Q4 2025 Hyperion DeFi Inc Earnings Call

March 26, 2026

Jason Assad: Greetings, and welcome to the Hyperion DeFi Q4 and FY 2025 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mr. Jason Assad, Director of Investor Relations. Thank you. You may begin.

Speaker #5: A question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press *0 on your telephone keypad. As a reminder, this conference is being recorded.

Speaker #5: I would now like to turn the conference over to your host, Mr. Jason Assad, Director of Investor Relations. Thank you. You may begin.

Speaker #1: Good morning and welcome to Hyperion DeFi's 2025 fourth quarter and full year earnings call. Joining me today are CEO Hansu Jung, and CFO David Knox.

John Gandolfo: Good morning, and welcome to Hyperion DeFi's 2025 Q4 and full year earnings call. Joining me today are CEO Hyunsu Jung and CFO John Gandolfo. Before we get started, please note that our remarks today may include forward-looking statements. These statements are subject to risks and uncertainties, and actual results may differ materially. During this call, we may use words like anticipate, could, enable, estimate, intend, expect, believe, potential, will, should, project, and similar expressions which indicate forward-looking statements. For a more comprehensive discussion of these and other risks, please refer to our filings with the SEC available on sec.gov and in the IR section of our website at hyperiondefi.com. We also reference certain non-GAAP financial measures today. Please refer to our earnings release and earnings supplement on our website for a full reconciliation of these non-GAAP measures to the most comparable GAAP measures.

Jason Assad: Good morning, and welcome to Hyperion DeFi's 2025 Q4 and full year earnings call. Joining me today are CEO Hyunsu Jung and CFO John Gandolfo. Before we get started, please note that our remarks today may include forward-looking statements. These statements are subject to risks and uncertainties, and actual results may differ materially. During this call, we may use words like anticipate, could, enable, estimate, intend, expect, believe, potential, will, should, project, and similar expressions which indicate forward-looking statements. For a more comprehensive discussion of these and other risks, please refer to our filings with the SEC available on sec.gov and in the IR section of our website at hyperiondefi.com. We also reference certain non-GAAP financial measures today. Please refer to our earnings release and earnings supplement on our website for a full reconciliation of these non-GAAP measures to the most comparable GAAP measures.

Speaker #1: Before we get started, please note that our remarks today may include forward-looking statements. These statements are subject to risks and uncertainties, and actual results may differ materially.

Speaker #1: During this call, we may use words like "anticipate," "could," "enable," "estimate," "intend," "expect," "believe," "potential," "will," "should," "project," and similar expressions which indicate forward-looking statements.

Speaker #1: For a more comprehensive discussion of these and other risks, please refer to our filings with the SEC, available on sec.gov and in the IR section of our website at hyperiondefi.com.

Speaker #1: We also reference certain non-GAAP financial measures today. Please refer to our earnings release and earnings supplement on our website for a full reconciliation of these non-GAAP measures to the most comparable GAAP measures.

John Gandolfo: We'll start this morning's call with prepared remarks from Hyunsu and David, followed by Q&A. I'll now turn the call over to our CEO, Hyunsu Jung.

Jason Assad: We'll start this morning's call with prepared remarks from Hyunsu and David, followed by Q&A. I'll now turn the call over to our CEO, Hyunsu Jung.

Speaker #1: We'll start this morning's call with prepared remarks from Hansu and David, followed by Q&A. I'll now turn the call over to our CEO, Hansu Jung.

Hyunsu Jung: Thank you, Jason, and good morning, everyone. Welcome to Hyperion DeFi's Q4 and full year 2025 earnings call, our second full quarterly earnings call since completing our strategic transformation as the first US publicly listed decentralized finance company building on the Hyperliquid blockchain. In our first earnings call at Hyperion DeFi, we stated that we would set ourselves apart from other digital asset treasury companies with our comprehensive ecosystem engagement strategy. At the time, it may have been difficult for investors to understand the concept of DeFi, let alone the idea of a public company using these strategies to generate revenue. The fact of the matter is a public company can successfully participate in DeFi, especially in the right blockchain ecosystem, using appropriate, meticulously designed on-chain architecture.

Speaker #2: Thank you, Jason, and good morning, everyone. Welcome to Hyperion DeFi's fourth quarter and full year 2025 earnings call. Our second full quarterly earnings call since completing our strategic transformation as the first US publicly listed decentralized finance company building on the hyperliquid blockchain.

Speaker #2: In our first earnings call at Hyperion DeFi, we stated that we would set ourselves apart from other digital asset treasury companies with our comprehensive ecosystem engagement strategy.

Speaker #2: At the time, it may have been difficult for investors to understand the concept of DeFi, let alone the idea of a public company using these strategies to generate revenue.

Speaker #2: The fact of the matter is, a public company can successfully participate in DeFi, especially in the right blockchain ecosystem using appropriate, meticulously designed on-chain architecture.

Hyunsu Jung: We have worked with key protocols to develop first-of-its-kind infrastructure native to Hyperliquid that has the potential to create long-term recurring value to Hyperion, our partners, and for our shareholders. We have executed on every strategy detailed in our previous report and are immensely proud to showcase the long-term possibilities of our unique strategies in today's call. It starts with what we view to be the most important digital asset, HYPE, the native token of the Hyperliquid blockchain. In these market conditions, proper asset selection is paramount. We've seen the impact it can have when looking at the relative performance of numerous companies in the DATs sector. However, our vision always went far beyond just buying the right asset. It is essential to be able to effectively deploy the assets to directly contribute to the growth of the underlying blockchain ecosystem.

Speaker #2: We have worked with key protocols to develop first-of-its-kind infrastructure native to Hyperliquid that has the potential to create long-term, recurring value for Hyperion, our partners, and our shareholders.

Speaker #2: We have executed on every strategy detailed in our previous report and are immensely proud to showcase the long-term possibilities of our unique strategies in today's call.

Speaker #2: It starts with what we view to be the most important digital asset, HYP, the native token of the hyperliquid blockchain. In these market conditions, proper asset selection is paramount.

Speaker #2: We've seen the impact it can have when looking at the relative performance of numerous companies in the DApp sector. However, our vision always went far beyond just buying the right asset.

Speaker #2: It is essential to be able to effectively deploy the assets to directly contribute to the growth of the underlying blockchain ecosystem. This is our DeFi flywheel, and demonstrates how effectively we can compound returns on HYP beyond just staking.

Hyunsu Jung: This is our DeFi flywheel in demonstrating how effectively we can compound returns on HYPE beyond just staking. DeFi monetization is one of our four strategies, which works by compounding returns on our staked HYPE by effectively re-staking HYPE to unique proprietary strategies. In Q3, our HYPE asset use service, or HAUS, was a concept just starting to gain traction. In Q4, this business line grew substantially, especially with the mainnet launch of HIP-3 in October 2025, which allowed for the creation of non-crypto asset exchanges on Hyperliquid. I want to take a moment to acknowledge the incredible growth and global adoption that Hyperliquid, and specifically HIP-3, have achieved over the past few months.

Speaker #2: DeFi monetization is one of our core strategies. Which works by compounding returns on our staked HYP by effectively restaking HYP to unique proprietary strategies.

Speaker #2: In Q3, our HYP asset use service, or HOUSE, was a concept just starting to gain traction. In Q4, this business line grew substantially, especially with the mainnet launch of HIP3 in October 2025.

Speaker #2: Which allowed for the creation of non-crypto asset exchanges on Hyperliquid. I want to take a moment to acknowledge the incredible growth and global adoption that Hyperliquid and specifically HIP3 have achieved over the past few months.

Hyunsu Jung: HIP-3 enables equities, FX, metals like gold and silver, key commodities such as oil, all to trade permissionlessly 24/7 on Hyperliquid, opening up a universe of new tradable assets to users globally. The impact has been tremendous, to say the least. In late January of this year, Hyperliquid captured almost 2% of total global primary silver trading volume, which comes out to around $2 to 3 billion of volume on its HIP-3 markets. Keep in mind that these markets have only been in operation for about 6 months, and silver markets specifically had only been in operation for about 1 month before seeing such rapid utilization. More recently, with the rising conflict in Iran over the weekend of 6 March. We saw price discovery on oil happen for the first time on a decentralized exchange, while traditional venues such as ICE and CME were closed.

Speaker #2: HIP3-enabled equities, FX, metals like gold and silver, and key commodities such as oil, all to trade permissionlessly 24/7 on Hyperliquid. Opening up a universe of new tradable assets to users globally.

Speaker #2: The impact has been tremendous, to say the least. In late January of this year, Hyperliquid captured almost 2% of total global primary silver trading volume, which comes out to around $2 to $3 billion of volume on its HIP3 markets.

Speaker #2: Keep in mind that these markets have only been in operation for about six months, and silver markets specifically had only been in operation for about one month before seeing such rapid utilization.

Speaker #2: More recently, with the rising conflict in Iran over the weekend of March 6th, we saw price discovery on oil happen for the first time on a decentralized exchange, while traditional venues such as ICE and CME were closed.

Hyunsu Jung: Just last week, S&P Dow Jones Indices licensed its flagship index to enable the first official S&P 500 perpetual contract to be available exclusively on Hyperliquid. This is an incredible institutional cosign and the first of many products from traditional finance to move over to decentralized rails, specifically Hyperliquid. Since the beginning, we have continued to emphasize Hyperliquid's critical role in the future of on-chain financial services, and we are seeing this happen now in real time. Market moving events are accelerating, and markets themselves must now catch up to become available 24/7. Currently, this is only possible on Hyperliquid. Within this trend, Hyperion DeFi was the first and only public company to deploy one of these HIP-3 markets on Hyperliquid in November 2025 in partnership with Felix Protocol.

Speaker #2: Just last week, S&P Dow Jones Indices licensed its flagship index to enable the first official S&P 500 perpetual contract to be available exclusively on Hyperliquid.

Speaker #2: This is an incredible institutional co-sign and the first of many products from traditional finance to move over to decentralized rails, specifically Hyperliquid. Since the beginning, we have continued to emphasize Hyperliquid's critical role in the future of on-chain financial services, and we are seeing this happen now in real time.

Speaker #2: Market-moving events are accelerating, and markets themselves must now catch up to become available 24/7. Currently, this is only possible on Hyperliquid. Within this trend, Hyperion DeFi was the first and only public company to deploy one of these HIP3 markets on Hyperliquid in November 2025, in partnership with Felix Protocol.

Hyunsu Jung: Our priority has always been on positioning and agility, having a view of how the digital asset space is evolving and preparing to capture value from that evolution. The Felix Exchange demonstrates the value of this focus in having the required infrastructure available. Gold and silver markets were listed in mid-December just before the massive market attention to metals began a few weeks later. Oil markets were listed on 9 January, months before the conflict in Iran. To date, the Felix Exchange has crossed over $2.8 billion in trading volume, with over 14,000 unique traders on a product launched less than six months ago. More importantly, real dollar-denominated fee revenues were earned from trading volumes on this exchange, a share of which returned to Hyperion as revenue. This is a revenue stream agnostic to the price of HYPE and agnostic to the performance of crypto markets.

Speaker #2: Our priority has always been on positioning and agility. Having a view of how the digital asset space is evolving and preparing to capture value from that evolution.

Speaker #2: The Felix Exchange demonstrates the value of this focus in having the required infrastructure available. Gold and silver markets were listed in mid-December just before the massive market attention to metals began a few weeks later.

Speaker #2: Oil markets were listed on January 9th, months before the conflict in Iran. To date, the Felix Exchange has crossed over $2.8 billion in trading volume, with over 14,000 unique traders on a product launched less than six months ago.

Speaker #2: More importantly, real dollar-denominated fee revenues were earned from trading volumes on this exchange. A share of which returned to Hyperion as revenue. This is a revenue stream agnostic to the price of HYP and agnostic to the performance of crypto markets.

Hyunsu Jung: Of course, all those revenues went to the purchase of additional HYPE, a core component of our DeFi flywheel. As our efforts on-chain became further socialized, we saw demand for HAUS accelerate. We are proud to announce that we have launched HAUS with Silhouette Exchange, a privacy-focused front end built on top of Hyperliquid. Due to the nature of on-chain transactions being public, traders often seek ways to place trades that are shielded from public view. Silhouette provides the solution, and we believe their products will see significant demand from traders. Through this deal, we will have the opportunity to earn additional revenues based on trading activity conducted via Silhouette in addition to future ecosystem rewards. In this quarter, we also saw the benefit of our first ecosystem rewards, receiving around 0.2% of KNTQ, the native token of the Kinetiq Protocol.

