EX-99.2 4 tm269775d1_ex99-2.htm EXHIBIT 99.2

Exhibit 99.2

Hyperion DeFi © 2026 1 HYPD Q4 2025 and FY 2025 Earnings Supplement More than just HYPE. NASDAQ: HYPD

Hyperion DeFi © 2026 2 Use of Non - GAAP Financial Measures This presentation includes certain non - GAAP financial measures (including on a forward - looking basis) such as Adjusted Gross Profit, Gross HYPE Holdings, Net Asset Value, Operating Expenses Excluding Stock - Based Compensation, Treasury Gains (Losses), Adjusted Other Income (Expense), and Adjusted EBITDA. These non - GAAP measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP and should not be considered as an alternative to any performance measures derived in accordance with GAAP. Reconciliations of non - GAAP measures to their most directly comparable U.S. Generally Accepted Accounting Principles (GAAP) counterparts are included in the Financial Supplement - Non - GAAP Reconciliations section of this presentation with additional detail in the Footnotes. Hyperion DeFi believes that these non - GAAP measures of financial results (including on a forward - looking basis) provide useful supplemental information to investors about Hyperion DeFi. Hyperion DeFi’s management uses non - GAAP measures to evaluate our operating performance, formulate business plans, help better assess our overall liquidity position, and make strategic decisions, including those relating to operating expenses and the allocation of internal resources. However, these non - GAAP measures have limitations as analytical tools. Other companies may not use these non - GAAP measures or may use similar measures that are defined in a different manner. Therefore, Hyperion DeFi’s non - GAAP measures may not be directly comparable to similarly titled measures of other companies. We also periodically review our non - GAAP financial measures and may revise these measures to reflect changes in our business or otherwise. Additionally, forward - looking non - GAAP financial measures are presented on a non - GAAP basis without reconciliations of such forward - looking non - GAAP measures because the GAAP financial measures are not accessible on a forward - looking basis and reconciling information is not available without unreasonable effort due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations, including adjustments reflected in our reconciliation of historic non - GAAP financial measures, the amounts of which, based on historical experience, could be material. Forward - Looking Statements Except for historical information, all the statements, expectations and assumptions contained in this presentation are forwar d - l ooking statements. Forward - looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements, our future activities or ot her future events or conditions, including the estimated market opportunities for our platform technology, the viability of, and risks associated with, our cryptocurrency treasury strategy, and the growth and revenue pot ent ial of the Hyperliquid ecosystem and the growth prospects of Hyperion DeFi, Inc. (“Hyperion DeFi”, “Hyperion” or the “Company”) (NASDAQ:HYPD). These statements are based on current expectations, estimates and projecti ons about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to pr edi ct. Therefore, actual outcomes and results may, and in some cases are likely to, differ materially from what is expressed or forecasted in the forward - looking statements due to numerous factors discussed from time to time in documents which we file with the U.S. Securities and Exchange Commission (the “SEC”), including in particular, the risks of our cryptocurrency strategy as detailed in our reports filed with the SEC. Any forward - looking statements speak only as of the date on which they are made, and except as may be required under applicable securities laws, Hyperion DeFi does not undertake any obligation to update any forward - looking statements. Disclaimer Certain information contained in this presentation and statements made orally during this presentation relate to or are based on studies, publications, surveys and other data obtained from third - party sources and Hyperion DeFi’s own internal estimates and research. While Hyperion DeFi believes these third - party studies, publications, surve ys and other data to be reliable as of the date of this presentation, it has not independently verified, and makes no representation as to the adequacy, fairness, accuracy or completeness of, any information obtained fro m t hird - party sources. In addition, no independent source has evaluated the reasonableness or accuracy of Hyperion DeFi’s internal estimates or research and no reliance should be made on any information or statements ma de in this presentation relating to or based on such internal estimates and research. You should conduct your own investigation and analysis of Hyperion DeFi, its business, prospects, results of operations and finan cia l condition. In furnishing this information, Hyperion DeFi does not undertake any obligation to provide you with access to any additional information (including forward - looking information and any projections contained he rein) or to update or correct the information. All figures in this presentation are not audited. Throughout this document, totals may not sum due to rounding. Calculations are based on unrounded results. Q4 2025 Q3 2025 Figures in $ 496,229 302,506 Revenue 820,997 439,386 Adjusted Gross Profit (1) 16,233,941 37,954,590 HYPE Digital Assets 47,837,901 77,751,604 Gross HYPE Holdings (4) 44,154,737 74,545,583 Net Asset Value (9) 4,530,542 2,594,130 Selling, General and Administrative Expense 3,007,135 4,315,016 Operating Expenses Excluding Stock - Based Compensation (5) 39,958,264 (4,125,685) Net Operating (Income) Expenses (36,783,228) 11,868,872 Treasury Gains (Losses) (6) (288) 2,197,391 Total Other Income (Expense), Net 48,717 (42,240) Adjusted Other Income (Expense) (7) (39,765,565) 6,625,582 Net Income (Loss) (38,920,649) 7,951,003 Adjusted EBITDA (8)

