Eyenovia, Inc.

Q2 adjusted gross profit was $1.2 million, up 20% from $960,000 in Q1. Q2 net income was $31.0 million versus $8.8 million in Q1, and adjusted EBITDA was $53.7 million versus $19.5 million in Q1. Gross HYPE tokens increased from 1.94 million in Q1 to 2.04 million in Q2; HYPE’s price rose from 36.6 at the end of Q1 to 65.0 in Q2. Treasury gains were $54.8 million in Q2 versus $21.5 million in Q1, and net asset value increased from $70 million to $134 million. Cash, cash equivalents and stablecoins were $11.8 million at quarter end, and adjusted net operating cash outflow was $2.1 million in Q2 versus $2.6 million in Q1. For 2026, management reiterated adjusted gross profit guidance of $5 million to $7 million and said adjusted net operating cash flow is expected to turn positive by year-end.

Hyunsu Jung framed the quarter as proof that Hyperion’s business model can adapt quickly to ecosystem changes, pointing to the USDH wind-down and the rapid shift into new deployments. He stressed that the company is building multiple revenue streams on top of Hyperliquid, not just holding HYPE, and said the firm is becoming the institutional gateway to the ecosystem. His tone was confident and constructive, with repeated emphasis on flexibility, partnership selection, and long-term value creation.

David Knox highlighted the company’s “Triple-Dip” strategy: a growing HYPE treasury, scalable DeFi businesses, and ecosystem upside. He said gross HYPE tokens increased 56% over the past 12 months to 2.04 million, quarterly adjusted gross profit rose 162% from $0.4 million to $1.2 million, operating expenses declined 46% from $4.3 million to $2.3 million, and quarterly operating cash outflows fell from $2.8 million to $2.1 million. He also said treasury value at $133 million exceeded cash basis by about $52 million, and that further expense declines of 10% to 20% versus the core run rate would be a good outcome after the biotech wind-down.

Analysts focused on how quickly new HAUS deployments like Skew and Entropy can ramp, and management said both should ramp relatively quickly, with Entropy expected to start very soon and Skew tied to HIP-4 permissionless rollout. Questions also centered on whether Q3 or Q4 would carry more of the second-half recovery; Knox said Q3 should be strong and Q4 could be stronger, but acknowledged the timing is volatile and hard to predict. On validator economics, management said only about 500 HYPE tokens of the 11,100 total earned came from validator commissions, with most coming from native staking, and said Blockdaemon should ramp over the quarter and into next.