Slide 1: HYPD Q1 2026 Earnings Supplement
HYPD Q1 2026 Earnings Supplement More than just HYPE. NASDAQ: HYPD Hyperion DeFi © 2026 1
Slide 2: Use of Non-GAAP Financial Measures
Use of Non-GAAP Financial Measures This presentation includes certain non-GAAP financial measures (including on a forward-looking basis) such as Figures in $ Q3 2025 Q4 2025 Q1 2026 Adjusted Gross Profit, Gross HYPE Holdings, Net Asset Value, Operating Expenses Excluding Stock-Based Gross Profit 302
Slide 3: HYPD Investment Thesis
HYPD Investment Thesis We are raising our guidance, and now Unique among digital asset treasuries with anticipate $5M-$7M Adjusted Gross Profit(1) in Five Diversified Operating Business Lines 2026, ~5x our 2025 FY results “Triple-Dip” HYPE deployment generated Strong earnings leverage with low cost
Slide 4: Hyperion At A Glance
Hyperion At A Glance Growing Third Party Hyperliquid Ramping DeFi Business Lines Capabilities Ecosystem Treasury(14) +17% Q1 Q-o-Q Adjusted Top 6 Hyperliquid 2.00M HYPE + Gross Profit (1) Increased Guidance of + Validator** Institutional Volatility = More than just HYPE. $5M-$7M 2026 Adjusted Income
Slide 5: Hyperion's Differentiated Value Proposition vs. Traditional DAT
Hyperion’s Differentiated Value Proposition vs. “Traditional DAT” Traditional DAT HYPD Multiple DEFI businesses $HYPE Multiple DEFI businesses Growth Over Ecosystem Time Shareholder Value Tied to HODL + Shareholder Value Ecosystem Tied to HODL $HYPE Engagement Income Hyperion DeFi © 2026 5
Slide 6: HYPD Generates Independent, Scaling Businesses on Hyperliquid
HYPD Generates Independent, Scaling Businesses on Hyperliquid Effective Average HYPE Price In-Period(3) HYPD is not simply a beta play on the price of HYPE Adjusted Gross Profit (in $ thousands) (1) Adjusted Gross Profit(1) has grown by +119% since Q3, and +17% 960 sequentially versus Q4, from $43
Slide 7: Five Diversified Operating Business Lines
Five Diversified Operating Business Lines Adjusted Gross Profit(1) 1,000,000 QoQ 900,000 (In $ Thousands) Q3'25 Q4'25 Q1’26 Growth 800,000 Ecosystem Rewards - 285 150 -47% 700,000 DeFi Monetization <1 102 245 140% Yield Enhancement 78 79 211 165% 600,000 Validator Commissions 21 49 40 -17% 500,000 S
Slide 8: Increasing FY 2026 Guidance By +$1M
Increasing FY 2026 Guidance By +$1M Anticipate $5M-$7M Adjusted Gross Profit(1) in 2026, ~5x 2025 FY results 2026 Guidance Adjusted Gross FY’26 vs. 2025 Profit(1) Guidance Q3’25 Q4’25 FY’25 Q1’26 Q2’26 Q3’26 Q4’26 Guidance Actual Initial Guidance $0.44M $0.82M $1.28M - - - - $4M - $6M ~4x (Q4’25 A)
Slide 9: HYPD Treasury Over Time
HYPD Treasury Over Time September 30, December 31, March 31, May 11, HYPD 2025 2025 2026 2026(14) Net Basis(14) Gross HYPE Tokens(2) 1.72 M 1.88 M 1.94 M 2.00 M 2.00 M HYPE Token Price $45.2 $25.4 $36.6 $42.2 $37.9 Gross HYPE Holdings(4) $77.8 M $47.8 M $71.0 M $84.5 M $75.9 M Cash, Cash Equivalents
Slide 10: Our DeFi Partners
Our DeFi Partners Note: All metrics in this “Our DeFi Partners” Section are as of April 30, 2026, unless otherwise indicated Hyperion DeFi © 2026 10
Slide 11: HYPE Deployment on Hyperliquid Blockchain
HYPD’s “Triple-Dip” HYPE Deployment is Possible Because of Our Management’s Unique Ability to Build on the Hyperliquid Blockchain DeFi Operating Activity Validator Yield DeFi Ecosystem HYPD DeFi Partner Deal Description Staking Yield Commissions Enhancement Monetization Rewards Kinetiq Hyperion x Ki
Slide 12: Slide Source: Kinetiq
Hyperion DeFi © 2026 12 Slide Source: Kinetiq
Slide 13: Source: HyperLend
Hyperion DeFi © 2026 13 Source: HyperLend
Slide 14: Source: Rysk
Hyperion DeFi © 2026 14 Source: Rysk
Slide 15: Source: Silhouette
Hyperion DeFi © 2026 15 Source: Silhouette
Slide 16: About Hyperliquid
About Hyperliquid Note: All metrics in this “About Hyperliquid” Section are as of April 30, 2026, unless otherwise indicated Hyperion DeFi © 2026 16
Slide 17: Hyperliquid In The News
Hyperliquid In The News Hyperion DeFi © 2026 17
Slide 18: Why Hyperliquid (HYPE)?
