November 12, 2026 - EXHIBIT 99.2 - 8-K: Current report

Exhibit 99.2

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, Core Operating Earnings, Treasury Gains (Losses), Adjusted Other Income (Expense), Adjusted EBITDA, Adjusted Net Investing Cash Flow, and Adjusted Net Operating Cash Flow. 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 other future events or condi tio ns, including the estimated market opportunities for our platform technology, the viability of, and risks associated with, ou r cryptocurrency treasury strategy, and the growth and revenue potential 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 projections about our business based, in part, on assumptions made by management. These s tat ements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and in some cases are likely to, differ materially from what is expre sse d 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 cryptocurrenc y s trategy 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 the corresponding earnings call relate t o o r 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, surveys 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 from third - 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 made in this presentation relating to or based on such internal estimates and re search. You should conduct your own investigation and analysis of Hyperion DeFi, its business, prospects, results of operations and financial condition. In furnishing this information, Hyperion DeFi does not undertake any obligation to provid e y ou with access to any additional information (including forward - looking information and any projections contained herein) 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. Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Figures in $ 810,415 357,693 244,271 192,987 302,506 Gross Profit GAAP 2,795,341 1,150,035 959,568 820,997 439,386 Adjusted Gross Profit (1) Non - GAAP 108,784,402 74,119,231 25,286,164 16,233,941 37,954,590 HYPE Digital Assets GAAP 167,853,840 132,635,212 71,037,227 47,837,901 77,751,604 Gross HYPE Holdings (4) Non - GAAP 182,375,957 134,226,478 69,873,504 44,154,737 74,545,583 Net Asset Value (9) Non - GAAP 3,791,580 3,918,591 4,493,604 4,530,542 2,594,130 Selling, General and Administrative Expense GAAP 2,240,164 2,344,734 2,975,883 3,007,135 4,315,016 Operating Expenses Excluding Stock - Based Compensation (5) Non - GAAP 555,177 (1,194,699) (2,016,315) (2,186,138) (3,875,630) Core Operating Earnings (19) Non - GAAP (39,287,511) (30,650,049) (8,487,848) 39,958,264 (4,125,685) Net Operating (Income) Expenses GAAP 48,053,253 54,815,626 21,451,862 (36,783,228) 11,868,872 Treasury Gains (Losses) (6) Non - GAAP (512,539) (56,779) 108,431 (288) 2,197,391 Total Other Income (Expense), Net GAAP 46,677 31,919 52,585 48,717 (42,240) Adjusted Other Income (Expense) (7) Non - GAAP 39,585,387 30,950,963 8,840,550 (39,765,565) 6,625,582 Net Income (Loss) GAAP 48,655,106 53,652,846 19,488,132 (38,920,649) 7,951,003 Adjusted EBITDA (8) Non - GAAP 8,679,877 (5,642,387) (1,472,835) (6,319,039) (20,112,041) Net Cash and Cash Equivalents Provided By Investing Activities GAAP 12,818,000 (6,165,672) (1,472,835) (6,319,039) (20,112,041) Adjusted Net Investing Cash Flow (17) Non - GAAP (1,598,167) (3,098,419) (4,064,063) (4,190,147) (2,822,819) Net Cash and Cash Equivalents Provided By Operating Activities GAAP 62,695 (2,124,382) (2,607,344) (3,976,135) (2,822,819) Adjusted Net Operating Cash Flow (18) Non - GAAP

Hyperion DeFi © 2026 3 15 - Month Operating Performance Demonstrates HYPD Investment Thesis TOTAL CHANGE Q3 2026 Q3 2025 6/30/25 FINANCIAL KPI HYPD THESIS +41% 1.85 M 1.31 M Gross HYPE Tokens (2) Growing HYPE Treasury +338% $182.4 M $41.6 M Net Asset Value (9) HYPE Token Appreciation +536% $2.8 M $0.4 M Adjusted Gross Profit (1) 5 Ramping DeFi Businesses (48%) ($2.2 M) ($4.3 M) Operating Expenses Excluding Stock - Based Compensation (5) Declining Costs $0.1 M ($2.8 M) Adjusted Net Operating Cash Flow (18) Improving Cash Flow $0.6 M $90.8 M ($3.9 M) $8.0 M Core Operating Earnings (19) Cumulative* Adjusted EBITDA (8) Shareholder Return + + + + = *Cumulative figures for Adjusted EBITDA (8) as of Q3 2025 reflect the thre e months ended September 30, 2025, and as of Q3 2026 reflect the fifteen months ended September 30, 2026. Note: Net Asset Value, Adjusted Gross Profit, Operating Expenses Excluding Stock - Based Compensation, Adjusted Net Operating Cash Flow, Core Operating Earnings, and Adjusted EBIDTA are non - GAAP financial measures. See “Footnotes” and "Financial Supplement" sections for detailed definitions and reconciliations to the nearest GAAP Metric. Achieved Break - Even Core Operating Earnings (19) & Adjusted Net Operating Cash Flow (18) in Q3’2026

