Full Press Release Details
Hyperion DeFi Reports 1Q 2026 Financial Results
with Record Net Income and Raises Guidance for Full Year 2026
Company Reports Record $8.8M Net Income and
$19.5M Adjusted EBITDA(8)
Treasury Exceeds 2.00M
HYPE, 1.92M KNTQ, & 10.00M HPL Tokens as of May 11(14)
HYPD's Unique "Triple-Dip"
HYPE Deployment Generated >3x Base Staking Income in Q1
Company Raises Adjusted Gross Profit(1) 2026
DALLAS, TX, May 14, 2026 -- 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 first quarter ending March 31, 2026.
"We are pleased to report continued scaling of our DeFi operating
businesses, accretive balance sheet growth, and prudent cost management," said Hyunsu Jung, CEO of Hyperion DeFi. Mr. Jung
continued, "The opportunities to build on Hyperliquid are immense and expanding every day. More products and institutions are moving
on-chain, and we continue to position ourselves as the premier institutional gateway to DeFi innovation. In light of our continued momentum,
today we are increasing our guidance for our DeFi operating segments for full-year 2026, and we continue to anticipate achieving break-even
cash flows by the end of the year."
Q3'25, Q4'25, and Q1'26 Summary GAAP and Non-GAAP
| (Figures in $) | Q3 2025 | Q4 2025 | Q1 2026 | |||||||||||
| GAAP | Gross Profit | 302,506 | 192,987 | 244,271 | ||||||||||
| Non-GAAP | Adjusted Gross Profit (1) | 439,386 | 820,997 | 959,568 | ||||||||||
| GAAP | HYPE Digital Assets | 37,954,590 | 16,233,941 | 25,286,164 | ||||||||||
| Non-GAAP | Gross HYPE Holdings (4) | 77,751,604 | 47,837,901 | 71,037,227 | ||||||||||
| Non-GAAP | Net Asset Value (9) | 74,545,583 | 44,154,737 | 69,873,504 | ||||||||||
| GAAP | Selling, General and Administrative Expense | 2,594,130 | 4,530,542 | 4,493,604 | ||||||||||
| Non-GAAP | Operating Expenses Excluding Stock-Based Compensation (5) | 4,315,016 | 3,007,135 | 2,975,883 | ||||||||||
| GAAP | Net Operating (Income) Expenses | (4,125,685 | ) | 39,958,264 | (8,487,848 | ) | ||||||||
| Non-GAAP | Treasury Gains (Losses) (6) | 11,868,872 | (36,783,228 | ) | 21,451,862 | |||||||||
| GAAP | Total Other Income (Expense), Net | 2,197,391 | (288 | ) | 108,431 | |||||||||
| Non-GAAP | Adjusted Other Income (Expense) (7) | (42,240 | ) | 48,717 | 52,585 | |||||||||
| GAAP | Net Income (Loss) | 6,625,582 | (39,765,565 | ) | 8,840,550 | |||||||||
| Non-GAAP | Adjusted EBITDA (8) | 7,951,003 | (38,920,649 | ) | 19,488,132 |
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.
| Adjusted Gross Profit (1) Guidance | Q3'25 | Q4'25 | FY'25 | Q1'26 | Q2'26 | Q3'26 | Q4'26 | FY'26 Guidance | 2026 Guidance vs. 2025 Actual | |||||||||||||||||||||||
| Initial Guidance (Q4'25 A) | $ | 0.44 | M | $ | 0.82 | M | $ | 1.28 | M | - | - | - | - | $4M - $6M | ~4x | |||||||||||||||||
| Current Guidance (Q1'26 A) | $ | 0.44 | M | $ | 0.82 | M | $ | 1.28 | M | $ | 0.96 | M | - | - | - | $5M - $7M | ~5x |
| Adjusted Gross Profit (1) (in $ thousands) | Q3'25 | Q4'25 | Q1'26 | QoQ Growth | ||||||||||||
| Ecosystem Rewards | - | 285 | 150 | -47 | % | |||||||||||
| DeFi Monetization | <1 | 102 | 245 | 140 | % | |||||||||||
| Yield Enhancement | 78 | 79 | 211 | 165 | % | |||||||||||
| Validator Commissions | 21 | 49 | 40 | -17 | % | |||||||||||
| Staking Yield | 340 | 305 | 313 | 2 | % | |||||||||||
| Adjusted Gross Profit (1) | 439 | 821 | 960 | 17 | % | |||||||||||
| Multiple vs. Staking Yield | 1.3 | x | 2.7 | x | 3.1 | x | ||||||||||
| % Earned in Cash* | 18 | % | 22 | % | 48 | % | ||||||||||
| HYPE Earned in Staking & Validating (2) | 7,895 | 10,076 | 11,458 | 14 | % | |||||||||||
| Effective Average HYPE Price In-Period (3) | 45.76 | 35.12 | 30.82 |
*The portion of Adjusted Gross Profit(1) earned
in cash, cash equivalents, and USDH(16)
Please see "Footnotes" and "Non-GAAP Measures
of Financial Performance" sections for detailed definitions and reconciliations to the nearest GAAP Metric.