Why Hyperliquid (HYPE)? Top 1 revenue and Top 10 market cap cryptocurrency Top Fees (24h) Market Cap: Top 10 Cryptocurrencies (excluding stablecoins) NAME MARKET CAP 1 Bitcoin BTC $1,527,696,442,782 2 Ethereum ETH $273,167,181,158 3 XRP XRP $84,469,652,726 4 BNB BNB [ $82,886,426,938 5 Solana SOL $4
Slide 19: Hyperliquid's Unique Token Design
Hyperliquid’s Unique Token Design Hyperliquid generates an annualized revenue of >$725M+*. ~99% of this revenue goes back to daily buybacks of HYPE into the Assistance Fund, a powerful mechanism relative to its circulating market cap. TOKEN FIXED SUPPLY STAKING YIELD MARKET CAP** BUYBACKS Bitcoin $1
Slide 20: Hyperliquid's Trading Platform Is Experiencing Rapid Growth
Hyperliquid’s (HYPE) Trading Platform Is Experiencing Rapid Adoption And Growth Hyperliquid Maximum Hyperliquid Cryptocurrency Hyperliquid Cumulative Hyperliquid Hyperliquid Circulating Token Supply Market Cap Ranking Market Cap Marketplace Users Token Supply #8 ~$10.0 Billion ~956 Million ~255 Mill
Slide 21: Hyperliquid's Parabolic Growth
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. Hyperliquid (HYPE) CUMULATIVE CUMULATIVE PERP VOLUME HYPE
Slide 22: HIP-3 Brought Real-World Assets Onto Hyperliquid
“HIP-3” Brought Real-World Assets Onto Hyperliquid Source: Artemis Hyperion DeFi © 2026 22
Slide 23: About Hyperion DeFi
About Hyperion DeFi Note: All metrics in this “About Hyperion DeFi” Section are as of April 30, 2026, unless otherwise indicated Hyperion DeFi © 2026 23
Slide 24: Hyperion DeFi Is an Ecosystem Builder and Hyperliquid Advocate
Hyperion DeFi Is an Ecosystem Builder and Hyperliquid Advocate Hyperion DeFi © 2026 24
Slide 25: Compounding Revenue Streams: Rapidly Compounding DeFi Strategy
Early Mover Advantages Create Unique Opportunities for Compounding Revenue Streams Ecosystem Rewards Received 3M Foundation DeFi Monetization HYPE Delegation DeFi Monetization Yield Enhancement Yield Enhancement RETURNS Validator Yield Enhancement Commissions Validator Validator Commissions Validato
Slide 26: How HYPD Drives the Institutional Adoption Flywheel
How HYPD Drives the Institutional Adoption Flywheel 1 Hyperion DeFi stakes and 5 Hyperion DeFi deploys HYPE into the reinvests revenues to Hyperliquid Ecosystem purchase more HYPE Clients unlock unique • Reduced Trading Fees 2 utility on Hyperliquid; (Silhouette) Hyperion DeFi earns fees from Client
Slide 27: Hyperion DeFi's Validator Has ~10M HYPE
Hyperion DeFi’s Validator Has ~10M HYPE We are the Top 6 Validator excluding the Hyper Foundation Source: hyperliquid.xyz As of April 30, 2026 As of January 31, 2026 Hyperion DeFi © 2026 27
Slide 28: Frictionless exposure to Hyperliquid's native token HYPE
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 28
Slide 29: Financial Supplement
Financial Supplement Hyperion DeFi © 2026 29
Slide 30: HYPD Non-GAAP Income Summary
HYPD Non-GAAP Income Summary (Figures in $) Q3 2025 Q4 2025 Q1 2026 Adjusted Gross Profit(1) 439,386 820,997 959,568 Operating Expenses Excluding Stock-Based Compensation(5) 4,315,016 3,007,135 2,975,883 Treasury Gains (Losses)(6) 11,868,872 (36,783,228) 21,451,862 Adjusted Other Income (Expense)(7)
Slide 31: Description of Q1 2026 Digital Assets Operating Business Lines
Description of Q1 2026 Digital Assets Operating Business Lines within Non-GAAP Adjusted Gross Profit(1) Digital Assets Business Activity Description 10 million HPL tokens received from HyperLend in connection with the Company’s executed partnership agreements in Ecosystem Rewards March 2026, recorde
Slide 32: Reconciliation of Adjusted Gross Profit
