Treasury Exceeds 1.93M HYPE, 1.92M KNTQ, & 1.00M HPL Tokens as of March 23(14)
HYPD's Unique "Triple-Dip" HYPE Deployment Generated ~3x Base Staking Income in Q4
Announces Executed LOI to Monetize the Optejet, With Potential Closing in Q2'26
LAGUNA HILLS, Calif., March 26, 2026 (GLOBE NEWSWIRE) -- Hyperion DeFi, Inc. (NASDAQ:HYPD) ("Hyperion DeFi" or the "Company"), the first U.S. publicly listed DeFi company building on Hyperliquid, today reported results for the fourth quarter and full year ending December 31, 2025.
"Against a backdrop of significant market volatility, we are pleased to report rapid growth in our DeFi operating businesses which exceeded our guidance in the fourth quarter," said Hyunsu Jung, CEO of Hyperion DeFi. Mr. Jung continued, "Today, we are reporting detail on each business we have built in our first six months under our new DeFi strategy. We continue to make progress on our Company's corporate transformation as a premier institutional gateway to DeFi innovation, and we expect each business to continue to scale through 2026 and beyond. Hyperion DeFi is building for the future of on-chain finance. This is more than just HYPE."
Q3'25 and Q4'25 Summary GAAP and Non-GAAP Financial Measures
(Figures in $)
Q3 2025
Q4 2025
GAAP
Revenue
302,506
496,229
Non-GAAP
Adjusted Gross Profit(1)
439,386
820,997
GAAP
HYPE Digital Assets
37,954,590
16,233,941
Non-GAAP
Gross HYPE Holdings(4)
77,751,604
47,837,901
Non-GAAP
Net Asset Value(9)
74,545,583
44,154,737
GAAP
Selling, General and Administrative Expense
2,594,130
4,530,542
Non-GAAP
Operating Expenses Excluding Stock-Based Compensation(5)
4,315,016
3,007,135
GAAP
Net Operating (Income) Expenses
(4,125,685
)
39,958,264
Non-GAAP
Treasury Gains (Losses)(6)
11,868,872
(36,783,228
)
GAAP
Total Other Income (Expense), Net
2,197,391
(288
)
Non-GAAP
Adjusted Other Income (Expense)(7)
(42,240
)
48,717
GAAP
Net Income (Loss)
6,625,582
(39,765,565
)
Non-GAAP
Adjusted EBITDA(8)
7,951,003
(38,920,649
)
All figures in this press release are not audited. Throughout this document, totals may not sum due to rounding. Calculations are based on unrounded results.
This press release 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. Please see "Footnotes" and "Non-GAAP Measures of Financial Performance" for reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures and important additional information.
2025 Actuals &2026 Guidance (in $ millions)
Q1'25A
Q2'25A
Q3'25A
Q4'25A
FY'25A
FY'26Guidance
2026 Guidancevs. 2025 Actual
Adjusted Gross Profit(1)
$0.01M
$0.00M
$0.44M
$0.82M
$1.28M
$4M - $6M
~4x
Adjusted Gross Profit(1) By Operating Business Line (In $ Thousands)
Q3'25
Q4'25
QoQ Growth
Ecosystem Rewards
-
285
>1000%
DeFi Monetization
<1
102
>1000%
Yield Enhancement
78
79
2%
Validator Commissions
21
49
127%
Staking Yield
340
305
-10%
Adjusted Gross Profit(1)
439
821
87%
Validator Commissions in HYPE(2)
458
1,362
197%
Staking Yield in HYPE(2)
7,437
8,713
17%
Effective Average HYPE Price In-Period(3)
45.76
35.12
HYPE Treasury Over Time
September 30,2025
December 31,2025
March 23,2026(14)
Gross HYPE Tokens(2)
1.72 M
1.88 M
1.93 M
HYPE Token Price
$45.2
$25.4
$38.2
Gross HYPE Holdings(4)
$77.8 M
$47.8 M
$73.9 M
Cash, Cash Equivalents, and USDH
$8.2 M
$6.5 M
$9.2 M
Please see "Footnotes" and "Non-GAAP Measures of Financial Performance" for reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures and important additional information.
HYPD Investment Thesis
We believe our Q4'25 results demonstrate that we have transcended the strategy and capabilities of a simple buy-and-hold "DAT" (digital asset treasury company), and instead, we are differentiated as the first U.S. publicly listed DeFi company building on the Hyperliquid blockchain.
We are unique among digital asset treasuries with five diversified operating business lines.
Our "Triple-Dip" HYPE deployment strategy, by which we earned approximately ~3x base staking income in Q4'25, is possible because of our management's unique ability to build on the Hyperliquid Blockchain.
We achieved +87% quarter-over-quarter growth in Adjusted Gross Profit(1), driven by new DeFi Monetization and Ecosystem Rewards strategies which were just beginning to ramp in Q4'25 (each at >1,000% Q-o-Q growth).
We operate with strong earnings leverage and a low cost base built for scale, and achieved (30%) quarter-over-quarter decline in Operating Expenses Excluding Stock-Based Compensation(5).
We anticipate $4M-$6M Adjusted Gross Profit(1) in 2026, ~4x our 2025 FY results.
Our businesses are designed to simultaneously promote and monetize adoption of the Hyperliquid blockchain. In Q4, our unique ability to "triple-dip" our HYPE tokens across multiple deployment strategies generated ~3x the income would have otherwise generated from staking in isolation. Our "HYPD Triple-Dip" strategy is:
1) Stake our HYPE2) Deploy the staked HYPE into another business activity, our Validator, Yield Enhancement, or DeFi Monetization, and3) Position ourselves to receive Ecosystem Rewards
Adjusted Gross Profit(1) in Q3'25 and Q4'25
Adjusted Gross Profit(1), a Non-GAAP Metric, aims to capture all of Hyperion DeFi's value-add operating business activities beyond simply buying and holding HYPE tokens. In total, Adjusted Gross Profit(1) increased +87% quarter-over-quarter from $439 thousand in Q3'25 to $821 thousand in Q4'25.
Below is a summary of all six of our operating business activities included within Adjusted Gross Profit(1):
Staking Yield: We stake our HYPE to our Validator and earn rewards.
In Q4'25, the Company earned 8,713 HYPE tokens from staking, up 17% quarter-over-quarter versus 7,437 in Q3'25.
On a dollar basis, our HYPE earned from staking generated $305 thousand Adjusted Gross Profit(1) in Q4'25 versus $340 thousand in Q3'25 (-10% quarter-over-quarter), given the Effective Average HYPE Price In-Period(3) declined from 45.76 in Q3'25 to 35.12 in Q4'25.
In Q4'25, we updated our Joint Validator structure which causes Staking Yield on third-party delegated HYPE tokens to our Validator to be added to our GAAP Revenue and Cost of Revenue on and after December 15, 2025. These components on third-party rewards offset to zero in Adjusted Gross Profit(1).
Validator Commissions: The Company operates its Validator under a Joint Validator Operators Agreement (together with Kinetiq and Pier Two) and earns commissions on rewards delivered to third-party tokens delegated to the Validator.
11.8 million HYPE tokens were delegated to our Validator as of December 31, 2025, which is +43% versus 8.2 million delegated as of September 30, 2025.
In Q4'25, the Company earned 1,362 HYPE tokens as validator commissions, up 197% quarter-over-quarter versus 458 in Q3'25.
On a dollar basis, our HYPE earned from validator commissions generated $49 thousand Adjusted Gross Profit(1) in Q4'25 versus $21 thousand in Q3'25 (+127% quarter-over-quarter), given the Effective Average HYPE Price In-Period(3) declined from 45.76 in Q3'25 to 35.12 in Q4'25.
In Q4'25, we updated our Joint Validator structure which causes Validator Commissions owed to our partners Kinetiq and Pier Two to be added to our GAAP Revenue and Cost of Revenue on and after December 15, 2025. These components on third-party commissions offset to zero in Adjusted Gross Profit(1).
Yield Enhancement: The Company pursues accretive strategies to enhance yield earned on its tokens.
Yield Enhancement activities generated $79 thousand Adjusted Gross Profit(1) in Q4'25 versus $78 thousand in Q3'25 (+2% quarter-over-quarter).
Q4'25 and Q3'25 Yield Enhancement activities included selling covered call options on the price of HYPE to institutional counterparties, collateralized by the Company's LSTs.
In Q1'26, we announced a partnership with Rysk to launch an Institutional Volatility Income Vault, further optimizing our Yield Enhancement capabilities while building the infrastructure to accommodate third-party HYPE tokens within the Vault in the future.
DeFi Monetization: The Company supports and monetizes Hyperliquid DeFi activity with sustainable, scalable practices.
DeFi Monetization activity generated $102 thousand Adjusted Gross Profit(1) in Q4'25 versus less than $1 thousand Q3'25, as our new strategies began to ramp.
DeFi Monetization includes our Temporary HYPE Asset Use Agreements and protocol partnerships.
Trading volumes on our Felix-partner markets cumulatively exceeded $2.8 billion as of March 23, 2026(14).
In Q1'26, we announced a partnership with the HyperLend protocol to create a whitelisted lending pool native to the HyperEVM network whereby we can borrow on-chain via smart contracts at a rate significantly below our existing borrowing costs (4.0% vs. 8.0%). In addition, we expect to selectively open the pool to third-party participants over time, generating additional diversified fee income opportunities for us.
In Q1'26, the Company entered into a HYPE Asset Use Service Agreement with Silhouette AG ("Silhouette"). The Company agreed to link 100,000 of its owned and staked HYPE tokens to the trading wallet of Silhouette, allowing Silhouette and its customers to receive reduced trading fees on the Hyperliquid decentralized exchange, and entitling the Company to earn a portion of those fee savings as income, plus 100% of staking rewards.
Ecosystem Rewards: Through our active participation in the Hyperliquid DeFi ecosystem, the Company positions itself for the receipt of future potential token airdrops, protocol incentives, and other rewards that may become available periodically.
Ecosystem Rewards generated $285 thousand Adjusted Gross Profit(1) in Q4'25, versus none in Q3'25.
In November 2025, we received 1,918,478 KNTQ tokens in Kinetiq's airdrop token generation event.
As of March 23, 2026, Q1 QTD we have received 1,000,000 HPL tokens from Hyperlend in connection with our on-chain credit pool partnership.
Given our partnerships with other Hyperliquid ecosystem participants such as Rysk, Felix, and Silhouette, and given that we are continuing to accrue additional Kinetiq points, we anticipate additional ecosystem rewards in 2026.
Life Sciences: Hyperion DeFi continues to develop its proprietary Optejet User Filled Device (UFD).
Life Sciences did not generate any Adjusted Gross Profit(1) in Q4'25 or Q3'25.
In Q1'26, we executed a non-binding Letter of Intent (LOI) to monetize the Optejet, our last remaining product within the Life Sciences segment, and the transaction may close in Q2'26.
Non-GAAP Income Summary(In $ Thousands)
Q3'25
Q4'25
Adjusted Gross Profit(1)
439
821
Operating Expenses Excluding Stock-Based Compensation(5)
4,315
3,007
Treasury Gains (Losses)(6)
11,869
(36,783)
Adjusted Other Income (Expense)(7)
(42)
49
Adjusted EBITDA(8)
7,951
(38,921)
Please see "Footnotes" and "Non-GAAP Measures of Financial Performance" for reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures and important additional information.
Q3'25 and Q4'25 Expense Summary Results
Operating Expenses Excluding Stock-Based Compensation(5) declined (30%) quarter-over-quarter from $4.3 million in Q3'25 to $3.0 million in Q4'25.