| HYPE Treasury Over Time | 09/30/25 | 12/31/25 | 3/31/26 | 5/11/26 (14) | ||||||||||||
| Gross HYPE Tokens (2) | 1.72 | M | 1.88 | M | 1.94 | M | 2.00 | M | ||||||||
| HYPE Token Price | $ | 45.2 | $ | 25.4 | $ | 36.6 | $ | 42.2 | ||||||||
| Gross HYPE Holdings (4) | $ | 77.8 | M | $ | 47.8 | M | $ | 71.0 | M | $ | 84.5 | M | ||||
| Cash, Cash Equivalents, and USDH (16) | $8.2 | M | $6.5 | M | $9.1 | M | $16.0 | M |
Please see "Footnotes" and "Non-GAAP Measures
of Financial Performance" sections for detailed definitions and reconciliations to the nearest GAAP Metric.
HYPD Investment Thesis
Hyperion DeFi has executed three full quarters under our new DeFi
strategy, with two sequential increases in our operating business and two sequential declines in our core costs. Our continued track
record of outperformance versus peers through Q1'26 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.
Our businesses are designed to simultaneously promote and monetize
adoption of the Hyperliquid blockchain. In Q1, our unique ability to "triple-dip" our HYPE tokens across multiple deployment
strategies generated ~3.1x the income would have otherwise generated from staking in isolation. Our "HYPD Triple-Dip" strategy
Adjusted Gross Profit(1) in Q4'25 and Q1'26
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 +17% quarter-over-quarter from $821 thousand in Q4'25 to $960 thousand in Q1'26.
Below is a summary of all five of our operating business activities
included within Adjusted Gross Profit(1) in these periods:
| Non-GAAP Income Summary (Figures in $) | Q3 2025 | Q4 2025 | Q1 2026 | |||||||||
| Adjusted Gross Profit (1) | 439,386 | 820,997 | 959,568 | |||||||||
| Operating Expenses Excluding Stock-Based Compensation (5) | 4,315,016 | 3,007,135 | 2,975,883 | |||||||||
| Treasury Gains (Losses) (6) | 11,868,872 | (36,783,228 | ) | 21,451,862 | ||||||||
| Adjusted Other Income (Expense) (7) | (42,240 | ) | 48,717 | 52,585 | ||||||||
| Adjusted EBITDA (8) | 7,951,003 | (38,920,649 | ) | 19,488,132 |
Please see "Footnotes" and "Non-GAAP Measures
of Financial Performance" sections for detailed definitions and reconciliations to the nearest GAAP Metric.
Q4'25 and Q1'26 Expense Summary Results
Q4'25 and Q1'26 Treasury Summary
Q4'25 and Q1'26 Net Income (Loss) and Adjusted EBITDA(8)
Q4'25 and Q1'26 Cash Flows Summary
Conference Call & Webcast
Hyperion DeFi, Inc. will hold its earnings conference call and
webcast for the first quarter ended March 31, 2026 on Thursday, May 14, 2026 at 8:00 a.m. Eastern Time. 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. A webcast of the call will be archived and available through May 28, 2026 at 11:59
p.m. Eastern Time on the Company's website.
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
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 May 2026, more than 44 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.
For more information, please visit Hyperiondefi.com or follow
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