Non-GAAP Financial Measures & Reconciliations Reconciliation of Adjusted Gross Profit(1) (unaudited) For the Three Months Ended (Figures in $) September 30, 2025 December 31, 2025 March 31, 2026 Gross Profit 302,506 192,287 244,271 Add: Accumulated but unrealized staking yield on LSTs(10) 58,771 172
Slide 33: Reconciliation of Gross HYPE Holdings
Non-GAAP Financial Measures & Reconciliations Q1’26 Reconciliation of Gross HYPE Holdings(4) (unaudited) As of March 31, 2026 Value $ Token Count Token Price $ HYPE digital assets 25,286,164 690,505 36.62 Add: HYPE digital assets receivable* 11,071,201 302,327 36.62 HYPE digital intangible assets re
Slide 34: Reconciliation of Gross HYPE Holdings
Non-GAAP Financial Measures & Reconciliations Q4’25 Reconciliation of Gross HYPE Holdings(4) (unaudited) As of December 31, 2025 Value $ Token Count Token Price $ HYPE digital assets 16,233,941 638,352 25.43 Add: HYPE digital assets receivable* 7,647,740 300,725 25.43 HiHYPE at carrying value 8,437,
Slide 35: Reconciliation of Gross HYPE Holdings
Non-GAAP Financial Measures & Reconciliations Q3’25 Reconciliation of Gross HYPE Holdings(4) (unaudited) As of September 30, 2025 Value $ Token Count Token Price $ HYPE digital assets 37,954,590 839,889 45.19 Add: HiHYPE at Carrying Value 34,884,932 877,871 39.74 Unrealized accretion (dilution) expe
Slide 36: Reconciliation of Operating Expenses Excluding Stock-Based Compensation
Non-GAAP Financial Measures & Reconciliations Reconciliation of Operating Expenses Excluding Stock-Based Compensation (5) (unaudited) & Disaggregated Stock-Based Compensation For the Three Months Ended Reconciliation of Operating Expense Excluding Stock-Based September 30, 2025 December 31, 2025 Mar
Slide 37: Reconciliation of Treasury Gains (Losses)
Non-GAAP Financial Measures & Reconciliations Reconciliation of Treasury Gains (Losses)(6) (unaudited) For the Three Months Ended (Figures in $) September 30, 2025 December 31, 2025 March 31, 2026 Net Operating (Expenses) Income 4,125,685 (39,958,264) 8,478,848 Add Back: Research and development exp
Slide 38: Reconciliation of Adjusted Other Income (Expense)
Non-GAAP Financial Measures & Reconciliations Reconciliation of Adjusted Other Income (Expense)(7) (unaudited) For the Three Months Ended (Figures in $) September 30, 2025 December 31, 2025 March 31, 2026 Total Other Income (Expense), Net 2,197,391 (288) 108,431 Add Back: Interest Expense 223,080 22
Slide 39: Reconciliation of Adjusted EBITDA
Non-GAAP Financial Measures & Reconciliations Reconciliation of Adjusted EBITDA(8) (unaudited) For the Three Months Ended (Figures in $) September 30, 2025 December 31, 2025 March 31, 2026 Net Income (Loss) 6,625,582 (39,765,565) 8,840,550 Add back: Stock-based compensation (1,347,031) 1,712,361 1,8
Slide 40: Reconciliation of Net Asset Value
Non-GAAP Financial Measures & Reconciliations Reconciliation of Net Asset Value(9) (unaudited) (Figures in $) September 30, 2025 December 31, 2025 March 31, 2026 HYPE digital assets, as adjusted to Gross HYPE Holdings(4) 77,751,604 47,837,901 71,037,344 Add: KNTQ & sKNTQ at Carrying Value - 111,406
Slide 41: Footnotes
Footnotes Hyperion DeFi © 2026 41
Slide 42: Footnotes
1. Footnotes “Adjusted Gross Profit” is a non-GAAP measure. Adjusted Gross Profit is defined as all in-period gross profit generated by the Company’s operations excluding buying digital assets and associated mark-to-market price movements. Such activities include staking yield, validator operations,
Slide 43: Footnotes (continued)
Footnotes (continued) 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 “N