HYPD Q4 2025 and FY 2025 Earnings Supplement More than just HYPE. NASDAQ: HYPD Hyperion DeFi © 2026 1 Use of Non-GAAP Financial Measures This presentation includes certain non-GAAP financial measures (including on a forward-looking basis) such as Adjusted Gross Profit, Gross HYPE Holdings, Net Asset Value, Operating Expenses Excluding Stock-Based Compensation, Treasury Gains (Losses), Adjusted Other Income (Expense), and Adjusted EBITDA. These non-GAAP measures are in addition to, and not a substitute for o ...

Core Insights - Hyperion DeFi, Inc. reported significant growth in its DeFi operating businesses, exceeding Q4 guidance, with a focus on building a premier institutional gateway to DeFi innovation [2][8] - The company achieved a unique "Triple-Dip" HYPE deployment strategy, generating approximately 3x base staking income in Q4 [1][8] - Hyperion DeFi anticipates continued scaling of its business lines through 2026 and beyond, with a projected Adjusted Gross Profit of $4M-$6M for FY'26, approximately 4x the FY'25 results [12][19] Financial Performance - Q4 2025 GAAP revenue reached $496,229, a significant increase from Q3 2025's $302,506 [3] - Adjusted Gross Profit rose by 87% quarter-over-quarter from $439,386 in Q3 2025 to $820,997 in Q4 2025 [3][14] - The company reported a net loss of $39,765,565 in Q4 2025, compared to a net income of $6,625,582 in Q3 2025 [3][19] Token and Asset Management - As of March 23, 2026, the company holds over 1.93 million HYPE tokens, with a gross HYPE holding value of $73.9 million [1][19] - The effective average HYPE price in Q4 2025 was $35.12, down from $45.76 in Q3 2025 [13][19] - Treasury losses amounted to $36,783,228 in Q4 2025, a decline from gains of $11,868,872 in Q3 2025 [3][19] Business Lines and Growth Strategies - The company operates five diversified business lines, including Ecosystem Rewards, DeFi Monetization, Yield Enhancement, Validator Commissions, and Staking Yield [8][12] - Ecosystem Rewards generated $285,000 in Adjusted Gross Profit in Q4 2025, compared to none in Q3 2025 [18] - DeFi Monetization activities saw a significant increase, generating $102,000 in Q4 2025, up from less than $1,000 in Q3 2025 [12][18] Cost Management - Operating expenses excluding stock-based compensation decreased by 30% quarter-over-quarter from $4.3 million in Q3 2025 to $3.0 million in Q4 2025 [19] - Research and development expenses dropped by 49% from $374,000 in Q3 2025 to $189,000 in Q4 2025 [19] Future Outlook - The company has executed a non-binding Letter of Intent (LOI) to monetize the Optejet, with potential closing in Q2 2026 [1][18] - Hyperion DeFi is positioned to benefit from future token airdrops and protocol incentives through its active participation in the Hyperliquid ecosystem [18]

Core Insights - The Aave community has approved the deployment of Aave V4 on the Ethereum mainnet, marking a significant architectural overhaul in decentralized finance aimed at improving risk management [1] - Aave V4 will enter a "security-first" phase with a full rollout targeted for 2026, following extensive audits and testing [2] - AAVE crypto has seen a trading increase of +5% to around $110, with trading volume exceeding $357 million in the past 24 hours [2] Aave V4 Architecture - Aave V4 introduces a new architecture featuring Liquidity Hubs and Spokes, designed to contain risks within specific compartments rather than affecting the entire protocol [3] - The "Hub" serves as the central liquidity engine, while "Spokes" are separate borrowing environments with distinct rules and risk limits [3] - This modular approach allows for experimentation with new assets in one Spoke while maintaining stable borrowing rates for main assets in another [4] Risk Management Improvements - The upgrade addresses the critical issue of shared risk in lending protocols, where safe borrowers subsidize risky ones due to a common liquidity pool [5] - Aave V4 implements collateral-level pricing, allowing for differentiated risk premiums based on the asset being borrowed [6] - This new pricing mechanism aims to create a more efficient market by aligning capital costs with actual safety [6]