Hyperion DeFi © 2026 3 Achieved +87% quarter - over - quarter growth in our operating businesses (Adjusted Gross Profit (1) ), driven by new DeFi monetization and ecosystem rewards strategies which were just beginning to ramp in Q4 (each at >1,000% q - o - q growth) HYPD Investment Thesis Note: Adjusted Gross Profit and Operating Expenses Excluding Stock - Based Compensation are non - GAAP financial measures. See “Footnotes” and "Financial Supplement" sections for detailed definitions and reconciliations to the nearest GAAP Metric. “Triple Dip” HYPE deployment is possible because of management’s unique ability to build on the Hyperliquid blockchain. We earned ~3x base staking income in Q4 Strong earnings leverage with low cost base built for scale; achieved - 30% quarter - over - quarter decline in core costs (Operating Expenses Excluding Stock - Based Compensation (5) ) Anticipated $4M - $6M Adjusted Gross Profit (1) in 2026, ~4x our 2025 FY results Unique among digital asset treasuries with Five Diversified Operating Business Lines

Hyperion DeFi © 2026 4 Top 10 Hyperliquid Validator Institutional Volatility Income Vault $2.8B (14) Traded Volume on Felix - Partner Markets Secured On - Chain Lending Pools We are Building More Every Day Growing Hyperliquid Ecosystem Treasury (14) Ramping DeFi Business Lines Third Party Capabilities + + = Hyperion At A Glance +87% Q4 Q - o - Q Adjusted Gross Profit (1) Guidance of $4M - $6M 2026 Adjusted Gross Profit (1) (~4x 2025) Unique “Triple - Dip” HYPE Deployment Across 5 Strategies Achieved ~3x base staking income in Q4 1.93M HYPE 1.92M KNTQ 1.0M HPL The First Publicly Listed DeFi Company Building on Hyperliquid NASDAQ: HYPD More than just HYPE. Note: Adjusted Gross Profit is non - GAAP financial measure. See “Footnotes” and "Financial Supplement" sections for detailed definitions and reconciliations to the nearest GAAP Metric.

Hyperion DeFi © 2026 5 Hyperion’s Differentiated Value Proposition vs . “Traditional DAT” $HYPE $HYPE Shareholder Value Tied to HODL + Ecosystem Engagement Income Shareholder Value Tied to HODL Multiple DEFI businesses Multiple DEFI businesses Traditional DAT HYPD Ecosystem Growth Over Time

Hyperion DeFi © 2026 6 Five Diversified Operating Business Lines QoQ Growth Q4'25 Q3'25 (In $ Thousands) >1000% 285 - Ecosystem Rewards >1000% 102 <1 DeFi Monetization 2% 79 78 Yield Enhancement 127% 49 21 Validator Commissions - 10% 305 340 Staking Yield 87% 821 439 Adjusted Gross Profit (1) 197% 1,362 458 Validator Commissions in HYPE (2) 17% 8,713 7,437 Staking Yield in HYPE (2) 35.12 45.76 Effective Average HYPE Price In - Period (3) 0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 900,000 1,000,000 Q3'25 Q4'25 Adjusted Gross Profit (1) Staking Yield Validator Commissions Yield Enhancement DeFi Monetization Ecosystem Rewards Note: Adjusted Gross Profit is non - GAAP financial measure. See “Footnotes” and "Financial Supplement" sections for detailed definitions and reconciliations to the nearest GAAP Metric.

Hyperion DeFi © 2026 7 HYPD’s “Triple - Dip” HYPE Deployment is Possible Because of Our Management’s Unique Ability to Build on the Hyperliquid Blockchain DeFi Operating Activity Deal Description HYPD DeFi Partner Ecosystem Rewards DeFi Monetization Yield Enhancement Validator Commissions Staking Yield Hyperion x Kinetiq Validator Kinetiq HYPE Asset Use Service (HAUS) Silhouette HAUS / HIP - 3 Markets Felix USDH Aligned Stablecoin Native Markets kmHYPE / HIP - 3 Markets Kinetiq Markets Institutional Vaults Rysk On - Chain Secured Lending HyperLend 1 1 1 1 1 1 1 3 3 3 3 3 3 3 2 2 2 2 2 2 2 represent cumulative deployment of the same HYPE tokens into multiple strategies in each row 1 2 3

Hyperion DeFi © 2026 8 Anticipated $4M - $6M Adjusted Gross Profit in 2026, ~4x our 2025 FY results 2026 Guidance vs. 2025 Actual FY'26 Guidance FY'25 A Q4'25 A Q3'25 A Q2'25 A Q1'25 A (in $ millions) ~ 4x $4M - $6M $1.28M $0.82M $0.44M $0.00M $0.01M Adjusted Gross Profit (1) Q4’25 vs. Q3’25 QoQ Adjusted Gross Profit (1) Growth (Actual): +87% Note: Adjusted Gross Profit is non - GAAP financial measure. See “Footnotes” and "Financial Supplement" sections for detailed definitions and reconciliations to the nearest GAAP Metric.

