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Hyperion DeFi (HYPD) Q3 2026 Earnings Report

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HYPD Q3 2026 EPS Results

Actual EPS
$1.23
Consensus EPS
$2.31
Beat/Miss
Missed by -$1.08
One Year Ago EPS
$0.05

HYPD Q3 2026 Revenue Results

Actual Revenue
―
Expected Revenue
$2.00M
Beat/Miss
―
YoY Revenue Growth
―

Earnings Announcement Details

Quarter
Q3 2026
Date
11/12/2026
Time
Before Open
Conference Call
Thursday, November 12, 2026
HYPD Upcoming Earnings

Hyperion DeFi's next earnings date is estimated for April 1, 2027, based on past reporting schedules.

Q3 2026 Earnings Call Audio

HYPD Q3 2026 Earnings Call
0:00 / 0:00

Q3 2026 Earnings Slide Deck

Q3 2026 Earnings Call Summary

Q3 2026
Earnings Call Date:Nov 12, 2026|% Change Since:―|
Earnings Call Sentiment|Positive

The call was strongly positive, with record net income, substantial adjusted gross profit growth, positive core operating earnings and adjusted operating cash flow, lower operating expenses, full repayment of legacy debt, and progress across diversified DeFi revenue streams. The main negatives were the sequential decline in HYPE token holdings, lower adjusted EBITDA and treasury gains, variability in ecosystem rewards, remaining regulatory approval requirements, and the unresolved sports prediction-market opportunity.

Company Guidance

Hyperion reiterated full year 2026 adjusted gross profit guidance of $7 million to $8 million, after originally guiding to $4 million to $6 million and raising it to $5 million to $7 million; through the first 9 months of the year, it had generated $4.9 million, roughly 70% of the low end of that range. Adjusted net operating cash flow was guided to flip positive by the end of '26, which the company said it delivered in Q3, while Q3 operating expenses, excluding stock-based compensation, were within the guided range of $2.0 million to $2.25 million and core operating earnings were above the guided $0 million to $0.5 million range. The company said costs will be completely gone beginning in Q4 for certain legal and biotech-exit items, aspires to continue to reduce costs, and does not expect costs to materially increase unless there's some sort of step-wise change in the scope of what it does.

