Hyperliquid Strategies (PURR) investor relations material

Company overview and business model

• Operates as a digital asset treasury company focused on accumulating HYPE, the native token of the Hyperliquid Layer 1 blockchain, for stockholders.

• Became a public company via a business combination with Sonnet BioTherapeutics and Rorschach I LLC, completed December 2, 2025.

• Holds the largest HYPE token treasury among U.S. public companies, with 20.8 million tokens as of May 14, 2026.

• Generates income primarily through staking HYPE tokens and may selectively engage in DeFi activities within the Hyperliquid ecosystem.

• Strategic objective is to maximize long-term HYPE exposure per share while maintaining liquidity and a strong balance sheet.

Financial performance and metrics

• For the nine months ended March 31, 2026: $3.1 million net staking revenue, $105.2 million unrealized gain on HYPE, $169.2 million loss on HYPE contribution commitment, $10.7 million SG&A and R&D expenses, $2.2 million other income, $60.5 million income tax expense, and $165.4 million net loss.

• As of March 31, 2026: $113.1 million cash and equivalents, $689.0 million HYPE at fair value, $111.0 million working capital, $743.5 million stockholders' equity, and $165.9 million accumulated deficit.

• Raised $299.9 million from PIPE and $580.5 million in HYPE contributions at closing.

• Stock repurchase program authorized up to $30 million; 3,067,097 shares repurchased for $10.6 million by March 31, 2026.

Use of proceeds and capital allocation

• Proceeds from any cash exercise of Advisor Warrants (up to $371 million) will be used primarily for HYPE purchases and general corporate purposes.

• Capital allocation framework includes working capital reserve, temporary cash reserve, and HYPE holdings, with regular rebalancing and oversight.

• Capital deployment focuses on increasing HYPE exposure per share and opportunistic share repurchases when shares trade at a discount to market NAV.