Hyperion DeFi © 2026 4 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 5 Operating Value (2) DeFi Businesses HYPD’s “Triple - Dip” Deployment Creates Three Value - Creation Frontiers 1.85M HYPE ~$168M as of 9/30 The First Publicly Listed DeFi Company Building on Hyperliquid NASDAQ: HYPD More than just HYPE. *Includes 490,208 KNTQ tokens purchased on October 11, 2026 for $128,107 USDC. **Silhouette is contractually obligated to award HYPD at least 1% of the total supply of any tokens generated in a future tok en generation event, or equity, including affiliates and related parties. ***Skew is contractually obligated to award HYPD at least 5% equity plus 5% of the total supply of any tokens generated in a fut ure token generation event (if any Skew TGE occurs). 2 .5M KNTQ* 10.0M HPL 10.0M 2Z 1% of Issuance* * 5% of Issuance*** HYPE Price of 90.8 is +$94M vs. our basis price of 40.0 / $74M (14) $182M Net Asset Value (9) , including $15M Cash & Stablecoins (16) All Legacy Debt Retired In Q3’26; Commenced Share Buybacks We Are Building More Every Day HYPE Token Treasury at Significant Gain vs. Basis Equity or Token Upside in Strategic Partners Asset Value + Operating Value + Option Value = Shareholder Value Note: Net Asset Value is a non - GAAP financial measure. See “Footnotes” and "Financial Supplement" sections for detailed definiti ons and reconciliations to the nearest GAAP Metric. Option Value (3) Ecosystem Upside + = Asset Value (1) HYPE Treasury + Institutional Validator Permissionless Markets On - Chain Institutional Lending Pools Vault Infrastructure RFQ/Shielded Trading Data Services

Hyperion DeFi © 2026 6 Five Diversified Operating Business Lines QoQ Growth Q3’26 Q2’26 Q1’26 Q4'25 Q3'25 (In $ Thousands) 1,302% 1,255 90 150 285 - Ecosystem Rewards 112% 334 158 245 102 <1 DeFi Monetization 14% 381 334 211 79 78 Yield Enhancement (3%) 41 42 40 49 21 Validator Commissions 49% 785 527 313 305 340 Staking Yield 143% 2,795 1,150 960 821 439 Adjusted Gross Profit (1) 3.6x 2.2x 3.1x 2.7x 1.3x Multiple vs. Staking Yield 10,885 11,115 11,458 10,076 7,895 HYPE Earned in Staking & Validating (2) 75.86 51.23 30.82 35.12 45.76 Effective Average HYPE Price In - Period (3) Adjusted Gross Profit (1) +143% QoQ Sequential Growth Earned ~3.6x Base Staking Yield in Q3 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 We Are Reiterating Existing Guidance. We Anticipate $7M - $8M Adjusted Gross Profit (1) in 2026, ~6x 2025 FY Results. Note: Adjusted Gross Profit, Operating Expenses Excluding Stock - Based Compensation, Core Operating Earnings, and Adjusted Net Op erating Cash Flow are non - GAAP financial measures. See “Footnotes” and "Financial Supplement" sections for detailed definitions and reconciliations to the nearest GAAP Metric. FY’26 Guidance (as of Sept 8) Q4'26 Q3’26 Actual Q3’26 Guidance (as of Sept 8) Q2'26 A Q1'26 A YTD Results $7M - $8M - $2.80M (BEAT) $2.00M - $2.50M $1.15M $0.96M Adjusted Gross Profit (1) - - $2.24M (IN - LINE) $2.00M - $2.25M $2.34M $2.98M Operating Expenses Excluding Stock - Based Compensation (5) - - $0.56M (BEAT) $0.00M - $0.50M ($1.19M) ($2.02M) Core Operating Earnings (19) - - $0.06M (IN - LINE) ($0.50M) - $0.25M ($2.12M) ($2.61M) Adjusted Net Operating Cash Flow (18)