  • Best Quarter to Date Under New Operating StrategyQ3 was described as Hyperion DeFi's best quarter to date under its new operating strategy, with the highest income quarter to date and growth in core business lines supported by recently launched strategies.
  • Adjusted Gross Profit Growth and Guidance ReaffirmedQ3 adjusted gross profit increased 143% quarter-over-quarter from $1.2 million to $2.8 million, exceeding the guided range of $2.0 million to $2.5 million. Full-year 2026 adjusted gross profit guidance of $7 million to $8 million was reiterated; the company generated $4.9 million through the first nine months.
  • Positive Core Operating EarningsCore operating earnings were positive $0.6 million in Q3, above the guided range of $0 million to $0.5 million and compared with a Q2 loss of approximately $1.2 million, representing a quarterly improvement of $1.7 million.
  • Record Net IncomeQ3 net income was $39.6 million, the company's third consecutive quarterly record, compared with $31.0 million in Q2.
  • Improved Adjusted Operating Cash FlowAdjusted net operating cash flow was positive $0.1 million in Q3, the first positive quarter and ahead of the company's initial year-end target, compared with a $2.1 million outflow in Q2.
  • Long-Term Treasury and Net Asset Value GrowthSince June 2025, gross HYPE tokens increased 41% from 1.31 million to 1.85 million, even after HYPE was sold in Q3 to retire legacy debt. Over the full 15 months, net asset value grew 338% from $42 million to $182 million.
  • Quarterly Adjusted Gross Profit Expansion Since 2025From Q3 2025 to Q3 2026, quarterly adjusted gross profit increased 536% from $0.4 million to $2.8 million as the DeFi businesses ramped.
  • Lower Core Operating ExpensesCore operating expenses declined 48% from $4.3 million in Q3 2025 to $2.2 million in Q3 2026 as the legacy biotech segment was wound down. Operating expenses excluding stock-based compensation also declined 4% quarter-over-quarter from $2.3 million to $2.2 million.
  • Higher Staking YieldHyperion earned approximately 3.6x the base HYPE staking rate in Q3. Staking yield generated 10,313 HYPE tokens, or $785,000, up 49% quarter-over-quarter, driven by the increase in the average HYPE price from $51.2 in Q2 to $75.9 in Q3.
  • Diversified DeFi Revenue SourcesThe company reported five diversified DeFi income sources, with four of five segments growing quarter-over-quarter and four of five reaching all-time company highs over the past 15 months.
  • Growth in Yield Enhancement StrategiesYield enhancement strategies, primarily monetizing HYPE volatility through products including the Rysk vault, generated $381,000 in Q3, up 14% quarter-over-quarter from $334,000.
  • DeFi Monetization More Than DoubledDeFi monetization increased 112% from $158,000 in Q2 to $334,000 in Q3, driven by revenue from new HAUS deals following the reallocation of HYPE to new ecosystem deployments.
  • Ecosystem Rewards Reached a RecordEcosystem Rewards generated $1.3 million of adjusted gross profit in Q3 versus $90,000 in Q2. The Q3 amount included $505,000 related to 10 million 2Z tokens received from DoubleZero and $750,000 related to Skew equity contractually owed based on Skew's most recent raise.
  • HIP-3 Market GrowthThe Entropy-supported HIP-3 perpetual futures markets recorded more than $3 billion of volume traded over the past three months, with daily open interest above $80 million.
  • Expansion of Hyperliquid Institutional PositioningThe company cited Payward, the parent company of Kraken, as intending to be the first CFTC-regulated deployer on HIP-3 Star markets, subject to regulatory approval. ICE also announced a partnership with Trade[XYZ] to develop a path toward regulated access to Hyperliquid for U.S.-based users.
  • Progress on HIP-4 and Skew InfrastructureThe Skew team put its market RFQ into production, incorporating improvements intended to increase capital efficiency for market makers and enable multi-leg orders for options and parlays. The product is expected to support participation and distribution for Hyperliquid aftermarket markets.
  • New Ecosystem and Balance Sheet AssetsHyperion acquired 10 million 2Z tokens through its support of DoubleZero data feeds on existing validator infrastructure. It also accumulated equity or token upside in seven early-stage builders and infrastructure partners across the Hyperliquid ecosystem.
  • KNTQ Position Increased in Discounted PurchaseHyperion purchased 490,000 additional KNTQ tokens at $0.26 each, bringing its overall position to approximately 2.5 million tokens. The position was described as valued at approximately $750,000 versus a basis of just $128,000.
  • Expansion Through Product IntegrationsAave's integration with Anchorage Digital Bank allows natively staked HYPE to be used as collateral for borrowing by Anchorage clients, with a roadmap for additional digital and real-world assets. Hyperion also cited potential Rysk integrations and distribution through platforms such as Phantom and MetaMask.
  • Debt Fully RepaidHyperion repaid approximately $8.6 million of legacy debt to Avenue Capital and ended the quarter with no long-term debt outstanding.
  • Share Repurchase Program InitiatedThe company began repurchasing shares under its $20 million buyback program, purchasing 240,000 shares at a weighted average price of $3.21 per share, described at the time as approximately a 30% discount to net assets.
  • Liquidity PositionHyperion ended Q3 with approximately $14.5 million of cash, cash equivalents and stablecoins, and management stated that its liquidity position supports continued consideration of share repurchases and other capital allocation opportunities.
  • Scalable Operating ModelManagement stated that the company has seven employees and uses outside firms and agencies on a fractional basis. It said blockchain-based businesses can be replicated without proportional cost increases and that costs are not expected to materially increase unless there is a step-wise change in scope.
  • Pipeline for HIP-3 Star and HIP-4Management said HIP-4 volumes have started to ramp and that demand is emerging from users of Polymarket and Kalshi. It also said additional participants may seek permissioned perpetual markets on Hyperliquid and that the structure requires the acquisition of 500,000 HYPE, for which Hyperion is currently positioned to provide support.

HYPD Earnings History

HYPD earnings history
Report DateFiscal QuarterForecast / EPSLast Year's EPSEPS YoY ChangePress Release
Apr 01, 20272026 (Q4)1.69-0.26――
Nov 12, 20262026 (Q3)2.311.230.052360.00% (+1.18)
Aug 12, 20262026 (Q2)2.240.92-2.5136.80% (+3.42)
May 14, 20262026 (Q1)1.320.26-1.59116.35% (+1.85)
Mar 26, 20262025 (Q4)-1.57-6.29-17.564.07% (+11.21)
Nov 13, 20252025 (Q3)―0.05-8.8100.57% (+8.85)
Aug 13, 20252025 (Q2)―-2.50-16.885.12% (+14.30)
May 19, 20252025 (Q1)―-1.59-18.491.36% (+16.81)
Mar 26, 20252024 (Q4)-0.10-0.10-14.499.31% (+14.30)
Nov 12, 20242024 (Q3)-10.05-8.80-14.438.89% (+5.60)

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