Form 8-K

8-K — HYPERION DEFI, INC.

Accession: 0001104659-26-060677

Filed: 2026-05-14

Period: 2026-05-14

CIK: 0001682639

SIC: 2834 (PHARMACEUTICAL PREPARATIONS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Other Events

Item: Financial Statements and Exhibits

Documents

8-K — tm2614498d1_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (tm2614498d1_ex99-1.htm)

EX-99.2 — EXHIBIT 99.2 (tm2614498d1_ex99-2.htm)

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8-K — FORM 8-K

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0001682639

2026-05-14

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UNITED STATES

SECURITIES AND EXCHANGE

COMMISSION

Washington,

D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13

or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date

of earliest event reported): May 14, 2026

HYPERION DEFI, INC.

(Exact Name of Registrant

as Specified in its Charter)

Delaware

001-38365

47-1178401

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

3090 Nowitzki Way

Suite 300

Dallas, TX 75219

(Address of Principal Executive Offices, and Zip Code)

(833) 393-6684

Registrant’s Telephone Number, Including Area Code

23461 South Pointe Drive, Suite 390

Laguna Hills, CA 92653

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K

filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written

communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting

material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement

communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under

the Exchange Act (17 CFR 240.13e-4(c))

Securities

registered pursuant to Section 12(b) of the Act:

(Title

of each class)

(Trading

Symbol)

(Name of each exchange on which registered)

Common stock, par value $0.0001 per share

HYPD

The Nasdaq Stock Market

(Nasdaq Capital Market)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR

§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging

growth company ¨

an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying

with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02. Results of Operations and Financial Condition.

May 14, 2026, Hyperion DeFi, Inc. (the “Company”) issued a press release announcing its financial results for the fiscal quarter

ended March 31, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated

herein by reference.

The

information contained in this Item 2.02, including Exhibit 99.1, is being “furnished” and shall not be deemed “filed”

for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject

to the liability of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”).

The information contained in this Item 2.02, including Exhibit 99.1, shall not be incorporated by reference into any registration statement

or other document pursuant to the Securities Act or into any filing or other document pursuant to the Exchange Act, except as otherwise

expressly stated in any such filing.

Item 7.01. Regulation FD Disclosure.

On May 14, 2026, the Company

will host a conference call to discuss its financial and operating results for the quarter ended March 31, 2026. A copy of the investor

presentation that will be used during this conference call is furnished as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated

herein by reference.

The information contained

in this Item 7.01, including Exhibit 99.2, is being “furnished” and shall not be deemed “filed” for purposes of

Section 18 of the Exchange Act or otherwise subject to the liability of that Section or Sections 11 and 12(a)(2) of the Securities Act.

The information contained in this Item 7.01, including Exhibit 99.2, shall not be incorporated by reference into any registration statement

or other document pursuant to the Securities Act or into any filing or other document pursuant to the Exchange Act, except as otherwise

expressly stated in any such filing.

Item 8.01 Other Events

On May 13, 2026, pursuant to the Company’s grant to Chardan Capital Markets, LLC (“Chardan”) of a 30-day option to purchase up to 416,666

additional shares under the previously announced Underwriting Agreement dated May 5, 2026 (the “Underwriting Agreement”), the Company

issued, and Chardan purchased, 132,249 shares of the Company’s common stock, resulting in approximately $0.4 million in net proceeds to

the Company.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number

Description

99.1

Press Release, dated May 14, 2026.

99.2

Investor Presentation, dated May 14, 2026

104

Cover Page Interactive Data File (embedded within the inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities

Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

HYPERION DEFI, INC.

Dated: May 14, 2026

By:

/s/ Hyunsu Jung

Hyunsu Jung

Chief Executive Officer

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: tm2614498d1_ex99-1.htm · Sequence: 2

Exhibit 99.1

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

FY Guidance by ~20%

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

Financial Measures

(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

102

245

140 %

Yield Enhancement

211

165 %

Validator Commissions

-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.

· We

are unique among digital asset treasuries with five diversified operating business lines.

· Our

“Triple-Dip” HYPE deployment strategy, by which we earned approximately ~3.1x

base staking income in Q1’26 versus ~2.7x in Q4’25, is possible because of our

management’s unique ability to build on the Hyperliquid Blockchain.

· Even

as the Effective Average HYPE Price In-Period(3) declined, we achieved +17%

quarter-over-quarter growth in Adjusted Gross Profit(1), driven by ramping DeFi

Monetization and Yield Enhancement strategies (each at >100% Q-o-Q growth).

· The

portion of our Adjusted Gross Profit(1) earned in cash, cash equivalents,

and USDH(16) increased from 22% in Q4’25 to 48% in Q1’26.

· Beyond

our growing HYPE treasury, our Hyperliquid ecosystem token holdings (such as KNTQ and HPL)

uniquely position HYPD for upside in early-stage builders.

· We

operate with strong earnings leverage and a low cost base built for scale. We anticipate

Operating Expenses Excluding Stock-Based Compensation(5) to further decline

below a quarterly run-rate of $3.0 million beginning in Q2’26 driven by the exit of

legacy biotech operations.

· We

anticipate $5M-$7M Adjusted Gross Profit(1) in 2026, ~5x our 2025 FY results,

which represents a +$1M increase in range from our Q4’25 earnings release.

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

is:

1) Stake our HYPE

2) Deploy the staked HYPE into another business activity – our

Validator, Yield Enhancement, or DeFi Monetization, and

3) Position ourselves to receive Ecosystem Rewards

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:

1. Staking Yield: We stake our HYPE to our Validator

and earn rewards.

o In Q1’26, the Company earned 10,143 HYPE tokens from staking,

up 16% quarter-over-quarter versus 8,437 in Q4’25.

o On a dollar basis, our HYPE earned from staking generated $313 thousand

Adjusted Gross Profit(1) in Q1’26 versus $305 thousand in Q4’25

(+2% quarter-over-quarter), while the Effective Average HYPE Price In-Period(3) declined

-12% from 35.12 in Q4’25 to 30.82 in Q1’26.

2. Validator Commissions: The Company operates its

Validator under a Joint Validator Operators Agreement (together with Kinetiq and Pier Two)

and earns commissions on rewards delivered to third-party tokens delegated to the Validator.

o In Q1’26, the Company earned 1,315 HYPE tokens as validator

commissions, a modest decline of -3% quarter-over-quarter versus 1,362 in Q4’25.

o On a dollar basis, our HYPE earned from validator commissions generated

$40 thousand Adjusted Gross Profit(1) in Q1’26 versus $49 thousand

in Q4’25 (-17% quarter-over-quarter), given the Effective Average HYPE Price In-Period(3) declined

-12% from 35.12 in Q4’25 to 30.82 in Q1’26.

o 10.2 million HYPE tokens were delegated to our Validator as of April 30,

2026, and we are the Top 6 Hyperliquid Validator after the Hyper Foundation.

3. Yield Enhancement: The Company pursues accretive

strategies to enhance yield earned on its tokens.

o Yield Enhancement activities generated $211 thousand Adjusted Gross

Profit(1) in Q1’26 versus $79 thousand in Q4’25 (+165% quarter-over-quarter).

o Q1’26 and Q4’25 Yield Enhancement activities included

multiple HYPE volatility strategies OTC and on-chain.

o In Q1’26, we began executing within our Institutional Volatility

Income Vault, in partnership with the Rysk protocol, further optimizing our Yield Enhancement

capabilities while building the infrastructure to accommodate third-party execution within

Rysk Premium in the future.

4. DeFi Monetization: The Company supports and monetizes

Hyperliquid DeFi activity with sustainable, scalable practices.

o DeFi Monetization activity generated $245 thousand Adjusted Gross

Profit(1) in Q1’26 versus $102 thousand in Q4’25 (+140% quarter-over-quarter).

o DeFi Monetization includes our Temporary HYPE Asset Use Agreements

(“HAUS”) and protocol partnerships generating third-party fees.

o In Q1’26, we entered into a HAUS agreement with Silhouette.

We provided the use of HYPE tokens to the Silhouette aggregated trading account, allowing

Silhouette to pass along reduced trading fees to its customers on the Silhouette platform,

and entitling us to earn a portion of those fee savings as income, plus 100% of staking rewards.

5. Ecosystem Rewards: Through our active participation

in the Hyperliquid DeFi ecosystem, the Company positions itself for the receipt of future

potential token airdrops, protocol incentives, and other rewards that may become available

periodically.

o Ecosystem Rewards generated $150 thousand Adjusted Gross Profit(1) in

Q1’26, versus $285 thousand in Q4’25.

§ We

expect the quarter-over-quarter change in Ecosystem Rewards to be volatile given the unexpected

timing of airdrops, token generation events, and other rewards activity.

o In November 2025, we received 1,918,478 KNTQ tokens in Kinetiq’s

airdrop token generation event.

o In March 2026, we cumulatively received 10,000,000 HPL tokens

from HyperLend in connection with multiple partnership and revenue-sharing agreements in

connection with on-chain credit pools.

o Silhouette is contractually obligated to award HYPD at least 1% of

future token supply or equity, including affiliates and related parties.

o Given our partnerships with other Hyperliquid ecosystem participants

such as Rysk, and given that we are continuing to accrue additional Kinetiq points, we anticipate

additional ecosystem rewards in 2026.

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

· Operating

Expenses Excluding Stock-Based Compensation(5) declined (1%) quarter-over-quarter

from $3.00 million in Q4’25 to $2.98 million in Q1’26.

· Research

and development expenses were $287 thousand in Q1’26 versus $189 thousand in Q4’25.

· Selling,

general, and administrative expenses excluding stock-based compensation decreased (5%) quarter-over-quarter,

from $2.8 million in Q4’25 to $2.7 million in Q1’26.

· We

expect to wind down legacy biotech operations by the end of Q2’26.

Q4’25 and Q1'26 Treasury Summary

· Gross

HYPE Tokens(2) increased from 1.88 million in Q4’25 to 1.94 million

in Q1’26.

o Our HYPE treasury has grown to over 2.00 million tokens as of May 11,

2026(14).

· Gross

HYPE Holdings(4) increased from $47.8 million as of Q4’25 to $71.0

million as of Q1’26 as the price of HYPE increased from $25.4 to $36.6 in Q1’26.

· Net

Asset Value(9) increased from $44.2 million as of Q4’25 to $69.9 million

as of Q1’26.

· Treasury

Gains (Losses)(6) was $21.5 million in Q1’26 versus ($36.8 million)

in Q4’25.

Q4'25 and Q1’26 Net Income (Loss) and Adjusted EBITDA(8)

· Q1’26

Net Income of $8.8 million compares to Q4’25 Net Loss of ($39.8 million).

