Hyperion DeFi (HYPD) investor relations material

Executive summary

• Q3 Adjusted Gross Profit was $2.795M, up 143% QoQ; Core Operating Earnings were $555K and Adjusted Net Operating Cash Flow was $62.7K.

• Net income reached a third consecutive quarterly record of $39.585M, with results materially influenced by digital-asset treasury gains.

• Net Asset Value was $182.4M at quarter-end; Gross HYPE Holdings were $167.9M, based on 1.848M tokens at $90.83 per token.

• The strategy combines a HYPE treasury, five DeFi operating lines and ecosystem participation; legacy debt was retired and share repurchases began.

Financial highlights

• Adjusted Gross Profit was $2.795M, up 143% QoQ from $1.150M and above the $2.0M-$2.5M guidance range; GAAP gross profit was $810K.

• GAAP net income was $39.585M, including $48.053M of treasury gains; Adjusted EBITDA was $48.655M versus $53.7M in Q2.

• Operating expenses excluding stock-based compensation were $2.240M, down from $4.315M in Q3 2025; Core Operating Earnings were $555K versus a $1.195M Q2 loss.

• Adjusted Net Operating Cash Flow was positive $62.7K versus negative $2.124M in Q2; GAAP operating cash flow was negative $1.6M.

• Q3 revenue was $810K versus $303K YoY; 9M revenue was $1.4M, primarily from staking, validating and HAUS activities.

Outlook and guidance

• FY26 Adjusted Gross Profit guidance remained $7M-$8M, described as ~6x FY25 results; 9M Adjusted Gross Profit was $4.9M.

• Q3 Core Operating Earnings of $555K exceeded the $0-$500K guidance range; Adjusted Net Operating Cash Flow of $62.7K was within the negative $500K to positive $250K range.

• Product integrations and distribution are expected to continue in Q4, with acceleration in 2027 as tokenization and blockchain adoption expand.

• Potential U.S. permissioned perpetuals on HIP-3 and broader institutional access depend on regulatory progress and approvals.

• Management expects operating costs not to materially increase with expansion absent a step-change in scope, while continuing efficiency efforts.