Company Anticipates $7M-$8M FY'26 Adjusted Gross Profit(1) , vs. Prior Guidance $5M-$7M
Company Anticipates Adjusted Net Operating Cash Flow((4) () to Turn Positive in Q3'26
Company Anticipates Generating Positive Core Operating Earnings(3() in Q3'26
Company Announces New $20M Stock Buyback Authorization
DALLAS, Sept. 08, 2026 (GLOBE NEWSWIRE) -- Hyperion DeFi, Inc. (NASDAQ: HYPD) ("Hyperion DeFi" or the "Company"), the first U.S. publicly listed DeFi company building on Hyperliquid, today raised its full-year 2026 guidance and provided new Q3'26 guidance driven by its core operations exceeding management's prior expectations. In addition, the Company is launching a new $20 million share buyback program.
"In the past few weeks, our DeFi businesses have accelerated," said Hyunsu Jung, CEO of Hyperion DeFi. Mr. Jung continued, "We have now reached the inflection point we promised since day one: in Q3'26, we expect our core operations to break even from both a profit and cash flow perspective. Not only has HYPE recently achieved all-time highs, but our operations have begun to achieve flywheel velocity. From this position of strength, today we are announcing the launch of a new $20 million share buyback program. HYPD common shares have recently traded at a 20% to 30% discount to our net assets, which we believe creates an attractive opportunity to deploy capital into share repurchases for the benefit of HYPD common shareholders. Our businesses are stronger than ever, and with the Board's authorization, we now have the flexibility to reinvest profits into share repurchases. We are also committed to taking additional steps to improve our capital structure in the future."
Our Updated Forward Guidance:
-- We anticipate $7M-$8M FY'26 Adjusted Gross Profit(1), vs. prior guidance
$5M-$7M.
-- We anticipate Adjusted Net Operating Cash Flow(4) to turn positive in
Q3'26, vs. prior guidance to turn positive by the end of 2026.
-- We anticipate generating positive Core Operating Earnings(3) in Q3'26,
with quarterly core DeFi business activity (Adjusted Gross Profit(1))
expected to exceed core costs (Operating Expenses Excluding Stock-Based
Compensation(2)) for the first time.
-- We are announcing additional guidance for Q3'26 as outlined in "Table 2"
below.
Our New Share Buyback Program:
-- The Company's Board of Directors has authorized a stock repurchase
program of up to $20 million of the company's outstanding common stock,
par value $0.0001 per share. The stock repurchase program will be in
place for up to 12 months.
-- Repurchases may be made from time to time through open market purchases,
privately negotiated transactions, block trades or other means, subject
to market conditions, applicable legal, regulatory and contractual
requirements. Open market repurchases are expected to be conducted in
accordance with applicable federal securities laws, including, as
applicable, the pricing, timing, volume and manner conditions of Rule
10b-18 under the Securities Exchange Act of 1934, as amended. The Company
may also enter into trading plans intended to satisfy the affirmative
defense conditions of Rule 10b5-1 under the Exchange Act to facilitate
repurchases under the authorization.
-- The actual timing, number and value of shares repurchased under the
program will be determined by management at its discretion and will
depend on a number of factors, including the market price of HYPD's
common stock, general market and economic conditions and applicable legal
requirements.
-- There is no guarantee as to the number of shares that will be repurchased,
and the repurchase program may be extended, suspended or discontinued at
any time without prior notice at the Company's discretion.
TABLE 1: Select GAAP & Non-GAAP Historical Financial Measures
(Figures in $) Q3 2025 Q4 2025 Q1 2026 Q2 2026
--------------------------- ----------- ----------- ----------- -------------
GAAP Gross Profit 302,506 192,987 244,271 357,693
Adjusted Gross
Non-GAAP Profit(1) 439,386 820,997 959,568 1,150,035
--------- ---------------- ---------- ---------- ---------- ----------
Selling, General
and
Administrative
GAAP Expense 2,594,130 4,530,542 4,493,604 3,918,591
Operating
Expenses
Excluding
Stock-Based
Non-GAAP Compensation(2) 4,315,016 3,007,135 2,975,883 2,344,734
Core Operating
Non-GAAP Earnings(3) (3,875,630) (2,186,138) (2,016,315) (1,194,699)
--------- ---------------- ---------- ---------- ---------- ----------
Net Cash and
Cash
Equivalents
Used in
Operating
GAAP Activities (2,822,819) (4,190,147) (4,064,063) (3,098,419)
Adjusted Net
Operating Cash
Non-GAAP Flow(4) (2,822,819) (3,976,135) (2,607,344) (2,124,382)
--------- ---------------- ---------- ---------- ---------- ----------
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, Operating Expenses Excluding Stock-Based Compensation, Core Operating Earnings, and Adjusted Net Operating Cash Flow. 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.
