Hyperion DeFi (HYPD) Q3 2026 earnings summary

Executive summary

• Q3 delivered a third consecutive record in GAAP net income at $39.585M, positive Core Operating Earnings of $555K and positive Adjusted Net Operating Cash Flow of $62.7K.

• Adjusted Gross Profit reached $2.795M, up 143% QoQ; FY26 guidance remained $7M-$8M.

• All legacy debt was retired, share repurchases began, and Net Asset Value reached $182.4M.

Financial highlights

• Q3 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, Treasury Gains were $48.053M, and Adjusted EBITDA was $48.655M versus $53.7M in Q2.

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

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

• Q3 basic and diluted EPS were $1.24 and $1.23, respectively; GAAP operating income was $40.1M.

Outlook and guidance

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

• Q3 Adjusted Gross Profit exceeded the $2.0M-$2.5M range, and Core Operating Earnings of $555K exceeded the $0-$500K range; operating expenses were within guidance.

• Product integrations and distribution are expected to continue in Q4, with potential acceleration in 2027; U.S. permissioned perpetuals and institutional access depend on regulatory progress and approvals.