Speaker #2: And, of course, all those revenues went to the purchase of additional HYP, a core component of our DeFi flywheel. As our efforts on-chain became further socialized, we saw demand for HOUSE accelerate.

Speaker #2: We are proud to announce that we have launched HOUSE with silhouette exchange, a privacy-focused front-end built on top of hyperliquid. Due to the nature of on-chain transactions being public, traders often seek ways to place trades that are shielded from public view.

Speaker #2: Silhouette provides the solution and we believe their products will see significant demand from traders. Through this deal, we will have the opportunity to earn additional revenues based on trading activity conducted via silhouette in addition to future ecosystem rewards.

Speaker #2: In this quarter, we also saw the benefit of our first ecosystem rewards, receiving around 0.2% of KMTQ, the native token of the Kinetic Protocol.

Hyunsu Jung: Kinetiq offers the leading liquid staking protocol on HyperEVM and enables us to access HYPE liquid staking tokens, providing us with the flexibility to pursue volatility strategies on HYPE to generate additional income. Through the utilization of their protocol, Hyperion received Kinetiq Points, which converted into KNTQ tokens during Kinetiq's token genesis event. KNTQ grants governance rights to the Kinetiq Protocol and benefits from continued buybacks of KNTQ with revenues generated by Kinetiq's various products, similar to Hyperliquid's assistance fund model. Kinetiq's products include their flagship liquid staking platform, which currently has almost $1 billion in HYPE deposits, as well as Markets by Kinetiq, another HIP-3 market which also crossed over $2 billion in trading volume just four months after launch. Kinetiq currently has a second ongoing points program in which we are participating.

Speaker #2: Kinetic offers the leading liquid staking protocol on Hyper EVM. It enables us to access HYP liquid staking tokens. Providing us with the flexibility to pursue volatility strategies on HYP to generate additional income.

Speaker #2: Through the utilization of their protocol, Hyperion received Kinetic Points, which converted into KMTQ tokens during Kinetic's token genesis event. KMTQ grants governance rights to the Kinetic Protocol.

Speaker #2: And benefits from continued buybacks of KMTQ with revenues generated by Kinetic's various products, similar to Hyperliquid's assistance fund model. Kinetic's products include their flagship liquid staking platform, which currently has almost $1 billion in HYP deposits, as well as Markets by Kinetic, another HIP3 market which also crossed over $2 billion in trading volume just four months after launch.

Speaker #2: Kinetic currently has a second ongoing points program in which we are participating. We have strong conviction in the long-term value of additional ALPHA generated from supporting the growth and adoption of key applications built on the Hyper EVM.

Hyunsu Jung: We have strong conviction in the long-term value of additional alpha generated from supporting the growth and adoption of key applications built on the HyperEVM. These opportunities are not forever. In the same way that there was a limited window to participate in the airdrops of early protocols like Uniswap, Optimism, Arbitrum, and Jupiter, once the opportunity has passed, it may become more challenging to find. Hyperion DeFi's edge is the ability to find, coordinate, and compound these opportunities, and we've continued to demonstrate this ability. Following the success of our ecosystem rewards efforts in Q4, we've received substantial interest from other builders in Hyperliquid to partner and build institutional DeFi infrastructure. In February 2026, we announced the Institutional Volatility Income Vault, developed in partnership with Risk Protocol.

Speaker #2: These opportunities are not forever. In the same way that there was a limited window to participate in the airdrops of early protocols like Uniswap, Optimism, Arbitrum, and Jupiter, once the opportunity has passed, it may become more challenging to find.

Speaker #2: Hyperion DeFi's edge is the ability to find, coordinate, and compound these opportunities, and we've continued to demonstrate this ability. Following the success of our ecosystem rewards efforts in the fourth quarter, we've received substantial interest from other builders in Hyperliquid to partner and build institutional DeFi infrastructure.

Speaker #2: In February 2026, we announced the institutional volatility income vault, developing a partnership with Risk Protocol. Risk has recently surpassed over $60 million in total value locked and they are working quickly to integrate additional liquidity providers and depositors onto the platform.

Hyunsu Jung: Risk Protocol has recently surpassed over $60 million in total value locked and are working quickly to integrate additional liquidity providers and depositors onto the platform. These upgrades should ultimately enable Risk Protocol to offer users the most competitive options premium on-chain in a user-friendly format. As part of supporting this build-out, Hyperion DeFi will earn a share of vault revenues in addition to earning Risk points. Soon after, in March, we announced private lending pools built by HyperLend Protocol. HyperLend aims to be the credit layer on the HyperEVM, and to date has surpassed over $17 billion in total deposits. By matching KYC lenders and borrowers using smart contract infrastructure, we have the opportunity to bring new capital to the HyperEVM. These products can provide safer, more efficient, non-custodial infrastructure for accessing credit, which can be used for various strategies both on and off-chain.

Speaker #2: These upgrades should ultimately enable Risk to offer users the most competitive options premium on-chain, in a user-friendly format. As part of supporting this build-out, Hyperion DeFi will earn a share of vault revenues in addition to earning risk points.

Speaker #2: Soon after, in March, we announced private lending pools built by HyperLend Protocol. HyperLend aims to be the credit layer on the Hyper EVM and to date has surpassed over $17 billion in total deposits.

Speaker #2: By matching KYC lenders and borrowers, using smart contract infrastructure, we have the opportunity to bring new capital to the Hyper EVM. These products can provide safer, more efficient, non-custodial infrastructure for accessing credit, which can be used for various strategies both on and off-chain.

Hyunsu Jung: We will provide more detail on these pools once they are fully live. In similar fashion, Hyperion DeFi will earn a share of the revenue on total capital allocated to these pools in addition to earning HPL tokens. Together, our partnerships with Risk and HyperLend unlock institutional primitives for yield and borrow lending on the HyperEVM in addition to new revenue streams for Hyperion. These also build upon the partnerships with Kinetiq, Native Markets, and Felix. Given that we use HYPE LSTs and USDH in the HyperEVM, we can coordinate market listings for perpetuals via HIP-3. The value of early partnerships and directly participating in the growth of the DeFi application ecosystem being built on Hyperliquid cannot be understated. Our recent results are a tangible affirmation of what we have accomplished to date.

Speaker #2: We will provide more detail on these pools once they are fully live. In similar fashion, Hyperion DeFi will earn a share of the revenue on total capital allocated to these pools, in addition to earning HPL tokens.

Speaker #2: Together, our partnerships with Risk and HyperLend unlock institutional primitives for yield and borrow lending on the Hyper EVM, in addition to new revenue streams for Hyperion.

Speaker #2: These also build upon the partnerships with Kinetic, Native Markets, and Felix. Given that we use HYP LFTs and USDH in the Hyper EVM, and can coordinate market listings for perpetuals via HIP3.

Speaker #2: The value of early partnerships and directly participating in the growth of the DeFi application ecosystem being built on Hyperliquid cannot be understated. Our recent results are a tangible affirmation of what we have accomplished to date.

Hyunsu Jung: We recognize that we are early in our journey, but it should be clear to those that have been following our story that Hyperion DeFi is about first principles and positioning to be able to see what will come before it does, being agile enough to move first, and aligning with the right teams to build the best long-term scalable products. This is ecosystem building at its finest. I've done it before, but the opportunity in Hyperliquid is fundamentally different. HyperCore's continued success should serve as a powerful tailwind for the growth of the HyperEVM. We introduced our DeFi flywheel strategy last quarter, highlighting its ability to accelerate as we create synergies around diversified strategies. We ended the year with growth across all of our core strategies, as well as establishing the infrastructure required to scale them.

Speaker #2: We recognize that we are early in our journey, but it should be clear to those that have been following our story that Hyperion DeFi is about first principles and positioning.

Speaker #2: To be able to see what will come before it does and being agile enough to move first and aligning with the right teams to build the best long-term scalable products.

Speaker #2: This is ecosystem building at its finest. I've done it before, but the opportunity in Hyperliquid is fundamentally different. HyperCores' continued success should serve as a powerful tailwind for the growth of the Hyper EVM.

Speaker #2: We introduced our DeFi flywheel strategy last quarter, highlighting its ability to accelerate as we create synergies around diversified strategies. We ended the year with growth across all of our core strategies, as well as establishing the infrastructure required to scale them.

Hyunsu Jung: The past several weeks have demonstrated just the beginning of Hyperliquid truly breaking into the mainstream consciousness. It should be clear now why we have chosen to build our businesses on Hyperliquid. I will again recognize that our innovations are possible because of the breakneck pace of innovation in the Hyperliquid Labs team. In the beginning of March, the next Hyperliquid improvement proposal, HIP-4, which allows for outcome markets on Hyperliquid, went live on Testnet. Outcome markets, more colloquially known as prediction markets, create a new form of hedging instrument directly available on the Hyperliquid platform. This unlocks one-time cost hedging opportunities for assets, starting with digital assets like BTC and HYPE. We believe that this product will quickly expand beyond digital assets and enable options like hedging for real-world assets, the same way we saw the dramatic adoption in HIP-3.

Speaker #2: The past several weeks has demonstrated just the beginning of hyperliquid truly breaking into the mainstream consciousness. It should be clear now why we have chosen to build our businesses on hyperliquid.

Speaker #2: I will again recognize that our innovations are possible because of the Brecknick pace of innovation in the hyperliquid labs team. In the beginning of March, the next hyperliquid improvement proposal, HIP4, which allows for outcome markets on hyperliquid, went live on Testnet.

Speaker #2: Outcome markets, or colloquially known as prediction markets, create a new form of hedging instrument directly available on the Hyperliquid platform. This unlocks one-time cost hedging opportunities for assets, starting with digital assets like BTC and HYPE.

Speaker #2: We believe that this product will quickly expand beyond digital assets and enable options like hedging for real-world assets, the same way we saw the dramatic adoption in HIP3.

Hyunsu Jung: We are monitoring the situation closely and are keenly aware that this could be another avenue for Hyperion DeFi to expand our business lines. What does this mean for our shareholders? It highlights something that we are calling the Hyperion triple dip, our unique ability to generate a multiple above the baseline return on HYPE. This is only possible because of our management team's respective backgrounds that positioned us to be at the forefront of DeFi innovation. John Gandolfo joined Hyperion from PayPal, managing multi-billion dollar loan books, and was a pioneer in building some of the most unique and sophisticated structures in asset-backed finance, à la Cantor Fitzgerald and SoFi. Robert Rubenstein has a multi-decade background in the gaming and exchange-traded derivative markets.

Speaker #2: We are monitoring the situation closely and are keenly aware that this could be another avenue for Hyperion DeFi to expand our business lines. And what does this mean for our shareholders?

Speaker #2: It highlights something that we are calling the Hyperion triple dip—our unique ability to generate a multiple above the baseline return on HYPE. This is only possible because of our management team's respective backgrounds that positioned us to be at the forefront of DeFi innovation.

Speaker #2: David Knox joined Hyperion from PayPal, managing multi-billion dollar loan books, and was a pioneer in building some of the most unique and sophisticated structures in asset-backed finance, like Counterfeit Shield and SoFi.

Speaker #2: Robert Rubenstein has a multi-decade background in the gaming and exchange-traded derivative markets. Altogether, we believe this positions HYPD as the de facto best solution for compounding HYPE-on-HYPE returns.

Hyunsu Jung: Altogether, we believe this positions Hyperion as the de facto best solution for compounding HYPE on HYPE returns, more so than any other DAT or ETF. We are much more than just HYPE. Long-term, we are positioned to generate more real revenue on HYPE, accelerating our ability to redeploy HYPE to new strategies. So far, we have executed on every objective we set for ourselves, and we don't plan to stop anytime soon. With that, I'll hand it off to David Knox to dive into the numbers and demonstrate how these strategies are starting to show their long-term potential.

Speaker #2: More so than any other DAT or ETF. We are much more than just HYPE. Long-term, we are positioned to generate more real revenue on HYPE, accelerating our ability to redeploy HYPE to new strategies.

Speaker #2: So far, we have executed on every objective we set for ourselves, and we don't plan to stop anytime soon. With that, I'll hand it off to David to dive into the numbers and demonstrate how these strategies are starting to show their long-term potential.