· Q1’26

Adjusted EBITDA(8) of $19.5 million compares to Q4’25 Adjusted EBITDA(8) of

($38.9 million)

o The primary reconciliation of Net Income to Adjusted EBITDA(8) is

our HYPE Liquid Staking Tokens (LSTs), for which the GAAP carrying value is the low-water-mark

price of HYPE, as detailed further in our GAAP to Non-GAAP reconciliations section at the

end of this release.

· Q1’26

Net Income Attributable to Common Shareholders of $3.3 million compares to Q4’25 Net

Loss Attributable to Common Shareholders of ($40.6 million).

· Q1’26

Net Income per Common Share of $0.30 on a basic basis (10,610,679 weighted average shares)

and $0.26 on a diluted basis (12,686,142 weighted average shares), compares to Q4’25

Net Loss per Share of ($6.29) on 6,452,733 on weighted average shares outstanding.

· As

of May 11, 2026, there are 15,025,498 outstanding shares of common stock.

Q4’25 and Q1'26 Cash Flows Summary

· Operating

Activities used $4.2 million net cash in Q1’26 versus $4.1 million in Q4’25.

o Q1’26 Operating Cash Flow included $1.5 million net increase

in the levels of operating assets (including acquiring additional USDH stablecoin(16)),

without which, Net Cash Used in Operating Activities would have been $2.7 million.

o Our cash, cash equivalents, and USDH(16) totaled $9.1 million

as of Q1’26 versus $6.5 million as of Q4’25.

o As of May 11, 2026, our cash, cash equivalents, and USDH(16)

totaled approximately $16.0 million(14).

· Net

Cash Used in Investing Activities to purchase HYPE was $1.5 million in Q1’26 versus

$6.3 million in Q4’25.

o QTD Q2’26 as of May 11, 2026, we have purchased $2.5 million

in HYPE.

· Net

Cash Provided by Financing Activities was $6.6 million in Q1’26 (primarily from our

“at-the-market” offering) versus $9.4 million in Q4’25.

o Through May 11, 2026, QTD Q2’26 we have raised approximately

$1.9 million net proceeds from the sale of 492,783 shares via our “at-the-market”

offering(14).

o On May 7, 2026, we closed a public offering of 2,777,778 common

shares and received approximately $8.7 million in net proceeds(14).

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.

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 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

@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.

IR@hyperiondefi.com

(678) 570-6791

Hyperion DeFi, Inc.

Condensed Balance Sheets

(unaudited)

March 31,

December 31,

2026

2025

(unaudited)

Assets

Current Assets

Cash

and cash equivalents

$ 7,380,922

$ 6,443,467

Prepaid

expenses and other current assets

1,423,025

802,342

Total Current Assets

8,803,947

7,245,809

Digital assets

25,422,127

16,345,347

Digital assets receivable,

net

10,376,105

6,935,131

Digital intangible

assets

16,033,758

20,591,555

Digital intangible

assets receivable, net

8,907,419

—

Operating lease

right-of-use asset

340,407

415,998

Other

assets

182,200

230,416

Total

Assets

$ 70,065,963

$ 51,764,256

Liabilities

and Stockholders’ Equity

Current Liabilities:

Accounts payable

$ 428,266

$ 317,900

Accrued expenses

and other current liabilities

2,070,181

1,871,106

Operating lease

liabilities - current portion

465,245

512,007

Notes

payable - current portion

1,509,326

—

Total Current Liabilities

4,473,018

2,701,013

Notes payable -

non-current portion

6,965,557

7,796,136

Operating

lease liabilities, non-current portion

132,424

206,600

Total

Liabilities

11,570,999

10,703,749

Commitments and

contingencies (Note 9)

Stockholders’

Equity

Preferred stock,

$0.0001 par value, 60,000,000 shares authorized; Series A Non-Voting Convertible Preferred Stock, 5,435,898 shares designated;

5,235,897 and 5,435,897 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively with a liquidation

preference of $50,768,000 as of March 31, 2026

524

544

Common stock, $0.0001 par value,

600,000,000 shares authorized; 11,428,482 shares issued and outstanding as of March 31, 2026;8,762,329 shares issued and 8,680,005

shares outstanding as of December 31, 2025, respectively

1,143

876

Additional paid-in-capital

290,277,174

281,937,072

Treasury stock, at cost, 0 and 82,324

shares as of March 31, 2026 and December 31, 2025, respectively

—

(253,558 )

Accumulated

deficit

(231,783,877 )

(240,624,427 )

Total

Stockholders’ Equity

58,494,964

41,060,507

Total

Liabilities and Stockholders’ Equity

$ 70,065,963

$ 51,764,256

Hyperion DeFi, Inc.

Condensed Statements of Operations

(unaudited)

For the Three Months Ended

March 31,

2026

2025

Revenue

$ 244,271

$ 14,720

Cost of revenue

—

(48 )

Gross Profit

244,271

14,672

Operating (Income)

Expenses:

Research and development

286,764

673,043

Selling, general

and administrative

4,493,604

2,372,322

Realized gain -

digital assets and digital assets receivable

(3,623,764 )

—

Unrealized gain

- digital assets

(10,973,979 )

—

Unrealized gain

– digital intangible assets receivable

(367,251 )

—

Impairment loss

- digital intangible assets

1,231,668

—

Net gains (losses)

on derivative instruments

(39,401 )

—

Provision

for credit losses

504,511

—

Net

Operating (Income) Expenses

(8,487,848 )

3,045,365

Income (Loss) From

Operations

8,732,119

(3,030,693 )

Other Income

(Expense):

Other income, net

90,133

3,687

Gain on extinguishment

of liabilities

—

89,623

Interest expense

(225,869 )

(581,499 )

Interest

income

244,167

35,349

Total

Other Income (Expense), Net

108,431

(452,840 )

Net Income

(Loss)

8,840,550

(3,483,533 )

Dividend

to preferred stockholders

(815,297 )

—

Net Income

(Loss) Attributable to Participating Securities

8,025,253

(3,483,533 )

Less:

income allocated to preferred stockholders

(4,789,742 )

—

Net

Income (Loss) Available to Common Stockholders

$ 3,235,511

$ (3,483,533 )

Net Loss per

Share - Basic

$ 0.30

$ (1.59 )

Net Loss per

Share - Diluted

$ 0.26

$ (1.59 )

Shares Outstanding

- Basic

10,610,679

2,188,938

Shares Outstanding

- Diluted

12,686,142

2,188,938

Hyperion DeFi, Inc.

Condensed Statements of Stockholders’

Equity (Deficit)

(unaudited)

For the

Three Months Ended March 31, 2026

Additional

Total

Preferred

Stock

Common Stock

Paid-In

Treasury

Stock

Accumulated

Stockholders’

Amount

Capital

Amount

Deficit

Equity

Balance

- January 1, 2026

5,435,897

$ 544

8,762,329

$ 876

$ 281,937,072

82,324

$ (253,558 )

$ (240,624,427 )

$ 41,060,507

Issuance of common

stock in At the Market offering [1]

—

1,859,993

186

6,665,196

—

6,665,382

Issuance of common

stock for payment in kind of preferred stock dividend

—

244,518

939,312

—

939,337

Issuance of common

stock from the delivery of vested restricted stock units

—

33,516

(3 )

—

Issuance of common

stock from conversion of preferred stock

(200,000 )

(20 )

600,000

(40 )

—

Retirement of treasury shares

—

(82,324 )

(8 )

(253,550 )

(82,324 )

253,558

—

Stock-based compensation:

Amortization of

stock option awards

—

80,880

—

80,880

Amortization of

restricted stock units

—

1,690,852

—

1,690,852

Issuance of common

stock to vendors as consideration for service provided

—

10,450

32,752

—

32,753

Preferred stock

dividend ($0.16 per preferred share outstanding)

—

(815,297 )

—

(815,297 )

Net

income

—

8,840,550

Balance

- March 31, 2026

5,235,897

$ 524

11,428,482

$ 1,143

$ 290,277,174

—

$ —

$ (231,783,877 )

$ 58,494,964

For the

Three Months Ended March 31, 2025

Additional

Total

Preferred

Stock

Common Stock

Paid-In

Treasury

Stock

Accumulated

Stockholders’

Amount

Capital

Amount

Deficit

Balance

- January 1, 2025

—

$ —

1,506,369

$ 151

$ 182,213,889

—

$ —

$ (195,309,992 )

$ (13,095,952 )

Issuance of common

stock in At the Market offering [2]

—

1,127,100

113

5,663,153

—

5,663,266

Induced exercise of stock warrants

[3]

—

197,118

922,731

—

922,750

Reverse stock split

settlement of fractional shares

—

(41 )

—

(160 )

—

(160 )

Warrant modification

and additional warrants-incremental value [4]

—

1,194,102

—

1,194,102

Warrant modification

and additional warrants-in issuance costs for inducement [5]

—

(1,194,102 )

—

(1,194,102 )

Stock-based compensation

—

279,628

—

279,628

Net

loss

—

(3,483,533 )

Balance

- March 31, 2025

—

$ —

2,830,546

$ 283

$ 189,079,241

—

$ —

$ (198,793,525 )

$ (9,714,001 )

[1] Includes

gross proceeds of $6,981,098 less total issuance costs of $315,716.

[2] Includes

gross proceeds of $5,851,007 less total issuance costs of $187,741.

[3] Includes

gross proceeds of $1,039,206 less total issuance costs of $116,456.

[4] Incremental

value from the warrant inducement entered into on January 16, 2025.

[5] Non-cash

warrant modification and additional warrants issuance costs related to the warrant inducement

are shown as a separate line item for clarity.

Hyperion DeFi, Inc.

