Executive Summary

Hyperion DeFi delivered record net income of $6.63M and income from operations of $4.43M in Q3 2025, reflecting its pivot to a digital asset treasury anchored in HYPE and associated on-chain business lines .
Revenue rose to $0.30M from $0.002M in Q3 2024, while non-GAAP Adjusted Revenue reached $0.36M as staking-related activity on HiHYPE is reflected via non-GAAP adjustments .
Management initiated Q4 2025 Adjusted Revenue guidance of $0.475M–$0.515M (+31% to +43% QoQ), and expects operating cash flow to turn positive in 2026, underscoring confidence in scaling validator, HAUS, and yield strategies .
Strategic KPIs inflected positively: Net Asset Value reached $74.55M; Gross HYPE Holdings were $77.75M; tokens staked at the co-branded validator grew from 8.25M (9/30) to 13.21M (10/31), a 60% MoM increase .

What Went Well and What Went Wrong

What Went Well

“Record net income” achieved in the first full quarter of the new strategy, marking a significant corporate transformation from ophthalmics to an institutional DeFi gateway focused on Hyperliquid’s HYPE token .
Rapid validator momentum: staked tokens at “Kinetiq x Hyperion” surged to 13.21M by 10/31 (from 8.25M at 9/30), supported by a definitive joint validator agreement in October 2025 .
New monetization vectors launched: HiHYPE liquid staking, covered call strategies, and HAUS platform transactions with Credo and Felix intended to compound yields and fee income while maintaining staking rewards .

What Went Wrong

GAAP revenue remains small ($0.30M) relative to income from operations and net income, reflecting reliance on gains and non-GAAP adjustments tied to digital asset activities rather than traditional top-line growth .
Large impairment ($6.29M) of digital intangible assets alongside realized ($6.94M) and unrealized ($6.44M) gains create volatility and limit comparability against prior periods .
Estimates coverage is nascent; S&P Global consensus EPS and revenue estimates for Q3 and Q4 2025 were unavailable, constraining beat/miss framing against Wall Street expectations [GetEstimates: Q3 2025, Q4 2025].

Financial Results

Metric	Q3 2024	Q2 2025	Q3 2025
Revenue ($USD)	$1,625	$0	$302,506
Income From Operations ($USD)	($7,331,927)	($8,353,282)	$4,428,191
Net Income ($USD)	($7,887,853)	($8,690,919)	$6,625,582
Basic EPS ($USD)	($9.07)	($2.50)	$0.26
Diluted EPS ($USD)	($9.07)	($2.50)	$0.05
Adjusted Revenue ($USD, non-GAAP)	N/A	N/A	$361,277
Adjusted EBITDA ($USD, non-GAAP)	N/A	N/A	$7,951,003

Segment breakdown: Not applicable; Company reports consolidated results and non-GAAP metrics (Adjusted Revenue, Gross HYPE Holdings, Net Asset Value, Adjusted EBITDA) rather than revenue by operating segments .

KPIs and Balance Sheet

KPI	Q3 2025
HYPE – Digital Assets ($USD)	$37,954,590
Gross HYPE Holdings ($USD)	$77,751,604
Gross HYPE Tokens (count)	1,720,549
Tokens Staked at Validator (9/30)	8,249,233
Tokens Staked at Validator (10/31)	13,210,917
Net Asset Value ($USD)	$74,545,583
Cash and Equivalents ($USD)	$8,223,180
Total Debt ($USD)	$7,656,005 (non-current, net of discount)
Current Assets ($USD)	$9,085,767
Current Liabilities ($USD)	$4,037,092

Vs. Estimates

Metric	Period	Actual	Consensus
Revenue ($USD)	Q3 2025	$302,506	Unavailable (S&P Global)*
EPS ($USD)	Q3 2025	$0.26 basic; $0.05 diluted	Unavailable (S&P Global)*

*Values retrieved from S&P Global.

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Adjusted Revenue ($USD, non-GAAP)	Q4 2025	N/A	$475,000–$515,000 (+31% to +43% QoQ)	Initiated
Operating Cash Flow	FY 2026	N/A	Expected to turn positive	Initiated

Notes: Adjusted Revenue reconciles GAAP revenue by adding accumulated but unrealized staking rewards on HiHYPE; management views it as a better reflection of recurring staking and validator activities .

