Hyperion Defi Reports 4Q And FY 2025 Financial Results With Quarter-Over-Quarter Growth Of +64% Revenue And +87% Adjusted Gross Profit

• 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⁾.

• 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 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 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 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 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.
  

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 along with information for the conference call. Participants may also submit questions in advance of the call via email to .... 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 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 Assad
Hyperion DeFi, Inc.
...
(678) 570-6791

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[1] Includes gross proceeds of $6,234,402 less total issuance costs of $187,033.
[2] Shares issued as partial consideration for License Agreement with Formosa Pharmaceuticals Inc.
[3] Shares issued as partial consideration for reversion of License Agreement with Bausch & Lomb Ireland Limited.
[4] Includes gross proceeds of $19,385,015, less total cash issuance costs of $2,373,693.
[5] Offering includes modification of warrants and additional warrants in the July 2024 offering.
[6] Non-cash warrant modification and additional warrants issuance costs related to one of the offerings are shown on a separate line item for clarity.
[7] Includes gross proceeds of $50,000,000 less total issuance costs of $634,250.
[8] Includes gross proceeds of $40,645,265 less total issuance costs of $1,287,461.
[9] Partial exercise of the Armistice warrants.
[10] Includes gross proceeds of $1,039,206 less total issuance costs of $116,456. Also note that incremental value and non-cash warrant modification and additional warrants issuance costs related to the warrant inducement entered into on January 16, 2025 offset to a zero balance. See Note 10 – Stockholders' Equity (Deficiency).

Hyperion DeFi Non-GAAP Measures of Financial Performance and Supplemental Disclosures

Note: See“Footnotes” section for detailed explanations and definitions.

*Presented gross of $405,331 provision for credit losses and $307,278 unamortized nonrefundable upfront fee.
**Throughout this release, N.M. is the abbreviation for“Not Meaningful”.

*The Company did not hold any LSTs on or prior to June 30, 2025. Therefore, as of September 30, 2025, the in-period change in unrealized accretion (dilution) expected upon LST to HYPE Token Reconversion is the same as the absolute figure.

Note: See“Footnotes” section for detailed explanations and definitions.

Note: See“Footnotes” section for detailed explanations and definitions.

Note: See“Footnotes” section for detailed explanations and definitions.

Note: See“Footnotes” section for detailed explanations and definitions.

*Does not include Amortization of Operating Lease.

Note: See“Footnotes” section for detailed explanations and definitions.

*Non-current portion; does not subtract debt discount of $598,691 as of September 30, 2025 or $543,230 as of December 31, 2025.

Footnotes

Photos accompanying this announcement are available at

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