Hyperion DeFi © 2026 9 HYPD Treasury Over Time Note: Gross HYPE Holdings is non - GAAP financial measure. See “Footnotes” and "Financial Supplement" sections for detailed definitions and reconciliations to the nearest GAAP Metric. HYPD Net Basis (14) March 23, 2026 (14) December 31, 2025 September 30, 2025 1.93 M 1.93 M 1.88 M 1.72 M Gross HYPE Tokens (2) $37.9 $38.2 $25.4 $45.2 HYPE Token Price $73.4 M $73.9 M $47.8 M $77.8 M Gross HYPE Holdings (4) $9.2 M $6.5 M $8.2 M Cash, Cash Equivalents, and USDH

Hyperion DeFi © 2026 10 About Hyperliquid Note: All metrics in this “About Hyperliquid” Section are as of January 31, 2026, unless otherwise indicated

Hyperion DeFi © 2026 11 Hyperliquid In The News

Hyperion DeFi © 2026 12 [ Why Hyperliquid (HYPE)? Top 1 revenue and Top 10 market cap cryptocurrency Source: CoinMarketCap Source: Artemis As of January 31, 2026 As of January 31, 2026 Top Fees (24h) [ NAME 1 Bitcoin BTC 2 Ethereum ETH 3 BNB BNB 4 XRP XRP 5 Solana SOL 6 TRON TRX 7 Dogecoin DOGE 8 Cardano ADA 9 Bitcoin Cash BCH 10 Hyperliquid HYPE Market Cap: Top 10 Cryptocurrencies (excluding stablecoins) MARKET CAP $1,547,805,619,029 $288,731,033,588 $104,749,399,382 $96,904,830,011 $57,639,798,402 $26,961,884,722 $17,075,603,907 $10,288,871,687 $9,669,311,810 $7,629,886,600

Hyperion DeFi © 2026 13 BUYBACKS MARKET CAP** STAKING YIELD FIXED SUPPLY TOKEN $1,547,805,619,029 Bitcoin $288,731,033,588 Ethereum $57,639,798,402 Solana $7,629,886,600 Hyperliquid Hyperliquid’s Unique Token Design Hyperliquid generates an annualized revenue of > $ 1 B+* . ~ 99 % of this revenue goes back to daily buybacks of HYPE into the Assistance Fund, a powerful mechanism relative to its circulating market cap . Assistance Fund HYPE ~40M Assistance HYPE $ ~1.2B Source: Hypurrscan as of January 31, 2026 * Based upon annualized fees in the last week of January 2026 per Defi Llama ** As of January 31, 2026; Source: CoinMarketCap

Hyperion DeFi © 2026 14 Hyperliquid’s (HYPE) Trading Platform Is Experiencing Rapid Adoption And Growth Hyperliquid Cryptocurrency Market Cap Ranking #10 Hyperliquid Market Cap ~$7.6 Billion Cumulative Fees Generated on Hyperliquid >$1 Billion Hyperliquid Circulating Token Supply ~258 Million Hyperliquid Marketplace Users ~1 Million Hyperliquid Maximum Token Supply ~960 Million (~40 Million Burned) Hyperliquid Cryptocurrency Daily Revenue Ranking #1 Source: Hyperliquid Stats Source: Defi Llama Source: Defi Llama Source: CoinMarketCap Source: CoinMarketCap ; Hypurrscan Source: CoinMarketCap Source: CoinMarketCap (Excluding Stablecoins) Source: Artemis As of January 31, 2026 Daily Trading Volume on Hyperliquid Has Exceeded >$16 Billion Cumulative Trading Volume on Hyperliquid ~$4 Trillion Source: Defi Llama

Hyperion DeFi © 2026 15 Hyperliquid’s Parabolic Growth Hyperliquid has become the leading platform for on - chain derivatives, seen through its rapidly growing fees and crypto perpetuals (“perp”) trading volume expansion since its Token Genesis Event in November 2024. Source: Defi Llama Key Metrics Total Value Locked App Fees (24h) Crypto Spot Volume (24h) Perps Volume (24h) Open Interest $HYPE Price $HYPE Market Cap $HYPE Fully Diluted Value $4.5b $5.1m $672m $15.3b $8.1b $29.54 $8.92b $28.4b ~$4 Trillion CUMULATIVE PERP VOLUME Hyperliquid (HYPE) As of January 31, 2026 >$1 Billion CUMULATIVE HYPERLIQUID FEES

Hyperion DeFi © 2026 16 0 5 10 15 20 25 30 Nov '25 Dec '25 Jan '26 HIP - 3 Monthly Volume ($BN) $3.3 $8.1 $23.9 Source: Artemis Through January 31, 2026 2.9x 2.4x HIP - 3 Fueled Growth Hyperliquid’s New “HIP - 3” Markets (Primarily Commodities & Equities) are Experiencing Rapid Month - over - Month Trading Volume Increases

Hyperion DeFi © 2026 17 Our DeFi Operating Businesses Note: All metrics in this “Our DeFi Operating Business” Section are as of January 31, 2026, unless otherwise indicated