Michael Rowe: Thank you, Michael Rowe, and good morning, everyone. On our first earnings call under the new DeFi strategy in November, we laid the groundwork for our core operating businesses and committed to our investors 31% to 43% quarter-over-quarter operating growth independent of the price of HYPE. We have exceeded our guidance with Q4 up 87% quarter-over-quarter. Our results show that we have transcended the strategy and capabilities of a simple buy-and-hold DAT, and instead, we are differentiated as the first publicly listed DeFi company building on the Hyperliquid blockchain. The financial investment thesis in Hyperion DeFi is clear. We are unique among digital asset treasuries with 5 diversified operating business lines. We earned about 3 times base staking income in Q4.

David Knox: Thank you, Michael Rowe, and good morning, everyone. On our first earnings call under the new DeFi strategy in November, we laid the groundwork for our core operating businesses and committed to our investors 31% to 43% quarter-over-quarter operating growth independent of the price of HYPE. We have exceeded our guidance with Q4 up 87% quarter-over-quarter. Our results show that we have transcended the strategy and capabilities of a simple buy-and-hold DAT, and instead, we are differentiated as the first publicly listed DeFi company building on the Hyperliquid blockchain. The financial investment thesis in Hyperion DeFi is clear. We are unique among digital asset treasuries with 5 diversified operating business lines. We earned about 3 times base staking income in Q4.

Speaker #1: Thank you, Hunsu, and good morning, everyone. On our first earnings call under the new DeFi strategy in November, we laid the groundwork for our core operating businesses and committed to our investors 31% to 43% quarter over quarter operating growth independent of the price of HYPE.

Speaker #1: We have exceeded our guidance, with Q4 up 87% quarter over quarter. Our results show that we have transcended the strategy and capabilities of a simple buy-and-hold DAT, and instead, we are differentiated as the first publicly listed DeFi company building on the Hyperliquid blockchain.

Speaker #1: The financial investment thesis in Hyperion DeFi is clear. We are unique among digital asset treasuries with five diversified operating business lines. We earned about three times base staking income in Q4.

Michael Rowe: Our triple dip HYPE deployment, where we deploy the same tokens into three income strategies at once, is only possible because of our management's unique ability to build and innovate on the Hyperliquid blockchain. We have strong earnings leverage with a low-cost base built for scale and achieved 30% quarter-over-quarter decline in our core costs. At a glance, thinking about us as a sum of parts, first, we have a growing treasury denominated in over 1.93 million HYPE, as well as Hyperliquid community tokens, such as 1.9 million KNTQ, and 1 million HPL tokens as of 23 March. Second, we have ramping business lines and anticipate $4 million to $6 million adjusted gross profit in 2026, or about four times our 2025 full year results.

David Knox: Our triple dip HYPE deployment, where we deploy the same tokens into three income strategies at once, is only possible because of our management's unique ability to build and innovate on the Hyperliquid blockchain. We have strong earnings leverage with a low-cost base built for scale and achieved 30% quarter-over-quarter decline in our core costs. At a glance, thinking about us as a sum of parts, first, we have a growing treasury denominated in over 1.93 million HYPE, as well as Hyperliquid community tokens, such as 1.9 million KNTQ, and 1 million HPL tokens as of 23 March. Second, we have ramping business lines and anticipate $4 million to $6 million adjusted gross profit in 2026, or about four times our 2025 full year results.

Speaker #1: Our triple dip HYPE deployment, where we deploy the same tokens into three income strategies at once, is only possible because of our management's unique ability to build and innovate on the Hyperliquid blockchain.

Speaker #1: And we have strong earnings leverage with the low cost base built for scale, and achieved a 30% quarter-over-quarter decline in our core costs.

Speaker #1: At a glance, thinking about us as a sum of parts, first, we have a growing treasury denominated in over 1,930,000 HYPE, as well as hyperliquid community tokens such as 1,900,000 KNTQ and 1,000,000 HPL tokens as of March 23rd.

Speaker #1: Second, we have ramping business lines and anticipate $4,000,000 to $6,000,000 adjusted gross profit in 2026, or about four times our 2025 full year results.

Michael Rowe: Third, we are continuing to build out our third-party institutional DeFi capabilities Michael Rowe mentioned, including our top ten validator, commodities, and equity partner markets, on-chain secured lending, and institutional vaults, which will help bring more institutions onto Hyperliquid while monetizing those outcomes. When you put it together, we believe our financial profile is a growth stage fintech with a growing HYPE and Hyperliquid community treasury and the premier gateway for retail and institutional investors to gain equity exposure to the growing DeFi and blockchain ecosystem. Before we go into detail on the business activities, I'd like to outline some important updates on GAAP presentation. In Q3 2025, three months in, our core DeFi businesses were primarily presented in revenue.

David Knox: Third, we are continuing to build out our third-party institutional DeFi capabilities Michael Rowe mentioned, including our top ten validator, commodities, and equity partner markets, on-chain secured lending, and institutional vaults, which will help bring more institutions onto Hyperliquid while monetizing those outcomes. When you put it together, we believe our financial profile is a growth stage fintech with a growing HYPE and Hyperliquid community treasury and the premier gateway for retail and institutional investors to gain equity exposure to the growing DeFi and blockchain ecosystem. Before we go into detail on the business activities, I'd like to outline some important updates on GAAP presentation. In Q3 2025, three months in, our core DeFi businesses were primarily presented in revenue.

Speaker #1: And third, we are continuing to build out our third-party institutional DeFi capabilities, Hyunsu mentioned, including our top 10 validator, commodities and equity partner markets, on-chain secured lending, and institutional vaults, which will help bring more institutions onto Hyperliquid while monetizing those outcomes.

Speaker #1: When you put it together, we believe our financial profile is a growth-stage fintech with a growing HYPE and Hyperliquid community treasury, and the premier gateway for retail and institutional investors to gain equity exposure to the growing DeFi and blockchain ecosystem.

Speaker #1: Before we go into detail on the business activities, I'd like to outline some important updates on GAAP presentment. In Q3 '25, three months in, our core DeFi businesses were primarily presented in revenue.

Michael Rowe: In Q4 2025, as our strategies have expanded and evolved, they now appear in multiple places in the GAAP financial statements, including revenue, operating income, and other income. In addition, on 15 December, we fundamentally changed our joint validator structure, giving us more control of the combined operations. We became principal from a GAAP perspective. On and after 15 December, we will now be presenting validator activities on a gross revenue basis with cost of revenue representing the amounts paid out to third parties. Therefore, our adjusted gross profit presents what we believe is the best singular way to view and compare all our core operating activities period over period.

David Knox: In Q4 2025, as our strategies have expanded and evolved, they now appear in multiple places in the GAAP financial statements, including revenue, operating income, and other income. In addition, on 15 December, we fundamentally changed our joint validator structure, giving us more control of the combined operations. We became principal from a GAAP perspective. On and after 15 December, we will now be presenting validator activities on a gross revenue basis with cost of revenue representing the amounts paid out to third parties. Therefore, our adjusted gross profit presents what we believe is the best singular way to view and compare all our core operating activities period over period.

Speaker #1: In Q4 ’25, as our strategies have expanded and evolved, they now appear in multiple places in the GAAP financial statements, including revenue, operating income, and other income.

Speaker #1: In addition, on December 15, we fundamentally changed our joint validator structure, giving us more control of the combined operations. We became principal from a GAAP perspective, so on and after December 15, we will now be presenting validator activities on a gross revenue basis, with cost of revenue representing the amounts paid out to third parties.

Speaker #1: Therefore, our adjusted gross profit presents what we believe is the best singular way to view and compare all our core operating activities period over period.

Michael Rowe: That metric, adjusted gross profit, increased 87% quarter over quarter from $439,000 in Q3 to $821,000 in Q4, versus prior guidance of 31% to 43% quarter over quarter growth in our businesses. I will now go into detail on each DeFi income stream. Our first business activity is staking, where we earn staking yield on our HYPE tokens at our validator. In Q4, we earned 8.7 thousand HYPE tokens from staking up 17% quarter over quarter versus 7.4 thousand in Q3. On a dollar basis, that translated to $305,000 in Q4 versus $340,000 in Q3, a decline of 10% given the effective average HYPE price in period declined from 45.8 in Q3 to 35.2 in Q4.

David Knox: That metric, adjusted gross profit, increased 87% quarter over quarter from $439,000 in Q3 to $821,000 in Q4, versus prior guidance of 31% to 43% quarter over quarter growth in our businesses. I will now go into detail on each DeFi income stream. Our first business activity is staking, where we earn staking yield on our HYPE tokens at our validator. In Q4, we earned 8.7 thousand HYPE tokens from staking up 17% quarter over quarter versus 7.4 thousand in Q3. On a dollar basis, that translated to $305,000 in Q4 versus $340,000 in Q3, a decline of 10% given the effective average HYPE price in period declined from 45.8 in Q3 to 35.2 in Q4.

Speaker #1: And that metric, adjusted gross profit, increased 87% quarter over quarter, from $439,000 in Q3 to $821,000 in Q4, versus prior guidance of 31% to 43% quarter-over-quarter growth in our businesses.

Speaker #1: I will now go into detail on each DeFi income stream. Our first business activity is staking, where we earn staking yield on our HYPE tokens at our validator.

Speaker #1: In Q4, we earned 8.7 thousand HYPE tokens from staking, up 17% quarter over quarter versus 7.4 thousand in Q3. On a dollar basis, that translated to $305,000 in Q4 versus $340,000 in Q3, a decline of 10%, given the effective average HYPE price in period declined from $45.8 in Q3 to $35.2 in Q4.

Michael Rowe: Now, as opposed to other buy and hold dApps who only stake their tokens and don't have operating businesses, we next add four HYPE deployment strategies on top of staking, which is how we generated approximately three times base staking income in Q4. Our triple dip strategy is first, stake our HYPE. Second, deploy the staked tokens into another business activity, our validator, yield enhancement, or DeFi monetization. Third, position ourselves to receive airdrops and ecosystem rewards. Our second business activity is running our validator and earning commissions. 11.8 million HYPE tokens were delegated to our validator as of 31 December, which is +43% versus 8.2 million as of 30 September. In Q4, we earned 1,400 HYPE tokens as validator commissions, up 197% quarter over quarter versus roughly 500 tokens in Q3.

David Knox: Now, as opposed to other buy and hold dApps who only stake their tokens and don't have operating businesses, we next add four HYPE deployment strategies on top of staking, which is how we generated approximately three times base staking income in Q4. Our triple dip strategy is first, stake our HYPE. Second, deploy the staked tokens into another business activity, our validator, yield enhancement, or DeFi monetization. Third, position ourselves to receive airdrops and ecosystem rewards. Our second business activity is running our validator and earning commissions. 11.8 million HYPE tokens were delegated to our validator as of 31 December, which is +43% versus 8.2 million as of 30 September. In Q4, we earned 1,400 HYPE tokens as validator commissions, up 197% quarter over quarter versus roughly 500 tokens in Q3.

Speaker #1: Now, as opposed to other buy-and-hold DATs who only stake their tokens and don't have operating businesses, we next add four HYPE deployment strategies on top of staking, which is how we generated approximately three times base staking income in Q4.

Speaker #1: Our triple dip strategy is, first, stake our HYPE. Second, deploy the staked tokens into another business activity—our validator, yield enhancement, or DeFi monetization.

Speaker #1: And third, position ourselves to receive airdrops and ecosystem rewards. Our second business activity is running our validator and earning commissions. 11.8 million HYPE tokens were delegated to our validator as of December 31st, which is up 43% versus 8.2 million as of September 30th.

Speaker #1: In Q4, we earned 1.4 thousand HYPE tokens as validator commissions, up 197% quarter-over-quarter versus roughly 500 tokens in Q3. On a dollar basis, this translates to $49,000 in Q4 versus $21,000 in Q3, which is up 127% quarter-over-quarter.

Michael Rowe: On a dollar basis, this translates to $49,000 in Q4 versus $21,000 in Q3, which is up 127% quarter over quarter. As we mentioned on our last earnings call, in Q3, our validator received a roughly 3 million HYPE token delegation from the Hyper Foundation. In addition, as we scale our third-party DeFi businesses, we expect more third-party tokens to be delegated to our validator over time. Our validator is a critical component of our DeFi flywheel. We are creating a gateway for institutions to participate in our on-chain activities while earning commissions along the way. Our third business activity is yield enhancement. We pursue off-chain and on-chain accretive strategies to enhance yield earned on our assets. Yield enhancement activities generated $79,000 in Q4, +2% versus $78,000 in Q3.