Core Viewpoint - Hyperion DeFi has entered a partnership with Silhouette to provide staked HYPE for reduced transaction fees on the Hyperliquid platform, indicating growing demand for Hyperliquid and potential revenue scaling opportunities for the company [1][3][4]. Group 1: Partnership and Benefits - The HYPE Asset Use Service (HAUS) agreement allows Silhouette's users to access significantly lower transaction fees when trading on Hyperliquid [2][3]. - Silhouette's architecture ensures that sophisticated trading strategies remain private while providing cost efficiency, allowing all users to trade at the lowest available fee tier [3][4]. - The partnership aims to onboard more market participants into the Hyperliquid ecosystem, enhancing trading activity and revenue generation [3][4]. Group 2: Hyperliquid Platform Overview - Hyperliquid is a next-generation layer one blockchain designed for high-frequency trading, featuring on-chain perpetual futures and spot order books with 70 millisecond block times [5]. - The platform supports a general-purpose smart contract environment through HyperEVM, enabling decentralized financial applications similar to Ethereum [5]. Group 3: HYPE Token Utility - HYPE is the native token of Hyperliquid, providing users with reduced trading fees and increased referral bonuses when staked [6]. - As of March 2026, over 41 million HYPE tokens have been autonomously purchased and sequestered by the blockchain, generating trading fees on the network's central limit order books [6]. Group 4: Company Background - Hyperion DeFi, Inc. is the first publicly listed DeFi company in the U.S. focused on the Hyperliquid ecosystem, offering investors streamlined access to one of the fastest-growing blockchains [7]. - Shareholders benefit from exposure to HYPE through staking yields and additional revenues generated from its on-chain utility [7].

Core Insights - Balancer Labs is winding down operations due to a significant exploit and ongoing legal risks, transitioning to a community-driven model [1][2][7] - The November 2025 exploit has created substantial legal exposure, prompting the need for a shift away from a traditional corporate structure [2][4] - The protocol will not disappear but will evolve into a decentralized autonomous organization (DAO) with a focus on sustainability and governance reform [5][7] Financial and Operational Changes - Balancer Labs has become a liability due to lack of revenue and increasing costs, necessitating a new operational model [3][4] - Key changes include immediate reduction of BAL emissions to zero and restructuring of fee distribution, with 100% of protocol fees directed to the DAO treasury, up from 17.5% [5][6] - The existing veBAL governance model will be phased out as part of the transition to a new governance structure [6][7]

Core Insights - Polymarket has acquired Brahma, a DeFi infrastructure startup, as part of its strategy to verticalize operations and enhance its execution stack [1][3] - The acquisition reflects a shift from user growth to infrastructure development, addressing challenges in on-chain wagering amid increasing competition [1][3] - Brahma's technology will streamline complex on-chain interactions, which is crucial for scaling decentralized prediction markets [6][7] Group 1: Acquisition Details - The financial terms of the acquisition were not disclosed, but Brahma will discontinue its existing user-facing products within 30 days [1] - The acquisition is part of a broader consolidation strategy to strengthen Polymarket's technical capabilities against competitors like Kalshi [3] - Brahma has processed over $1 billion in volume, indicating its significant operational capacity and expertise [6] Group 2: Strategic Implications - The deal is seen as both defensive and offensive, eliminating a potential competitor while securing talent to enhance user experience [5] - Institutional interest in prediction markets is rising, with asset managers proposing prediction market ETFs, increasing expectations for execution and reliability [4] - Polymarket aims to leverage Brahma's technology to create a more seamless betting experience, akin to traditional fintech [5][7]

Core Viewpoint - Hyperion DeFi, Inc. is set to hold its earnings conference call for Q4 and full year 2025 on March 26, 2026, at 8:00 a.m. ET, marking a significant event for the company as it continues to build a strategic treasury of its native token, HYPE [1][2]. Company Overview - Hyperion DeFi, Inc. is the first publicly listed DeFi company in the U.S. that is focused on the Hyperliquid platform, providing investors with streamlined access to one of the fastest-growing and highest revenue-generating blockchains globally [6]. - The company aims to offer shareholders compounding exposure to HYPE through its native staking yield and additional revenues generated from its unique on-chain utility [6]. Hyperliquid Platform and HYPE Token - Hyperliquid is a next-generation layer one blockchain optimized for high-frequency trading, featuring fully on-chain perpetual futures and spot order books with transaction times of 70 milliseconds [4]. - HYPE, the native token of Hyperliquid, has seen over 41 million tokens autonomously purchased and sequestered by the blockchain, utilizing trading fees generated on the network [5]. Upcoming Events - The earnings conference call will be accessible via a dial-in number or a webcast link, with participants encouraged to join approximately 5 minutes before the start time [3]. - A press release detailing the financial results will be issued prior to the call on the same day [2]. Product Development - Hyperion DeFi is also developing the Optejet User Filled Device, designed for various topical ophthalmic liquids, which may enhance treatment compliance and outcomes for patients with chronic eye diseases [7].