Research and development expenses declined (49%) quarter-over-quarter from $374 thousand in Q3'25 to $189 thousand in Q4'25.
Selling, general, and administrative expenses excluding stock-based compensation decreased (28%) quarter-over-quarter, from $3.9 million in Q3'25 to $2.3 million in Q4'25.
Q3'25 and Q4'25 Treasury Summary
Gross HYPE Tokens(2) increased from 1.72 million as of Q3'25 to 1.88 million as of Q4'25.
Our HYPE treasury position has grown to over 1.93 million tokens as of March 23, 2026(14).
Gross HYPE Holdings(4) decreased from $77.8 million as of Q3'25 to $47.8 million as of Q4'25 as the price of HYPE declined from $45.19 to $25.43 in Q4'25.
Net Asset Value(9) decreased from $74.5 million as of Q3'25 to $44.2 million as of Q4'25.
Treasury Gains (Losses)(6) was ($36.8 million) in Q4'25 versus $11.9 million in Q3'25.
Q3'25 and Q4'25 Net Income (Loss) and Adjusted EBITDA(8)
Q4'25 Net Loss of ($39.8 million) compares to Q3'25 Net Income of $6.6 million.
Q4'25 Adjusted EBITDA of ($38.9 million) compares to Q3'25 Adjusted EBITDA of $8.0 million.
Q4'25 Net Loss Attributable to Common Shareholders of ($40.6 million) compares to Q3'25 Net Income Attributable to Participating Securities of $5.8 million.
Q4'25 Net Loss per Share was ($6.29) on 6,452,733 on weighted average shares outstanding; compared to Q3'25 Net Income per Common Share of $0.26 on a basic basis (6,027,713 weighted average shares) and $0.05 on a diluted basis (28,951,915 weighted average shares)
FY'25 Cash Flows Summary
Net Cash Used in Operating Activities declined from $30.1 million in FY'24 to $14.8 million in FY'25 (of which $4.1 million was in Q4'25).
Our cash, cash equivalents, and USDH exceed $9.2 million as of March 23, 2026(14).
Net Cash Used in Investing Activities increased from $0.2 million in FY'24 (purchase of property and equipment) to $72.0 million in FY'25 (purchase of digital assets, of which $6.3 million was in Q4'25).
Net Cash Provided by Financing Activities increased from $17.6 million in FY'24 to $91.0 million in FY'25.
Net cash provided by financing activities for the year ended December 31, 2025 totaled approximately $91.0 million, which was primarily attributable to $49.4 million of net proceeds from the sale of Series A Preferred Stock and warrants in the Private Placement, $39.4 million of net proceeds from the sale of common stock in our "at-the-market" offering (of which $9.4 million was in Q4'25) and $4.8 million of net proceeds from the exercise of stock warrants partially offset by $1.5 million from the repayment of notes payable and $0.9 million from payment of preferred dividends.
Net cash provided by financing activities for the year ended December 31, 2024 totaled approximately $17.6 million, which was primarily attributable to $17.0 million of net proceeds from the sale of common stock and warrants in equity offerings and, $6.1 million of net proceeds from the sale of common stock in our "at-the-market" offering, partially offset by $5.5 million from the repayment of notes payable.
FY'25 Summary Financial Results
Revenue increased substantially from $57 thousand in FY'24 to $0.8 million in FY'25.
Research and development expenses declined (87%) year-over-year from $14.5 million in FY'24 to $1.9 million in FY'25.
Selling, general, and administrative expenses increased 20% year-over-year from $14.3 million in FY'24 to $17.2 million in FY'25.
Net Loss declined (9%) year-over-year from ($49.8 million) in FY'24 to ($45.3 million) in FY'25.
Net Loss Attributable to Common Stockholders declined (6%) year-over-year from ($49.8 million) in FY'24 to ($47.0 million) in FY'25.