David Knox: On a dollar basis, this translates to $49,000 in Q4 versus $21,000 in Q3, which is up 127% quarter over quarter. As we mentioned on our last earnings call, in Q3, our validator received a roughly 3 million HYPE token delegation from the Hyper Foundation. In addition, as we scale our third-party DeFi businesses, we expect more third-party tokens to be delegated to our validator over time. Our validator is a critical component of our DeFi flywheel. We are creating a gateway for institutions to participate in our on-chain activities while earning commissions along the way. Our third business activity is yield enhancement. We pursue off-chain and on-chain accretive strategies to enhance yield earned on our assets. Yield enhancement activities generated $79,000 in Q4, +2% versus $78,000 in Q3.

Speaker #1: As we mentioned on our last earnings call, in Q3, our validator receives a roughly $3 million HYPE token delegation from the Hyperliquid Foundation. In addition, as we scale our third-party DeFi businesses, we expect more third-party tokens to be delegated to our validator over time.

Speaker #1: Our validator is a critical component of our DeFi flywheel. We are creating a gateway for institutions to participate in our on-chain activities while earning commissions along the way.

Speaker #1: Our third business activity is yield enhancement. We pursue off-chain and on-chain accretive strategies to enhance yield earned on our assets. Yield enhancement activities generated $79,000 in Q4, plus 2% versus $78,000 in Q3.

Michael Rowe: These strategies include, for example, selling covered call options on the price of HYPE to institutional counterparties collateralized by our LSTs, so we continue to earn staking yield. In 2026, we have begun executing within our Institutional Volatility Income Vault with our protocol partner Risk Protocol and expect our yield enhancement to ramp throughout 2026. Our fourth business activity is DeFi monetization. We are just beginning to ramp all these strategies Michael Rowe mentioned, which generated $102,000 in Q4 versus less than $1,000 in Q3. Fundamentally, these new businesses generate fees for us as trading volume grows on Hyperliquid and as more financial products and asset classes move on-chain. Our fifth business activity, and our last within digital assets, is ecosystem rewards.

David Knox: These strategies include, for example, selling covered call options on the price of HYPE to institutional counterparties collateralized by our LSTs, so we continue to earn staking yield. In 2026, we have begun executing within our Institutional Volatility Income Vault with our protocol partner Risk Protocol and expect our yield enhancement to ramp throughout 2026. Our fourth business activity is DeFi monetization. We are just beginning to ramp all these strategies Michael Rowe mentioned, which generated $102,000 in Q4 versus less than $1,000 in Q3. Fundamentally, these new businesses generate fees for us as trading volume grows on Hyperliquid and as more financial products and asset classes move on-chain. Our fifth business activity, and our last within digital assets, is ecosystem rewards.

Speaker #1: These strategies include, for example, selling covered call options on the price of HYPE to institutional counterparties, collateralized by our LSTs. So we continue to earn staking yield.

Speaker #1: In 2026, we have begun executing within our institutional volatility income vault with our protocol partner, RISC, and expect our yield enhancement to ramp throughout 2026.

Speaker #1: Our fourth business activity is DeFi monetization. We are just beginning to ramp all these strategies, Hunsu mentioned, which generated $102,000 in Q4 versus less than $1,000 in Q3.

Speaker #1: Fundamentally, these new businesses generate fees for us as trading volume grows on Hyperliquid, and as more financial products and asset classes move on-chain. Our fifth business activity, and our last within digital assets, is ecosystem rewards.

Michael Rowe: Through our active participation in the Hyperliquid DeFi ecosystem, including all of the other business activities I just mentioned, we position ourselves for the receipt of token airdrops, protocol incentives, and other rewards throughout the ecosystem. Ecosystem rewards generated $285,000 in Q4 versus none in Q3 from the receipt of 1.9 million KNTQ tokens from Kinetiq. In Q1, we received 1 million HPL tokens from HyperLend as of 23 March 2025. While we expect there to be some quarterly variability in the magnitude of future tokens and rewards, we feel confident that we will receive more throughout 2026. Our final business activity is our legacy life sciences segment, which did not generate any adjusted gross profit in Q3 or Q4.

David Knox: Through our active participation in the Hyperliquid DeFi ecosystem, including all of the other business activities I just mentioned, we position ourselves for the receipt of token airdrops, protocol incentives, and other rewards throughout the ecosystem. Ecosystem rewards generated $285,000 in Q4 versus none in Q3 from the receipt of 1.9 million KNTQ tokens from Kinetiq. In Q1, we received 1 million HPL tokens from HyperLend as of 23 March 2025. While we expect there to be some quarterly variability in the magnitude of future tokens and rewards, we feel confident that we will receive more throughout 2026. Our final business activity is our legacy life sciences segment, which did not generate any adjusted gross profit in Q3 or Q4.

Speaker #1: Through our active participation in the Hyperliquid DeFi ecosystem, including all of the other business activities I just mentioned, we position ourselves for the receipt of token airdrops, protocol incentives, and other rewards throughout the ecosystem.

Speaker #1: Ecosystem rewards generated $285,000 in Q4 versus none in Q3 from the receipt of 1.9 million KNTQ tokens from Kinetic. In Q1, we received 1,000,000 HPL tokens from Hyperland, as of March 23rd.

Speaker #1: While we expect there to be some quarterly variability in the magnitude of future tokens and rewards, we feel confident that we will receive more throughout 2026.

Speaker #1: Our final business activity is our legacy Life Sciences segment, which did not generate any adjusted gross profit in Q3 or Q4. In our Q3 earnings call, we detailed how we were still developing our proprietary OptiJet user-filled device, or UFD, our last remaining product within the Life Sciences segment, and that we were continuing to incur ongoing costs, including personnel and IP maintenance, while investing in some additional R&D.

Michael Rowe: In our Q3 earnings call, we detailed how we were still developing our proprietary Optejet user-filled device or UFD, our last remaining product within the life sciences segment, and that we were continuing to incur ongoing costs, including personnel and IT maintenance while investing in some additional R&D. The goal was to get the product further along on this development and make it a more attractive asset to the market. Today, we are pleased to announce that in Q1, we executed a non-binding letter of intent to monetize the Optejet. The transaction is subject to diligence currently underway as well as other customary closing conditions. If successful, we expect the transaction to close in Q2 2026. We expect our ongoing operational expenses to decline, and there is now a potential path for future monetization proceeds from the Optejet. Moving on to operating expenses.

David Knox: In our Q3 earnings call, we detailed how we were still developing our proprietary Optejet user-filled device or UFD, our last remaining product within the life sciences segment, and that we were continuing to incur ongoing costs, including personnel and IT maintenance while investing in some additional R&D. The goal was to get the product further along on this development and make it a more attractive asset to the market. Today, we are pleased to announce that in Q1, we executed a non-binding letter of intent to monetize the Optejet. The transaction is subject to diligence currently underway as well as other customary closing conditions. If successful, we expect the transaction to close in Q2 2026. We expect our ongoing operational expenses to decline, and there is now a potential path for future monetization proceeds from the Optejet. Moving on to operating expenses.

Speaker #1: The goal was to get the product further along in development and make it a more attractive asset to the market. Today, we are pleased to announce that, in Q1, we executed a non-binding letter of intent to monetize the OptiJet.

Speaker #1: The transaction is subject to diligence currently underway, as well as other customary closing conditions, but if successful, we expect the transaction to close in the second quarter of 2026.

Speaker #1: We expect our ongoing operational expenses to decline, and there is now a potential path for future monetization proceeds from the OptiJet. Moving on to operating expenses.

Michael Rowe: Our core operating expenses, R&D plus SG&A, and excluding stock-based comp, declined 30% quarter over quarter from $4.3 million in Q3 to $3.0 million in Q4. We expect our expenses to further decline throughout 2026, especially with the pending outcome of the Optejet LOI. The next item I'd like to discuss is a new non-GAAP measure called treasury gains and losses, which is meant to capture all the value movements of our digital assets in period, including HYPE, our LSTs, and any Hyperliquid ecosystem tokens such as KNTQ in Q4. It also aims to remove the GAAP nuance as it relates to LSTs, which I described further in our Q3 earnings call, where we have to carry those assets at the lower of cost basis or impaired value, which is the low-water mark HYPE price in the period.

David Knox: Our core operating expenses, R&D plus SG&A, and excluding stock-based comp, declined 30% quarter over quarter from $4.3 million in Q3 to $3.0 million in Q4. We expect our expenses to further decline throughout 2026, especially with the pending outcome of the Optejet LOI. The next item I'd like to discuss is a new non-GAAP measure called treasury gains and losses, which is meant to capture all the value movements of our digital assets in period, including HYPE, our LSTs, and any Hyperliquid ecosystem tokens such as KNTQ in Q4. It also aims to remove the GAAP nuance as it relates to LSTs, which I described further in our Q3 earnings call, where we have to carry those assets at the lower of cost basis or impaired value, which is the low-water mark HYPE price in the period.

Speaker #1: Our core operating expenses R&D plus SG&A and excluding stock-based comp. Declined 30% quarter over quarter from 4.3 million in Q3 to 3.0 million in Q4.

Speaker #1: We expect our expenses to further decline throughout 2026, especially with the pending outcome of the OptiJet LOI. The next item I'd like to discuss is a new non-GAAP measure, which is meant to capture all the value movements of our digital assets in period, including HYPE, our LSTs, and any Hyperliquid ecosystem tokens such as KNTQ in the fourth quarter.

Speaker #1: It also aims to remove the gap nuance as it relates to LSTs, which I described further in our Q3 earnings call, where we have to carry those assets at the lower of cost basis or impaired value, which is the low water-marked HYPE price in the period.

Michael Rowe: While we are strongly convicted in our point of view that HYPE is the most attractive digital asset and that the Hyperliquid blockchain is ripe for opportunities to deploy income-generating DeFi businesses, we expect HYPE to remain a volatile asset, i.e., going from about 45 as of 30 September 2023 to 25 as of 31 December 2023 to 38 as of 23 March 2024. This is exactly why we break out our operating businesses within adjusted gross profit, so that our DeFi activities can be presented independent of the mark-to-market movement of our tokens. Treasury losses were $36.8 million in Q4 versus +$11.9 million treasury gains in Q3.

David Knox: While we are strongly convicted in our point of view that HYPE is the most attractive digital asset and that the Hyperliquid blockchain is ripe for opportunities to deploy income-generating DeFi businesses, we expect HYPE to remain a volatile asset, i.e., going from about 45 as of 30 September 2023 to 25 as of 31 December 2023 to 38 as of 23 March 2024. This is exactly why we break out our operating businesses within adjusted gross profit, so that our DeFi activities can be presented independent of the mark-to-market movement of our tokens. Treasury losses were $36.8 million in Q4 versus +$11.9 million treasury gains in Q3.

Speaker #1: While we are strongly convicted in our point of view that HYPE is the most attractive digital asset, and that the Hyperliquid blockchain is ripe for opportunities to deploy income-generating DeFi businesses, we expect HYPE to remain a volatile asset—that is, going from about 45 as of September 30th, to 25 as of December 31st, to 38 as of March 23rd.

Speaker #1: This is exactly why we break out our operating businesses within adjusted gross profit, so that our DeFi activities can be presented independent of the mark-to-market movement of our tokens.

Speaker #1: Treasury losses were $36.8 million in Q4 versus positive $11.9 million treasury gains in Q3. Based on the March 23rd price of HYPE of $38, and depending on where we end the quarter, we could have over $24 million of unrealized treasury gains in Q1 compared to our December 31st marked market price of $25.

Michael Rowe: Based on the 23 March price of HYPE of 38, and depending on where we end the quarter, we could have over $24 million of unrealized treasury gains in Q1 compared to our 31 December mark-to-market price of 25. This is how we think about our total income in the most simplified fashion. Start with our core DeFi activities and adjusted gross profit minus operating expenses, ex stock-based comp, plus treasury value gains and losses, plus some small items and adjusted other income and expense which weren't material in Q3 or Q4. It gets us to our adjusted EBITDA of -$38.9 million in Q4 versus +$8.0 million in Q3, compared to GAAP net loss of $39.8 million in Q4 versus net income of $6.6 million in Q3. Moving on to the balance sheet.

David Knox: Based on the 23 March price of HYPE of 38, and depending on where we end the quarter, we could have over $24 million of unrealized treasury gains in Q1 compared to our 31 December mark-to-market price of 25. This is how we think about our total income in the most simplified fashion. Start with our core DeFi activities and adjusted gross profit minus operating expenses, ex stock-based comp, plus treasury value gains and losses, plus some small items and adjusted other income and expense which weren't material in Q3 or Q4. It gets us to our adjusted EBITDA of -$38.9 million in Q4 versus +$8.0 million in Q3, compared to GAAP net loss of $39.8 million in Q4 versus net income of $6.6 million in Q3. Moving on to the balance sheet.