Hyperion DeFi © 2026 8 HYPD Treasury & Balance Sheet Over Time *The June 30, 2025 Gross HYPE Holdings figure represents HYPE Digital Assets held at cost basis. Note: Gross HYPE Holdings and Net Asset Value are non - GAAP financial measures. See “Footnotes” and "Financial Supplement" sectio ns for detailed definitions and reconciliations to the nearest GAAP Metric. HYPD Net Basis (14) Sept 30, 2026 June 30, 2026 March 31, 2026 Dec 31, 2025 Sept 30, 2025 June 30, 2025* 1.85 M 1.85 M 2.04 M 1.94 M 1.88 M 1.72 M 1.31 M Gross HYPE Tokens (2) $40.0 $90.8 $65.0 $36.6 $25.4 $45.2 $34.8 HYPE Token Price $74.0 M $167.9 M $132.6 M $71.0 M $47.8 M $77.8 M $45.5 M Gross HYPE Holdings (4) $182.4 M $134.2 M $69.9 M $44.2 M $74.5 M $41.6 M Net Asset Value (9) $14.5 M $11.8 M $9.1 M $6.5 M $8.2 M $7.5 M Cash, Cash Equivalents, & Stablecoins (16)

Hyperion DeFi © 2026 10 Lending RFQ New markets Data Feeds Staking Collateral Custody The Cost of Scattered Layers Institutions need one partner to run their best TradFi plays on Web3 01 Separate diligence, contract and risk review per partner 02 Different collateral, settlement and oracle standards 03 Months of coordination before a single product ships 04 No one is accountable for the end - to - end structure THE PROBLEM Every financial service already exists. It just lives with a different team, on a different protocol. Vaults

Hyperion DeFi © 2026 11 How We Solve Fragmentation Lending RFQ New markets Data Feeds Staking Collateral Custody 01 · STRUCTURE Select and align We source the infrastructure you need and align collateral, settlement and risk standards into one set. 02 · BUILD Deploy under your name Products, markets and vaults go live in your organization’s name, distribution - ready. 03 · OPERATE Run it end to end On - chain infrastructure, RWA support, liquidity coordination, oracles, and performance reporting stay coordinated. SINGLE ACCESS POINT THE SOLUTION We structure the fragmented layers into one institutional infrastructure layer. Vaults

Hyperion DeFi © 2026 12 THE ENABLER HAUS HYPE Asset Use Service. We post our own staked HYPE to work as bonded capital — unlocking unique utility across Hyperliquid and building new products for the benefit of our clients We integrate partner services into a single, end - to - end path SERVICE MENU Institutional Staking We operate the Kinetiq x Hyperion Validator, serving clients such as Blockdaemon and Gemini with institutional Hyperliquid staking infrastructure. Kinetiq MAVAN Permissionless Markets Perpetual and outcome markets on HIP - 3 & HIP - 4: commodities, equities, indices, prediction markets. Skew Entropy Lending & Earn Income products packaged on real institutional borrowing demand. HyperLend Anchorage Digital Data Services The fastest commercially available Hyperliquid data feeds. DoubleZero RFQ & Private Execution RFQ and block trading for size, without leaking the order book. Silhouette Options & Vaults On - chain vaults used as a structuring engine for options (Rysk) and Internet Domain Access (D3). Rysk D3

Hyperion DeFi © 2026 13 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 Permissionless Markets In HIP - 3 / HIP - 4 (Skew & Entropy) Joint Validator Operations On - Chain Vault Strategies HyperLend On - Chain Credit With Anchorage Digital Trading Fee Reductions Institutional Delegated Staking Data Services COMPOUNDING REVENUE HYPD revenue streams compound, creating differentiated exposure

Hyperion DeFi © 2026 14 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 USD revenue, HYPE, and Ecosystem Rewards Hyperion DeFi reinvests revenues to purchase more HYPE • Reduced Trading Fees (Silhouette) • Launch of New HIP - 3 & HIP - 4 Permissionless Markets (Skew & Entropy) • On - chain credit pool (HyperLend & Anchorage Digital) • On - chain yield vaults (Rysk and D3) • Data Feeds (2Z) 1 2 3 4 5 • Eligible for KNTQ • Eligible for HPL • Eligible for Silhouette • Eligible for Skew • Eligible for 2Z FLYWHEEL EFFECT Our flywheel drives institutional adoption of Hyperliquid