TABLE 2: Updated Guidance (as of September 8, 2026) Q1'26 A Q2'26 A Q3'26 Q4'26 FY'26 Adjusted Gross Profit(1) $0.96M $1.15M $2.00M - $2.50M - $7M - $8M --------------------- -------- -------- ----------------- ----- --------- Operating Expenses Excluding Stock-Based Compensation((2) () $2.98M $2.34M $2.00M - $2.25M - - Core Operating Earnings((3) () ($2.02M) ($1.19M) $0.00M - $0.50M - - ===================== ======== ======== ================= ===== ========= Adjusted Net Operating Cash Flow((4) () ($2.61M) ($2.12M) ($0.50M) - $0.25M - - --------------------- -------- -------- ----------------- ----- ---------
Please see "Footnotes" and "Non-GAAP Measures of Financial Performance" sections for detailed definitions and reconciliations to the nearest GAAP Metric.
TABLE 3: Prior Guidance (as of May 14, 2026) Q1'26 A Q2'26 A Q3'26 Q4'26 FY'26 Adjusted Gross Profit(1) $0.96M $1.15M - - $5M - $7M ------------------------- ------- ------- ----- ----- ---------
Please see "Footnotes" and "Non-GAAP Measures of Financial Performance" sections for detailed definitions and reconciliations to the nearest GAAP Metric.
Presentation
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 September 2026, 47 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.
Use of Non-GAAP Financial Measures
This press release includes certain non-GAAP financial measures (including on a forward-looking basis) such as Adjusted Gross Profit, Operating Expenses Excluding Stock-Based Compensation, Core Operating Earnings, and Adjusted Net Operating Cash Flow. 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 Non-GAAP Reconciliations section of this press release 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; 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, our belief that our operations have begun to achieve flywheel velocity, our ability to achieve financial guidance for Q3 and full year 2026, 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 Non-GAAP Measures of Financial Performance and Supplemental Disclosures
Reconciliation of GAAP Gross Profit to Non-GAAP Adjusted
Gross Profit(1) (unaudited)
For the Three Months Ended
Sept. 30, Dec. 31, March 31, June 30,
(Figures in $) 2025 2025 2026 2026
-------------------------------- --------- -------- --------- ------------
Gross Profit 302,506 192,987 244,271 357,693
Add: Accumulated but unrealized
staking yield on LSTs((5) () 58,771 172,463 154,806 255,275
Add: Net gains on derivative
instruments 78,109 79,461 39,401 112,032
Add: Treasury gains (losses)
attributable to derivative
activity - - - 351,000
Add: Accumulated but unrealized
yield enhancement activity((6)
() - - 171,970 (128,614)
Add: Income from airdrops - 285,450 - 18,699
Add: Upfront receipt of HPL
tokens pursuant to partnership
agreements - - 150,163 (33,991)
Add: USDH sunset grant from
Felix - - - 70,843
Add: Interest Income from DeFi
Monetization activity - 90,636 198,957 147,098
Adjusted Gross Profit(1) 439,386 820,997 959,568 1,150,035
================================ ========= ======== ========= =========
Note: See "Footnotes" section for detailed explanations and definitions.
Reconciliation of GAAP Selling, General and Administrative
expense to Non-GAAP Operating Expense Excluding Stock-Based
Compensation((2) () (unaudited)
Sept. 30, Dec. 31, March 31, June 30,
(Figures in $) 2025 2025 2026 2026
---------------------- --------- ----------- ----------- -------------
Selling, general and
administrative
expense 2,594,130 4,530,542 4,493,604 3,918,591
Subtract: stock-based
compensation expense 1,347,031 (1,712,361) (1,804,485) (1,632,349)
Add: research and
development expense 373,855 188,954 286,764 58,492
Operating Expense
Excluding Stock-Based
Compensation((2) () 4,315,016 3,007,135 2,975,883 2,344,734
====================== ========= ========== ========== ==========
Note: See "Footnotes" section for detailed explanations and definitions.
Supplemental Disclosure of Disaggregated Stock-Based
Compensation (unaudited)
For the Three Months Ended
Sept. 30, Dec. 31, March 31, June 30,
(Figures in $) 2025 2025 2026 2026
----------------------- ------------ --------- --------- ---------
Mark-to-Market
Adjustment of Vested
but Undelivered Awards (2,140,000)
Amortization of Unearned
Executive Milestone
Awards 209,648 997,563 997,563 997,563
All Remaining
Stock-Based
Compensation 583,321 714,798 806,922 634,786
Total Stock-Based
Compensation (1,347,031) 1,712,361 1,804,485 1,632,349
======================== ========== ========= ========= =========
Reconciliation of GAAP Gross Profit, as adjusted to Non-GAAP Adjusted Gross Profit((1) () , to Non-GAAP Core Operating Earnings((3) () (unaudited)
For the Three Months Ended
Sept. 30, Dec. 31, March 31, June 30,
(Figures in $) 2025 2025 2026 2026
------------------ ----------- ----------- ----------- -------------
Adjusted Gross
Profit(1) 439,386 820,997 959,568 1,150,035
Subtract: selling,
general and
administrative
expense (2,594,130) (4,530,542) (4,493,604) (3,918,591)
Add: stock-based
compensation
expense (1,347,031) 1,712,361 1,804,485 1,632,349
Subtract: research
and development
expense (373,855) (188,954) (286,764) (58,492)
Core Operating
Earnings(3) (3,875,630) (2,186,138) (2,016,315) (1,194,699)
================== ========== ========== ========== ==========
Note: See "Footnotes" section for detailed explanations and definitions.