Speaker #1: This is how we think about our total income in the most simplified fashion. Start with our core DeFi activities and adjusted gross profit, minus operating expenses excluding stock-based comp, plus treasury value gains and losses, plus some small items and adjusted other income and expense which weren't material in Q3 or Q4, and it gets us to our adjusted EBITDA of negative $38.9 million in Q4 versus positive $8.0 million in Q3, compared to GAAP net loss of $39.8 million in Q4 versus net income of $6.6 million in Q3.

Michael Rowe: Our gross HYPE tokens increased from 1.72 million as of Q3 to 1.88 million as of Q4, to over 1.93 million as of March 23, or over a 50,000 HYPE increase quarter to date as we continue to buy more HYPE and earn staking and validator income in HYPE. We also currently have 1.9 million KNTQ received in Q4 and 1.0 million HPL received in Q1 as of March 23. We did not pay anything for those two tokens, but believe their value over time will be driven by each protocol's growth alongside the Hyperliquid ecosystem. Our net asset value, which adjusts for debt and working capital, decreased from $74.5 million as of Q3 to $44.2 million as of Q4.

David Knox: Our gross HYPE tokens increased from 1.72 million as of Q3 to 1.88 million as of Q4, to over 1.93 million as of March 23, or over a 50,000 HYPE increase quarter to date as we continue to buy more HYPE and earn staking and validator income in HYPE. We also currently have 1.9 million KNTQ received in Q4 and 1.0 million HPL received in Q1 as of March 23. We did not pay anything for those two tokens, but believe their value over time will be driven by each protocol's growth alongside the Hyperliquid ecosystem. Our net asset value, which adjusts for debt and working capital, decreased from $74.5 million as of Q3 to $44.2 million as of Q4.

Speaker #1: Moving on to the balance sheet. Our gross HYPE tokens increased from 1.72 million as of Q3 to 1.88 million as of Q4, to over 1.93 million as of March 23rd.

Speaker #1: Or over a 50,000 HYPE increase quarter to date, as we continue to buy more HYPE and earn staking and validated income in HYPE. We also currently have 1.9 million KNTQ received in Q4, and 1.0 million HPL received in Q1 as of March 23rd.

Speaker #1: We did not pay anything for those two tokens, but believe their value over time will be driven by each protocol's growth alongside the Hyperliquid ecosystem.

Speaker #1: Our net asset value, which adjusts for debt and working capital, decreased from $74.5 million as of Q3 to $44.2 million as of Q4. Our $8 million of outstanding debt as of Q4 is at an 8% annual interest rate; it is in an interest-only period until Q1 2027, and half of that interest-only payment is cash, with the other half paid in kind, adding to the balance of the loan.

Michael Rowe: Our $8 million of outstanding debt as of Q4 is at an 8% annual interest rate. It is in an interest-only period until Q1 2027, and half of that interest-only payment is cash, and the other half pays in kind, adding to the balance of the loan. In March, we announced a partnership with HyperLend, whereby we can borrow at a 4.0% fixed rate secured against some of our high HYPE LSTs. We expect our first draw in the coming weeks and to partially pay down some of our legacy 8% debt with the proceeds. Regarding our cash flows, net cash used in operating activities was approximately $4 million in Q4 versus $3 million in Q3.

David Knox: Our $8 million of outstanding debt as of Q4 is at an 8% annual interest rate. It is in an interest-only period until Q1 2027, and half of that interest-only payment is cash, and the other half pays in kind, adding to the balance of the loan. In March, we announced a partnership with HyperLend, whereby we can borrow at a 4.0% fixed rate secured against some of our high HYPE LSTs. We expect our first draw in the coming weeks and to partially pay down some of our legacy 8% debt with the proceeds. Regarding our cash flows, net cash used in operating activities was approximately $4 million in Q4 versus $3 million in Q3.

Speaker #1: In March, we announced a partnership with Hyperland whereby we can borrow at a 4.0% fixed rate, secured against some of our high HYPE LSTs.

Speaker #1: We expect our first draw in the coming weeks and to partially pay down some of our legacy 8% debt with the proceeds. Regarding our cash flows, net cash used in operating activities was approximately $4 million in Q4 versus $3 million in Q3.

Michael Rowe: In Q4, we had a $1.3 million reduction in current liabilities versus Q3 as we continue to streamline the balance sheet and legacy items. Our cash equivalents, and USDH stablecoins total approximately $9.2 million as of 23 March, giving us multiple quarters of runway. Our expenses decline and our businesses ramp, we continue to anticipate achieving positive net operating cash flows by the end of the year. Net cash used in investing activities to purchase HYPE was $6.3 million in Q4 versus $20.0 million in Q3. Q1 quarter to date as of 23 March, we have bought another $1.5 million in HYPE. We raised $9.4 million net proceeds from our at-the-market offering in Q4 versus $21.8 million in Q3.

David Knox: In Q4, we had a $1.3 million reduction in current liabilities versus Q3 as we continue to streamline the balance sheet and legacy items. Our cash equivalents, and USDH stablecoins total approximately $9.2 million as of 23 March, giving us multiple quarters of runway. Our expenses decline and our businesses ramp, we continue to anticipate achieving positive net operating cash flows by the end of the year. Net cash used in investing activities to purchase HYPE was $6.3 million in Q4 versus $20.0 million in Q3. Q1 quarter to date as of 23 March, we have bought another $1.5 million in HYPE. We raised $9.4 million net proceeds from our at-the-market offering in Q4 versus $21.8 million in Q3.

Speaker #1: In Q4, we had a $1.3 million reduction in current liabilities versus Q3 as we continue to streamline the balance sheet and legacy items. Our cash, cash equivalents, and USDH stablecoins total approximately $9.2 million as of March 23rd, giving us multiple quarters of runway.

Speaker #1: As our expenses decline and our businesses ramp, we continue to anticipate achieving positive net operating cash flows by the end of the year. Net cash used in investing activities to purchase HYPE was $6.3 million in Q4 versus $20.0 million in Q3.

Speaker #1: Q1 quarter to date as of March 23rd, we have bought another $1.5 million in HYPE. We raised $9.4 million net proceeds from our at-the-market offering in Q4 versus $21.8 million in Q3.

Michael Rowe: Quarter to date Q1 as of 23 March, we have raised an additional $6.7 million net proceeds from the ATM. There's additional detail in our earnings content regarding full-year results, comparisons to 2024, and per share metrics, many of which include, to a large extent, our legacy biotech operations, which the company began to scale back beginning in Q4 2024. Looking ahead to 2026, we expect continued growth in our adjusted gross profit driven by our DeFi businesses. Staking and validator revenues are expected to continue to increase as the Hyperliquid network expands and our staked and delegated positions grow. We expect our yield enhancement strategies to scale with our new vault partnership with Rysk and private lending pools with HyperLend.

David Knox: Quarter to date Q1 as of 23 March, we have raised an additional $6.7 million net proceeds from the ATM. There's additional detail in our earnings content regarding full-year results, comparisons to 2024, and per share metrics, many of which include, to a large extent, our legacy biotech operations, which the company began to scale back beginning in Q4 2024. Looking ahead to 2026, we expect continued growth in our adjusted gross profit driven by our DeFi businesses. Staking and validator revenues are expected to continue to increase as the Hyperliquid network expands and our staked and delegated positions grow. We expect our yield enhancement strategies to scale with our new vault partnership with Rysk and private lending pools with HyperLend.

Speaker #1: Quarter to date in Q1, as of March 23rd, we have raised an additional $6.7 million in net proceeds from the ATM. There's additional detail in our earnings content regarding full-year results comparison to 2024 and per-share metrics, many of which include to a large extent our legacy biotech operations, which the company began to scale back beginning in Q4 2024.

Speaker #1: Looking ahead to 2026, we expect continued growth in our adjusted gross profit driven by our DeFi businesses. Staking and validator revenues are expected to continue to increase as the Hyperliquid network expands and our staked and delegated positions grow.

Speaker #1: We expect our yield enhancement strategies to scale with our new vault partnership with RISC and private lending pools with Hyperland. Our pipeline for DeFi monetization and protocol partnerships is robust, and we believe that the HIP4 upgrade on prediction markets may unlock new opportunities for us in 2026.

Michael Rowe: Our pipeline for DeFi monetization and protocol partnerships is robust, and we believe that the HIP-4 upgrade on prediction markets may unlock new opportunities for us in 2026. We anticipate additional airdrops and ecosystem rewards as we get rewarded by the Hyperliquid community for our triple dip strategy supporting its growth. 2025 is a remarkable year of firsts for the company. We already achieved about 3 times base staking yield in Q4 with our strategies only 6 months old. In 2026, we believe our flywheel effect to compound our treasury holdings is simply unparalleled. Now imagine this scenario. In a few years' time, Hyperliquid may become dominant blockchain for financial transactions. After HIP-4, prediction markets may come HIP-5, HIP-6, HIP-7, further upgrades to create new infrastructure that we haven't even thought of yet.

David Knox: Our pipeline for DeFi monetization and protocol partnerships is robust, and we believe that the HIP-4 upgrade on prediction markets may unlock new opportunities for us in 2026. We anticipate additional airdrops and ecosystem rewards as we get rewarded by the Hyperliquid community for our triple dip strategy supporting its growth. 2025 is a remarkable year of firsts for the company. We already achieved about 3 times base staking yield in Q4 with our strategies only 6 months old. In 2026, we believe our flywheel effect to compound our treasury holdings is simply unparalleled. Now imagine this scenario. In a few years' time, Hyperliquid may become dominant blockchain for financial transactions. After HIP-4, prediction markets may come HIP-5, HIP-6, HIP-7, further upgrades to create new infrastructure that we haven't even thought of yet.

Speaker #1: And we anticipate additional airdrops and ecosystem rewards as we get rewarded by the hyperliquid community for our triple dips strategy supporting its growth. 2025 is a remarkable year of firsts for the company.

Speaker #1: We already achieved about three times base staking yield in Q4, with our strategies only six months old. And in 2026, we believe our flywheel effect to compound our treasury holdings is simply unparalleled.

Speaker #1: Now imagine this scenario. In a few years' time, hyperliquid may become dominant blockchain for financial transactions. After HIP4 prediction markets may come, HIP5, 6, 7, further upgrades to create new infrastructure that we haven't even thought of yet.

Michael Rowe: After already achieving scale on trading crypto, metals, oil, and gas, and the S&P 500, more and more institutional products and asset classes may become regularly traded on Hyperliquid. Compounding fees permanently burn outstanding HYPE tokens, reducing the maximum supply, and its scarcity versus demand may drive the price higher. Meanwhile, the infrastructure we've helped to build is producing recurring DeFi revenues for our shareholders, and our Hyperliquid community tokens may become more valuable as those protocols that we help support evolve into compelling platforms and businesses in their own right. This is the vision that we believe in at Hyperion DeFi, and every day we are helping to build that vision into reality. With that, I'll turn it back over to the operator, and we look forward to answering your questions.

David Knox: After already achieving scale on trading crypto, metals, oil, and gas, and the S&P 500, more and more institutional products and asset classes may become regularly traded on Hyperliquid. Compounding fees permanently burn outstanding HYPE tokens, reducing the maximum supply, and its scarcity versus demand may drive the price higher. Meanwhile, the infrastructure we've helped to build is producing recurring DeFi revenues for our shareholders, and our Hyperliquid community tokens may become more valuable as those protocols that we help support evolve into compelling platforms and businesses in their own right. This is the vision that we believe in at Hyperion DeFi, and every day we are helping to build that vision into reality. With that, I'll turn it back over to the operator, and we look forward to answering your questions.

Speaker #1: After already achieving scale on trading crypto, metals, oil and gas, and the S&P 500, more and more institutional products and asset classes may become regularly traded on Hyperliquid.

Speaker #1: Compounding fees permanently burn outstanding HYPE tokens, reducing the maximum supply, and this scarcity versus demand may drive the price higher. Meanwhile, the infrastructure we've helped to build is producing recurring DeFi revenues for our shareholders, and our hyperliquid community tokens may become more valuable as those protocols that we helped support evolve into compelling platforms and businesses in their own right.

Speaker #1: This is the vision that we believe in at Hyperion DeFi, and every day we are helping to build that vision into reality. With that, I'll turn it back over to the operator, and we look forward to answering your questions.

Jason Assad: Thank you. If you'd like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you'd like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Our first question comes from the line of Gareth Gacetta with Cantor Fitzgerald. Please proceed with your question.