Hyperion DeFi © 2026 18 Early Mover Advantages Create Unique Opportunities for Compounding Revenue Streams Hyperliquid Staking Yield Validator Commissions Hyperliquid Staking Yield Hyperliquid Staking Yield Validator Commissions Yield Enhancement Validator Commissions Yield Enhancement Hyperliquid Staking Yield DeFi Monetization Validator Commissions Yield Enhancement Hyperliquid Staking Yield DeFi Monetization Ecosystem Rewards RETURNS HYPERION DEFI’S RAPIDLY COMPOUNDING DEFI STRATEGY Received 3M Foundation HYPE Delegation *Not active as of January 2026 HAUS Credo Execution* HAUS Felix Execution Co - Branded Kinetiq Validator Launched “HiHYPE” Liquid Staking Token Native Markets Partnership Rysk Yield Vaults HyperLend On - Chain Credit HAUS Silhouette Execution

Hyperion DeFi © 2026 19 Hyperion DeFi stakes and deploys HYPE into the Hyperliquid Ecosystem Clients unlock unique utility on Hyperliquid; Hyperion DeFi earns fees from Clients Client activity promotes broader Hyperliquid adoption Hyperion earns Validator Commissions and Ecosystem Rewards Hyperion DeFi reinvests revenues to purchase more HYPE How HYPD Drives the Institutional Adoption Flywheel • Reduced Trading Fees (Silhouette) • Launch of New “HIP3” Financial Markets (Felix) • On - chain credit pool (HyperLend) • On - chain yield vaults (Rysk) • Enable Native Markets’ USDH “Aligned Stablecoin” 1 2 3 4 5 • Eligible for KNTQ • Eligible for HPL

Hyperion DeFi © 2026 20 DeFi Operating Activity Markets Expansion Efficient Borrowing Trading Fee Savings Enhanced Liquidity DeFi Yield Deal Description HYPD DeFi Partner HiHYPE Liquid Staking Token Kinetiq HYPE Asset Use Service (HAUS) Silhouette HAUS / HIP - 3 Markets Felix USDH Aligned Stablecoin Native Markets kmHYPE / HIP - 3 Markets Kinetiq Markets Institutional Vaults Rysk On - Chain Secured Lending HyperLend HYPD’s Innovative Partnerships Enable Unique Utility on Hyperliquid

Hyperion DeFi © 2026 21 As of January 31, 2026 Source: hyperliquid.xyz As of January 31, 2026 Hyperion Defi’s Validator Has ~12M HYPE And Is A Top 10 Validator

Hyperion DeFi © 2026 22 Over $1B Volume on HYPD - Enabled Felix Markets since November 2025 Felix Markets include Silver, TSLA, Gold, CRCL, COIN and other assets listed in synthetic perpetual format Source: Hyperzap As of January 31, 2026 Cumulative Trading Volume (RHS) ~$1.2 Billion Daily Trading Volume (LHS) has exceeded >$100 Million Cumulative Unique Traders >5,000

Hyperion DeFi © 2026 23 Frictionless exposure to Hyperliquid’s native token HYPE. Access next - generation Decentralized Finance (DeFi). Bridging public markets and on - chain strategies. More than just HYPE. NASDAQ: HYPD

Hyperion DeFi © 2026 24 Financial Supplement

Hyperion DeFi © 2026 25 HYPD Q4’25 GAAP Non - GAAP Income Summary Note: Adjusted Gross Profit, Operating Expenses Excluding Stock - Based Compensation, Treasury Gains (Losses), Adjusted Other Inco me (Expense), and Adjusted EBITDA are non - GAAP financial measures. See “Footnotes” and "Financial Supplement" sections for detailed definitions and reconciliations to the nearest GAAP metric. Q4 2025 Q3 2025 Non - GAAP Income Summary $ 820,997 $ 439,386 Adjusted Gross Profit (1) 3,007,135 4,315,016 Operating Expenses Excluding Stock - Based Compensation (5) (36,783,228) 11,868,872 Treasury Gains (Losses) (6) 48,717 (42,240) Adjusted Other Income (Expense) (7) $ (38,920,649) $ 7,951,003 Adjusted EBITDA (8)

Hyperion DeFi © 2026 26 Description of 2025 Digital Assets Operating Business Lines within Non - GAAP Adjusted Gross Profit (1) *Throughout this document, LST(s) is the abbreviation for “Liquid Staking Token(s)”, including HiHYPE (Hyperion Institutional HY PE), kHYPE (Kinetiq Staked HYPE), and kmHYPE (Kinetiq Market HYPE). Note: Adjusted Gross Profit is non - GAAP financial measure. See “Footnotes” and "Financial Supplement" sections for detailed defi nitions and reconciliations to the nearest GAAP Metric. Description & Financial Presentment Digital Assets Business Activity End - of - day value of the Company’s November 27, 2025 KNTQ Airdrop token receipt is presented as "Realized gains - digital assets" in "Operating (Income) Expenses". Ecosystem Rewards DeFi Monetization partnerships with Credo Cayman, Felix, and Native Markets are presented as either "Revenue" (without any "Cost of Revenue“) or “Interest Income” within “Other Income”. DeFi Monetization Any realized and unrealized gains and losses from Yield Enhancement activities are presented in "Operating (Income) Expenses". Yield Enhancement Validator Commissions are earned in HYPE and expressed as US dollars. Hyperion DeFi's portion of our Validator Commissions is presented as "Revenue" without any "Cost of revenue". Starting December 15, 2025, Validator Commissions owed to Kinetiq and Pier Two are presented as both "Revenue" and "Cost of revenue". Validator Commissions Staking Yield is earned in HYPE and expressed as US dollars. Staking Yield on Hyperion DeFi's HYPE tokens is presented as "Revenue" without any "Cost of revenue", while accrued Staking Yield on our Liquid - Staking Tokens (LSTs*) is included as a Non - GAAP adjustment. Starting December 15, 2025, Staking Yield on third - party delegated HYPE tokens to our Validator are presented as both "Revenue" and "Cost of revenue". Staking Yield

