HYPD · Hyperion DeFi, Inc.

Hyperion DeFi’s Q1 2026 results mark a decisive inflection point: the Company reversed a $39.8M net loss in Q4 2025 to deliver $8.8M GAAP net income, driven by both operational execution and favorable treasury valuation dynamics. Management attributes the turnaround to scaling five diversified DeFi operating lines — particularly DeFi Monetization (+140% QoQ) and Yield Enhancement (+165% QoQ) — which collectively lifted Adjusted Gross Profit to $960K, up 17% sequentially. Critically, the Company’s ‘Triple-Dip’ HYPE deployment strategy — staking, deploying staked tokens into validator/yield/monetization activities, and capturing ecosystem rewards — generated ~3.1x base staking income, demonstrating structural differentiation versus passive digital asset treasuries. The $21.5M Treasury Gains line item reflects realized appreciation on HYPE holdings, but management emphasizes that core operations are now generating increasing cash-based income: the portion of Adjusted Gross Profit earned in cash, cash equivalents, and USDH rose from 22% in Q4 to 48% in Q1. Guidance has been raised meaningfully — to $5M–$7M Adjusted Gross Profit for full-year 2026 — representing ~5x 2025’s $1.28M result and signaling confidence in sustainable, non-speculative revenue generation. Concurrently, the Company executed two financing events: a $4M partial exercise of Chardan’s option on May 13, and a $8.7M public offering closed May 7. With $16.0M in cash, cash equivalents, and USDH as of May 11, and a treasury now exceeding 2.00M HYPE tokens, Hyperion is positioning itself as an institutional gateway to Hyperliquid, not merely a beta play on token price.