Operator: Thank you. If you'd like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you'd like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Our first question comes from the line of Gareth Gacetta with Cantor Fitzgerald. Please proceed with your question.

Speaker #1: Thank you. If you'd like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue.

Speaker #1: You may press star two if you'd like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.

Speaker #1: Our first question comes from the line of Gareth Gasetta with Cantor Fitzgerald. Please proceed with your question.

Gareth Daniel Gacetta: Hi. Good morning, guys. I was wondering if you could go into more detail on the HAUS agreements you guys have for HIP-3 markets and maybe how you're thinking about HIP-4 and if you might participate similarly to how you've done with HIP-3.

Speaker #2: Hi, good morning, guys. I was wondering if you could go into more detail on the Haas agreements you guys have for HIP3 markets and maybe how you're thinking about HIP4 and if you might participate similarly to how you've done with HIP3.

Michael Rowe: Yeah, sure thing. HYPE Asset Use Service is our original proprietary design when we realized that there was a lot of utility behind the HYPE token and effectively being able to stake and restake it in the ecosystem. For HIP-3, we saw the value of creating non-crypto perpetual markets that are agnostic to the price of HYPE and agnostic to the performance of crypto markets. It's a revenue stream that is denominated in US dollars and basically lets us continue to scale with increasing volumes on our exchange in partnership with Felix. We earn a share of the revenue from that product design, and it's something that we will continue to use. We are seeing significant demand across a global client base as more and more users come to Hyperliquid.

Hyunsu Jung: Yeah, sure thing. HYPE Asset Use Service is our original proprietary design when we realized that there was a lot of utility behind the HYPE token and effectively being able to stake and restake it in the ecosystem. For HIP-3, we saw the value of creating non-crypto perpetual markets that are agnostic to the price of HYPE and agnostic to the performance of crypto markets. It's a revenue stream that is denominated in US dollars and basically lets us continue to scale with increasing volumes on our exchange in partnership with Felix. We earn a share of the revenue from that product design, and it's something that we will continue to use. We are seeing significant demand across a global client base as more and more users come to Hyperliquid.

Speaker #3: Yeah, sure thing. So, HYPE has a use service—that is our original proprietary design. When we realized that there was a lot of utility behind the HYPE token, and effectively being able to stake and restake it in the ecosystem.

Speaker #3: So, for HIP3, we saw the value of creating non-crypto perpetual markets that are agnostic to the price of HYPE and agnostic to the performance of crypto markets.

Speaker #3: It's a revenue stream that is denominated in dollars, and basically lets us continue to scale with increasing volumes on our exchange in partnership with Felix.

Speaker #3: We earn a share of the revenue from that product design, and it's something that we will continue to use. We are seeing significant demand across our global client base as more and more users come to Hyperliquid.

Michael Rowe: With regard to HIP-4, the only guidance that we have right now from the core team is that it will start canonical and could eventually become permissionless. If there's an opportunity there, we will definitely be positioning and looking to participate given the HYPE that we have on the balance sheet. Thank you.

Hyunsu Jung: With regard to HIP-4, the only guidance that we have right now from the core team is that it will start canonical and could eventually become permissionless. If there's an opportunity there, we will definitely be positioning and looking to participate given the HYPE that we have on the balance sheet. Thank you.

Speaker #3: And with regard to HIP4, the only guidance that we have right now from the core team is that it will start canonical and could eventually become permissionless.

Speaker #3: And if there is an opportunity there, we will definitely be positioning and looking to participate, given the hype that we have on the balance sheet.

Speaker #3: Thank you.

Gareth Daniel Gacetta: Thank you. Maybe just a quick follow-up. We really appreciated kind of the increased description on all of these operating business lines. Could you maybe talk about where you might expect some of these to be more consistent or recurring in nature as compared to maybe some that might be less predictable?

Speaker #2: Thank you. And maybe just a quick follow-up. We really appreciated kind of the increased description on all of these operating business lines. Could you maybe talk about where you might expect some of these to be more consistent or recurring in nature as compared to maybe some that might be less predictable?

Michael Rowe: Yeah, absolutely. Thank you, Gareth, for the question. So thinking about the five business lines, and I'll go from the bottom up. Staking yield should scale in proportion to the amount of HYPE that we own ourselves. Validator commissions will scale depending on the amount of tokens at our validator, which we believe could increase substantially to the extent that our DeFi monetization activities grow and to the extent that we are able to be successful in bringing others onto the Hyperliquid blockchain through the protocol partnerships that we have. DeFi monetization that can scale from essentially a parabolic perspective to the extent that there's more trading activity on Hyperliquid, to the extent that there's more financial products, and to the extent that our infrastructure can be adopted by more users.

Hyunsu Jung: Yeah, absolutely. Thank you, Gareth, for the question. So thinking about the five business lines, and I'll go from the bottom up. Staking yield should scale in proportion to the amount of HYPE that we own ourselves. Validator commissions will scale depending on the amount of tokens at our validator, which we believe could increase substantially to the extent that our DeFi monetization activities grow and to the extent that we are able to be successful in bringing others onto the Hyperliquid blockchain through the protocol partnerships that we have. DeFi monetization that can scale from essentially a parabolic perspective to the extent that there's more trading activity on Hyperliquid, to the extent that there's more financial products, and to the extent that our infrastructure can be adopted by more users.

Speaker #3: Yeah, absolutely. Thank you, Gareth, for the question. So, thinking about the five business lines—and I'll go from the bottom up—staking yield should scale in proportion to the amount of HYPE that we own ourselves.

Speaker #3: Validator commissions will scale depending on the amount of tokens at our validator, which we believe could increase substantially to the extent that our DeFi monetization activities grow.

Speaker #3: And to the extent that we are able to be successful in bringing others onto the Hyperliquid blockchain through the protocol partnerships that we have.

Speaker #3: DeFi monetization that can scale from a essentially a parabolic perspective to the extent that there's more trading activity on hyperliquid to the extent that there's more financial products.

Speaker #3: And to the extent that our infrastructure can be adopted by more users. Yield enhancement similarly, it's first-party strategies that we have such as selling covered calls, such as cash-secured puts, which do increase the yield on our assets while using staked HYPE as the collateral, our liquid staking tokens.

Michael Rowe: Yield enhancement, similarly, it's first-party strategies that we have such as selling covered calls, such as cash secured puts, which do increase the yield on our assets while using staked HYPE as the collateral, our liquid staking tokens. That could be linear somewhat from a first-party perspective, but it also opens up third-party capabilities with the vault partner that we have, which is Risk. Then ecosystem rewards, it's inherently unpredictable to determine the timing of airdrops between Hyperliquid community tokens or potentially HYPE itself as well as the other sort of rewards that can exist. The way that we position ourselves there, we think is inherently unique and unlike any other public company, especially within the Hyperliquid ecosystem. Thank you, Gareth, for the question.

Hyunsu Jung: Yield enhancement, similarly, it's first-party strategies that we have such as selling covered calls, such as cash secured puts, which do increase the yield on our assets while using staked HYPE as the collateral, our liquid staking tokens. That could be linear somewhat from a first-party perspective, but it also opens up third-party capabilities with the vault partner that we have, which is Risk. Then ecosystem rewards, it's inherently unpredictable to determine the timing of airdrops between Hyperliquid community tokens or potentially HYPE itself as well as the other sort of rewards that can exist. The way that we position ourselves there, we think is inherently unique and unlike any other public company, especially within the Hyperliquid ecosystem. Thank you, Gareth, for the question.

Speaker #3: So that could be linear somewhat from a first-party perspective, but it also opens up third-party capabilities with the Vault partner that we have, which is RISC.

Speaker #3: And then ecosystem rewards—it's inherently unpredictable to determine the timing of the airdrops, between Hyperliquid community tokens or potentially HYPE itself, as well as the other sorts of rewards that can exist.

Speaker #3: But the way that we position ourselves there, we think, is inherently unique and unlike any other public company, especially within the hyperliquid ecosystem. Thank you, Gareth, for the question.

Brett Knoblauch: Thanks guys.

Gareth Daniel Gacetta: Thanks guys.

Speaker #2: Thanks, guys.

Jason Assad: Thank you. Our next question comes from the line of Brett Knoblauch with Cantor Fitzgerald. Please proceed with your question.

Speaker #1: Thank you. Our next question comes from the line of Brett Nobloch with Canter Fitzgerald. Please proceed with your question.

Brett Knoblauch: Hi guys. Thanks for taking my question. On HIP-3, we're seeing obviously significant kind of volume growth month-over-month there, and I know HIP-3 in general has only really been around for, you know, maybe five months at this point. From my understanding, we're still kind of in growth mode, or where HIP-3 has growth mode activated, which kind of lowers the fees from those markets. At what point do you think growth mode kind of goes away and this, you know, fee potential of those markets starts to become more material for both you and the ecosystem from a buyback perspective?

Speaker #4: Hi, guys. Thanks for taking my question. On HIP3, we're seeing obviously significant kind of volume growth month over month there. And I know HIP3 in general is only really been around for maybe five months at this point.

Speaker #4: From my understanding, we're still kind of in gross mode, where HIP3 has growth mode activated, which kind of lowers the fees from those markets.

Speaker #4: At what point do you think gross mode kind of goes away, and this fee potential of those markets starts to become more material for both you and the ecosystem from a buyback perspective?

Michael Rowe: Yeah. Hey Brett, thanks for the question. So we've had weeks or months where growth mode was not applied to certain assets on the exchange that we have with Felix, and we saw the benefits pretty immediately. Right now for context, growth mode reduces fees across HIP-3 markets by 90%. However, when we talk to TradFi teams or prop firms that are using existing exchanges like CME and so forth, growth mode is necessary right now to be more competitive than, you know, the de facto solution. Right now, we expect that if the leader of the HIP-3 markets, for example, trade[XYZ], they're kind of setting the baseline rate, and so other markets must follow to be competitive.

Hyunsu Jung: Yeah. Hey Brett, thanks for the question. So we've had weeks or months where growth mode was not applied to certain assets on the exchange that we have with Felix, and we saw the benefits pretty immediately. Right now for context, growth mode reduces fees across HIP-3 markets by 90%. However, when we talk to TradFi teams or prop firms that are using existing exchanges like CME and so forth, growth mode is necessary right now to be more competitive than, you know, the de facto solution. Right now, we expect that if the leader of the HIP-3 markets, for example, trade[XYZ], they're kind of setting the baseline rate, and so other markets must follow to be competitive.

Speaker #2: Yeah, hey, Brett, thanks for the question. So we've had weeks or months where growth mode was not applied to certain assets on the exchange that we have with Felix.

Speaker #2: And we saw the benefits pretty immediately. Right now, for context, growth mode reduces fees across HIP3 markets by 90%. However, when we talk to TradFi teams or prop firms that are using existing exchanges like CME and so forth, growth mode is necessary right now to be more competitive than the de facto solution.

Speaker #2: And so right now, we expect that if the leader of the HIP3 markets—for example, Trade XYZ—they're kind of setting the baseline rate.

Michael Rowe: We expect that as the product base expands, the various markets that are available in HIP-3 evolve. We do see that coming down over time. That's something that obviously depends upon the user growth, general activity, and what is required for Hyperliquid to become more accessible and offerable to institutional players.

Hyunsu Jung: We expect that as the product base expands, the various markets that are available in HIP-3 evolve. We do see that coming down over time. That's something that obviously depends upon the user growth, general activity, and what is required for Hyperliquid to become more accessible and offerable to institutional players.

Speaker #2: And so other markets must follow to be competitive. We expect that as the product base expands, and the various markets that are available on HIP3 evolve, we do see that coming down over time.

Speaker #2: That's something that obviously depends upon the user growth and general activity, and what is required for Hyperliquid to become more accessible and offerable to institutional players.

Brett Knoblauch: Awesome. Maybe just, you know, I know we're kind of waiting for legislation in the US and CLARITY Act, kind of a bit unclear on maybe what that means, if it means anything for Hyperliquid. Do you guys have any thoughts on that and maybe the potential where we see Hyperliquid eventually become allowed in the US? You know, is that something that you guys envision happening anytime soon?

Speaker #4: Awesome. And then maybe just—I know we're kind of waiting for legislation in the U.S., and the Clarity Act—kind of a bit unclear on maybe what that means, if it means anything for Hyperliquid.

Speaker #4: Do you guys have any thoughts on that, and maybe the potential for where we see Hyperliquid eventually become allowed in the US? Is that something that you guys envision happening anytime soon?