Hyperion DeFi © 2026 27 Disaggregated Non - GAAP Adjusted Gross Profit (1) *Only presented in the Company financials from activity on and after December 15, 2025. **The subset of realized and unrealized gains and losses derived from activities such as selling covered call options on HYPE to kens. ***The subset of realized gains - digital assets derived from ecosystem reward activity such as the receipt of airdrop KNTQ toke ns on November 27, 2025. ****The subset of interest income from digital assets receivables. Note: Adjusted Gross Profit is non - GAAP financial measure. See “Footnotes” and "Financial Supplement" sections for detailed defi nitions and reconciliations to the nearest GAAP Metric. FY'25 Q4'25 Q3'25 Q2'25 Q1'25 (Figures in $ thousands) 15 - - - 15 Life Sciences Revenue Revenue 414 133 281 - - HYPE Staking Yield - HYPD Tokens 296 296 - - - HYPE Staking Yield - 3rd Party Tokens* 70 49 21 - - Validator Commissions - HYPD Portion 7 7 - - - Validator Commissions - Non - HYPD Portion* 12 12 <1 - - DeFi Monetization Revenue (<1) - - - (<1) Life Sciences Cost of Revenue Cost of Revenue (296) (296) - - - HYPE Staking Yield Cost of Revenue - 3rd Party Tokens* (7) (7) - - - Validator Commissions Cost of Revenue - Non - HYPD Portion* 231 172 59 - - LST Staking Yield - HYPD Tokens (10) Non - GAAP Adjustments 158 79 78 - - Yield Enhancement** Operating Income 285 285 - - - Ecosystem Rewards*** 91 91 - - - DeFi Monetization Interest Income**** Other Income 1,275 821 439 - 15 Non - GAAP Adjusted Gross Profit (1)

Hyperion DeFi © 2026 28 Non - GAAP Financial Measures & Reconciliations Reconciliation of Adjusted Gross Profit (1) (unaudited) Note: See “Footnotes” section for detailed explanations and definitions. The sum of individual metrics may not always equal t ota l amounts indicated due to rounding. For the Three Months Ended December 31, 2025 For the Three Months Ended September 30, 2025 $ 496,229 $ 302,506 Revenue (303,242) - Subtract: Cost of Revenue 172,463 58,771 Add: Accumulated but unrealized staking yield on LSTs (10) 79,461 78,109 Add: Operating Income from yield enhancement strategies 285,450 - Add: Realized gains – digital assets from ecosystem rewards 90,636 - Add: Interest Income from DeFi Monetization activity $ 820,997 $ 439,386 Adjusted Gross Profit (1)

Hyperion DeFi © 2026 29 As of December 31, 2025 Token Price Token Count Value $ $ 25.43 638,352 $ 16,233,941 HYPE digital assets Add: 25.43 300,725 7,647,740 HYPE digital assets receivable* 21.18 398,277 8,437,277 HiHYPE at carrying value 22.49 505,434 11,369,458 kHYPE at carrying value 22.49 28,888 649,820 kmHYPE at carrying value N.M.** 9,410 3,499,665 Unrealized accretion (dilution) expected upon future LST to HYPE Token Reconversion (11) $ 47,837,901 Gross HYPE Holdings (4) $ 25.43 1,881,086 Gross HYPE Tokens (2) $ 4,912,082 Unrealized accretion (dilution) expected upon LST to HYPE reconversion as of September 30, 2025 $ (1,412,417) In - Period Change in unrealized accretion (dilution) expected upon LST to HYPE reconversion versus September 30, 2025 *Presented gross of $405,331 provision for credit losses and $307,278 unamortized nonrefundable upfront fee. **Throughout this document, N.M. is the abbreviation for "Not Meaningful“. Note: See “Footnotes” section for detailed explanations and definitions. The sum of individual metrics may not always equal t ota l amounts indicated due to rounding. Non - GAAP Financial Measures & Reconciliations Q4’25 Reconciliation of Gross HYPE Holdings (4) (unaudited)

Hyperion DeFi © 2026 30 Non - GAAP Financial Measures & Reconciliations Q3’25 Reconciliation of Gross HYPE Holdings (4) (unaudited) *The Company did not hold any LSTs on or prior to June 30, 2025. Therefore, as of September 30, 2025, the in - period change in un realized accretion (dilution) expected upon LST to HYPE Token Reconversion is the same as the absolute figure. Note: See “Footnotes” section for detailed explanations and definitions. The sum of individual metrics may not always equal t ota l amounts indicated due to rounding. As of September 30, 2025 Token Price Token Count Value $ $ 45.19 839,889 $ 37,954,590 HYPE digital assets Add: $ 39.74 877,871 34,884,932 HiHYPE at Carrying Value N.M. 2,788 4,912,082 Unrealized accretion (dilution) expected upon future HiHYPE to HYPE Token Reconversion (11) $ 77,751,604 Gross HYPE Holdings (4) $ 45.19 1,720,549 Gross HYPE Tokens (2) $ 4,912,082 In - Period Change in unrealized accretion (dilution) expected upon LST to HYPE reconversion versus June 30, 2025*