Core Viewpoint - Hyperion DeFi has partnered with HyperLend to create a permissioned lending pool on the HyperEVM, aiming to enhance its DeFi infrastructure and reduce borrowing costs from 8.0% to 4.0% [1][2][3] Group 1: Partnership and Infrastructure - The partnership with HyperLend is a result of several months of development to create scalable infrastructure on the HyperEVM [3] - Hyperion DeFi will use its HYPE Liquid Staking Token (LST), HiHYPE, as collateral to access credit on-chain, allowing the company to earn HyperLend's HPL token [2][3] - The new lending pool is designed to attract institutional-grade capital and users, supporting asset-backed finance and Real-World Asset (RWA) opportunities [4] Group 2: Financial Implications - The company plans to use the proceeds from the lending pool to pay down existing third-party obligations, replacing traditional debt with a smart contract-enabled pool [2] - The lending pool will initially be used to borrow Native Markets' USDH stablecoin and will gradually open access to other qualified lenders and borrowers [2][3] Group 3: Hyperliquid Ecosystem - Hyperliquid is a next-generation layer one blockchain optimized for high-frequency trading, supporting decentralized financial applications similar to Ethereum [5] - The HYPE token, native to Hyperliquid, provides utility through reduced trading fees and increased referral bonuses, with over 41 million HYPE purchased and sequestered by the blockchain as of March 2026 [6][7] Group 4: HyperLend Overview - HyperLend has processed over $17 billion in cumulative volume and has a market size of approximately $540 million, providing competitive lending and borrowing rates [11] - The protocol is designed to support both permissionless and gated environments, ensuring secure and scalable on-chain credit strategies for compliant participants [3][10]

Core Insights - The main barrier for large financial institutions in adopting decentralized finance (DeFi) is trust rather than technology [1] - Institutions require clear legal definitions and governance structures to ensure the safety and reliability of tokenized assets [2][5] - The future of DeFi may integrate blockchain technology's transparency with institutional frameworks for legal certainty [6] Group 1: Institutional Trust - "Institutional grade" encompasses quality of assets, legal structure, governance, risk management, and disclosure, which are still developing in crypto markets [2] - Without institutional-grade safeguards, large capital pools will not participate in DeFi [3] - Trust in this context is derived from governance frameworks and legal agreements rather than solely from blockchain technology [5] Group 2: Technology vs. Trust - The concept of "trustless" systems in early blockchain ideals contrasts with the need for institutional trust [3][4] - Blockchain technology allows for immutable and verifiable transactions between parties who do not know each other [4] - Institutional investors require assurance that tokenized assets are securely linked to their underlying assets [5]

Core Viewpoint - DeFi Development Corp. has made a strategic investment in Apyx, a Dividend-Backed Stablecoin protocol, positioning itself as a pioneer in the emerging DBS category [1][2]. Group 1: Investment Strategy - DeFi Development Corp. is the first institutional investor in Apyx, which aims to create yield from preferred equity issued by Digital Asset Treasuries [1][2]. - The investment reflects the company's belief in the growing trend of public companies adopting treasury strategies focused on accumulating digital assets [2][3]. Group 2: Apyx's Role in the Market - Apyx is seen as crucial infrastructure for the Digital Asset Treasury ecosystem, bridging publicly listed balance sheet yield into onchain markets [3]. - The model aims to introduce dividend-backed yield into the over $300 billion stablecoin industry, which currently offers minimal yield [3]. Group 3: Company Overview - DeFi Development Corp. has a treasury policy that primarily allocates its reserves to Solana (SOL), providing investors with direct exposure to SOL and participating in the growth of the Solana ecosystem [5]. - The company operates its own validator infrastructure, generating staking rewards and fees, and is actively engaged in decentralized finance opportunities [5].