Hyperion DeFi © 2026 15 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 17 [ Why Hyperliquid (HYPE)? Top 1 revenue and Top 10 market cap cryptocurrency Source: CoinMarketCap Source: Artemis As October 31, 2026 As of October 31, 2026 Top Fees (30 Day) [ NAME 1 Bitcoin BTC 2 Ethereum ETH 3 BNB BNB 4 XRP XRP 5 Solana SOL 6 TRON TRX 7 Hyperliquid HYPE 8 Zcash ZEC 9 Dogecoin DOGE 10 Monero XMR Market Cap: Top 10 Cryptocurrencies (excluding stablecoins) MARKET CAP (BILLIONS) $1,555.09 $274.47 $ 92.95 $ 79.13 $ 56.57 $ 29.78 $ 22.11 $ 21.69 $ 12.99 $ 11.18

Hyperion DeFi © 2026 18 BUYBACKS MARKET CAP** STAKING YIELD FIXED SUPPLY TOKEN $1,555.09 Billion Bitcoin $274.47 Billion Ethereum $56.57 Billion Solana $22.11 Billion Hyperliquid Hyperliquid’s Unique Token Design Hyperliquid generates an annualized fees 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 ~48M Assistance HYPE $ ~4.2B Source: Hypurrscan as of October 31, 2026 * As of October 31 , 2026 based on annualized 30 - day run rate per Artemis ** As of October 31 , 2026; Source: CoinMarketCap

Hyperion DeFi © 2026 19 Hyperliquid’s (HYPE) Trading Platform Is Experiencing Rapid Adoption And Growth Hyperliquid Cryptocurrency Market Cap Ranking #7 Hyperliquid Market Cap ~$22.1 Billion Cumulative Fees Generated on Hyperliquid >$1.7 Billion Hyperliquid Circulating Token Supply ~254 Million Cumulative Hyperliquid Marketplace Users ~ 2 .0 Million Hyperliquid Maximum Token Supply ~952 Million (~48 Million Burned) Hyperliquid Cryptocurrency Monthly Revenue Ranking #1 Source: HyperScreener Source: Defi Llama Source: Defi Llama Source: CoinMarketCap Source: CoinMarketCap ; Hypurrscan Source: CoinMarketCap Source: CoinMarketCap (Excluding Stablecoins) Source: Artemis As of October 31 , 2026 Daily Trading Volume on Hyperliquid ~$14 Billion Cumulative Trading Volume on Hyperliquid >$ 5 .6 Trillion Source: Defi Llama

Hyperion DeFi © 2026 20 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 $8.2b $ 7 . 6 m $ 437 m $13.7b $ 7 .7b $ 82 .21 $ 22 .11b $ 82 .99b $5.6 Trillion CUMULATIVE PERP VOLUME Hyperliquid (HYPE) As of October 31 , 2026 $1.7 Billion CUMULATIVE HYPERLIQUID FEES Source: Defi Llama

Hyperion DeFi © 2026 23 “HIP - 4” brings Outcome Markets to Hyperliquid (prediction markets, options, and other binary - outcome events) Source: https://hl.eco/hip4 Volume by Category $464.83M across 5 categories – sports leads with 45%

Hyperion DeFi © 2026 25 HYPD Non - GAAP Income Summary Note: Adjusted Gross Profit, Operating Expenses Excluding Stock - Based Compensation, Core Operating Earnings, Treasury Gains (Los ses), Adjusted Other Income (Expense), and Adjusted EBITDA are non - GAAP financial measures. See “Footnotes” and "Financial Supplement" sections for detailed definitions an d reconciliations to the nearest GAAP metric. Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 (Figures in $) 2,795,341 1,150,035 959,568 820,997 439,386 Adjusted Gross Profit (1) 2,240,164 2,344,734 2,975,883 3,007,135 4,315,016 Operating Expenses Excluding Stock - Based Compensation (5) 555,177 (1,194,699) (2,016,315) (2,186,138) (3,875,630) Core Operating Earnings (19) 48,053,253 54,815,626 21,451,862 (36,783,228) 11,868,872 Treasury Gains (Losses) (6) 46,677 31,919 52,585 48,717 (42,240) Adjusted Other Income (Expense) (7) 48,655,106 53,652,846 19,488,132 (38,920,649) 7,951,003 Adjusted EBITDA (8)