Condensed Statements of Cash Flows

(unaudited)

For the Three Months Ended

March 31,

2026

2025

Cash Flows From Operating Activities

Net income (loss)

$ 8,840,550

$ (3,483,533 )

Adjustments to reconcile net income (loss)

to net cash and cash equivalents used in operating activities:

Stock-based compensation

1,804,485

279,628

Change in fair value of shares issued

for accrued dividend

146,719

—

Amortization of debt discount

55,461

277,972

Non-cash lease expense

75,591

Provision for credit losses

504,511

—

Gain on extinguishment of liabilities

—

(89,623 )

Realized gain - digital assets

(3,623,764 )

—

Unrealized gain - digital assets

(10,973,979 )

—

Unrealized gain – digital intangible

assets receivable

(367,251 )

Net gains on derivative instruments

(39,401 )

—

Impairment loss - digital intangible

assets

1,231,668

—

Non-cash revenue, net

(244,271 )

—

Non-cash portion of other income

(6,041 )

—

Non-cash interest income from digital

assets receivable

(198,957 )

—

Paid-in-kind interest expense

83,672

198,829

Changes in operating assets and liabilities:

Prepaid expenses and other current assets

(1,542,190 )

(577,321 )

License fee and expense reimbursements

receivables

—

(960 )

Accounts payable

110,366

(999,807 )

Accrued expenses and other current liabilities

67,117

28,814

Lease liabilities

(120,938 )

(152,436 )

Net Cash and

Cash Equivalents Used In Operating Activities

(4,196,652 )

(4,442,846 )

Cash Flows From Investing Activities

Purchase of digital

assets

(1,472,835 )

—

Net Cash and

Cash Equivalents Used In Investing Activities

(1,472,835 )

—

Cash Flows From Financing Activities

Proceeds from sale of common stock in At

the Market offering

6,981,098

5,851,007

Proceeds from induced exercise of stock

warrants

—

1,039,206

Payment of issuance costs for At the Market

offering

(315,716 )

(187,741 )

Repayments of notes payable

(58,440 )

(152,279 )

Payment of issuance costs for debt modification

—

(177,228 )

Payment of cash issuance costs for induced

exercise of stock warrants

—

(116,456 )

Reverse stock split

settlement of fractional shares

—

(160 )

Net Cash and

Cash Equivalents Provided By Financing Activities

6,606,942

6,256,349

Net Increase in Cash and Cash Equivalents

937,455

1,813,503

Cash and Cash

Equivalents - Beginning of Period

6,443,467

2,121,463

Cash and

Cash Equivalents - End of Period

$ 7,380,922

$ 3,934,966

Hyperion DeFi, Inc.

Condensed Statements of Cash Flows, continued

(unaudited)

For the Three Months Ended

March 31,

2026

2025

Supplemental Disclosure of Cash Flow Information:

Cash paid during the period for:

Interest

$ 86,737

$ —

Taxes

$ —

Supplemental Disclosure of Non-Cash Investing and Financing

Activities

Modification date

carrying value of extinguished Avenue Loan

$ —

$ 10,262,280

Modification date

fair value of modified Avenue Loan

$ —

$ 10,172,657

Transfer of digital

assets into digital intangible assets receivable

$ 8,863,235

$ —

Deposits of USDH

into Hyperion Rysk Vault

$ 1,765,075

$ —

Redemption of digital

assets from Hyperion Rysk Vault

$ 151,377

$ —

Warrant modification

and additional warrants - incremental value

$ —

$ 1,194,102

Prepaid insurance

financed by note payable

$ 598,055

$ —

Common stock issued

for accrued dividends payable

$ 939,337

$ —

Accrued dividend

payable to preferred stockholders

$ 815,297

$ —

Treasury shares retired

$ 253,558

$ —

Deposits of digital

assets into liquid staking activities

$ 224,011

$ —

Liability for digital

assets received from lender, prior to loan origination

$ 150,163

$ —

Common stock issued

upon conversion of preferred stock

$ 60

$ —

Receipt of digital

assets from liquid staking activities

$ 4

$ —

Issuance of common

stock upon vesting of restricted stock units

$ 3

$ —

Hyperion DeFi Non-GAAP Measures of Financial Performance and

Supplemental Disclosures

Reconciliation of GAAP Revenue to Non-GAAP

Adjusted Gross Profit(1) (unaudited)

For the

Three Months Ended

(Figures in $)

September 30,

2025

December 31,

2025

March 31,

2026

Gross Profit

302,506

192,987

244,271

Add:

Accumulated but unrealized staking yield on LSTs(10)

58,771

172,463

154,806

Add: Net gains on derivative instruments

78,109

79,461

39,401

Add:

Accumulated but unrealized yield enhancement activity(15)

171,970

Add: Operating Income from airdrops

285,450

Add: Receipt of HPL tokens pursuant to partnership agreements

150,163

Add: Interest Income from DeFi Monetization

activity

90,636

198,957

Adjusted

Gross Profit(1)

439,386

820,997

959,568

Note: See “Footnotes” section for detailed explanations

and definitions.

Q1’26 Reconciliation of GAAP HYPE Digital

Assets to Non-GAAP Gross HYPE Holdings(4) (unaudited)

As of

March 31, 2026

Value $

Token Count

Token Price

HYPE digital assets

25,286,164

690,505

36.62

Add:

HYPE digital assets receivable*

11,071,200

302,327

36.62

HYPE digital intangible assets receivable**

9,230,486

250,000

20.66

HiHYPE at Carrying Value

7,785,852

378,277

20.58

kHYPE at Carrying Value

5,693,449

275,434

20.67

kmHYPE at Carrying Value

597,068

28,888

20.67

Unrealized

accretion (dilution) expected upon LST to HYPE reconversion(11)

11,373,007

14,421

N.M.***

Gross

HYPE Holdings(4)

71,037,344

Gross

HYPE Tokens(2)

1,939,851

36.62

Note: See “Footnotes” section for detailed explanations

and definitions.

Memo: Unrealized accretion (dilution) expected

upon LST to HYPE reconversion as of December 31, 2025

3,499,665

Memo: In-Period Change in unrealized accretion (dilution)

expected upon LST to HYPE reconversion

7,873,342

*Presented gross of $586,774 allowance for credit losses and $108,321

unamortized nonrefundable upfront fee.

**Presented gross of $323,067 allowance for credit losses.

***Throughout this release, N.M. is the abbreviation for “Not

Meaningful”.

Q4’25 Reconciliation of GAAP HYPE Digital

Assets to Non-GAAP Gross HYPE Holdings(4) (unaudited)

As of

December 31, 2025

Value $

Token Count

Token Price

HYPE - Digital Assets

16,233,941

638,352

25.43

Add:

HYPE digital asset receivable*

7,647,740

300,725

25.43

HiHYPE at carrying value

8,437,277

398,277

21.18

kHYPE at carrying value

11,369,458

505,434

22.49

kmHYPE at carrying value

649,820

28,888

22.49

Add:

Unrealized accretion (dilution) expected upon future LST to HYPE Token reconversion(11)

3,499,665

9,410

N.M.

Gross

HYPE Holdings(4)

47,837,901

Gross

HYPE Tokens(2)

1,881,086

25.43

Note:

See “Footnotes” section for detailed explanations and definitions.

Unrealized accretion (dilution) expected

upon LST to HYPE reconversion as of Q3’25

4,912,082

In-Period Change in unrealized accretion (dilution)

expected upon LST to HYPE vs. Q3’25

(1,412,417 )

*Presented gross of $405,331 allowance for credit losses and $307,278

unamortized nonrefundable upfront fee.

Q3’25 Reconciliation of GAAP HYPE Digital

Assets to Non-GAAP Gross HYPE Holdings(4) (unaudited)

As of

September 30, 2025

Value $

Token Count

Token Price

HYPE digital assets

37,954,590

839,889

45.19

Add: HiHYPE at Carrying Value

34,884,932

877,871

39.74

Add:

Unrealized accretion (dilution) expected upon future LST to HYPE Token reconversion(11)

4,912,082

2,788

N.M.

Gross

HYPE Holdings(4)

77,751,604

Gross

HYPE Tokens(2)

1,720,549

45.19

Note:

See “Footnotes” section for detailed explanations and definitions.

Unrealized accretion (dilution) expected

upon LST to HYPE reconversion as of June 30, 2025*

4,912,082

*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.

Reconciliation of GAAP Selling, General and

Administrative expense to Non-GAAP Operating Expense Excluding Stock-Based Compensation(5) (unaudited)

For the Three Months Ended

(Figures in $)

September 30,

2025

December 31,

2025

March 31,

2026

Selling, general and administrative expense

2,594,130

4,530,542

4,493,604

Subtract: stock-based compensation expense

1,347,031

(1,712,361 )

(1,804,485 )

Add: research and development expense

373,855

188,954

286,764

Operating

Expense Excluding Stock-Based Compensation(5)

4,315,016

3,007,135

2,975,883

Note: See “Footnotes” section for detailed explanations

and definitions.

Supplemental Disclosure

of Disaggregated Stock-Based Compensation (unaudited)

For the Three Months Ended

(Figures in $)

September 30,

2025

December 31,

2025

March 31,

2026

Mark-to-Market Adjustment of Vested but Undelivered

Awards

(2,140,000 )

Amortization of Unearned Executive Milestone Awards

209,648

997,563

All Remaining Stock-Based Compensation

583,321

714,798

806,922

Total Stock-Based Compensation

(1,347,031 )

1,712,361

1,804,485

Reconciliation of GAAP Net Operating (Expenses)

Income to Non-GAAP Treasury Gains (Losses)(6) (unaudited)

For the

Three Months Ended

(Figures in $)

September 30,

2025

December 31,

2025

March 31,

2026

Net Operating Income (Expenses)

4,125,685

(39,958,264 )

8,487,848

Add Back:

Research and development expense

373,855

188,954

286,764

Selling, general and administrative

expense

2,594,130

4,530,542

4,493,604

Provision for credit losses

405,331

504,511

In-Period Change in unrealized accretion

(dilution) expected upon LST to HYPE reconversion

4,912,082

(1,412,417 )

7,873,342

Subtract:

Accumulated

but unrealized staking yield on LSTs(10)

(58,771 )

(172,463 )

(154,806 )

Operating Income from airdrops

(285,450 )

Net gains on derivative

instruments

(78,109 )

(79,461 )

(39,401 )

Treasury

Gains (Losses)(6)

11,868,872

(36,783,228 )

21,451,862

Note: See “Footnotes” section for detailed explanations

and definitions.

Reconciliation of GAAP Total Other Income (Expense), Net to Non-GAAP

Adjusted Other Income (Expense)(7) (unaudited)

For the

Three Months Ended

(Figures in $)

September 30,

2025

December 31,

2025

March 31,

2026

Total Other Income (Expense), Net

2,197,391

(288 )

108,431

Add back:

Interest expense

223,080

224,799

225,869

Reduction

in life sciences liabilities(12)

(2,407,154 )

(225,173 )

Other

non-recurring items(13)

(55,557 )

(85,158 )

142,415

Subtract:

Interest Income from DeFi Monetization activities

(90,636 )

(198,957 )

Adjusted

Other Income (Expense)(7)

(42,240 )

48,717

52,585

Note: See “Footnotes” section for detailed explanations

and definitions.

Reconciliation of GAAP Net Income to Non-GAAP

Adjusted EBITDA(8) (unaudited)

For the

Three Months Ended

(Figures in $)

September 30,

2025

December 31,

2025

March 31,

2026

Net Income (Loss)

6,625,582

(39,765,565 )

8,840,550

Add back:

Stock-based compensation

(1,347,031 )

1,712,361

1,804,485

Interest expense

223,080

224,799

225,869

Provision for credit losses

405,331

504,511

Income Taxes

Depreciation and amortization expense

Reduction

in life sciences liabilities(12)

(2,407,154 )

(225,173 )

Other

non-recurring items(13)

(55,557 )

(85,158 )

142,415

Add:

In-Period Change in unrealized accretion

(dilution) expected upon LST to HYPE reconversion

4,912,082

(1,412,417 )

7,873,342

Accumulated

but unrealized yield enhancement activity(15)

171,970

Receipt of HPL

tokens pursuant to partnership agreements

150,163

Adjusted

EBITDA(8)

7,951,003

(38,920,649 )

19,488,132

Note: See “Footnotes” section for detailed explanations

and definitions.

