Slide 1: HYPD Q4 2025 and FY 2025 Earnings Supplement
HYPD Q4 2025 and FY 2025 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 Adjusted Gross Profit, Gross HYPE Holdings, Net Asset Value, Operating Expenses Excluding Stock-Based Compensation, Treasury Gains (Losses), Adjusted Figur
Slide 3: HYPD Investment Thesis
HYPD Investment Thesis Unique among digital asset treasuries with Five Anticipated $4M-$6M Adjusted Gross Profit(1) in Diversified Operating Business Lines 2026, ~4x our 2025 FY results “Triple Dip” HYPE deployment is possible Strong earnings leverage with low cost base because of management’s uniqu
Slide 4: Hyperion At A Glance
Hyperion At A Glance Growing Third Party Hyperliquid Ecosystem Ramping DeFi Business Lines Capabilities Treasury(14) +87% Q4 Q-o-Q Adjusted Top 10 Hyperliquid Gross Profit (1) Validator 1.93M HYPE + Guidance of $4M-$6M + Institutional Volatility = More than just HYPE. 2026 Adjusted Gross Income Vaul
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: 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 Growth 800,000 Ecosystem Rewards - 285 >1000% DeFi Monetization <1 102 >1000% 700,000 Yield Enhancement 78 79 2% 600,000 Validator Commissions 21 49 127% 500,000 Staking Yield 340 30
Slide 7: HYPD's Triple-Dip HYPE Deployment is Possible Because of Our Management's Unique Ability to Build
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 8: Anticipated $4M-$6M Adjusted Gross Profit in 2026, ~4x our 2025 FY results
Anticipated $4M-$6M Adjusted Gross Profit in 2026, ~4x our 2025 FY results FY'26 2026 Guidance (in $ millions) Q1'25 A Q2'25 A Q3'25 A Q4'25 A FY'25 A Guidance vs. 2025 Actual Adjusted Gross Profit(1) $0.01M $0.00M $0.44M $0.82M $1.28M $4M - $6M ~ 4x Q4’25 vs. Q3’25 QoQ Adjusted Gross Profit(1) Grow
Slide 9: HYPD Treasury Over Time
HYPD Treasury Over Time September 30, December 31, March 23, HYPD 2025 2025 2026(14) Net Basis(14) Gross HYPE Tokens(2) 1.72 M 1.88 M 1.93 M 1.93 M HYPE Token Price $45.2 $25.4 $38.2 $37.9 Gross HYPE Holdings(4) $77.8 M $47.8 M $73.9 M $73.4 M Cash, Cash Equivalents, and USDH $8.2 M $6.5 M $9.2 M No
Slide 10: About Hyperliquid
About Hyperliquid Note: All metrics in this “About Hyperliquid” Section are as of January 31, 2026, unless otherwise indicated Hyperion DeFi © 2026 10
Slide 11: Hyperliquid In The News
Hyperliquid In The News Hyperion DeFi © 2026 11
Slide 12: 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 $1,547,805,619,029 2 Ethereum ETH $288,731,033,588 3 BNB BNB $104,749,399,382 4 XRP XRP [ $96,904,830,011 5 Solana SOL $
Slide 13: Hyperliquid's Unique Token Design
Hyperliquid’s Unique Token Design Hyperliquid generates an annualized revenue of >$1B+*. ~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 $1,5
Slide 14: Hyperliquid's Trading Platform Is Experiencing Rapid Adoption And Growth
Hyperliquid’s (HYPE) Trading Platform Is Experiencing Rapid Adoption And Growth Hyperliquid Maximum Hyperliquid Cryptocurrency Hyperliquid Hyperliquid Hyperliquid Circulating Token Token Supply Market Cap Ranking Market Cap Marketplace Users Supply #10 ~$7.6 Billion ~960 Million ~258 Million ~1 Mill
Slide 15: Hyperliquid's Parabolic Growth
Hyperliquid’s Parabolic Growth Hyperliquid has become the leading platform for on-chain derivatives, seen through its rapidly growing fees and crypto perpetuals (“perp”) trading volume expansion since its Token Genesis Event in November 2024. Hyperliquid (HYPE) CUMULATIVE CUMULATIVE PERP VOLUME HYPE
Slide 16: HIP-3 Fueled Growth
HIP-3 Fueled Growth Hyperliquid’s New “HIP-3” Markets (Primarily Commodities & Equities) are Experiencing Rapid Month-over-Month Trading Volume Increases HIP-3 Monthly Volume ($BN) 30 25 $23.9 20 15 2.9x 10 $8.1 5 $3.3 2.4x Source: Artemis 0 Through January 31, 2026 Nov '25 Dec '25 Jan '26 Hyperion
Slide 17: Our DeFi Operating Businesses
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 17
Slide 18: Early Mover Advantages Create Unique Opportunities for Compounding Revenue Streams
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 Commissi
Slide 19: 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 20: HYPD's Innovative Partnerships Enable Unique Utility on Hyperliquid
HYPD’s Innovative Partnerships Enable Unique Utility on Hyperliquid DeFi Operating Activity DeFi Enhanced Trading Fee Efficient Markets HYPD DeFi Partner Deal Description Yield Liquidity Savings Borrowing Expansion Kinetiq HiHYPE Liquid Staking Token Silhouette HYPE Asset Use Service (HAUS) Felix HA