Hyperion DeFi © 2026 31 For the Three Months Ended December 31, 2025 For the Three Months Ended September 30, 2025 Reconciliation of Operating Expense Excluding Stock - Based Compensation (5) Value $ Value $ $ 4,530,542 $ 2,594,130 Selling, general and administrative expense (1,712,361) 1,347,031 Subtract: stock - based compensation expense 188,954 373,855 Add: research and development expense $ 3,007,135 $ 4,315,016 Operating Expense Excluding Stock - Based Compensation (5) Non - GAAP Financial Measures & Reconciliations Reconciliation of Operating Expenses Excluding Stock - Based Compensation (5) (unaudited) & Disaggregated Stock - Based Compensation Note: See “Footnotes” section for detailed explanations and definitions. The sum of individual metrics may not always equal t ota l amounts indicated due to rounding. For the Three Months Ended December 31, 2025 For the Three Months Ended September 30, 2025 Disaggregated Stock - Based Compensation Value $ Value $ $ - $ (2,140,000) Mark - to - market adjustment of vested but undelivered stock - based compensation 997,563 209,648 Amortized expensing of unearned executive milestone awards 714,798 583,321 All remaining stock - based compensation $ 1,712,361 $ (1,347,031) Total Stock - Based Compensation

Hyperion DeFi © 2026 32 For the Three Months Ended December 31, 2025 For the Three Months Ended September 30, 2025 Value $ Value $ $ (39,958,264) $ 4,125,685 Net Operating (Expenses) Income Add Back : 188,954 373,855 Research and development expense 4,530,542 2,594,130 Selling, general and administrative expense 405,331 - Provision for credit losses (1,412,417) 4,912,082 In - Period Change in unrealized accretion (dilution) upon LST to HYPE reconversion Subtract : (172,463) (58,771) Accumulated but unrealized staking yield on LSTs (10) (285,450) - Operating Income from airdrops (79,461) (78,109) Operating Income from yield enhancement strategies $ (36,783,228) $ 11,868,872 Treasury Gains (Losses) (6) Non - GAAP Financial Measures & Reconciliations Reconciliation of Treasury Gains (Losses) (6) (unaudited) Note: See “Footnotes” section for detailed explanations and definitions. The sum of individual metrics may not always equal t ota l amounts indicated due to rounding.

Hyperion DeFi © 2026 33 For the Three Months Ended December 31, 2025 For the Three Months Ended September 30, 2025 Value $ Value $ $ (288) $ 2,197,391 Total Other Income (Expense), Net Add Back : 224,799 223,080 Interest Expense - (2,407,154) Reduction in life sciences liabilities (12) (85,158) (55,557) Other non - recurring items (13) (90,636) - Subtract: Interest Income from DeFi Monetization activity $ 48,717 $ (42,240) Adjusted Other Income (Expense) (7) Non - GAAP Financial Measures & Reconciliations Reconciliation of Adjusted Other Income (Expense) (7) (unaudited) Note: See “Footnotes” section for detailed explanations and definitions. The sum of individual metrics may not always equal t ota l amounts indicated due to rounding.

Hyperion DeFi © 2026 34 For the Three Months Ended December 31, 2025 For the Three Months Ended September 30, 2025 $ (39,765,565) $ 6,625,582 Net Income (Loss) Add back: 1,712,361 (1,347,031) Stock - based compensation 224,799 223,080 Interest expense 405,331 - Provision for credit losses - - Income taxes - - Depreciation and amortization expense* - (2,407,154) Reductions in life sciences liabilities (12) (85,158) (55,557) Other Non - Recurring Items (13) (1,412,417) 4,912,082 Add: In - Period Change in unrealized accretion (dilution) expected upon LST to HYPE reconversion $ (38,920,649) $ 7,951,003 Adjusted EBITDA (8) Non - GAAP Financial Measures & Reconciliations Reconciliation of Adjusted EBITDA (8) (unaudited) *Does not include Amortization of Operating Lease. Note: See “Footnotes” section for detailed explanations and definitions. The sum of individual metrics may not always equal t ota l amounts indicated due to rounding.

Hyperion DeFi © 2026 35 December 31, 2025 September 30, 2025 Value $ Value $ $ 47,837,901 $ 77,751,604 HYPE digital assets, as adjusted to Gross HYPE Holdings (4) 111,406 - Add: KNTQ digital assets 7,245,809 9,085,767 Add: Current Assets (2,701,013) (4,037,092) Subtract: Current Liabilities (8,339,366) (8,254,696) Subtract: Notes Payable * $ 44,154,737 $ 74,545,583 Net Asset Value (9) Non - GAAP Financial Measures & Reconciliations Reconciliation of Net Asset Value (9) (unaudited) *Non - current portion; does not subtract debt discount of $598,691 as of September 30, 2025 or $543,230 as of December 31, 2025. Note: See “Footnotes” section for detailed explanations and definitions. The sum of individual metrics may not always equal t ota l amounts indicated due to rounding.