Hyperion DeFi © 2026 26 HYPD Non - GAAP Cash Flow Summary Note: Adjusted Net Operating Cash Flow and Adjusted Net Investing Cash Flow are non - GAAP financial measures. See “Footnotes” and "Financial Supplement" sections for detailed definitions and reconciliations to the nearest GAAP metric. Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 (Figures in $) 62,695 (2,124,382) (2,607,344) (3,976,135) (2,822,819) Adjusted Net Operating Cash Flow (18) 12,818,000 (6,165,672) (1,472,835) (6,319,039) (20,112,041) Adjusted Net Investing Cash Flow (17) (10,094,423) 10,997,100 6,606,942 8,596,884 23,625,749 Net Cash and Cash Equivalents Provided By Financing Activities 2,786,272 2,707,046 2,526,763 (1,698,290) 690,889 Change in Cash, Cash Equivalents, and Stablecoins (16) 14,544,971 11,758,699 9,051,653 6,524,890 8,223,180 Ending Cash, Cash Equivalents, and Stablecoins (16)

Hyperion DeFi © 2026 27 Description of Q3 2026 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)”. HYPE LSTs include HiHYPE (Hyperion Insti tut ional HYPE), 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 Digital Assets Business Activity 5% in Skew Equity contractually owed to HYPD, plus 10 million 2Z tokens received in September 2026. Ecosystem Rewards Income in connection with the Company’s temporary HYPE token use agreements, third - party fees accrued in connection with vaults and protocol activity, and accrued KNTQ staking rewards. DeFi Monetization The Company’s first - party yield enhancement activity, including within the Hyperion Rysk Vault, and excluding third - party fees. Yield Enhancement The Company’s portion of accrued net validator commissions from the Kinetiq x Hyperion Hyperliquid Validator, which are earned in HYPE and expressed as US dollars. Validator Commissions The Company’s first - party Staking Yield on HYPE and HYPE LSTs* earned in HYPE and presented in US dollars. Staking Yield

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 Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 (Figures in $) 810,415 357,693 244,271 192,987 302,506 Gross Profit 366,975 255,275 154,806 172,463 58,771 Add: Accumulated but unrealized staking yield on LSTs (10) 401,406 112,032 39,401 79,461 78,109 Add: Net gains on derivative instruments (20,635) 351,000 - - - Add: Treasury gains (losses) attributable to derivative activity 1,109 (128,614) 171,970 - - Add: Accumulated but unrealized yield enhancement activity (15) - 18,699 - 285,450 - Add: Income from airdrops (33,991) (33,991) 150,163 - - Add: Upfront receipt of HPL pursuant to strategic agreements - 70,843 - - - Add: USDH sunset grant from Felix 505,074 - - - - Add: Upfront receipt of 2Z tokens pursuant to strategic agreement 750,000 - - - - Add: Upfront receipt of Skew equity pursuant to strategic agreement 14,989 147,098 198,957 90,636 - Add: Interest Income from DeFi Monetization activity 2,795,341 1,150,035 959,568 820,997 439,386 Adjusted Gross Profit (1)

Hyperion DeFi © 2026 29 As of September 30, 2026 Token Price $ Token Count Value $ 90.83 1,197,670 108,784,402 HYPE digital assets Add: 22.13 398,277 8,813,330 HiHYPE at carrying value 55.09 206,529 11,376,977 kHYPE at carrying value 20.67 28,888 597,068 kmHYPE at carrying value N.M.* 16,636 38,282,063 Unrealized accretion (dilution) expected upon future LST to HYPE Token Reconversion (11) 167,853,840 Gross HYPE Holdings (4) 90.83 1,848,000 Gross HYPE Tokens (2) 33,192,611 Unrealized accretion (dilution) expected upon LST to HYPE reconversion as of June 30, 2026 5,089,451 In - Period Change in unrealized accretion (dilution) expected upon LST to HYPE reconversion versus June 30, 2026 *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 Q3’26 Reconciliation of Gross HYPE Holdings (4) (unaudited)

Hyperion DeFi © 2026 30 As of June 30, 2026 Token Price $ Token Count Value $ 64.95 1,141,174 74,119,231 HYPE digital assets Add: 22.17 398,277 8,828,972 HiHYPE at carrying value 34.91 455,434 15,897,330 kHYPE at carrying value 20.67 28,888 597,068 kmHYPE at carrying value N.M. 18,340 33,192,611 Unrealized accretion (dilution) expected upon future LST to HYPE Token Reconversion (11) 132,635,212 Gross HYPE Holdings (4) 64.95 2,042,113 Gross HYPE Tokens (2) 11,373,007 Unrealized accretion (dilution) expected upon LST to HYPE reconversion as of March 31, 2026 21,819,604 In - Period Change in unrealized accretion (dilution) expected upon LST to HYPE reconversion versus March 31, 2026 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 Q2’26 Reconciliation of Gross HYPE Holdings (4) (unaudited)

