.76<\/td>\n35.12<\/td>\n30.82<\/td>\n51.23<\/td>\n75.86<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n P<\/em>
\n lease see \u201cFootnotes\u201d and \u201cNon-GAAP Measures of Financial Performance\u201d sections for detailed definitions and reconciliations to the nearest GAAP Metric.<\/em>\n <\/p>\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n HYPE Treasury Over Time<\/strong>\n <\/td>\n\n 6\/30\/25*<\/strong>\n <\/td>\n\n 09\/30\/25<\/strong>\n <\/td>\n\n 12\/31\/25<\/strong>\n <\/td>\n\n 3\/31\/26<\/strong>\n <\/td>\n\n 6\/30\/26<\/strong>\n <\/td>\n\n 9\/30\/26<\/strong>\n <\/td>\n\n Basis(14)<\/sup><\/strong>\n <\/td>\n<\/tr>\n
Gross HYPE Tokens(2)<\/sup><\/td>\n1.31 M<\/td>\n1.72 M<\/td>\n1.88 M<\/td>\n1.94 M<\/td>\n2.04 M<\/td>\n1.85 M<\/td>\n1.85 M<\/td>\n<\/tr>\n
HYPE Token Price<\/td>\n$34.8<\/td>\n$45.2<\/td>\n$25.4<\/td>\n$36.6<\/td>\n$65.0<\/td>\n$90.8<\/td>\n$40.0<\/td>\n<\/tr>\n
\n Gross HYPE Holdings(4)<\/sup><\/strong>\n <\/td>\n\n $45.5 M<\/strong>\n <\/td>\n\n $77.8 M<\/strong>\n <\/td>\n\n $47.8 M<\/strong>\n <\/td>\n\n $71.0 M<\/strong>\n <\/td>\n\n $132.6 M<\/strong>\n <\/td>\n\n $167.9 M<\/strong>\n <\/td>\n\n $74.0 M<\/strong>\n <\/td>\n<\/tr>\n
Net Asset Value(9)<\/sup><\/td>\n$41.6 M<\/td>\n$74.5 M<\/td>\n$44.2 M<\/td>\n$69.9 M<\/td>\n$134.2 M<\/td>\n$182.4 M<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash, Cash Equivalents, and Stablecoins(16)<\/sup><\/td>\n$7.5 M<\/td>\n$8.2 M<\/td>\n$6.5 M<\/td>\n$9.1 M<\/td>\n$11.8 M<\/td>\n$14.5 M<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n *The June 30, 2025 Gross HYPE Holdings figure represents HYPE Digital Assets held at cost basis. Please see \u201cFootnotes\u201d and \u201cNon-GAAP Measures of Financial Performance\u201d sections for detailed definitions and reconciliations to the nearest GAAP Metric.<\/em>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Non-GAAP Income Summary
(Figures in $)<\/strong>\n <\/td>\n		\n Q3’25<\/strong>\n <\/td>\n\n Q4’25<\/strong>\n <\/td>\n\n Q1’26<\/strong>\n <\/td>\n\n Q2’26<\/strong>\n <\/td>\n\n Q3’26<\/strong>\n <\/td>\n<\/tr>\n
Adjusted Gross Profit(1)<\/sup><\/td>\n439,386<\/td>\n\u00a0<\/td>\n820,997<\/td>\n\u00a0<\/td>\n959,568<\/td>\n\u00a0<\/td>\n1,150,035<\/td>\n\u00a0<\/td>\n2,795,341<\/td>\n<\/tr>\n
Operating Expenses Excluding Stock-Based Compensation(5)<\/sup><\/td>\n4,315,016<\/td>\n\u00a0<\/td>\n3,007,135<\/td>\n\u00a0<\/td>\n2,975,883<\/td>\n\u00a0<\/td>\n2,344,734<\/td>\n\u00a0<\/td>\n2,240,164<\/td>\n<\/tr>\n
\n Core Operating Earnings<\/strong>
\n
\n (19)<\/sup>
\n <\/strong>\n <\/td>\n		\n (3,875,630<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n (2,186,138<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n (2,016,315<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n (1,194,699<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n 555,177<\/strong>\n <\/td>\n<\/tr>\n
Treasury Gains (Losses)(6)<\/sup><\/td>\n11,868,872<\/td>\n\u00a0<\/td>\n(36,783,228<\/td>\n)<\/td>\n21,451,862<\/td>\n\u00a0<\/td>\n54,815,626<\/td>\n\u00a0<\/td>\n48,053,253<\/td>\n<\/tr>\n
Adjusted Other Income (Expense)(7)<\/sup><\/td>\n(42,240<\/td>\n)<\/td>\n48,717<\/td>\n\u00a0<\/td>\n52,585<\/td>\n\u00a0<\/td>\n31,919<\/td>\n\u00a0<\/td>\n46,677<\/td>\n<\/tr>\n
\n Adjusted EBITDA(8)<\/sup><\/strong>\n <\/td>\n\n 7,951,003<\/strong>\n <\/td>\n\u00a0<\/td>\n\n (38,920,649<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n 19,488,132<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 53,652,846<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 48,655,106<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n Please see \u201cFootnotes\u201d and \u201cNon-GAAP Measures of Financial Performance\u201d sections for detailed definitions and reconciliations to the nearest GAAP Metric.<\/em>\n <\/p>\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Non-GAAP Cash Flow Summary
(Figures in $)<\/strong>\n <\/td>\n		\n Q3’25<\/strong>\n <\/td>\n\n Q4’25<\/strong>\n <\/td>\n\n Q1’26<\/strong>\n <\/td>\n\n Q2’26<\/strong>\n <\/td>\n\n Q3’26<\/strong>\n <\/td>\n<\/tr>\n