Hyperion DeFi © 2026 36 Footnotes

Hyperion DeFi © 2026 37 Footnotes 1. “Adjusted Gross Profit” is a non - GAAP measure. Adjusted Gross Profit is defined as all in - period gross profit generated by the C ompany’s operations excluding buying digital assets and associated mark - to - market price movements. Such activities include staking yield, validator operations, yield enhancement activity, DeFi monetization partnerships, ecosystem rewards, a nd life sciences operations. It is reconciled to the GAAP measure “Revenue” by ( i ) subtracting Cost of Revenue, (ii) adding accumulated but unrealized staking yield on LSTs, (iii) adding the portion of GAAP operating income which was generated from yie ld enhancement strategies (such as selling covered calls), (iv) adding the portion of GAAP “Realized gains – digital assets” generated from ecosystem rewards such as the receipt of airdrop tokens, and (v) adding the portion of GAAP “Interest Inc ome” generated from digital assets receivables. We believe “Adjusted Gross Profit” is a helpful financial measure to our management and investors as it aims to capture all in - period gross profit generated by our active operational strategies wit hout the impact of ( i ) the temporary GAAP earnings volatility of HYPE to LST conversion and LST to HYPE reconversion, (ii) dispersed GAAP presentment of our operational strategies across various Statements of Operations sections, or (iii) the imp acts of realized or unrealized gains or losses on our digital assets. We believe Adjusted Gross Profit is a critical metric t o quantify and compare our core operational activities between periods. 2. The following are unaudited supplemental operating disclosures: Gross HYPE Tokens, the number of HYPE tokens staked at the Ki net iq x Hyperion Validator, Validator Commissions in HYPE, and Staking Yield in HYPE. 3. Calculated as the sum of the in - period Non - GAAP Adjusted Gross Profit components of (a) Validator Commissions plus (b) Staking Y ield (such figures being expressed in - period in US Dollars), divided by the sum of (c) Validator Commissions in HYPE plus (d) Staking Yield in HYPE. 4. “Gross HYPE Holdings” is a non - GAAP measure. Gross HYPE Holdings is defined as the gross market value of the Company’s HYPE assu ming (a) all temporary HYPE token use agreements are exited and (b) all LSTs were converted back to HYPE tokens as of the end of each respective reporting quarter. It is reconciled to the GAAP measure “HYPE digital assets” by addi ng ( i ) HYPE digital assets receivable (without subtracting provisions for credit losses or unamortized nonrefundable upfront fees), (ii) HYPE LSTs at carrying value (including without limitation HiHYPE, kHYPE, and kmHYPE) and (iii) the unrealized accret ion (dilution) expected upon LST to HYPE reconversion as of the end of each respective reporting quarter. We believe Gross HYPE Holdings is a helpful non - GAAP financial measure to our management and investors because it eliminates the temporary HYPE value impacts caused by our DeFi Monetization token movements as well as the conversion and reconversion between HYPE tokens and LSTs, which (a) causes staking yield on our LSTs not to be recognized in - period in accordan ce with GAAP and (b) does not recognize upward mark - to - market movements in underlying HYPE tokens given LSTs are carried at the lower of cost basis or impaired value. As such, it provides useful information about our balance sheet, al low s for greater transparency with respect to important metrics used by our management for financial, risk management and operational decision - making, and provides an additional tool for investors to understand and compare our operating results acros s reporting periods. 5. "Operating Expenses Excluding Stock - Based Compensation" is a non - GAAP measure. Operating Expenses Excluding Stock - Based Compensa tion is defined as the Company's operational expenses in - period excluding treasury value movements and stock - based compensation. It is reconciled to the GAAP measure “Selling, general and administrative expense” by ( i ) subtracting stock - based compensation expense and (ii) adding Research and development expense. Operating Expenses Excluding Stock - Based Compensation provides a metric of total operating expenditures in - period without the impact of treasury va lue movement or stock - based compensation, thereby creating a helpful metric for operational expense comparisons between different periods for our management and investors. 6. "Treasury Gains (Losses)" is a non - GAAP measure. Treasury Gains (Losses) is defined as the gross mark - to - market change in the co mpany's digital asset treasury portfolio each period, without accounting for temporary GAAP impacts due to HYPE to LST conversion (or LST to HYPE reconversion) or operating income driven by airdrops or yield enhancement activity. It is r eco nciled to the GAAP measure “Net Operating Income (Expenses)" by (a) adding ( i ) Research and development expense, (ii) Selling, general, and administrative expense, (iii) Provision for credit losses, and (iv) the in - period change in unrealize d accretion (dilution) expected upon LST to HYPE reconversion, and (b) subtracting ( i ) accumulated but unrealized staking yield on LSTs, (ii) operating income from airdrops, and (iii) operating income from yield enhancement strategies. Following these a dju stments, Treasury Gains (Losses) is a singular metric that can present mark - to - market treasury changes in isolation, which we believe is a helpful metric for management and investors given our large digital asset treasury position and the vol ati le nature of digital assets. 7. "Adjusted Other Income (Expense)" is a non - GAAP measure. Adjusted Other Income (Expense) reflects management’s view of recurring activities outside of core operating income and operating expenses. It is reconciled to the GAAP measure "Total Other Income (Expense), Net" by (a) adding back ( i ) interest expense, (ii) non - recurring gains from reductions in life sciences liabilities, and (iii) other non - recurring items w hich we do not consider material in nature, and (b) subtracting the portion of GAAP “Interest Income” generated from digital assets receivables. The items added back to Adjusted Other Income (E xpe nse) are excluded because they are non - cash in nature, or because the amount and timing of these items are unpredictable, are not driven by core results of operations, and render comparisons with prior periods and competitors less m ean ingful. The item subtracted from Adjusted Other Income (Expense) is already captured in the Non - GAAP metric “Adjusted Gross Profit”, as further described in Footnote 1. We believe Adjusted Other Income (Expense) provides a helpful vi ew to management and investors regarding recurring and ongoing income and expense items outside of operating income and operating expenses, presented in a way to compare these elements over time. 8. “Adjusted EBITDA” is a non - GAAP measure. Adjusted EBITDA is meant to reflect management’s view of recurring business activities and a more comparable view of the mark - to - market impacts on our digital asset treasury holdings in - period. It is reconciled to the GAAP measure “Net Income (Loss)” by removing ( i ) stock - based compensation, (ii) interest expense, (iii) provision for credit losses, (iv) income taxes, (v) depreciation and am ortization expense (excluding amortization of operating lease), (vi) non - recurring gains from reductions in life sciences liabilities, and (vii) other non - recurring items which we do n ot consider material in nature; and, it adds the in - period change in unrealized accretion (dilution) expected upon LST to HYPE reconversion. The items excluded from our Adjusted EBITDA are excluded because they are non - cash in nature, or because the amoun t and timing of these items are unpredictable, are not driven by core results of operations, and render comparisons with prior periods and competitors less meaningful. We add to Adjusted EBITDA the in - period change in unrealized acc retion (dilution) expected upon LST to HYPE reconversion to give a more complete picture of mark - to - market impacts on our HYPE holdings, disregarding the temporary impacts of conversion and reconversion between HYPE and LSTs. Adjust ed EBITDA is used by management, in addition to GAAP financial measures, to understand and compare our operating results across accounting periods, for risk management and operational decision - making purposes. This non - GAAP measure provides investors with additional information in evaluating the Company's operating performance.