Michael Rowe: Thank you, Brett, for the question. Taking a step back here, I think it's important to believe fundamentally that industry regulators and consumers are aligned with the long-term goal, which is fair, transparent, and efficient markets. That will be driven by the fundamentals of what is available. We believe that Hyperliquid will be of increased demand and of increased importance, and that the long-term regulatory arc will be supportive of its access and of its growth. That being said, we do not have a crystal ball. We do not know what comes next, at what point in time, and the various incremental steps that will happen. Sitting where we are today, exactly where we are, the business opportunity for Hyperion DeFi is extremely robust.

Hyunsu Jung: Thank you, Brett, for the question. Taking a step back here, I think it's important to believe fundamentally that industry regulators and consumers are aligned with the long-term goal, which is fair, transparent, and efficient markets. That will be driven by the fundamentals of what is available. We believe that Hyperliquid will be of increased demand and of increased importance, and that the long-term regulatory arc will be supportive of its access and of its growth. That being said, we do not have a crystal ball. We do not know what comes next, at what point in time, and the various incremental steps that will happen. Sitting where we are today, exactly where we are, the business opportunity for Hyperion DeFi is extremely robust.

Speaker #3: Thank you, Brett, for the question. So, taking a step back here, I think it's important to believe fundamentally that industry regulators and consumers are aligned with the long-term goal.

Speaker #3: Which is fair, transparent, and efficient markets. And that will be driven by the fundamentals of what is available. And we believe that hyperliquid will be of increased demand and of increased importance.

Speaker #3: And that the long-term regulatory arc will be supportive of its access and of its growth. But that being said, we do not have a crystal ball.

Speaker #3: We do not know what comes next, at what point in time, and the various incremental steps that will happen. But sitting where we are today—exactly where we are—the business opportunity for Hyperion DeFi is extremely robust.

Michael Rowe: We will continue to operate in the environments where we are, which is the only thing that we know, and be responsible, be diligent, believing that we have a duty as an innovator within DeFi, to be very, very thoughtful on all the activities that we do. However, I do believe there will be long-term upside to us when the regulatory tailwinds continue to accelerate. Thank you for the question.

Hyunsu Jung: We will continue to operate in the environments where we are, which is the only thing that we know, and be responsible, be diligent, believing that we have a duty as an innovator within DeFi, to be very, very thoughtful on all the activities that we do. However, I do believe there will be long-term upside to us when the regulatory tailwinds continue to accelerate. Thank you for the question.

Speaker #3: So we will continue to operate in the environment where we are, which is the only thing that we know. And be responsible. Be diligent.

Speaker #3: Believing that we have a duty as an innovator within DeFi to be very, very thoughtful on all the activities that we do. However, I do believe there will be long-term upside to us when the regulatory tailwinds continue to accelerate.

Brett Knoblauch: Thank you guys, really appreciate it.

Speaker #3: Thank you for the question.

Speaker #4: Thank you, guys. Really appreciate it.

Jason Assad: Thank you. Our next question comes from the line of Jim McIlree with Chardan Capital Markets. Please proceed with your question.

Speaker #1: Thank you. Our next question comes from the line of Jim McIlroy with Sharden Capital Markets. Please proceed with your question.

Brett Knoblauch: Yeah, thanks and good morning. John Gandolfo, could you comment on operating cash flow breakeven for the year? Secondly, the adjusted gross profit expectation that you have for the year. It kinda sounds like it's back-end loaded. I mean, not too much, but it does kinda sound back-end loaded. Is that correct?

Jim Mcllree: Yeah, thanks and good morning. John Gandolfo, could you comment on operating cash flow breakeven for the year? Secondly, the adjusted gross profit expectation that you have for the year. It kinda sounds like it's back-end loaded. I mean, not too much, but it does kinda sound back-end loaded. Is that correct?

Speaker #2: Yeah, thanks. And good morning. David, could you comment on operating cash flow break-even for the year, and then, secondly, the adjusted gross profit expectation that you have for the year?

Speaker #2: It kind of sounds like it's back end loaded. I mean, not too much, but it does kind of sound back end loaded. Is that correct?

Michael Rowe: Thank you, Jim, for the question. Fundamentally, we had about $3 million of core operating expenses, excluding stock-based compensation in Q4, versus our adjusted gross profit of about $821,000. Essentially, we expect those two elements to converge and flip at some point this year in 2026. Some of our operating profiles and businesses are in cash, some of them are in HYPE. Some of our expenses obviously are denominated in cash and some are not. The way that we get there is by our ramping DeFi business lines. It is by partially the outcome of the Optejet LOI, which should reduce our costs, and it's from further cleanup of the balance sheet and a few legacy items that we continue to process through day by day.

David Knox: Thank you, Jim, for the question. Fundamentally, we had about $3 million of core operating expenses, excluding stock-based compensation in Q4, versus our adjusted gross profit of about $821,000. Essentially, we expect those two elements to converge and flip at some point this year in 2026. Some of our operating profiles and businesses are in cash, some of them are in HYPE. Some of our expenses obviously are denominated in cash and some are not. The way that we get there is by our ramping DeFi business lines. It is by partially the outcome of the Optejet LOI, which should reduce our costs, and it's from further cleanup of the balance sheet and a few legacy items that we continue to process through day by day.

Speaker #3: Thank you, Jim, for the question. So, fundamentally, we have about $3 million of core operating expenses, excluding stock-based compensation, in Q4 versus our adjusted gross profit of about $821,000.

Speaker #3: And essentially, we expect those two elements to converge and flip at some point this year and in 2026. Some of our operating profiles and businesses are in cash.

Speaker #3: Some of them are in HYPE. Some of our expenses, obviously, are denominated in cash, and some are not. But the way that we get there is by ramping DeFi business lines.

Speaker #3: It is partially the outcome of the OptiJet LOI, which should reduce our costs. And it's from further cleanup of the balance sheet and a few legacy items that we continue to process through day by day.

Michael Rowe: We made that commitment in our earnings call in November. That continues to be the main target for us as a company, and it's critical to proving that we are more than just a digital asset treasury, that we are a DeFi company, a Fintech. When we get to that level, we believe that'll be a fundamental inflection point for our growth.

David Knox: We made that commitment in our earnings call in November. That continues to be the main target for us as a company, and it's critical to proving that we are more than just a digital asset treasury, that we are a DeFi company, a Fintech. When we get to that level, we believe that'll be a fundamental inflection point for our growth.

Speaker #3: But we made that commitment in our earnings call in November that continues to be the main target for us as a company. And it's critical to proving that we are more than just a digital asset treasury.

Speaker #3: That we are a DeFi company, a fintech, and when we get to that level, we believe that'll be a fundamental inflection point for our growth.

Brett Knoblauch: Okay. As far as the adjusted gross profit outlook, it does ramp during the year. I mean, it would be reasonable to think that it's up every quarter. I know you've got some, you know, one-time things that are going to impact that, like the HyperLend airdrop. For the most part, the DeFi businesses are going to ramp quarter to quarter.

Speaker #2: Okay. And as far as the adjusted gross profit outlook, it does ramp during the year. I mean, it would be reasonable to think that it's up every quarter.

Speaker #2: And I know you've got some one-time things that are going to impact that, like the Hyperlen airdrop. But for the most part, the DeFi businesses are going to ramp quarter to quarter.

Hyunsu Jung: That's correct. We are not giving individual quarter guidance, and we are not giving guidance on each of the five businesses individually. What's important to note is that we have the ability to navigate and be fluid with the ecosystem. As opportunities present ourselves, we will adapt to the extent that there's an actionable opportunity for us in HIP-4, for example, that could change how we're allocated among our different businesses. However, throughout the year, we believe that they should all ramp. There will be some variability and that yes, we will end at the end of the year in levels and run rates greater than we were entering into the year.

Speaker #3: That's correct. We are not giving individual quarter guidance. And we are not giving guidance on each of the five businesses individually. But what's important to note is that we have the ability to navigate and be fluid with the ecosystem.

Speaker #3: And as opportunities present themselves, we will adapt. To the extent that there is an actionable opportunity for us in HIP4, for example, that could change how we're allocated among our different businesses.

Speaker #3: However, throughout the year, we believe that they should all ramp. There will be some variability. And that, yes, we will end at the end of the year in levels and run rates greater than we were entering into the year.

David Brown: Great. Lastly, on the Silhouette announcement that you had yesterday or the day before, is that a similar revenue and earnings opportunity for you that you've had with the others that there's gonna be a revenue share and maybe something else attached to it? When do you think that would become operational for you?

Jim Mcllree: Great. Lastly, on the Silhouette announcement that you had yesterday or the day before, is that a similar revenue and earnings opportunity for you that you've had with the others that there's gonna be a revenue share and maybe something else attached to it? When do you think that would become operational for you?

Speaker #2: Great. And then lastly, on the silhouette announcement that you had yesterday, the day before, is that a similar is that a similar revenue and earnings opportunity for you that you've had with the others that there's going to be a revenue share and maybe something else attached to it?

Speaker #2: And then when do you think that that would become operational for you?

Hyunsu Jung: Yeah. Thanks for the question, Jim. HYPE Asset Use Service, all of the deals that we write under that structure are revenue share-based, in addition to being able to receive ecosystem rewards, which are often reflected in the form of tokens native to each of the counterparties. Silhouette is interesting because it is more of a platform built on top of Hyperliquid that offers privacy for traders. Those that are using sophisticated strategies are able to do them without them being shielded from public view. We expect there to be a lot of volume being done through the platform, and the traders receive the benefit of significantly reduced fees.

David Knox: Yeah. Thanks for the question, Jim. HYPE Asset Use Service, all of the deals that we write under that structure are revenue share-based, in addition to being able to receive ecosystem rewards, which are often reflected in the form of tokens native to each of the counterparties. Silhouette is interesting because it is more of a platform built on top of Hyperliquid that offers privacy for traders. Those that are using sophisticated strategies are able to do them without them being shielded from public view. We expect there to be a lot of volume being done through the platform, and the traders receive the benefit of significantly reduced fees.

Speaker #3: Yeah, thanks for the question, Jim. So, HYPE asset use service—all of the deals that we write under that structure are revenue-share based.

Speaker #3: In addition to being able to receive ecosystem rewards, which are often reflected in the form of tokens, native to each of the counterparties. This is silhouette is interesting because it is more of a platform built on type of excuse me, built on top of Hyperliquid that offers privacy for traders.

Speaker #3: And so, those that are using sophisticated strategies are able to do them without—with them being shielded from public view. And so, we expect there to be a lot of volume being done through the platform.

Speaker #3: And the traders receive the benefit of significantly reduced fees. And so a model is where increasing volumes will result in more fee savings, which return back to the company in terms of revenue.

Hyunsu Jung: A model is where increasing volumes will result in more fee savings, which return back to the company in terms of revenue. That is something that is also scalable with increasing volumes. We've actually seen the amount of assets in the Silhouette trading accounts rise over a duration of the day after the deal was signed, and so we expect that to continue to ramp up as they also initiate a growth campaign shortly.

David Knox: A model is where increasing volumes will result in more fee savings, which return back to the company in terms of revenue. That is something that is also scalable with increasing volumes. We've actually seen the amount of assets in the Silhouette trading accounts rise over a duration of the day after the deal was signed, and so we expect that to continue to ramp up as they also initiate a growth campaign shortly.

Speaker #3: And that is something that is also scalable with increasing volumes. We've actually seen the amount of assets in the Silhouette trading accounts rise over the duration of the day after the deal was signed.

Speaker #3: And so, we expect that to continue to ramp up as they also initiate a growth campaign shortly.

David Brown: That's operational for you right now. Is that correct?

Jim Mcllree: That's operational for you right now. Is that correct?

Speaker #2: And so that's operational for you right now. Is that correct?

Hyunsu Jung: That's correct. Yes. They are live now.

David Knox: That's correct. Yes. They are live now.

Speaker #3: That's correct. Yes, they are live now.

David Brown: That's great. Okay. That's it for me. Thank you.

Jim Mcllree: That's great. Okay. That's it for me. Thank you.

Speaker #2: That's great. Okay. That's it for me. Thank you.

Hyunsu Jung: Thank you, Jim.

Speaker #3: Thank you, Jim.

Jason Assad: Thank you. As a reminder, if you'd like to ask a question, please press star one on your telephone keypad. Our next question comes from the line of Brian Tierney with Siebert Financial. Please proceed with your question.

Speaker #1: Thank you. As a reminder, if you'd like to ask a question, please press star one on your telephone keypad. Our next question comes from the line of Brian Veaton with Seabird Financial.