Reconciliation of GAAP Net Cash and Cash Equivalents
Used in Operating Activities to Adjusted Net Operating
Cash Flow((4) () (unaudited)
For the Three Months Ended
Sept. 30, Dec. 31, March 31, June 30,
(Figures in $) 2025 2025 2026 2026
------------------ ----------- ----------- ----------- -------------
Net Cash and Cash
Equivalents Used
in Operating
Activities (2,822,819) (4,190,147) (4,064,063) (3,098,419)
Subtract: Net
Impact of
Non-Cash Digital
Asset
Acquisitions and
Dispositions* - - - 523,285
------------------
Add: Change in
Non-GAAP Cash
Equivalents** - 214,012 1,456,719 450,752
------------------
Adjusted Net
Operating Cash
Flow((4) () (2,822,819) (3,976,135) (2,607,344) (2,124,382)
================== ========== ========== ========== ==========
*Reflects the net investing cash flow impact of digital asset acquisitions and dispositions of and by non-cash current assets, including USDC and USDH stablecoins.
**Reflects quarterly variance in assets the Company considers to be economically equivalent, but not functionally equivalent, to cash (driven by a limited ability to redeem into US Dollars one-for-one), but not reflected in quarterly GAAP "cash and cash equivalents", including from time-to-time USDC and USDH Stablecoin as well as deposits and redemptions from the Hyperion Rysk Vault.
Note: See "Footnotes" section for detailed explanations and definitions.
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 gains and losses on its digital asset treasury. Such
operating 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 adding (i) accumulated but unrealized
staking yield on LSTs, (ii) net gains on derivative instruments, (iii)
the portion of treasury gains (losses) attributable to derivative
activity, (iv) accumulated but unrealized yield enhancement activity as
further described in Footnote 6, (v) income from airdrops, (vi) the
impact of upfront receipt and recognition of Company's HPL tokens
pursuant to its partnership agreements with HyperLend, (vii) the impact
of a one-time grant from the Felix Foundation ("Felix") in connection
with the USDH stablecoin sunset (committed in June 2026 and received in
July 2026), and (viii) the portion of interest income generated from
digital assets receivable. 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/USDC versus Hyperion
Rysk Vault Shares and delays in recognition of upfront received premium
on expired sold put and call options on the price of HYPE, (iii) the
over-time GAAP recognition of the Company's receipt of HPL tokens, (iv)
the timing delay between commitment and receipt of a grant from Felix,
(v) dispersed GAAP presentment of our operational strategies across
various Statements of Operations sections, or (vi) the impacts of gains
and losses on our digital asset treasury. 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 and June 30, 2026, the closest comparable GAAP metric to
Adjusted Gross Profit is Gross Profit.
2. "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, stock-based compensation, and impairment of right of use
assets. 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
movements, stock-based compensation, or impairment of right of use assets,
thereby creating a helpful metric for operational expense comparisons
between different periods for our management and investors.
3. "Core Operating Earnings" is a non-GAAP measure. Core Operating Earnings
is defined as all in-period gross profit less operational expenses
incurred by the Company excluding gains and losses on its digital asset
treasury, stock-based compensation, and impairment of right of use
assets. It is reconciled to the GAAP measure "Gross Profit" as adjusted
to non-GAAP "Adjusted Gross Profit" (described more fully in Footnote 1)
by (i) adding selling, general and administrative expense, (ii)
subtracting stock-based compensation expense, and (iii) adding research
and development expense. Core Operating Earnings provides a metric of
total operating earnings in-period without the impact of treasury value
movements, stock-based compensation, or impairment of right of use
assets. We believe Core Operating Earnings is a helpful metric to our
management and investors to compare core operating activity across
periods.
4. "Adjusted Net Operating Cash Flow" is a non-GAAP measure. Adjusted Net
Operating Cash Flow is defined as the estimated total net cash (including
non-GAAP cash equivalents) generated from / (used for) the Company's
operating activities. It is reconciled to the GAAP measure "Net Cash and
Cash Equivalents Used in Operating Activities" by (a) subtracting the net
impact of non-cash digital asset acquisitions and dispositions and (b)
adding quarterly variance in assets the Company considers to be
economically equivalent, but not functionally equivalent, to cash
(including from time-to-time USDC and USDH Stablecoin as well as deposits
and redemptions from the Hyperion Rysk Vault). We believe Adjusted Net
Operating Cash Flow is a helpful non-GAAP financial measure to our
management and investors because it removes the in-period operating cash
flow volatility which can be caused by the inflows and outflows of
non-GAAP cash equivalents.
5. 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 as a realized gain upon future
reconversion from LSTs back into HYPE.
6. Includes all net cash, cash equivalents, and USDC/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.