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EarningsQ2 2026 Earnings Report

Hyperion DeFi (HYPD) Q2 2026 Earnings Report

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Previous Report: Q1 2026

HYPD Q2 2026 EPS Results

Actual EPS$0.92

Consensus EPS$2.24

Beat/MissMissed by -$1.32

One Year Ago EPS-$2.50

HYPD Q2 2026 Revenue Results

Actual Revenue$357.69K

Expected Revenue$1.27M

Beat/MissMissed by -$909.31K

YoY Revenue Growth―

Earnings Announcement Details

QuarterQ2 2026

Date08/12/2026

TimeAfter Close

Conference CallWednesday, August 12, 2026

HYPD Upcoming Earnings

Hyperion DeFi's next earnings date is estimated for November 18, 2026, based on past reporting schedules.

Q2 2026 Earnings Call Audio

HYPD Q2 2026 Earnings Call

0:00 / 0:00

Q2 2026 Earnings Slide Deck

Q2 2026 Earnings Call Summary

Q2 2026

Earnings Call Date:Aug 12, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call presented substantial positive developments: strong treasury accumulation (56% growth), large unrealized treasury gains, record quarterly net income and adjusted EBITDA, meaningful quarter-over-quarter growth in adjusted gross profit and multiple operational wins (product launches, partnerships, rapid redeployment of HYPE). However, the USDH-to-USDC transition created a material short-term headwind (800,000 HYPE redeployments) that depressed DeFi monetization (-36% q/q) and highlighted volatility in ecosystem rewards and GAAP cash reporting. Management demonstrated quick strategic responses (1.0M HYPE redeployed into new partnerships, new HAUS deals, first institutional credit deal), continued expense reductions (core op expenses down ~46% vs. Q3'25), and pipeline traction, which together outweigh the temporary setbacks. Overall, positives notably outweigh the lowlights, though the business remains exposed to token-price sensitivity and ecosystem timing risks.

Company Guidance

Hyperion reiterated 2026 adjusted gross profit guidance of $5.0–7.0 million (up from an original $4.0–6.0M), and renewed its expectation that adjusted net operating cash flow will flip positive by year‑end; supporting metrics cited on the call include Q2 adjusted gross profit of $1.2M (20% QoQ from $960k; up from $0.4M a year ago, a 162% 12‑month increase), with ~50% earned in cash and a reported 2.2x base staking yield, staking income of $527k (+69% QoQ), validator commissions of $42k (+4% QoQ), yield‑enhancement income of $334k (+58% QoQ), DeFi monetization of $158k (‑36% QoQ due to the USDH wind‑down freeing 800k HYPE), and ecosystem rewards of $90k; operational and treasury stats underpinning the outlook include redeployment of 1.0M HYPE into new HAUS partnerships in Q3 (two 500k stakes to Skew and Entropy), gross HYPE up 56% year‑over‑year from 1.31M to 2.04M (1.94M → 2.04M Q1→Q2), HYPE price moves (Q1 average 30.8 → Q2 average 51.2; period‑end 36.6 → 65.0), treasury value ~$133M vs cash basis $81M (≈$52M unrealized), NAV rising $70M → $134M, Q2 net income $31.0M (Q1 $8.8M), Q2 adjusted EBITDA $53.7M (Q1 $19.5M), adjusted net operating cash flow outflow improving to $2.1M (Q1 outflow $2.6M), adjusted net investing cash flow $6.2M (Q1 $1.5M), cash & equivalents $11.8M (Q1 $9.1M), and ~15.5M common shares outstanding as of Aug 10, while management said Q3 should be strong and Q4 could be stronger depending on redeployments and ecosystem activity.

HYPE Treasury Growth

Gross HYPE tokens increased 56% year-over-year from 1.31M to 2.04M (June 2025 to July 2026), with treasury value of $133M vs. cash basis of $81M (≈$52M unrealized excess).

Record Quarterly Profit and EBITDA Expansion

Q2 net income of $31.0M (record) vs. $8.8M in Q1; Q2 adjusted EBITDA $53.7M vs. $19.5M in Q1, driven largely by treasury gains as HYPE price rose.

Strong Adjusted Gross Profit Trajectory

Quarterly adjusted gross profit grew 20% quarter-over-quarter from $960K to $1.2M; from Q3'25 to Q2'26 quarterly adjusted gross profit rose 162% from $0.4M to $1.2M.

Staking and Yield Performance

Staking generated $527K in Q2, up 69% quarter-over-quarter (Q1 avg HYPE price 30.8 to Q2 avg 51.2); validator commissions rose 4% q/q to $42K; total ~11,000 HYPE earned from staking/validating in Q2.

Yield Enhancement and Vaults Momentum

Yield enhancement strategies produced $334K in Q2, up 58% q/q, with Rysk Premium launch in June and the company in top 50 Rysk point holders, supporting future protocol incentives.

Ecosystem and Product Milestones

Hyperliquid cumulative protocol revenue surpassed $1B; HYPE hit a new all-time high; HIP-4 outcome markets generated ≈$100M volume in first month; xStocks launched native spot equity markets on HyperCore (NVIDIA, S&P ETF, QQQ, SK hynix, Micron).

Rapid Strategic Redeployments and New Partnerships

Following USDH sunset, Hyperion redeployed 1.0M HYPE into new HAUS partnerships (Skew and Entropy) by early Q3; Skew private beta >40,000 unique users; agreements include future equity/token upside (e.g., right to 5% of Skew equity/tokens).

Expense Reductions and Cash Flow Improvements

Core operating expenses declined 46% from $4.3M (Q3 2025) to $2.3M (Q2 2026); operating expenses excluding stock-based comp fell 21% q/q ($3.0M to $2.3M); quarterly operating cash outflows down from $2.8M to $2.1M; adjusted net operating cash flow outflow improved to $2.1M from $2.6M.

Legacy Liability and Asset Monetization

Completed sale of remaining biotech IP to Arctic Vision; extinguished $2.7M of legacy biotech liabilities (non-cash) between July 2025 and July 2026, completing wind-down of legacy segment and enabling sole focus on DeFi.

Institutional Product Traction

Completed first institutional credit deal on Aviya: $1M USDC loan collateralized by staked HYPE at 8% APY; Blockdaemon partnership announced to expand institutional Hyperliquid staking and delegation channels.

HYPD Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Nov 18, 2026	2026 (Q3)	2.31 / -	0.05	―
Aug 12, 2026	2026 (Q2)	2.24 / 0.92	-2.5	136.80% (+3.42)
May 14, 2026	2026 (Q1)	1.32 / 0.26	-1.59	116.35% (+1.85)
Mar 26, 2026	2025 (Q4)	-1.57 / -6.29	-17.504	64.07% (+11.21)
Nov 13, 2025	2025 (Q3)	- / 0.05	-8.8	100.57% (+8.85)
Aug 13, 2025	2025 (Q2)	- / -2.50	-16.8	85.12% (+14.30)
May 19, 2025	2025 (Q1)	- / -1.59	-18.4	91.36% (+16.81)
Mar 26, 2025	2024 (Q4)	-0.10 / -0.10	-14.4	99.31% (+14.30)
Nov 12, 2024	2024 (Q3)	-10.05 / -8.80	-14.4	38.89% (+5.60)
Aug 12, 2024	2024 (Q2)	-12.00 / -16.80	-12.8	-31.25% (-4.00)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed