Eyenovia(EYEN) - 2025 Q4 - Annual Results

Financial Performance - Hyperion DeFi reported Q4 2025 revenue of $496,229, representing a quarter-over-quarter growth of +64% from Q3 2025[3] - Adjusted Gross Profit for Q4 2025 reached $820,997, reflecting an 87% increase compared to $439,386 in Q3 2025[3] - The company anticipates Adjusted Gross Profit for FY 2026 to be between $4 million and $6 million, approximately 4x the FY 2025 results[11] - Revenue increased significantly from $57 thousand in FY'24 to $0.8 million in FY'25[27] - For the year ended December 31, 2025, Hyperion DeFi, Inc. reported revenue of $813,455, a significant increase from $57,336 in 2024, indicating a growth of approximately 1,320%[40] - Revenue for the three months ended September 30, 2025, was $302,506, while for the three months ended December 31, 2025, it was $496,229[52] Profitability and Loss - Adjusted Gross Profit for the three months ended September 30, 2025, was $439,386, compared to $820,997 for the three months ended December 31, 2025[52] - Q4'25 net loss was ($39.8 million), compared to a net income of $6.6 million in Q3'25[22] - The net loss for 2025 was $45,314,435, compared to a net loss of $49,818,433 in 2024, reflecting an improvement of about 9.9%[40] - The company reported a net income of $6,625,582 for the three months ended September 30, 2025, while experiencing a net loss of $39,765,565 for the three months ended December 31, 2025[65] - Net loss per share was ($6.29) in Q4'25 on 6,452,733 weighted average shares outstanding, compared to net income per common share of $0.26 in Q3'25[22] - The net loss per share for 2025 was $9.40, a decrease from $59.81 per share in 2024, indicating a substantial improvement in loss per share[40] Expenses and Cost Management - Operating expenses excluding stock-based compensation decreased by 30% quarter-over-quarter from $4.3 million in Q3'25 to $3.0 million in Q4'25[22] - Research and development expenses declined by 49% quarter-over-quarter from $374 thousand in Q3'25 to $189 thousand in Q4'25[22] - Selling, general, and administrative expenses excluding stock-based compensation decreased by 28% quarter-over-quarter from $3.9 million in Q3'25 to $2.3 million in Q4'25[22] - The company incurred total operating expenses of $47,231,226 in 2025, up from $44,868,333 in 2024, representing an increase of approximately 5.1%[40] Asset Management - Treasury holdings included 1.93 million HYPE tokens as of March 23, 2026, with a gross HYPE holding value of $73.9 million[7] - Gross HYPE Holdings decreased from $77.8 million in Q3'25 to $47.8 million in Q4'25 as the price of HYPE declined from $45.19 to $25.43[22] - Net asset value decreased from $74.5 million in Q3'25 to $44.2 million in Q4'25[22] - As of December 31, 2025, Gross HYPE Holdings amounted to $47,837,901, with a total of 1,881,086 Gross HYPE Tokens valued at $25.43 each[53] - The company had a Net Asset Value of $74,545,583 as of September 30, 2025, which decreased to $44,154,737 by December 31, 2025[67] Financing Activities - Net cash used in operating activities decreased from $30.1 million in FY'24 to $14.8 million in FY'25[22] - Net cash provided by financing activities increased from $17.6 million in FY'24 to $91.0 million in FY'25, primarily due to $49.4 million from the sale of Series A Preferred Stock[22] - The company issued 5,607,759 shares of common stock in its At the Market offering, raising gross proceeds of $40,645,265, after deducting issuance costs of $1,287,461[42] Non-GAAP Measures - Adjusted Gross Profit is a non-GAAP measure that excludes buying digital assets and associated mark-to-market price movements, providing a clearer view of operational profitability[70] - Gross HYPE Holdings, another non-GAAP measure, reflects the gross market value of HYPE tokens, accounting for potential reconversions and providing transparency on the balance sheet[70] - Operating Expenses Excluding Stock-Based Compensation allows for a clearer comparison of operational expenditures by excluding stock-based compensation and treasury value movements[71] - Treasury Gains (Losses) measure the mark-to-market changes in the digital asset treasury portfolio, isolating these impacts from operational income[71] - Adjusted EBITDA reflects recurring business activities and provides a more comparable view of the mark-to-market impacts on digital asset holdings, aiding in operational decision-making[71] - Net Asset Value, defined as the market value of marketable digital assets minus net outstanding debt, offers a comprehensive view of liquid assets[72] - The company emphasizes the importance of non-GAAP measures for better financial analysis and operational insights, enhancing transparency for investors[70] Future Outlook - Hyperion DeFi executed a non-binding Letter of Intent to monetize the Optejet, with potential closing expected in Q2 2026[1] - The estimated future financial implications of reconverting all company-owned LSTs to HYPE highlight the potential for realized gains from previously accrued staking yields[72]