Hyperion DeFi © 2026 38 Footnotes (continued) 9. “Net Asset Value” is a non - GAAP measure. Net Asset Value is defined as the market value of our marketable digital assets less ne t outstanding debt. It is reconciled to the GAAP measure “HYPE digital assets” as adjusted to “Gross HYPE Holdings” (described more fully in Footnote 4) by ( i ) adding KNTQ digital assets, (ii) adding Current Assets, (iii) subtracting Current Liabilities, and (iv) subtracting Notes P aya ble (Non - current portion, without subtracting corresponding debt discounts or any unamortized issuance expenses). We believe Net Asset Value is a helpful non - GAAP financial measure to our management and investo rs because it provides a more complete picture of our net liquid and marketable assets. It does not include Other digital assets which may not be immediately marketable. It does not include other non - current assets or non - current liabil ities beyond the aforementioned items. The Company believes Net Asset Value provides useful information about our balance sheet and financial performance, enhances the overall understanding of our past performance and future prospects, all ows for greater transparency with respect to important metrics used by our management for financial, risk management and operational decision - making, and provides an additional tool for investors to use to understand and compare our o perating results across accounting periods. 10. Represents in - period accrued staking yield on HYPE LSTs. Staking yield on LSTs is not recognized in - period in accordance with GA AP; instead, LST staking yield may be recognized with an associated realized gain upon future reconversion from LSTs back into HYPE. 11. Represents the estimated future financial implications if all company - owned LSTs were reconverted to HYPE at the end of each res pective period. Encapsulates both the temporary GAAP valuation methodology differences between LSTs and HYPE plus the realization of previously accrued but unrecognized staking yield on LSTs. 12. In the three months ended September 30, 2025, Gain on extinguishment of liability and a reduction in accrued liability within ot her income was $2.2 million and $0.2 million respectively, combined totaling $2.4 million. 13. In the reconciliation of “Total Other Income (Expense), Net” to “Adjusted Other Income (Expense)”, as well as in the reconcil iat ion of “Net Income (Loss)” to “Adjusted EBITDA”, in the three months ended September 30, 2025, other non - recurring items include gains on sales of equipment, release of reserves held against potential returns of company - sold items, and a one - t ime realized payment in connection with a terminated LOI. In the three months ended December 31, 2025, other non - recurring items include gains due to valuation differences in the time between contractual and actual delivery dates on certa in company - paid expenses denominated in HYPE and in Company equity. 14. Estimated and unaudited figures as of March 23, 2026.