Net Loss per Share, Basic and Diluted of ($59.81) in FY'24 compares to ($9.40) in FY'25, on 832,997 weighted average shares (basic and diluted) in FY'24 versus 5,000,331 in FY'25.
Conference Call & Webcast
Hyperion DeFi, Inc. will host a conference call to discuss fourth quarter and full year 2025 results at 8:00 a.m. Eastern Time on March 26, 2026. A slide presentation that includes supplemental financial information and reconciliations of certain non-GAAP measures to their most directly comparable GAAP measures can be accessed through the Company's Investor Relations website at https://ir.hyperiondefi.com/events-and-presentations along with information for the conference call. Participants may also submit questions in advance of the call via email to [email protected]. A webcast of the call will be archived and available through April 6, 2026 at 11:59 p.m. Eastern Time on the Company's website.
Presentation
All growth rates represent quarter-over-quarter comparisons, except as otherwise noted. All amounts in tables are presented in U.S. dollars, rounded to the nearest dollar, except as otherwise noted. As a result, certain amounts and rates may not sum or recalculate using the rounded dollar amounts provided. All numbers in this press release are not audited.
About the Hyperliquid Platform and the HYPE Token
Hyperliquid is a next-generation layer one blockchain optimized for high frequency, transparent trading. The blockchain includes fully on-chain perpetual futures and spot order books, with every order, cancel, trade, and liquidation occurring within 70 millisecond block times. It also hosts the HyperEVM, a general-purpose smart contract platform that supports permissionless decentralized financial applications akin to Ethereum.
HYPE is the native token of Hyperliquid. Staked HYPE provides utility for users via reduced trading fees and increased referral bonuses. As of March 2026, more than 41 million HYPE have been autonomously purchased and sequestered by the blockchain with the trading fees generated on the network's central limit order books.
About Hyperion DeFi, Inc.
Hyperion DeFi, Inc. is the first U.S. publicly listed DeFi company building on Hyperliquid. The Company provides investors with streamlined access to the Hyperliquid ecosystem, one of the fastest growing, highest revenue-generating blockchains in the world. Shareholders benefit from compounding exposure to HYPE, both from its native staking yield and additional revenues generated from its unique on-chain utility.
Hyperion DeFi is also developing its proprietary Optejet User Filled Device that is designed to work with a variety of topical ophthalmic liquids, including artificial tears and lens rewetting products. The Optejet is especially useful in chronic front-of-the-eye diseases due to its ease of use, enhanced safety and tolerability, and potential for superior compliance versus standard eye drops. Together, these benefits may result in higher treatment compliance and better outcomes for patients and providers.
For more information, please visit Hyperiondefi.com or follow @hyperiondefi on X.
Forward Looking Statements; Disclaimer
Except for historical information, all the statements, expectations and assumptions contained in this press release are forward-looking statements. Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements, our future activities or other future events or conditions, including the viability of, and risks associated with, our cryptocurrency treasury strategy, the growth and revenue potential of the Hyperliquid ecosystem and the growth prospects of the Company. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and in some cases are likely to, differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors discussed from time to time in documents which we file with the U.S. Securities and Exchange Commission.
Any forward-looking statements speak only as of the date on which they are made, and except as may be required under applicable securities laws, Hyperion DeFi does not undertake any obligation to update any forward-looking statements.
Certain information contained in this press release relates to or is based on studies, publications, surveys and other data obtained from third-party sources and Hyperion DeFi's own internal estimates and research. While Hyperion DeFi believes these third-party studies, publications, surveys and other data to be reliable as of the date of this press release, it has not independently verified, and makes no representation as to the adequacy, fairness, accuracy or completeness of, any information obtained from third-party sources. In addition, no independent source has evaluated the reasonableness or accuracy of Hyperion DeFi's internal estimates or research and no reliance should be made on any information or statements made in this press release relating to or based on such internal estimates and research. You should conduct your own investigation and analysis of Hyperion DeFi, its business, prospects, results of operations and financial condition. In furnishing this information, Hyperion DeFi does not undertake any obligation to provide you with access to any additional information (including forward-looking information and any projections contained herein) or to update or correct the information.