Slide 21: Hyperion Defi's Validator Has ~12M HYPE And Is A Top 10 Validator
Hyperion Defi’s Validator Has ~12M HYPE And Is A Top 10 Validator Source: hyperliquid.xyz As of January 31, 2026 As of January 31, 2026 Hyperion DeFi © 2026 21
Slide 22: Over $1B Volume on HYPD-Enabled Felix Markets since November 2025
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 Daily Trading Volume (LHS) Cumulative Trading Volume (RHS) Cumulative Unique Traders has exceeded ~$1.2 Billion >5,000 >$100 Mi
Slide 23: More than just 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 23
Slide 24: Financial Supplement
Financial Supplement Hyperion DeFi © 2026 24
Slide 25: HYPD Q4'25 GAAP Non-GAAP Income Summary
HYPD Q4’25 GAAP Non-GAAP Income Summary Non-GAAP Income Summary Q3 2025 Q4 2025 Adjusted Gross Profit(1) $ 439,386 $ 820,997 Operating Expenses Excluding Stock-Based Compensation(5) 4,315,016 3,007,135 Treasury Gains (Losses)(6) 11,868,872 (36,783,228) Adjusted Other Income (Expense)(7) (42,240) 48,
Slide 26: Description of 2025 Digital Assets Operating Business Lines within Non-GAAP Adjusted Gross Profit
Description of 2025 Digital Assets Operating Business Lines within Non-GAAP Adjusted Gross Profit(1) Digital Assets Business Activity Description & Financial Presentment End-of-day value of the Company’s November 27, 2025 KNTQ Airdrop token receipt is presented as "Realized gains - digital Ecosystem
Slide 27: Disaggregated Non-GAAP Adjusted Gross Profit
Disaggregated Non-GAAP Adjusted Gross Profit(1) (Figures in $ thousands) Q1'25 Q2'25 Q3'25 Q4'25 FY'25 Revenue Life Sciences Revenue 15 - - - 15 HYPE Staking Yield - HYPD Tokens - - 281 133 414 HYPE Staking Yield - 3rd Party Tokens* - - - 296 296 Validator Commissions - HYPD Portion - - 21 49 70 Val
Slide 28: Reconciliation of Adjusted Gross Profit
Non-GAAP Financial Measures & Reconciliations Reconciliation of Adjusted Gross Profit(1) (unaudited) For the Three Months Ended For the Three Months Ended September 30, 2025 December 31, 2025 Revenue $ 302,506 $ 496,229 Subtract: Cost of Revenue - (303,242) Add: Accumulated but unrealized staking yi
Slide 29: Q4'25 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 8,43
Slide 30: Q3'25 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)
Slide 31: 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 For the Three Months Ended September 30, 2025 December 31, 2025 Reconciliation of Operating Expens
Slide 32: Reconciliation of Treasury Gains (Losses)
Non-GAAP Financial Measures & Reconciliations Reconciliation of Treasury Gains (Losses)(6) (unaudited) For the Three Months Ended For the Three Months Ended September 30, 2025 December 31, 2025 Value $ Value $ Net Operating (Expenses) Income $ 4,125,685 $ (39,958,264) Add Back: Research and developm
Slide 33: Reconciliation of Adjusted Other Income (Expense)
Non-GAAP Financial Measures & Reconciliations Reconciliation of Adjusted Other Income (Expense)(7) (unaudited) For the Three Months Ended For the Three Months Ended September 30, 2025 December 31, 2025 Value $ Value $ Total Other Income (Expense), Net $ 2,197,391 $ (288) Add Back: Interest Expense 2
Slide 34: Reconciliation of Adjusted EBITDA
Non-GAAP Financial Measures & Reconciliations Reconciliation of Adjusted EBITDA(8) (unaudited) For the Three Months Ended For the Three Months Ended September 30, 2025 December 31, 2025 Net Income (Loss) $ 6,625,582 $ (39,765,565) Add back: Stock-based compensation (1,347,031) 1,712,361 Interest exp
Slide 35: Reconciliation of Net Asset Value
Non-GAAP Financial Measures & Reconciliations Reconciliation of Net Asset Value(9) (unaudited) September 30, 2025 December 31, 2025 Value $ Value $ HYPE digital assets, as adjusted to Gross HYPE Holdings(4) $ 77,751,604 $ 47,837,901 Add: KNTQ digital assets - 111,406 Add: Current Assets 9,085,767 7,
Slide 36: Footnotes
Footnotes Hyperion DeFi © 2026 36
Slide 37: Footnotes
Footnotes 1. “Adjusted Gross Profit” is a non-GAAP measure. Adjusted Gross Profit is defined as all in-period gross profit generated by the Company’s operations excluding buying digital assets and associated mark-to-market price movements. Such activities include staking yield, validator operations,
Slide 38: Footnotes (continued)
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 net outstanding debt. It is reconciled to the GAAP measure “HYPE digital assets” as adjusted to “Gross HYPE Holdings” (described more fully in Footno