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 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 - Hyperliquid has achieved a significant trading volume of $40.7 billion in the past week, surpassing competitors Aster and Lighter, indicating strong demand for leverage and decentralization in the crypto market [1][2]. Trading Volume and Market Position - Over the last seven days, Hyperliquid processed approximately $40.7 billion in perpetual futures trading volume, while Aster and Lighter processed $31.7 billion and $25.3 billion, respectively [2]. - Hyperliquid also leads in open interest with about $9.57 billion, compared to roughly $7.34 billion combined across other major perpetual DEXs [3]. Competitive Landscape - The divergence in trading volume and open interest suggests that Hyperliquid is becoming the preferred platform for traders, especially as incentive-driven volumes on rival platforms like Lighter have decreased [4]. - Lighter's trading volume has dropped nearly threefold from its December peak of over $600 million, indicating challenges in retaining liquidity post-airdrop [5]. Token Performance - Despite operational strength, Hyperliquid's token HYPE has seen an 8% decline in price, trading at $24.15, amid a broader market correction and significant unstaking events [6]. - Over 3.2 million HYPE tokens, valued at over $80 million, are expected to be unstaked in the coming days, contributing to selling pressure on the token's price [8].

Core Insights - The Hyperliquid team released 1.75 million HYPE tokens to developers and core contributors, valued at over $60.4 million, marking the first anniversary of its significant airdrop [1] - The HYPE token price has decreased by more than 23% in the past month and nearly 5% in the last 24 hours [1] Token Unlocking and Historical Context - The recent unlocking of HYPE tokens is not considered unusual, as a previous event in November 2024 saw nearly 270 million tokens unlock, valued at approximately $9.5 billion [2] - Hyperliquid does not have any VC unlocks or investor vesting, indicating a community-focused approach [2] Token Distribution Details - The distribution of HYPE tokens included 170,619 to the founder-tier wallet, 1,049,986 to senior-tier wallets, and 99,998 to mid-tier wallets, totaling 1,745,746 HYPE [3] - Approximately 23.4% (609,100 HYPE) was sold OTC to Flowdesk, while around 9% was re-staked, and 35% remained untouched [4] Market Behavior and Projections - Restaking accounted for over 40% of core contributor allocations, with projections indicating that Hyperliquid may experience more buy-side flow than sell-side pressure by 2026 [5] - Modelled buy pressure is estimated to exceed $2.1 billion based on revenue, while potential sell pressure is around $598 million [5] Price Analysis - The HYPE token is currently within a falling wedge pattern, trading near its lower boundary and below the 200-day moving average [6] - A bullish breakout above the wedge's upper trendline could lead to a price increase towards the mid-$40 range, with key levels at $36 and $41 [6] - Conversely, a bearish scenario could occur if the price falls below the wedge support, potentially exposing the $30 zone [7]

Market Share & Revenue - Hyperliquid captures 50% of all crypto perpetuals open interest [1] - Hyperliquid generates $90 million monthly fees from traders' losses [1] Trader Performance & Losses - Traders on Hyperliquid lose at an 86% rate [1] - Average daily loss per losing trader is $5,600 [1] Token Performance & Protocol Design - HYPE token is down 40% from launch [1] - The protocol is designed for wealth extraction rather than value accrual [1] Market Control - Five market making entities control 68% of open positions [1]

hyperliquid generates $6.5m daily fees with zero token emissions. dydx bleeding tvl despite 50m token bribes annually. gmx down 60% since v2 launch with full rewards live. hyperliquid's $740m tvl came from traders saving 80% on fees, not farmers chasing points. $hype token launches q1 2026. you're accumulating what traders already discovered works. ...

Core Points - Hyperion DeFi, Inc. is the first U.S. publicly listed company focused on building a long-term strategic treasury of Hyperliquid's native token, HYPE [1][6] - The company will hold its earnings conference call for Q3 2025 on November 13, 2025, at 5:00 p.m. Eastern Time [1][3] - A press release detailing the earnings results will be issued prior to the call [2] Company Overview - Hyperion DeFi, Inc. provides investors with streamlined access to the Hyperliquid ecosystem, which is recognized as one of the fastest-growing and highest revenue-generating blockchains globally [6] - The company benefits shareholders through compounding exposure to HYPE, derived from its native staking yield and additional revenues from its on-chain utility [6] Hyperliquid Platform and HYPE Token - Hyperliquid is a next-generation layer one blockchain optimized for high-frequency, transparent trading, featuring fully on-chain perpetual futures and spot order books [4] - The HYPE token is the native token of Hyperliquid, with over 30 million HYPE autonomously purchased and sequestered by the blockchain as of October 2025 [5] - Staked HYPE offers users reduced trading fees and increased referral bonuses [5] Product Development - Hyperion DeFi is developing the Optejet User Filled Device (UFD), designed for various topical ophthalmic liquids, which may enhance treatment compliance and outcomes for patients with chronic front-of-the-eye diseases [7]

Market Dynamics - "Runaway Bot" 导致 HYPE Token 在 Lighter DEX 上一分钟内价格飙升至 98 美元 [1]

Core Insights - Hyperliquid is pursuing a SPAC merger with Rorschach I LLC to raise $1 billion, aiming to create a Nasdaq-listed entity that connects decentralized finance (DeFi) with traditional finance (TradFi) [2][3][15] - The funds raised will be allocated for HYPE token buybacks, ecosystem expansion, and strengthening infrastructure [3][7][11] Company Overview - Hyperliquid is recognized as one of the fastest-growing decentralized exchanges (DEXes) and has filed with the U.S. SEC for the SPAC merger [2][4] - The merger will result in Hyperliquid being one of the first decentralized exchanges to have a publicly listed U.S. entity [4][6] Financial Structure - The merger plans to issue up to 160 million shares through a committed equity facility with Chardan Capital Markets [4] - The combined entity will hold approximately 12.6 million HYPE tokens valued at around $470 million and $305 million in cash reserves [5] Strategic Goals - The proceeds from the merger will support token buybacks and ecosystem development, reinforcing Hyperliquid's position as a bridge between institutional finance and decentralized trading [3][5][15] - Hyperliquid Strategies will be established as a digital-asset treasury focused on HYPE, aligning with other public firms integrating crypto assets [7][13] Market Positioning - The SPAC merger is viewed as a significant milestone, indicating institutional markets' readiness to engage with DeFi under a regulated structure [6][12] - If approved, Hyperliquid plans to trade on Nasdaq under the ticker symbol PURR, pending regulatory clearance [6] Expansion Plans - Hyperliquid Labs is expanding its team by hiring engineers for its Singapore base, focusing on high-performance trading infrastructure [8] - The platform aims to enhance its offerings by expanding HyperEVM for DeFi dApp deployment and NFT integrations [10] Token Dynamics - Following the funding announcement, HYPE token experienced an over 8% rally, trading near $38.26 [11] - The project has already invested over $644 million in HYPE buybacks, removing 21.36 million tokens from circulation to stabilize price volatility [11] Future Outlook - The merger could provide Hyperliquid with a regulated market presence, attracting institutional investors seeking compliant exposure to DeFi [12][13] - Analysts suggest that the listing may initiate a new wave of integration between DeFi and TradFi, with tokenized treasuries becoming part of corporate financial strategies [13][14]