Speaker #1: Please proceed with your question.

Brian Tierney: Great. Thanks, guys. Great quarter. Hey, just, can we just talk about the pipeline of capital as a service agreement, your HAUS agreements? Talk about what you're typically looking for in a partner and maybe how much capital you have ready to deploy into those. So that'd be like your total HYPE Treasury less what you've already deployed in terms of HYPE tokens. I guess, is that the bottleneck? Are there maybe, you know, five or 10 of these ready to go once you guys have more tokens? I just had a follow-up.

[Analyst] (Siebert Financial): Great. Thanks, guys. Great quarter. Hey, just, can we just talk about the pipeline of capital as a service agreement, your HAUS agreements? Talk about what you're typically looking for in a partner and maybe how much capital you have ready to deploy into those. So that'd be like your total HYPE Treasury less what you've already deployed in terms of HYPE tokens. I guess, is that the bottleneck? Are there maybe, you know, five or 10 of these ready to go once you guys have more tokens? I just had a follow-up.

Speaker #2: Great. Thanks, guys. And great quarter. Hey, just can we just talk about the pipeline of capital as a service agreements? Your house agreements. Talk about what you're typically looking for in a partner and maybe how much capital you have ready to deploy into those.

Speaker #2: So that'd be, like, your total HYPE treasury left, what you've already deployed, in terms of HYPE tokens. And I guess, is that the bottleneck?

Speaker #2: Are there maybe 5 or 10 of these ready to go once you guys have more tokens? And I just had a follow-up.

Hyunsu Jung: Yeah. I would say there's a substantial pipeline for Hype Asset Use. The more that this product becomes socialized and people are able to see the benefits, we are the de facto solution for a lot of new products and services, HIP-3, increased trading fees, and when HIP-4 potentially becomes permissionless, we expect that to be another avenue of opportunity. As we mentioned on the call, we have a little over 1.93 million HYPE. We are at pretty high utilization across our strategies. As David mentioned, we have the flexibility to migrate or utilize HYPE for different strategies depending on the opportunity available. We are always focused on optimizing the return, and being able to generate the highest HYPE on HYPE or dollar on HYPE return across the balance sheet assets.

Speaker #3: Yeah. So I would say there's a substantial pipeline for HYPE asset use. The more that this product becomes socialized, and people are able to see the benefits, we are the de facto solution for a lot of new products and services. HIP3, increased trading fees, and when HIP4 potentially becomes permissionless, we expect that to be another avenue of opportunity.

Speaker #3: As we mentioned on the call, we have a little over 1.93 million HYPE. We are at pretty high utilization across our strategies. And as David mentioned, we have the flexibility to migrate or utilize HYPE for different strategies depending on the opportunity available.

Speaker #3: So we are always focused on optimizing the return and being able to generate the highest HYPE on HYPE or dollar on HYPE return across the balance sheet assets.

Hyunsu Jung: Our focus is to continue to strategically utilize the ATM to generate revenue and roll that into increasing the HYPE position so that we can continue to scale and compound these deals. The benefit of that, obviously, is we expect the tailwinds behind HYPE to continue to persist, which also generates more revenues to the validator and delegation operations, in addition to the growth of general ecosystem products, as we are seeing Hyperliquid really start to break into the mainstream.

Speaker #3: And so, our focus is to continue to strategically utilize the ATM to generate revenue, and roll that into increasing the HYPE position so that we can continue to scale and compound these deals.

Speaker #3: And the benefit of that, obviously, is we expect the tailwinds behind HYPE to continue to persist, which also generates more revenues to the validator and delegation operations.

Speaker #3: In addition to the growth of general ecosystem products, we are seeing Hyperliquid really start to break into the mainstream.

Brian Tierney: That's great. Then kind of in the same vein, but can you just talk about the return profile of some of those agreements? So like for HIP-3, you're locking up 500,000 tokens. Others might require fewer tokens or maybe more. Could you just talk about those HYPE-on-HYPE returns of some of the agreements you've made so far? Maybe just for fun, we could, you know, think of the HIP-3 business as if you know growth mode were to end at some point and maybe volume sustained. Thanks.

[Analyst] (Siebert Financial): That's great. Then kind of in the same vein, but can you just talk about the return profile of some of those agreements? So like for HIP-3, you're locking up 500,000 tokens. Others might require fewer tokens or maybe more. Could you just talk about those HYPE-on-HYPE returns of some of the agreements you've made so far? Maybe just for fun, we could, you know, think of the HIP-3 business as if you know growth mode were to end at some point and maybe volume sustained. Thanks.

Speaker #2: That's great. And then, kind of in the same vein, could you just talk about the return profile of some of those agreements? So, for HYP3, you're locking up 500,000 tokens.

Speaker #2: Others might require fewer tokens or maybe more. Could you just talk about those HYPE on HYPE returns of some of the agreements you've made so far?

Speaker #2: And maybe just for fun, we could think of the HYP3 business as if growth mode were to end at some point and maybe volume sustained.

Hyunsu Jung: Yeah, sure thing. HYPE Asset Use are actually mostly denominated in dollar-based revenue. As mentioned earlier, Silhouette is trading fee reduction. As more volumes are deployed through the platform, that will result in more fee savings, and a larger percentage of that will return to Hyperion as revenue. We actually find that as more of an in-demand product because we are seeing more market makers and teams from traditional finance start to come over to Hyperliquid. When these teams are doing $300 million, $400 million, $500 million of volume a day, the fees that they're paying to Hyperliquid are quite substantial. That is a product that we see a lot of opportunity from.

Speaker #2: Thanks.

Speaker #3: Yeah, sure thing. So HYPE asset use is actually mostly denominated in dollar-based revenue. So, as mentioned earlier, Silhouette is trading fee reduction. So, as more volumes are deployed through that platform, that will result in more fee savings, and a larger percentage of that will return to Hyperion as revenue.

Speaker #3: So, we actually find that as more of an in-demand product because we are seeing more market makers and teams from traditional finance start to come over to Hyperliquid.

Speaker #3: And when these teams are doing three, four, or five hundred million dollars of volume a day, the fees that they're paying to Hyperliquid are quite substantial.

Speaker #3: So, that is a product that we see a lot of opportunity from. With regard to HIP3, like I mentioned earlier, if there wasn’t growth mode, the model and projection that we had prior to HIP3 deployment were quite accurate.

Hyunsu Jung: With regard to HIP-3, like I mentioned earlier. If there wasn't growth mode, the model and projections that we've had prior to HIP-3 deployment were quite accurate. It is purely a volume-based product, whereas more trading activity is done through Hyperliquid front-end and also through the builder codes, which are effectively mobile applications for distribution. We are seeing substantial growth across the user base, and we are working specifically with our partner at Felix to figure out which regionals, which regions, which markets, and which ways are the most effective mechanisms to bring more users and sustainable trading volume to the HIP-3 exchange.

Speaker #3: It is purely a volume-based product, whereas more trading activity is done through Hyperliquid front end and also through the builder codes, which are effectively distribution.

Speaker #3: We are seeing substantial growth across the user base and we are working specifically with our partner at Felix to figure out which regionals, which regions, which markets, and which ways are the most effective mechanisms to bring more users and sustainable trading volume to the HIP3 exchange.

David Brown: Awesome. Thanks, guys. Excellent, sir.

[Analyst] (Siebert Financial): Awesome. Thanks, guys. Excellent, sir.

Speaker #2: Awesome. Thanks, guys. Excellent, sir.

Hyunsu Jung: Thank you, Brian.

Jason Assad: Thank you. That concludes our question and answer session. I'll turn the floor back to Mr. Jung for any final comments.

Speaker #3: Thank you, Brian.

Speaker #1: Thank you. That concludes our question-and-answer session. I'll turn the floor back to Mr. Jung for any final comments.

Hyunsu Jung: Great. Thank you. As we conclude today's call, I wanna highlight how rapidly Hyperion DeFi has differentiated itself from other companies that are still operating under the digital asset treasury or DAT moniker. In six short months, we have been able to demonstrate the possibilities from a revenue perspective as these unique strategies start to gain momentum. This is rooted in our ability to work together with teams in the Hyperliquid ecosystem to accomplish the ambitious objectives set for ourselves. In many ways, we see these partnerships and the associated products becoming our moat, building upon each other, ultimately accelerating our DeFi flywheel. At the same time, in a space as dynamic as crypto, it is also paramount that we remain flexible and position quickly for new developments in Hyperliquid.

Speaker #3: Great. Thank you. So, as we conclude today's call, I want to highlight how rapidly Hyperion DeFi has differentiated itself from other companies that are still operating under the digital asset treasury, or DAT, moniker.

Speaker #3: In six short months, we have been able to demonstrate the possibilities from a revenue perspective as these unique strategies start to gain momentum. This is rooted in our ability to work together with teams in the Hyperliquid ecosystem to accomplish the ambitious objectives set for ourselves.

Speaker #3: In many ways, we see these partnerships and the associated products becoming our moat, building upon each other, ultimately accelerating our DeFi flywheel. At the same time, in a space as dynamic as crypto, it is also paramount that we remain flexible and positioned quickly for new developments in Hyperliquid.

Hyunsu Jung: In my shareholder letter published in January, I talked about two mega trends for the year: tokenization and artificial intelligence. We are already seeing the impact of these technologies playing out, real-world assets like oil and silver seeing price discovery during off-hours, in addition to increasing experimentation and utilization of AI agents to execute trading strategies on-chain. This comes at a time when we are seeing large-scale institutional adoption across key components of finance, payments, and frontier tech. It is imperative that we continue to operate for the long term and design on-chain products for a future that is highly financialized and autonomous. The regulatory environment for crypto is also advancing positively with the recent announcement of the SEC and CFTC working jointly to provide classification and clarity for digital assets.

Speaker #3: In my shareholder letter published in January, I talked about two megatrends for the year: tokenization and artificial intelligence. We are already seeing the impact of these technologies playing out.

Speaker #3: Real-world assets like oil and silver are seeing price discovery during off-hours, in addition to increasing experimentation and utilization of AI agents to execute trading strategies on-chain.

Speaker #3: This comes at a time when we are seeing large-scale institutional adoption across key components of finance, payments, and frontier tech. It is imperative that we continue to operate for the long term and design on-chain products for a future that is highly financialized and autonomous.

Speaker #3: The regulatory environment for crypto is also advancing positively, with the recent announcement of the SEC and CFTC working jointly to provide classification and clarity for digital assets.

Hyunsu Jung: It is encouraging to see the newly founded Hyperliquid Policy Center represent Hyperliquid at the White House, ensuring that our ecosystem's efforts are brought to the attention of key decision-makers. We firmly believe that the future is bright for Hyperliquid. With increasing regulatory clarity and maturing institutional infrastructure, the performance advantages of platforms like Hyperliquid should continue to break into mainstream adoption. This positioning is how Hyperion DeFi positions to win. In 2026, our priorities remain focused on three key areas: continuing to strategically build our Hype position, strengthening our partnerships within the Hyperliquid ecosystem, and scaling our portfolio of DeFi services, developing the institutional infrastructure necessary to bring traditional finance onto the Hyperliquid blockchain. We are so sincerely grateful for the continued support of our shareholders and, of course, to our ecosystem partners as we continue to build and scale our on-chain infrastructure directly on Hyperliquid.

Speaker #3: It is encouraging to see the newly founded Hyperliquid Policy Center represent Hyperliquid at the White House, ensuring that our ecosystem's efforts are brought to the attention of key decision makers.

Speaker #3: We firmly believe that the future is bright for Hyperliquid, with increasing regulatory clarity, a maturing institutional infrastructure, the performance advantages of platforms like Hyperliquid should continue to break into mainstream adoption.

Speaker #3: This positioning is how Hyperion DeFi positions to win. In 2026, our priorities remain focused on three key areas: continuing to strategically build our HYPE position, strengthening our partnerships within the Hyperliquid ecosystem, and scaling our portfolio of DeFi services.

Speaker #3: Developing the institutional infrastructure necessary to bring traditional finance onto the Hyperliquid blockchain. We are so sincerely grateful for the continued support of our shareholders and, of course, to our ecosystem partners as we continue to build and scale our on-chain infrastructure directly on Hyperliquid.

Hyunsu Jung: Hyperion DeFi is building for the future of finance. This is more than just Hype. Thank you.

Speaker #3: Hyperion DeFi is building for the future of finance. This is more than just HYPE. Thank you.

Jason Assad: Thank you. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

Operator: Thank you. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

Q4 2025 Hyperion DeFi Inc Earnings Call

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