*Does not include Amortization of Operating Lease.

Reconciliation of GAAP HYPE digital assets,

as adjusted to Gross HYPE Holdings(4), to Non-GAAP Net Asset Value(9) (unaudited)

(Figures in $)

September 30,

2025

December 31,

2025

March 31,

2026

Gross

HYPE Holdings(4)

77,751,604

47,837,901

71,037,227

Add: KNTQ & sKNTQ at Carrying Value

111,406

193,780

Add: HPL & sHPL at Carrying Value

149,820

Add: Hyperion Rysk Vault Shares at Cost Basis*

1,615,075

Add: Current Assets

9,085,767

7,245,809

8,803,947

Subtract: Current Liabilities**

(4,037,092 )

(2,701,013 )

(4,509,992 )

Subtract: Notes Payable***

(8,254,696 )

(8,339,366 )

(7,416,353 )

Net

Asset Value(9)

74,545,583

44,154,737

69,873,504

Note: See “Footnotes” section for detailed explanations

and definitions.

*Digital intangible assets representing claims on USDH held in

the Hyperion Rysk Institutional Volatility Income Vault, bearing the technical name “WHYPE-USDH-USDH-P-H-HL”.

**Includes Notes payable - current portion as of March 31,

2026; does not subtract debt discount of $36,974 as of March 31, 2026.

***Non-current portion; does not subtract debt discount of $598,691

as of September 30, 2025, $543,230 as of December 31, 2025, or $450,796 as of March 31, 2026.

Footnotes

1. “Adjusted Gross Profit” is a non-GAAP measure.

Adjusted Gross Profit is defined as all in-period gross profit generated by the Company’s

operations excluding buying digital assets and associated mark-to-market price movements.

Such activities include staking yield, validator operations, yield enhancement activity,

DeFi monetization partnerships, ecosystem rewards, and (prior to 2026) life sciences operations.

It is reconciled to the GAAP measure “Gross Profit” by (i) adding accumulated

but unrealized staking yield on LSTs, (ii) adding Net gains on derivative instruments,

(iii) adding accumulated but unrealized yield enhancement activity as further described

in Footnote 15, (iv) adding Operating Income from airdrops, (v) adding the Company’s

receipt of HPL tokens pursuant to its partnership agreements with HyperLend, and (vi) adding

the portion of GAAP “Interest Income” generated from digital assets receivables.

We believe “Adjusted Gross Profit” is a helpful financial measure to our management

and investors as it aims to capture all in-period gross profit generated by our active operational

strategies without the impact of (i) the temporary GAAP earnings volatility of HYPE

to LST conversion and LST to HYPE reconversion, (ii) the temporary GAAP earnings volatility

of depositing and redeeming USDH versus Hyperion Rysk Vault Shares and delays in recognition

of upfront received premium on expired sold HYPE put and call options, (iii) the over-time

GAAP recognition of the Company’s receipt of HPL tokens, and (iv) dispersed GAAP

presentment of our operational strategies across various Statements of Operations sections,

or (iv) the impacts of realized or unrealized gains or losses on our digital assets.

We believe Adjusted Gross Profit is a critical metric to quantify and compare our core operational

activities between periods. In the Company’s earnings release and earnings supplement

for three months ended September 30, 2025 and December 31, 2025, we previously

reconciled Non-GAAP “Adjusted Gross Profit” to GAAP “Revenue”. Given

changes in GAAP presentment related to staking and validating activities, we believe for

the three months ended March 31, 2026, the closest comparable GAAP metric to Adjusted

Gross Profit is Gross Profit.

2. The following are unaudited supplemental operating disclosures:

Gross HYPE Tokens, the number of HYPE tokens staked at the Kinetiq x Hyperion Validator,

Validator Commissions in HYPE, Staking Yield in HYPE, and HYPE Earned in Staking &

Validating.

3. Calculated as the sum of the in-period Non-GAAP Adjusted

Gross Profit components of (a) Validator Commissions plus (b) Staking Yield (such

figures being expressed in-period in US Dollars), divided by the sum of (c) Validator

Commissions in HYPE plus (d) Staking Yield in HYPE.

4. “Gross HYPE Holdings” is a non-GAAP measure.

Gross HYPE Holdings is defined as the gross market value of the Company’s HYPE assuming

(a) all temporary HYPE token use agreements are exited, (b) all collateralized

OTC HYPE derivatives are exited (and such LST collateral returned to the Company), and (c) all

LSTs were converted back to HYPE tokens as of the end of each respective reporting quarter.

It is reconciled to the GAAP measure “HYPE digital assets” by adding (i) HYPE

digital assets receivable (without subtracting allowance for credit loss or unamortized nonrefundable

upfront fees), (ii) HYPE digital intangible assets receivable (without subtracting allowance

for credit loss), (iii) HYPE LSTs at carrying value (including without limitation HiHYPE,

kHYPE, and kmHYPE) and (iv) the unrealized accretion (dilution) expected upon LST to

HYPE reconversion as of the end of each respective reporting quarter. We believe Gross HYPE

Holdings is a helpful non-GAAP financial measure to our management and investors because

it eliminates the temporary HYPE value impacts caused by our DeFi Monetization and Yield

Enhancement token movements as well as the conversion and reconversion between HYPE tokens

and LSTs, which (a) causes staking yield on our LSTs not to be recognized in-period

in accordance with GAAP and (b) does not recognize upward mark-to-market movements in

underlying HYPE tokens given LSTs are carried at the lower of cost basis or impaired value.

As such, it provides useful information about our balance sheet, allows for greater transparency

with respect to important metrics used by our management for financial, risk management and

operational decision-making, and provides an additional tool for investors to understand

and compare our operating results across reporting periods.

5. "Operating Expenses Excluding Stock-Based Compensation"

is a non-GAAP measure. Operating Expenses Excluding Stock-Based Compensation is defined as

the Company's operational expenses in-period excluding treasury value movements and stock-based

compensation. It is reconciled to the GAAP measure “Selling, general and administrative

expense” by (i) subtracting stock-based compensation expense and (ii) adding

Research and development expense. Operating Expenses Excluding Stock-Based Compensation provides

a metric of total operating expenditures in-period without the impact of treasury value movement

or stock-based compensation, thereby creating a helpful metric for operational expense comparisons

between different periods for our management and investors.

6. "Treasury Gains (Losses)" is a non-GAAP measure.

Treasury Gains (Losses) is defined as the gross mark-to-market change in the company's digital

asset treasury portfolio each period, without accounting for temporary GAAP impacts due to

HYPE to LST conversion (or LST to HYPE reconversion) or operating income driven by airdrops

or yield enhancement activity. It is reconciled to the GAAP measure “Net Operating

Income (Expenses)" by (a) adding (i) Research and development expense, (ii) Selling,

general, and administrative expense, (iii) Provision for credit losses, and (iv) the

in-period change in unrealized accretion (dilution) expected upon LST to HYPE reconversion,

and (b) subtracting (i) accumulated but unrealized staking yield on LSTs, (ii) Operating

Income from airdrops, and (iii) Net gains on derivative instruments. Following these

adjustments, Treasury Gains (Losses) is a singular metric that can present mark-to-market

treasury changes in isolation, which we believe is a helpful metric for management and investors

given our large digital asset treasury position and the volatile nature of digital assets.

7. "Adjusted Other Income (Expense)" is a non-GAAP

measure. Adjusted Other Income (Expense) reflects management’s view of recurring activities

outside of core operating income and operating expenses. It is reconciled to the GAAP measure

"Total Other Income (Expense), Net" by (a) adding back (i) interest expense,

(ii) non-recurring gains from reductions in life sciences liabilities, and (iii) other

non-recurring items which we do not consider material in nature, and (b) subtracting

the portion of GAAP “Interest Income” generated from digital assets receivables.

The items added back to Adjusted Other Income (Expense) are excluded because they are non-cash

in nature, or because the amount and timing of these items are unpredictable, are not driven

by core results of operations, and render comparisons with prior periods and competitors

less meaningful. The item subtracted from Adjusted Other Income (Expense) is already captured

in the Non-GAAP metric “Adjusted Gross Profit”, as further described in Footnote

1. We believe Adjusted Other Income (Expense) provides a helpful view to management and investors

regarding recurring and ongoing income and expense items outside of operating income and

operating expenses, presented in a way to compare these elements over time.

8. “Adjusted EBITDA” is a non-GAAP measure. Adjusted

EBITDA is meant to reflect management’s view of recurring business activities and a

more comparable view of the mark-to-market impacts on our digital asset treasury holdings

in-period. It is reconciled to the GAAP measure “Net Income (Loss)” by removing

(i) stock-based compensation, (ii) interest expense, (iii) provision for credit

losses, (iv) income taxes, (v) depreciation and amortization expense (excluding

amortization of operating lease), (vi) non-recurring gains from reductions in life sciences

liabilities, and (vii) other non-recurring items which we do not consider material in

nature; and, it adds in (i) the in-period change in unrealized accretion (dilution)

expected upon LST to HYPE reconversion, (ii) accumulated but unrealized yield enhancement

activity as further described in Footnote 15, and (iii) the Company’s receipt

of HPL tokens pursuant to its partnership agreements with HyperLend. The items excluded from

our Adjusted EBITDA are excluded because they are non-cash in nature, or because the amount

and timing of these items are unpredictable, are not driven by core results of operations,

and render comparisons with prior periods and competitors less meaningful. The items added

to Adjusted EBITDA are included to give a more complete picture of our in-period operations

and mark-to-market impacts on our digital assets, disregarding (i) the temporary GAAP

earnings volatility of HYPE to LST conversion and LST to HYPE reconversion, (ii) the

temporary GAAP earnings volatility of depositing and redeeming USDH versus Hyperion Rysk

Vault Shares and delays in recognition of upfront received premium on expired sold HYPE put

and call options, and (iii) the over-time GAAP recognition of the Company’s receipt

of HPL tokens. Adjusted EBITDA is used by management, in addition to GAAP financial measures,

to understand and compare our operating results across accounting periods, for risk management

and operational decision-making purposes. This non-GAAP measure provides investors with additional

information in evaluating the Company's operating performance.