Earnings Call Themes & Trends

Transcript not available in the document search; company furnished an investor presentation used for the call .

Topic	Previous Mentions (Q1 2025)	Previous Mentions (Q2 2025)	Current Period (Q3 2025)	Trend
Corporate transformation to DeFi	Early-stage pivot; limited disclosures (N/A doc)	Established HYPE treasury; co-branded validator announced; rebranding completed	First full quarter with new strategy; record profitability; multiple DeFi business lines launched	Strengthening
Validator growth	N/A	Validator established with Kinetiq	8.25M staked (9/30) → 13.21M (10/31), +60% MoM; top-10 validator	Accelerating
HAUS (DeFi monetization)	N/A	N/A	HAUS launched; Credo and Felix transactions announced to drive fee income alongside staking	Emerging
Yield enhancement	N/A	N/A	HiHYPE liquid staking, covered calls, liquid staking activities contribute to gains	Emerging
Hyperliquid ecosystem adoption	N/A	N/A	Presentation highlights top crypto daily revenue ranking and rapid growth metrics	Positive narrative
Life sciences Optejet UFD	Pre-registration work ongoing (inferred)	FDA registration anticipated for Sept 2025	Continues as a secondary focus alongside DeFi strategy	Stable ancillary

Management Commentary

“We’ve successfully executed…one of the most significant corporate transformations…pivoting from Eyenovia’s ophthalmic technology focus to…a premier institutional gateway to DeFi innovation.” — Hyunsu Jung, Interim CEO .
“In our first full quarter…we achieved record net income…and established multiple business lines on the Hyperliquid blockchain which we expect to continue to scale…” — Hyunsu Jung .
“The validator…enabling the Company to earn yield on its more than 1.5 million HYPE while contributing directly to Hyperliquid blockchain’s stability and security.” — Corporate update context (Q2) .

Q&A Highlights

The company hosted a call on November 13, 2025 and furnished an investor presentation; however, a full transcript was not available in the document set reviewed .
Based on the presentation, areas likely clarified include the mechanics of Adjusted Revenue, sustainability of yield/fee strategies, validator growth dynamics, and timing toward positive operating cash flow .

Estimates Context

S&P Global consensus coverage appears limited: Q3 2025 EPS and revenue consensus were unavailable; Q4 2025 forward estimates unavailable, limiting beat/miss analysis versus the Street [GetEstimates: Q3 2025, Q4 2025].
As coverage develops post-transformation, estimates may need to incorporate non-GAAP drivers (Adjusted Revenue, Adjusted EBITDA) and validator/HAUS monetization trajectories .
Values retrieved from S&P Global.*

Key Takeaways for Investors

Hyperion’s DeFi-led transformation is translating into tangible profitability, with record net income and strong non-GAAP Adjusted EBITDA in Q3 2025, driven by staking, validator commissions, and HAUS fee income .
Q4 2025 Adjusted Revenue guidance (+31% to +43% QoQ) signals continued scaling of on-chain activities; watch execution in HAUS engagements (Credo, Felix) and validator growth as primary near-term catalysts .
Strategic asset base and liquidity inflected: Net Asset Value of $74.55M and Gross HYPE Holdings of $77.75M underpin balance sheet optionality amid expanding Hyperliquid adoption metrics .
Revenue remains modest under GAAP given HiHYPE accounting, so non-GAAP Adjusted Revenue and Adjusted EBITDA better reflect recurring operations; investors should track reconciliations each quarter .
Volatility from realized/unrealized digital asset gains and impairment underscores the need for careful interpretation of margins and period-to-period comparisons .
Limited Street coverage constrains traditional beat/miss framing; expect estimates to evolve as the company establishes a track record in DeFi monetization and cash flow positivity in 2026 [GetEstimates: Q3 2025, Q4 2025].
Medium-term thesis: Compounding validator and HAUS economics tied to Hyperliquid’s growth, with asset-backed optionality and emerging operating cash flow—a differentiated public-market exposure to DeFi yields .

HYPERION DEFI, INC. (HYPD)·Q3 2025 Earnings Summary