Hyperion DeFi (HYPD) Q2 2026 earnings summary

Executive summary

• Achieved record net income and adjusted EBITDA in Q2 2026, driven by HYPE token appreciation, scalable DeFi businesses, and cost reductions, marking a full transition from legacy biotech to a DeFi-native model.

• Gross HYPE Holdings rose to $132.6M, up 87% quarter-over-quarter and 192% year-over-year, with five business lines contributing to a 162% year-over-year increase in adjusted gross profit.

• Operating expenses excluding stock-based compensation declined 46% year-over-year to $2.3M, reflecting the wind-down of the legacy segment.

• Expanded institutional partnerships, including Blockdaemon for staking and Skew/Entropy for permissionless market deployments, and completed the first institutional on-chain credit deal via HyperLend Aviya.

• Fully exited legacy ophthalmic and biotech operations, selling all related IP and extinguishing liabilities.

Financial highlights

• Q2 2026 net income: $31.0M (vs. $8.8M in Q1 2026); adjusted EBITDA: $53.7M (vs. $19.5M in Q1 2026).

• Adjusted gross profit grew 20% sequentially to $1.15M in Q2 2026, with 50% earned in cash or equivalents.

• Gross HYPE tokens increased 56% year-over-year to 2.04M.

• Net asset value rose to $134.2M as of June 30, 2026.

• Cash, cash equivalents, and stablecoins totaled $11.8M at quarter-end.

Outlook and guidance

• 2026 adjusted gross profit guidance reiterated at $5M–$7M, approximately 5x 2025 results.

• Adjusted net operating cash flow expected to turn positive by year-end 2026.

• Management expects existing resources to fund operations for at least the next 12 months.