9. “Net Asset Value” is a non-GAAP measure. Net

Asset Value is defined as the market value of our marketable digital assets less net outstanding

debt. It is reconciled to the GAAP measure “HYPE digital assets” as adjusted

to “Gross HYPE Holdings” (described more fully in Footnote 4) by (i) adding

KNTQ digital assets and sKNTQ digital intangible assets at carrying value, (ii) adding

HPL digital assets and sHPL digital intangible assets at carrying value, (iii) adding

Hyperion Rysk Vault Shares at cost basis, (iv) adding Current Assets, (v) subtracting

Current Liabilities (including current portion of Notes Payable, without subtracting corresponding

debt discounts or any unamortized issuance expenses), and (vi) subtracting Notes Payable

(Non-current portion, without subtracting corresponding debt discounts or any unamortized

issuance expenses). We believe Net Asset Value is a helpful non-GAAP financial measure to

our management and investors because it provides a more complete picture of our net liquid

and marketable assets. It does not include Other digital intangible assets which may not

be immediately marketable. It does not include other non-current assets or non-current liabilities

beyond the aforementioned items. The Company believes Net Asset Value provides useful information

about our balance sheet and financial performance, enhances the overall understanding of

our past performance and future prospects, allows for greater transparency with respect to

important metrics used by our management for financial, risk management and operational decision-making,

and provides an additional tool for investors to use to understand and compare our operating

results across accounting periods.

10. Represents in-period accrued staking yield on HYPE LSTs.

Staking yield on LSTs is not recognized in-period in accordance with GAAP; instead, LST staking

yield may be recognized with an associated realized gain upon future reconversion from LSTs

back into HYPE.

11. Represents the estimated future financial implications

if all company-owned LSTs were reconverted to HYPE at the end of each respective period.

Encapsulates both the temporary GAAP valuation methodology differences between LSTs

and HYPE plus the realization of previously accrued but unrecognized staking yield on LSTs.

12. In the three months ended September 30, 2025, Gain

on extinguishment of liability and a reduction in accrued liability within other income was

approximately $2.2 million and $0.2 million respectively, combined totaling $2.4 million.

In the three months ended March 31, 2026, gain on extinguishment of liabilities within

Other income (expense), net totaled $0.2 million.

13. In the reconciliation of “Total Other Income (Expense),

Net” to “Adjusted Other Income (Expense)”, as well as in the reconciliation

of “Net Income (Loss)” to “Adjusted EBITDA”, in the three months

ended September 30, 2025, other non-recurring items include gains on sales of equipment,

release of reserves held against potential returns of company-sold items, and a one-time

realized payment in connection with a terminated LOI. In the three months ended December 31,

2025 and March 31, 2026, other non-recurring items include gains and losses due to valuation

differences in the time between contractual and actual delivery dates on certain company-paid

expenses denominated in HYPE and in Company equity.

14. Estimated and unaudited figures as of May 11, 2026.

15. Includes all net cash, cash equivalents, and USDH premiums

received but unrealized on expired sold HYPE puts and calls, including within the Hyperion

Rysk Vault, as well as third-party fees on yield enhancement activities (such third-party

fees being included in DeFi Monetization within Non-GAAP Adjusted Gross Profit).

16. Includes Hyperion Rysk Vault Shares, which are redeemable

into USDH.

EX-99.2 — EXHIBIT 99.2

EX-99.2

Filename: tm2614498d1_ex99-2.htm · Sequence: 3

Exhibit 99.2

HYPD Q1 2026

Earnings Supplement

More than just HYPE.

NASDAQ: HYPD

Use of Non-GAAP Financial Measures

This presentation 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. These non-GAAP measures are in addition to, and not a substitute for or superior to, measures of financial performance

prepared in accordance with GAAP and should not be considered as an alternative to any performance measures

derived in accordance with GAAP. Reconciliations of non-GAAP measures to their most directly comparable U.S.

Generally Accepted Accounting Principles (GAAP) counterparts are included in the Financial Supplement - Non-GAAP Reconciliations section of this presentation with additional detail in the Footnotes. Hyperion DeFi believes

that these non-GAAP measures of financial results (including on a forward-looking basis) provide useful

supplemental information to investors about Hyperion DeFi. Hyperion DeFi’s management uses non-GAAP

measures to evaluate our operating performance, formulate business plans, help better assess our overall

liquidity position, and make strategic decisions, including those relating to operating expenses and the allocation

of internal resources. However, these non-GAAP measures have limitations as analytical tools. Other companies

may not use these non-GAAP measures or may use similar measures that are defined in a different manner.

Therefore, Hyperion DeFi’s non-GAAP measures may not be directly comparable to similarly titled measures of

other companies. We also periodically review our non-GAAP financial measures and may revise these measures

to reflect changes in our business or otherwise. Additionally, forward-looking non-GAAP financial measures are

presented on a non-GAAP basis without reconciliations of such forward-looking non-GAAP measures because the

GAAP financial measures are not accessible on a forward-looking basis and reconciling information is not

available without unreasonable effort due to the inherent difficulty in forecasting and quantifying certain amounts

that are necessary for such reconciliations, including adjustments reflected in our reconciliation of historic non-GAAP financial measures, the amounts of which, based on historical experience, could be material.

Forward-Looking Statements

Except for historical information, all the statements, expectations and assumptions contained in this presentation 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 estimated market opportunities for our platform technology,

the viability of, and risks associated with, our cryptocurrency treasury strategy, and the growth and revenue potential of the Hyperliquid ecosystem and the growth prospects of Hyperion DeFi, Inc. (“Hyperion DeFi”, “Hyperion” or

the “Company”) (NASDAQ:HYPD). 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 (the “SEC”), including in

particular, the risks of our cryptocurrency strategy as detailed in our reports filed with the SEC.

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.

Disclaimer

Certain information contained in this presentation and statements made orally during the corresponding earnings call relate to or are 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 presentation, 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 presentation 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.

All figures in this presentation are not audited. Throughout this document, totals may not sum due to rounding. Calculations are based on unrounded results.

Figures in $ Q3 2025 Q4 2025 Q1 2026

Gross Profit 302,506 192,897 244,271

Adjusted Gross Profit(1) 439,386 820,997 959,568

HYPE Digital Assets 37,954,590 16,233,941 25,286,164

Gross HYPE Holdings(4) 77,751,604 47,837,901 71,037,344

Net Asset Value(9) 74,545,583 44,154,737 69,873,504

Selling, General and Administrative Expense 2,594,130 4,530,542 4,493,604

Operating Expenses Excluding Stock-Based Compensation(5) 4,315,016 3,007,135 2,975,883

Net Operating (Income) Expenses (4,125,685) 39,958,264 (8,487,848)

Treasury Gains (Losses) (6) 11,868,872 (36,783,228) 21,451,862

Total Other Income (Expense), Net 2,197,391 (288) 108,431

Adjusted Other Income (Expense)(7) (42,240) 48,717 52,585

Net Income (Loss) 6,625,582 (39,765,565) 8,840,550

Adjusted EBITDA(8) 7,951,003 (38,920,649) 19,488,132

Achieved +17% quarter-over-quarter growth

in our operating businesses (Adjusted Gross

Profit(1)), driven by scaling DeFi Monetization

and Yield Enhancement strategies (each at

>100% q-o-q growth)

HYPD Investment Thesis

Note: Adjusted Gross Profit and Operating Expenses Excluding

Stock-Based Compensation are non-GAAP financial measures. See

“Footnotes” and "Financial Supplement" sections for detailed

definitions and reconciliations to the nearest GAAP Metric.

“Triple-Dip” HYPE deployment generated

~3.1x base staking income in Q1’26 versus

~2.7x in Q4’25

Strong earnings leverage with low cost base

built for scale; achieved second sequential

quarterly decline in core costs (Operating

Expenses Excluding Stock-Based

Compensation(5))

We are raising our guidance, and now

anticipate $5M-$7M Adjusted Gross Profit(1) in

2026, ~5x our 2025 FY results

Unique among digital asset treasuries with

Five Diversified Operating Business Lines

Top 6 Hyperliquid

Validator**

Institutional Volatility

Income Vault

24/7 On-Chain

Partner Markets

Secured On-Chain

Lending Pools

We are Building More

Every Day

Growing

Hyperliquid

Ecosystem Treasury(14)

Ramping DeFi

Business Lines

Third Party

Capabilities

+ + =

Hyperion At A Glance

+17% Q1 Q-o-Q Adjusted

Gross Profit(1)

Increased Guidance of

$5M-$7M 2026 Adjusted

Gross Profit(1) (~5x 2025)

Unique “Triple-Dip” HYPE

Deployment Across 5

Operating Strategies

Achieved ~3.1x base

staking income in Q1’26

versus ~2.7x in Q4’25

2.00M HYPE

1.92M KNTQ

10.0M HPL

1% of Issuance*

The First Publicly Listed

DeFi Company Building

on Hyperliquid

NASDAQ: HYPD

More than just HYPE.

*Silhouette is contractually obligated to award HYPD at least 1% of the total supply of any tokens generated in a future token generation event, or equity, including affiliates and related parties.

**Excluding the Hyper Foundation, as of April 30, 2026.

Note: Adjusted Gross Profit is non-GAAP financial measure. See “Footnotes” and "Financial Supplement" sections for detailed definitions and reconciliations to the nearest GAAP Metric.

Hyperion’s Differentiated Value Proposition vs. “Traditional DAT”

$HYPE

Shareholder Value

Tied to HODL +

Ecosystem

Engagement Income

Shareholder Value

Tied to HODL

Multiple DEFI

businesses

Multiple DEFI

businesses

Traditional DAT HYPD Growth Over Ecosystem Time

HYPD is not simply a beta play on the price of HYPE

Adjusted Gross Profit(1) has grown by +119% since Q3, and +17%

sequentially versus Q4, from $439k in Q3, to $821k in Q4, to $960k

thousand in Q1.

Effective Average HYPE Price In-Period(3) declined from 45.8 in

Q3, to 35.1 in Q4, to 30.8 Q1, in total a (33%) decline since Q3.

Our Adjusted Gross Profit(1) multiple versus base staking yield

grew from 1.3x in Q3, to 2.7x in Q4, to 3.1x in Q1, as our “triple-dip” HYPE strategy continues to demonstrate our unique

execution advantage versus our peers.

Effective Average HYPE Price In-Period(3)

Adjusted Gross Profit (in $ thousands) (1)

45.8 439

35.1

821

30.8

960

HYPD Generates Independent, Scaling Businesses on Hyperliquid

Q3’25 Q4’25 Q1’26

Five Diversified Operating Business Lines

(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 1.3x 2.7x 3.1x

% 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).

Note: Adjusted Gross Profit is non-GAAP financial measure. See “Footnotes” and "Financial

Supplement" sections for detailed definitions and reconciliations to the nearest GAAP Metric.

