Hyperion DeFi, Inc.

Q2 adjusted gross profit was $1.2 million, up 20% sequentially from $960,000 in Q1; 50% was earned in cash. 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. Quarterly operating expenses excluding stock-based compensation declined 21% to $2.3 million from $3.0 million in Q1. Treasury gains were $54.8 million in Q2, and cash, cash equivalents and stablecoins were $11.8 million at quarter end versus $9.1 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 has moved from concept to operating reality, centered on accumulating HYPE and building businesses on Hyperliquid. He said the company adapted within weeks to the USDH change, replacing winded-down deployments with stronger, more durable platforms, and he emphasized that Hyperion is positioning itself as the premier institutional gateway to DeFi on Hyperliquid. His tone was confident and expansive, with repeated emphasis on flexibility, partnership quality, and long-term value creation.

David Knox highlighted the company’s “Triple-Dip” strategy: growing the HYPE treasury, scaling DeFi businesses, and capturing ecosystem upside. He said gross HYPE tokens rose 56% to 2.04 million over the last 12 months, quarterly adjusted gross profit grew 162% to $1.2 million, operating expenses fell 46% to $2.3 million, and quarterly operating cash outflows declined to $2.1 million. He also said the HYPE treasury was valued at $133 million at Q2 versus a $81 million cash basis, net asset value increased to $134 million, and the company still expects $5 million to $7 million of adjusted gross profit in 2026 plus positive adjusted net operating cash flow by year-end.

Analysts pressed on how Hyperion would close the gap to full-year guidance after delivering $2.0 million of adjusted gross profit in the first half. Management said recovery should mainly come from DeFi monetization as new partnerships ramp, while staking remains more linear to HYPE price and token count; they also said Q3 could be strong and Q4 potentially stronger, but quarterly results may remain volatile. Questions about the validator business, Blockdaemon, and future integrations drew the response that validator commissions were about 500 HYPE tokens in isolation, the Blockdaemon relationship should ramp over the quarter and into next, and more institutional partnerships are expected. Another line of questioning focused on deployment flexibility and stickiness; management said deal terms generally require at least six months, but Hyperion prioritizes quality partnerships and can redeploy HYPE quickly when ecosystem conditions change.