Hyperion DeFi, Inc. Investor Contact:Jason AssadHyperion DeFi, Inc.[email protected](678) 570-6791
Hyperion DeFi, Inc.Balance Sheets
December 31,
December 31,
2025
2024
Assets
Current Assets
Cash and cash equivalents
$
6,443,467
$
2,121,463
Prepaid expenses and other current assets
802,342
645,736
Total Current Assets
7,245,809
2,767,199
Digital assets
16,345,347
—
Digital assets receivable, net
6,935,131
—
Digital intangible assets
20,591,555
—
Operating lease right-of-use asset
415,998
718,360
Other assets
230,416
182,200
Total Assets
$
51,764,256
$
3,667,759
Liabilities and Stockholders' Equity (Deficit)
Current Liabilities:
Accounts payable
$
317,900
$
1,954,681
Accrued former licensor obligations
—
2,245,087
Accrued expenses and other current liabilities
1,871,106
1,322,674
Operating lease liabilities - current portion
512,007
575,163
Notes payable - current portion, net of debt discount of $0 and $527,870 as of December 31, 2025 and December 31, 2024, respectively
—
5,212,532
Convertible notes payable - net of debt discount of $0 and $263,930 as of December 31, 2025 and December 31, 2024, respectively
—
4,736,070
Total Current Liabilities
2,701,013
16,046,207
Notes payable - non-current portion, net of debt discount of $543,230 and $0 as of December 31, 2025 and December 31, 2024, respectively
7,796,136
—
Operating lease liabilities, non-current portion
206,600
717,504
Total Liabilities
10,703,749
16,763,711
Commitments and contingencies (Note 11)
Stockholders' Equity (Deficit):
Preferred stock, $0.0001 par value, 60,000,000 shares authorized; Series A Non-Voting Convertible Preferred Stock, 5,435,898 shares designated, and 5,435,897 and 0 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively, with a liquidation preference of $50,795,000 as of December 31, 2025
544
—
Common stock, $0.0001 par value, 600,000,000 shares authorized; 8,762,329 shares issued and 8,680,005 shares outstanding as of December 31, 2025 and 1,506,369 shares issued and outstanding as of December 31, 2024
876
151
Additional paid-in capital
281,937,072
182,213,889
Treasury stock, at cost, 82,324 shares as of December 31, 2025
(253,558
)
—
Accumulated deficit
(240,624,427
)
(195,309,992
)
Total Stockholders' Equity (Deficit)
41,060,507
(13,095,952
)
Total Liabilities and Stockholders' Equity (Deficit)
$
51,764,256
$
3,667,759
Hyperion DeFi, Inc.Statements of Operations
For the Year Ended
December 31,
2025
2024
Revenue
$
813,455
$
57,336
Cost of revenue
(303,290
)
(3,927,228
)
Gross Profit (Loss)
510,165
(3,869,892
)
Operating (Income) Expenses:
Research and development
1,910,430
14,462,722
Selling, general and administrative
17,175,698
14,333,114
Realized gain - digital assets
(8,321,844
)
—
Unrealized loss - digital assets
9,030,413
—
Impairment loss - digital assets
27,188,768
—
Impairment loss - other assets
—
11,207,897
Gain on covered call option
(157,570
)
—
Provision for credit losses
405,331
—
Reacquisition of license rights
—
4,864,600
Net Operating Expenses
47,231,226
44,868,333
Loss From Operations
(46,721,061
)
(48,738,225
)
Other Income (Expense):
Other income (expense), net
389,685
(90,601
)
Gain on extinguishment of liabilities
2,334,711
—
Change in fair value of equity consideration payable
—
1,240,800
Interest expense
(1,557,788
)
(2,484,431
)
Interest income
240,018
254,024
Total Other Income (Expense), Net
1,406,626
(1,080,208
)
Net Loss