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

Q3'25 Q4'25 Q1'26

Adjusted Gross Profit(1)

Staking Yield Validator Commissions

Yield Enhancement DeFi Monetization

Ecosystem Rewards

Increasing FY 2026 Guidance By +$1M

Anticipate $5M-$7M Adjusted Gross Profit(1) in 2026, ~5x 2025 FY results

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) $0.44M $0.82M $1.28M - - - - $4M - $6M ~4x

Current Guidance

(Q1’26 A) $0.44M $0.82M $1.28M $0.96M - - - $5M - $7M ~5x

Increase +$1M

Q1’26 vs. Q4’25 QoQ Adjusted Gross Profit(1) Growth (Actual): +17%

Note: Adjusted Gross Profit is non-GAAP financial measure. See “Footnotes” and "Financial Supplement"

sections for detailed definitions and reconciliations to the nearest GAAP Metric.

HYPD Treasury Over Time

Note: Gross HYPE Holdings is non-GAAP financial measure. See “Footnotes” and "Financial

Supplement" sections for detailed definitions and reconciliations to the nearest GAAP Metric.

September 30,

2025

December 31,

2025

March 31,

2026

May 11,

2026(14)

HYPD

Net Basis(14)

Gross HYPE Tokens(2) 1.72 M 1.88 M 1.94 M 2.00 M 2.00 M

HYPE Token Price $45.2 $25.4 $36.6 $42.2 $37.9

Gross HYPE Holdings(4) $77.8 M $47.8 M $71.0 M $84.5 M $75.9 M

Cash, Cash Equivalents, and USDH(16) $8.2 M $6.5 M $9.1 M $16.0 M

Our DeFi Partners

Note: All metrics in this “Our DeFi Partners” Section are as of April 30, 2026, unless otherwise indicated

HYPD’s “Triple-Dip” HYPE Deployment is Possible Because of Our

Management’s Unique Ability to Build on the Hyperliquid Blockchain

HYPD DeFi Partner Deal Description

DeFi Operating Activity

Staking Yield

Validator

Commissions

Yield

Enhancement

DeFi

Monetization

Ecosystem

Rewards

Kinetiq Hyperion x Kinetiq Validator

Silhouette HYPE Asset Use Service (HAUS)

Felix HAUS / HIP-3 Markets

Native Markets USDH Aligned Stablecoin

Kinetiq Markets kmHYPE / HIP-3 Markets

Rysk Institutional Vaults

HyperLend On-Chain Secured Lending

represent cumulative deployment of the same HYPE

tokens into multiple strategies in each row 1 2 3

Slide Source: Kinetiq

Source: HyperLend

Source: Rysk

Source: Silhouette

About Hyperliquid

Note: All metrics in this “About Hyperliquid” Section are as of April 30, 2026, unless otherwise indicated

Hyperliquid In The News

[

Why Hyperliquid (HYPE)?

Top 1 revenue and Top 10 market cap cryptocurrency

Source: CoinMarketCap

Source: Artemis

As April 30, 2026

As of April 30, 2026

Top Fees (24h)

[

NAME

1 Bitcoin BTC

2 Ethereum ETH

3 XRP XRP

4 BNB BNB

5 Solana SOL

6 TRON TRX

7 Dogecoin DOGE

8 Hyperliquid HYPE

9 UNUS SED LEO LEO

10 Cardano ADA

Market Cap: Top 10 Cryptocurrencies

(excluding stablecoins)

MARKET CAP

$1,527,696,442,782

$273,167,181,158

$84,469,652,726

$82,886,426,938

$47,900,545,431

$30,870,919,551

$18,095,402,206

$9,956,177,530

$9,522,889,745

$8,894,343,415

TOKEN FIXED SUPPLY STAKING YIELD MARKET CAP** BUYBACKS

Bitcoin $1,527,696,442,782

Ethereum $273,167,181,158

Solana $47,900,545,431

Hyperliquid $9,956,177,530

Hyperliquid’s Unique Token Design

Hyperliquid generates an annualized revenue of >$725M+*. ~99% of this revenue goes back to daily

buybacks of HYPE into the Assistance Fund, a powerful mechanism relative to its circulating market cap.

Assistance Fund

HYPE

~44M

Assistance HYPE $

~1.7B

Source: Hypurrscan as of

April 30, 2026

* As of April 30, 2026 based on annualized 30-day run rate per Defi Llama

** As of April 30, 2026; Source: CoinMarketCap

Hyperliquid’s (HYPE) Trading Platform Is Experiencing

Rapid Adoption And Growth

Hyperliquid Cryptocurrency

Market Cap Ranking

Hyperliquid

Market Cap

~$10.0 Billion

Cumulative Fees

Generated on Hyperliquid

>$1.2 Billion

Hyperliquid Circulating

Token Supply

~255 Million

Cumulative Hyperliquid

Marketplace Users

~1.2 Million

Hyperliquid Maximum

Token Supply

~956 Million

(~44 Million Burned)

Hyperliquid Cryptocurrency

Daily Revenue Ranking

Source: Hyperliquid Stats

Source: Defi Llama Source: Defi Llama

Source: CoinMarketCap; Hypurrscan Source: CoinMarketCap Source: CoinMarketCap Source: CoinMarketCap

(Excluding Stablecoins)

Source: Artemis

As of April 30, 2026

Daily Trading Volume

on Hyperliquid

~$8 Billion

Cumulative Trading

Volume on Hyperliquid

>$4.3 Trillion

Source: Defi Llama

Hyperliquid’s Parabolic Growth

Hyperliquid has become the leading platform for on-chain derivatives, seen through its rapidly growing fees

and crypto perpetuals (“perp”) trading volume expansion since its Token Genesis Event in November 2024.

Source: Defi Llama

Key Metrics

Total Value Locked

App Fees (24h)

Crypto Spot Volume (24h)

Perps Volume (24h)

Open Interest

$HYPE Price

$HYPE Market Cap

$HYPE Fully Diluted Value

$6.9b

$3.5m

$173m

$7.7b

$7.8b

$39.05

$9.96b

$27.3b

>$4.3 Trillion

CUMULATIVE

PERP VOLUME

Hyperliquid (HYPE)

As of April 30, 2026

>$1.2 Billion

CUMULATIVE

HYPERLIQUID FEES

Source: Defi Llama

“HIP-3” Brought Real-World Assets

Onto Hyperliquid

Source: Artemis

About Hyperion DeFi

Note: All metrics in this “About Hyperion DeFi” Section are as of April 30, 2026, unless otherwise indicated

Hyperion DeFi Is an Ecosystem Builder and Hyperliquid Advocate

Early Mover Advantages Create Unique Opportunities for

Compounding Revenue Streams

Hyperliquid

Staking Yield

Validator

Commissions

Hyperliquid

Staking Yield

Hyperliquid

Staking Yield

Validator

Commissions

Yield Enhancement

Validator

Commissions

Yield Enhancement

Hyperliquid

Staking Yield

DeFi Monetization

Validator

Commissions

Yield Enhancement

Hyperliquid

Staking Yield

DeFi Monetization

Ecosystem Rewards

RETURNS

HYPERION DEFI’S RAPIDLY COMPOUNDING DEFI STRATEGY

Received 3M Foundation

HYPE Delegation

HAUS Felix

Execution

Co-Branded

Kinetiq Validator

Launched

“HiHYPE” Liquid

Staking Token

Native

Markets

Partnership

Rysk Yield

Vaults

HyperLend

On-Chain

Credit

HAUS

Silhouette

Execution

Hyperion DeFi stakes and

deploys HYPE into the

Hyperliquid Ecosystem

Clients unlock unique

utility on Hyperliquid;

Hyperion DeFi earns

fees from Clients

Client activity

promotes broader

Hyperliquid adoption

Hyperion earns

Validator

Commissions and

Ecosystem Rewards

Hyperion DeFi

reinvests revenues to

purchase more HYPE

How HYPD Drives the Institutional Adoption Flywheel

• Reduced Trading Fees

(Silhouette)

• Launch of New “HIP3”

Financial Markets (Felix)

• On-chain credit pool

(HyperLend)

• On-chain yield vaults (Rysk)

• Enable Native Markets’

USDH “Aligned Stablecoin”

• Eligible for KNTQ

• Eligible for HPL

• Eligible for Silhouette

As of January 31, 2026

Source: hyperliquid.xyz

As of April 30, 2026

Hyperion DeFi’s Validator Has ~10M HYPE

We are the Top 6 Validator excluding the Hyper Foundation

Frictionless exposure to Hyperliquid’s native token HYPE.

Access next-generation Decentralized Finance (DeFi).

Bridging public markets and on-chain strategies.

More than just HYPE.

NASDAQ: HYPD

Financial Supplement

HYPD Non-GAAP Income Summary

Note: Adjusted Gross Profit, Operating Expenses Excluding Stock-Based Compensation, Treasury Gains (Losses), Adjusted Other Income (Expense), and Adjusted EBITDA are non-GAAP financial measures. See “Footnotes” and "Financial Supplement" sections for detailed definitions and reconciliations to the nearest GAAP metric.

(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

Description of Q1 2026 Digital Assets Operating Business Lines

within Non-GAAP Adjusted Gross Profit(1)

*Throughout this document, LST(s) is the abbreviation for “Liquid Staking Token(s)”, including HiHYPE (Hyperion Institutional HYPE), kHYPE (Kinetiq Staked HYPE), and kmHYPE (Kinetiq Market HYPE).

Note: Adjusted Gross Profit is non-GAAP financial measure. See “Footnotes” and "Financial Supplement" sections for detailed definitions and reconciliations to the nearest GAAP Metric.

Digital Assets

Business Activity Description

Ecosystem Rewards 10 million HPL tokens received from HyperLend in connection with the Company’s executed partnership agreements in

March 2026, recorded on each end-of-day value when received.

DeFi Monetization DeFi Monetization partnerships in connection with the Company’s temporary HYPE token use agreements plus third-party fees accrued in connection with yield enhancement activity.

Yield Enhancement The Company’s first-party yield enhancement activity, including within the Hyperion Rysk Vault, and excluding third-party fees.

Validator Commissions The Company’s portion of accrued net validator commissions from the Kinetiq x Hyperion Hyperliquid Validator, which

are earned in HYPE and expressed as US dollars.

Staking Yield The Company’s first-party Staking Yield on HYPE and HYPE LSTs* earned in HYPE and presented in US dollars.

Non-GAAP Financial Measures & Reconciliations

Reconciliation of Adjusted Gross Profit(1) (unaudited)

Note: See “Footnotes” section for detailed explanations and definitions. The sum of individual metrics may not always equal total amounts indicated due to rounding.