Adjusted Net Operating Cash Flow(18)<\/sup><\/td>\n(2,822,819<\/td>\n)<\/td>\n(3,976,135<\/td>\n)<\/td>\n(2,607,344<\/td>\n)<\/td>\n(2,124,382<\/td>\n)<\/td>\n62,695<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted Net Investing Cash Flow(17)<\/sup><\/td>\n(20,112,041<\/td>\n)<\/td>\n(6,319,039<\/td>\n)<\/td>\n(1,472,835<\/td>\n)<\/td>\n(6,165,672<\/td>\n)<\/td>\n12,818,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net Cash and Cash Equivalents Provided By Financing Activities<\/td>\n23,625,749<\/td>\n\u00a0<\/td>\n8,596,884<\/td>\n\u00a0<\/td>\n6,606,942<\/td>\n\u00a0<\/td>\n10,997,100<\/td>\n\u00a0<\/td>\n(10,094,423<\/td>\n)<\/td>\n<\/tr>\n
\n Change in Cash, Cash Equivalents, and Stablecoins(16)<\/sup><\/strong>\n <\/td>\n\n 690,889<\/strong>\n <\/td>\n\u00a0<\/td>\n\n (1,698,290<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n 2,526,763<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2,707,046<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2,786,272<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Ending Cash, Cash Equivalents, and Stablecoins(16)<\/sup><\/strong>\n <\/td>\n\n 8,223,180<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 6,524,890<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 9,051,653<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 11,758,699<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 14,544,971<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n Please see \u201cFootnotes\u201d and \u201cNon-GAAP Measures of Financial Performance\u201d sections for detailed definitions and reconciliations to the nearest GAAP Metric.<\/em>\n <\/p>\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n 2026 YTD Results vs. Guidance<\/strong>
\n
\n (Figures in $ Millions)<\/strong>\n <\/td>\n		\n Q1’26 A<\/strong>\n <\/td>\n\n Q2’26 A<\/strong>\n <\/td>\n\n Q3\u201926 Guidance<\/strong>
\n
\n (as of Sept 8)<\/strong>\n <\/td>\n		\n Q3\u201926<\/strong>
\n
\n Actual<\/strong>\n <\/td>\n		\n Q4’26<\/strong>\n <\/td>\n\n FY\u201926 Guidance<\/strong>
\n
\n (as of Sept 8)<\/strong>\n <\/td>\n<\/tr>\n
Adjusted Gross Profit(1)<\/sup><\/td>\n$0.96M<\/td>\n$1.15M<\/td>\n$2.00M – $2.50M<\/td>\n\n $2.80M<\/strong>
\n
\n (BEAT)<\/strong>\n <\/td>\n		–<\/td>\n$7M – $8M<\/td>\n<\/tr>\n
Operating Expenses Excluding
Stock-Based Compensation(5)<\/sup><\/td>\n		$2.98M<\/td>\n$2.34M<\/td>\n$2.00M – $2.25M<\/td>\n\n $2.24M<\/strong>
\n
\n (IN-LINE)<\/strong>\n <\/td>\n		–<\/td>\n–<\/td>\n<\/tr>\n
\n Core Operating Earnings(19)<\/sup><\/strong>\n <\/td>\n($2.02M)<\/td>\n($1.19M)<\/td>\n$0.00M – $0.50M<\/td>\n\n $0.56M<\/strong>
\n
\n (BEAT)<\/strong>\n <\/td>\n		–<\/td>\n–<\/td>\n<\/tr>\n
\n Adjusted Net Operating
Cash Flow(18)<\/sup><\/strong>\n <\/td>\n		($2.61M)<\/td>\n($2.12M)<\/td>\n($0.50M) – $0.25M<\/td>\n\n $0.06M<\/strong>
\n
\n (IN-LINE)<\/strong>\n <\/td>\n		–<\/td>\n\n –<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n Please see \u201cFootnotes\u201d and \u201cNon-GAAP Measures of Financial Performance\u201d sections for detailed definitions and reconciliations to the nearest GAAP Metric.<\/em>\n <\/p>\n

\n HYPD Investment Thesis & 15-Month Trailing Results<\/strong>\n <\/p>\n

In June of 2025, Hyperion DeFi evolved its operating strategy to the acquisition of HYPE and directly building in the Hyperliquid ecosystem. We made a firm commitment that we would be more than just HYPE, benefitting from not just holding the asset, but uniquely building multiple business atop it that have the potential to maximize its profitability. Our model is no longer a concept that we ask investors to envision, it has become reality.<\/p>\n

Our unique strategy shares in multiple frontiers of value creation at the same time. Those three frontiers include (1) Asset Value \u2013 our HYPE Treasury, (2) Operating Value \u2013 our DeFi Businesses, and (3) Option Value \u2013 our embedded economic upside in the Hyperliquid ecosystem. We call this our HYPD \u201cTriple-Dip\u201d Strategy, and we believe our results over the past fifteen months speak for themselves.<\/p>\n