For the Three Months Ended

(Figures in $) September 30, 2025 December 31, 2025 March 31, 2026

Gross Profit 302,506 192,287 244,271

Add: Accumulated but unrealized staking yield on LSTs(10) 58,771 172,463 154,806

Add: Net gains on derivative instruments 78,109 79,461 39,401

Add: Accumulated but unrealized yield enhancement activity(15) - - 171,970

Add: Operating Income from airdrops - 285,450 -

Add: Receipt of HPL tokens pursuant to partnership agreements - - 150,163

Add: Interest Income from DeFi Monetization activity - 90,636 198,957

Adjusted Gross Profit(1) 439,386 820,997 959,568

As of March 31, 2026

Value $ Token Count Token Price $

HYPE digital assets 25,286,164 690,505 36.62

Add:

HYPE digital assets receivable* 11,071,201 302,327 36.62

HYPE digital intangible assets receivable** 9,230,486 250,000 36.62

HiHYPE at carrying value 7,785,852 378,277 20.58

kHYPE at carrying value 5,693,449 275,434 20.67

kmHYPE at carrying value 597,068 28,888 20.67

Unrealized accretion (dilution) expected upon future

LST to HYPE Token Reconversion(11) 11,373,007 14,421 N.M.

Gross HYPE Holdings(4) 71,037,344

Gross HYPE Tokens(2) 1,939,851 36.62

Unrealized accretion (dilution) expected upon LST to HYPE

reconversion as of December 31, 2025 3,499,665

In-Period Change in unrealized accretion (dilution) expected

upon LST to HYPE reconversion versus December 31, 2025

7,873,342

*Presented gross of $586,774 allowance for credit losses and $108,321 unamortized nonrefundable upfront fee.

** Presented gross of $323,067 allowance for credit losses.

***Throughout this document, N.M. is the abbreviation for "Not Meaningful“.

Note: See “Footnotes” section for detailed explanations and definitions. The sum of individual metrics may not always equal total amounts indicated due to rounding.

Non-GAAP Financial Measures & Reconciliations

Q1’26 Reconciliation of Gross HYPE Holdings(4) (unaudited)

As of December 31, 2025

Value $ Token Count Token Price $

HYPE digital assets 16,233,941 638,352 25.43

Add:

HYPE digital assets receivable* 7,647,740 300,725 25.43

HiHYPE at carrying value 8,437,277 398,277 21.18

kHYPE at carrying value 11,369,458 505,434 22.49

kmHYPE at carrying value 649,820 28,888 22.49

Unrealized accretion (dilution) expected upon future

LST to HYPE Token Reconversion(11) 3,499,665 9,410 N.M.

Gross HYPE Holdings(4) 47,837,901

Gross HYPE Tokens(2) 1,881,086 25.43

Unrealized accretion (dilution) expected upon LST to HYPE

reconversion as of September 30, 2025 4,912,082

In-Period Change in unrealized accretion (dilution) expected

upon LST to HYPE reconversion versus September 30, 2025 (1,412,417)

*Presented gross of $405,331 allowance for credit losses and $307,278 unamortized nonrefundable upfront fee.

Note: See “Footnotes” section for detailed explanations and definitions. The sum of individual metrics may not always equal total amounts indicated due to rounding.

Non-GAAP Financial Measures & Reconciliations

Q4’25 Reconciliation of Gross HYPE Holdings(4) (unaudited)

Non-GAAP Financial Measures & Reconciliations

Q3’25 Reconciliation of Gross HYPE Holdings(4) (unaudited)

*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. The sum of individual metrics may not always equal total amounts indicated due to rounding.

As of September 30, 2025

Value $ Token Count Token Price $

HYPE digital assets 37,954,590 839,889 45.19

Add:

HiHYPE at Carrying Value 34,884,932 877,871 39.74

Unrealized accretion (dilution) expected upon future

HiHYPE to HYPE Token Reconversion(11) 4,912,082 2,788 N.M.

Gross HYPE Holdings(4) 77,751,604

Gross HYPE Tokens(2) 1,720,549 45.19

In-Period Change in unrealized accretion (dilution) expected

upon LST to HYPE reconversion versus June 30, 2025* 4,912,082

Reconciliation of Operating Expense Excluding Stock-Based

Compensation(5)

For the Three Months Ended

September 30, 2025 December 31, 2025 March 31, 2026

Value $ Value $ Value $

Selling, general and administrative expense 2,594,130 4,530,542 4,493,604

Subtract: stock-based compensation expense 1,347,031 (1,712,361) (1,804,485)

Add: research and development expense 373,855 188,954 286,764

Operating Expense Excluding Stock-Based Compensation(5) 4,315,016 3,007,135 2,975,883

Non-GAAP Financial Measures & Reconciliations

Reconciliation of Operating Expenses Excluding Stock-Based Compensation (5) (unaudited)

& Disaggregated Stock-Based Compensation

Note: See “Footnotes” section for detailed explanations and definitions. The sum of individual metrics may not always equal total amounts indicated due to rounding.

Disaggregated Stock-Based Compensation

For the Three Months Ended

September 30, 2025 December 31, 2025 March 31, 2026

Value $ Value $ Value $

Mark-to-market adjustment of vested but undelivered stock-based

compensation (2,140,000) - -

Amortized expensing of unearned executive milestone awards 209,648 997,563 997,563

All remaining stock-based compensation 583,321 714,798 806,922

Total Stock-Based Compensation (1,347,031) 1,712,361 1,804,485

(Figures in $)

For the Three Months Ended

September 30, 2025 December 31, 2025 March 31, 2026

Net Operating (Expenses) Income 4,125,685 (39,958,264) 8,478,848

Add Back:

Research and development expense 373,855 188,954 286,764

Selling, general and administrative expense 2,594,130 4,530,542 4,493,604

Provision for credit losses - 405,331 504,511

In-Period Change in unrealized accretion (dilution) upon LST to HYPE reconversion 4,912,082 (1,412,417) 7,873,342

Subtract:

Accumulated but unrealized staking yield on LSTs(10) (58,771) (172,463) (154,806)

Operating Income from airdrops - (285,450) -

Net gains on derivative instruments (78,109) (79,461) (39,401)

Treasury Gains (Losses)(6) 11,868,872 (36,783,228) 21,451,862

Non-GAAP Financial Measures & Reconciliations

Reconciliation of Treasury Gains (Losses)(6) (unaudited)

Note: See “Footnotes” section for detailed explanations and definitions. The sum of individual metrics may not always equal total amounts indicated due to rounding.

(Figures in $)

For the Three Months Ended

September 30, 2025 December 31, 2025 March 31, 2026

Total Other Income (Expense), Net 2,197,391 (288) 108,431

Add Back:

Interest Expense 223,080 224,799 225,869

Reduction in life sciences liabilities(12) (2,407,154) - (225,173)

Other non-recurring items(13) (55,557) (85,158) 142,415

Subtract: Interest Income from DeFi Monetization activity - (90,636) (198,957)

Adjusted Other Income (Expense)(7) (42,240) 48,717 52,585

Non-GAAP Financial Measures & Reconciliations

Reconciliation of Adjusted Other Income (Expense)(7) (unaudited)

Note: See “Footnotes” section for detailed explanations and definitions. The sum of individual metrics may not always equal total amounts indicated due to rounding.

(Figures in $)

For the Three Months Ended

September 30, 2025 December 31, 2025 March 31, 2026

Net Income (Loss) 6,625,582 (39,765,565) 8,840,550

Add back:

Stock-based compensation (1,347,031) 1,712,361 1,804,485

Interest expense 223,080 224,799 225,869

Provision for credit losses - 405,331 504,511

Income taxes - - -

Depreciation and amortization expense* - - -

Reductions in life sciences liabilities(12) (2,407,154) - (225,173)

Other Non-Recurring Items(13) (55,557) (85,158) 142,415

Add:

In-period change in unrealized accretion (dilution) expected upon

LST to HYPE reconversion 4,912,082 (1,412,417) 7,873,342

Accumulated but unrealized yield enhancement activity(15) - - 171,970

Receipt of HPL tokens pursuant to partnership agreements - - 150,163

Adjusted EBITDA(8) 7,951,003 (38,920,649) 19,488,132

Non-GAAP Financial Measures & Reconciliations

Reconciliation of Adjusted EBITDA(8) (unaudited)

*Does not include Amortization of Operating Lease.

Note: See “Footnotes” section for detailed explanations and definitions. The sum of individual metrics may not always equal total amounts indicated due to rounding.

(Figures in $) September 30, 2025 December 31, 2025 March 31, 2026

HYPE digital assets, as adjusted to Gross HYPE Holdings(4) 77,751,604 47,837,901 71,037,344

Add: KNTQ & sKNTQ at Carrying Value - 111,406 193,780

Add: HPL & sHPL at Carrying Value - - 149,820

Add: Hyperion Rysk Vault Shares at Cost Basis* - - 1,615,075

Add: Current Assets 9,085,767 7,245,809 8,803,947

Subtract: Current Liabilities** (4,037,092) (2,701,013) (4,509,992)

Subtract: Notes Payable*** (8,254,696) (8,339,366) (7,416,353)

Net Asset Value(9) 74,545,583 44,154,737 69,873,504

Non-GAAP Financial Measures & Reconciliations

Reconciliation of Net Asset Value(9) (unaudited)

*Digital intangible assets representing claims on USDH held in the Hyperion Rysk Institutional Volatility Income Vault, bearing the technical name “WHYPE-USDH-USDH-P-H-HL”.

**Includes Notes payable - current portion as of March 31, 2026; does not subtract debt discount of $36,974 as of March 31, 2026.

***Non-current portion; does not subtract debt discount of $598,691 as of September 30, 2025, $543,230 as of December 31, 2025, or $450,796 as of March 31, 2026.

Note: See “Footnotes” section for detailed explanations and definitions. The sum of individual metrics may not always equal total amounts indicated due to rounding.

Footnotes

1. “Adjusted Gross Profit” is a non-GAAP measure. Adjusted Gross Profit is defined as all in-period gross profit generated by the Company’s operations excluding buying digital assets and associated mark-to-market price movements.

Such activities include staking yield, validator operations, yield enhancement activity, DeFi monetization partnerships, ecosystem rewards, and (prior to 2026) life sciences operations. It is reconciled to the GAAP measure “Gross Profit”

by (i) adding accumulated but unrealized staking yield on LSTs, (ii) adding Net gains on derivative instruments, (iii) adding accumulated but unrealized yield enhancement activity as further described in Footnote 15, (iv) adding Operating

Income from airdrops, (v) adding the Company’s receipt of HPL tokens pursuant to its partnership agreements with HyperLend, and (vi) adding the portion of GAAP “Interest Income” generated from digital assets receivables. We believe

“Adjusted Gross Profit” is a helpful financial measure to our management and investors as it aims to capture all in-period gross profit generated by our active operational strategies without the impact of (i) the temporary GAAP earnings

volatility of HYPE to LST conversion and LST to HYPE reconversion, (ii) the temporary GAAP earnings volatility of depositing and redeeming USDH versus Hyperion Rysk Vault Shares and delays in recognition of upfront received premium

on expired sold HYPE put and call options, (iii) the over-time GAAP recognition of the Company’s receipt of HPL tokens, and (iv) dispersed GAAP presentment of our operational strategies across various Statements of Operations

sections, or (iv) the impacts of realized or unrealized gains or losses on our digital assets. We believe Adjusted Gross Profit is a critical metric to quantify and compare our core operational activities between periods. In the Company’s

earnings release and earnings supplement for three months ended September 30, 2025 and December 31, 2025, we previously reconciled Non-GAAP “Adjusted Gross Profit” to GAAP “Revenue”. Given changes in GAAP presentment

related to staking and validating activities, we believe for the three months ended March 31, 2026, the closest comparable GAAP metric to Adjusted Gross Profit is Gross Profit.

2. The following are unaudited supplemental operating disclosures: Gross HYPE Tokens, the number of HYPE tokens staked at the Kinetiq x Hyperion Validator, Validator Commissions in HYPE, Staking Yield in HYPE, and HYPE Earned in

Staking & Validating.

3. Calculated as the sum of the in-period Non-GAAP Adjusted Gross Profit components of (a) Validator Commissions plus (b) Staking Yield (such figures being expressed in-period in US Dollars), divided by the sum of (c) Validator

Commissions in HYPE plus (d) Staking Yield in HYPE.

4. “Gross HYPE Holdings” is a non-GAAP measure. Gross HYPE Holdings is defined as the gross market value of the Company’s HYPE assuming (a) all temporary HYPE token use agreements are exited, (b) all collateralized OTC HYPE

derivatives are exited (and such LST collateral returned to the Company), and (c) all LSTs were converted back to HYPE tokens as of the end of each respective reporting quarter. It is reconciled to the GAAP measure “HYPE digital

assets” by adding (i) HYPE digital assets receivable (without subtracting allowance for credit loss or unamortized nonrefundable upfront fees), (ii) HYPE digital intangible assets receivable (without subtracting allowance for credit loss),

(iii) HYPE LSTs at carrying value (including without limitation HiHYPE, kHYPE, and kmHYPE) and (iv) the unrealized accretion (dilution) expected upon LST to HYPE reconversion as of the end of each respective reporting quarter. We

believe Gross HYPE Holdings is a helpful non-GAAP financial measure to our management and investors because it eliminates the temporary HYPE value impacts caused by our DeFi Monetization and Yield Enhancement token

movements as well as the conversion and reconversion between HYPE tokens and LSTs, which (a) causes staking yield on our LSTs not to be recognized in-period in accordance with GAAP and (b) does not recognize upward mark-to-market movements in underlying HYPE tokens given LSTs are carried at the lower of cost basis or impaired value. As such, it provides useful information about our balance sheet, allows for greater transparency with respect to important

metrics used by our management for financial, risk management and operational decision-making, and provides an additional tool for investors to understand and compare our operating results across reporting periods.

5. "Operating Expenses Excluding Stock-Based Compensation" is a non-GAAP measure. Operating Expenses Excluding Stock-Based Compensation is defined as the Company's operational expenses in-period excluding treasury value

movements and stock-based compensation. It is reconciled to the GAAP measure “Selling, general and administrative expense” by (i) subtracting stock-based compensation expense and (ii) adding Research and development

expense. Operating Expenses Excluding Stock-Based Compensation provides a metric of total operating expenditures in-period without the impact of treasury value movement or stock-based compensation, thereby creating a helpful

metric for operational expense comparisons between different periods for our management and investors.

6. "Treasury Gains (Losses)" is a non-GAAP measure. Treasury Gains (Losses) is defined as the gross mark-to-market change in the company's digital asset treasury portfolio each period, without accounting for temporary GAAP impacts

due to HYPE to LST conversion (or LST to HYPE reconversion) or operating income driven by airdrops or yield enhancement activity. It is reconciled to the GAAP measure “Net Operating Income (Expenses)" by (a) adding (i) Research and

development expense, (ii) Selling, general, and administrative expense, (iii) Provision for credit losses, and (iv) the in-period change in unrealized accretion (dilution) expected upon LST to HYPE reconversion, and (b) subtracting (i)

accumulated but unrealized staking yield on LSTs, (ii) Operating Income from airdrops, and (iii) Net gains on derivative instruments. Following these adjustments, Treasury Gains (Losses) is a singular metric that can present mark-to-market treasury changes in isolation, which we believe is a helpful metric for management and investors given our large digital asset treasury position and the volatile nature of digital assets.

7. "Adjusted Other Income (Expense)" is a non-GAAP measure. Adjusted Other Income (Expense) reflects management’s view of recurring activities outside of core operating income and operating expenses. It is reconciled to the GAAP

measure "Total Other Income (Expense), Net" by (a) adding back (i) interest expense, (ii) non-recurring gains from reductions in life sciences liabilities, and (iii) other non-recurring items which we do not consider material in nature, and

(b) subtracting the portion of GAAP “Interest Income” generated from digital assets receivables. The items added back to Adjusted Other Income (Expense) are excluded because they are non-cash in nature, or because the amount and

timing of these items are unpredictable, are not driven by core results of operations, and render comparisons with prior periods and competitors less meaningful. The item subtracted from Adjusted Other Income (Expense) is already

captured in the Non-GAAP metric “Adjusted Gross Profit”, as further described in Footnote 1. We believe Adjusted Other Income (Expense) provides a helpful view to management and investors regarding recurring and ongoing income

and expense items outside of operating income and operating expenses, presented in a way to compare these elements over time.

Footnotes (continued)

8. “Adjusted EBITDA” is a non-GAAP measure. Adjusted EBITDA is meant to reflect management’s view of recurring business activities and a more comparable view of the mark-to-market impacts on our digital asset treasury holdings in-period. It is reconciled to the GAAP measure “Net Income (Loss)” by removing (i) stock-based compensation, (ii) interest expense, (iii) provision for credit losses, (iv) income taxes, (v) depreciation and amortization expense (excluding

amortization of operating lease), (vi) non-recurring gains from reductions in life sciences liabilities, and (vii) other non-recurring items which we do not consider material in nature; and, it adds in (i) the in-period change in unrealized

accretion (dilution) expected upon LST to HYPE reconversion, (ii) accumulated but unrealized yield enhancement activity as further described in Footnote 15, and (iii) the Company’s receipt of HPL tokens pursuant to its partnership

agreements with HyperLend. The items excluded from our Adjusted EBITDA are excluded because they are non-cash in nature, or because the amount and timing of these items are unpredictable, are not driven by core results of

operations, and render comparisons with prior periods and competitors less meaningful. The items added to Adjusted EBITDA are included to give a more complete picture of our in-period operations and mark-to-market impacts on

our digital assets, disregarding (i) the temporary GAAP earnings volatility of HYPE to LST conversion and LST to HYPE reconversion, (ii) the temporary GAAP earnings volatility of depositing and redeeming USDH versus Hyperion Rysk

Vault Shares and delays in recognition of upfront received premium on expired sold HYPE put and call options, and (iii) the over-time GAAP recognition of the Company’s receipt of HPL tokens. Adjusted EBITDA is used by management,

in addition to GAAP financial measures, to understand and compare our operating results across accounting periods, for risk management and operational decision-making purposes. This non-GAAP measure provides investors with

additional information in evaluating the Company's operating performance.

9. “Net Asset Value” is a non-GAAP measure. Net Asset Value is defined as the market value of our marketable digital assets less net outstanding debt. It is reconciled to the GAAP measure “HYPE digital assets” as adjusted to “Gross

HYPE Holdings” (described more fully in Footnote 4) by (i) adding KNTQ digital assets and sKNTQ digital intangible assets at carrying value, (ii) adding HPL digital assets and sHPL digital intangible assets at carrying value, (iii) adding

Hyperion Rysk Vault Shares at cost basis, (iv) adding Current Assets, (v) subtracting Current Liabilities (including current portion of Notes Payable, without subtracting corresponding debt discounts or any unamortized issuance

expenses), and (vi) subtracting Notes Payable (Non-current portion, without subtracting corresponding debt discounts or any unamortized issuance expenses). We believe Net Asset Value is a helpful non-GAAP financial measure to

our management and investors because it provides a more complete picture of our net liquid and marketable assets. It does not include Other digital intangible assets which may not be immediately marketable. It does not include

other non-current assets or non-current liabilities beyond the aforementioned items. The Company believes Net Asset Value provides useful information about our balance sheet and financial performance, enhances the overall

understanding of our past performance and future prospects, allows for greater transparency with respect to important metrics used by our management for financial, risk management and operational decision-making, and provides

an additional tool for investors to use to understand and compare our operating results across accounting periods.

10. Represents in-period accrued staking yield on HYPE LSTs. Staking yield on LSTs is not recognized in-period in accordance with GAAP; instead, LST staking yield may be recognized with an associated realized gain upon future

reconversion from LSTs back into HYPE.

11. Represents the estimated future financial implications if all company-owned LSTs were reconverted to HYPE at the end of each respective period. Encapsulates both the temporary GAAP valuation methodology differences between

LSTs and HYPE plus the realization of previously accrued but unrecognized staking yield on LSTs.

12. In the three months ended September 30, 2025, Gain on extinguishment of liability and a reduction in accrued liability within other income was approximately $2.2 million and $0.2 million respectively, combined totaling $2.4 million. In

the three months ended March 31, 2026, gain on extinguishment of liabilities within Other income (expense), net totaled $0.2 million.

13. In the reconciliation of “Total Other Income (Expense), Net” to “Adjusted Other Income (Expense)”, as well as in the reconciliation of “Net Income (Loss)” to “Adjusted EBITDA”, in the three months ended September 30, 2025, other

non-recurring items include gains on sales of equipment, release of reserves held against potential returns of company-sold items, and a one-time realized payment in connection with a terminated LOI. In the three months ended

December 31, 2025 and March 31, 2026, other non-recurring items include gains and losses due to valuation differences in the time between contractual and actual delivery dates on certain company-paid expenses denominated in

HYPE and in Company equity.

14. Estimated and unaudited figures as of May 11, 2026.

15. Includes all net cash, cash equivalents, and USDH premiums received but unrealized on expired sold HYPE puts and calls, including within the Hyperion Rysk Vault, as well as third-party fees on yield enhancement activities (such third-party fees being included in DeFi Monetization within Non-GAAP Adjusted Gross Profit).

16. Includes Hyperion Rysk Vault Shares, which are redeemable into USDH.

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