Hyperion DeFi © 2026 31 As of March 31, 2026 Token Price $ Token Count Value $ 36.62 690,505 25,286,164 HYPE digital assets Add: 36.62 302,327 11,071,201 HYPE digital assets receivable* 36.62 250,000 9,230,486 HYPE digital intangible assets receivable** 20.58 378,277 7,785,852 HiHYPE at carrying value 20.67 275,434 5,693,449 kHYPE at carrying value 20.67 28,888 597,068 kmHYPE at carrying value N.M. 14,421 11,373,007 Unrealized accretion (dilution) expected upon future LST to HYPE Token Reconversion (11) 71,037,227 Gross HYPE Holdings (4) 36.62 1,939,851 Gross HYPE Tokens (2) 3,499,665 Unrealized accretion (dilution) expected upon LST to HYPE reconversion as of December 31, 2025 7,873,342 In - Period Change in unrealized accretion (dilution) expected upon LST to HYPE reconversion versus December 31, 2025 *Presented gross of $586,774 allowance for credit losses and $108,321 unamortized nonrefundable upfront fee. ** Presented gross of $323,067 allowance for credit losses. ***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 Q1’26 Reconciliation of Gross HYPE Holdings (4) (unaudited)

Hyperion DeFi © 2026 32 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 allowance for credit losses and $307,278 unamortized nonrefundable upfront fee. 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 33 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 34 For the Three Months Ended Reconciliation of Operating Expense Excluding Stock - Based Compensation (5) Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Value $ Value $ Value $ Value $ Value $ 3,791,580 3,918,591 4,493,604 4,530,542 2,594,130 Selling, general and administrative expense (1,553,671) (1,632,349) (1,804,485) (1,712,361) 1,347,031 Subtract: stock - based compensation expense 2,255 58,492 286,764 188,954 373,855 Add: research and development expense 2,240,164 2,344,734 2,975,883 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 Disaggregated Stock - Based Compensation Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Value $ Value $ Value $ Value $ Value $ - - - - (2,140,000) Mark - to - market adjustment of vested but undelivered stock - based compensation 810,164 997,563 997,563 997,563 209,648 Amortized expensing of unearned executive milestone awards 743,506 634,786 806,922 714,798 583,321 All remaining stock - based compensation 1,553,671 1,632,349 1,804,485 1,712,361 (1,347,031) Total Stock - Based Compensation

Hyperion DeFi © 2026 35 For the Three Months Ended (Figures in $) Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 39,287,511 30,650,049 8,487,848 (39,958,264) 4,125,685 Net Operating Income (Expenses) Add Back : 2,255 58,492 286,764 188,954 373,855 Research and development expense 3,791,580 3,918,591 4,493,604 4,530,542 2,594,130 Selling, general and administrative expense - 57,773 - - - Impairment of right of use assets - (909,842) 504,511 405,331 - Provision for credit losses 5,719,652 21,819,604 7,873,342 (1,412,417) 4,912,082 In - Period Change in unrealized accretion (dilution) upon LST reconversion* Subtract : (366,975) (255,275) (154,806) (172,463) (58,771) Accumulated but unrealized staking yield on LSTs (10) - (18,699) - (285,450) - Income from airdrops - (42,035) - - - Realized gains / losses from Rysk Vault shares redemption (401,406) (112,032) (39,401) (79,461) (78,109) Net gains on derivative instruments 20,635 (351,000) - - - Treasury losses (gains) attributable to derivative activity 48,053,253 54,815,626 21,451,862 (36,783,228) 11,868,872 Treasury Gains (Losses) (6) Non - GAAP Financial Measures & Reconciliations Reconciliation of Treasury Gains (Losses) (6) (unaudited) *Includes HYPE LSTs beginning in Q3’25 and KNTQ LSTs beginning in Q3’26. Unrealized accretion from future KNTQ LST reconversi on impacts Q3’26 Treasury Gains by +$630,200. 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 For the Three Months Ended (Figures in $) Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 (512,539) (56,779) 108,431 (288) 2,197,391 Total Other Income (Expense), Net Add Back : 229,956 233,760 225,869 224,799 223,080 Interest Expense 413,701 - (225,173) - (2,407,154) (Gain) / Loss from reduction in legacy liabilities (12) (69,452) 2,037 142,415 (85,158) (55,557) Other non - recurring items (13) (14,989) (147,098) (198,957) (90,636) - Subtract : Interest Income from DeFi Monetization activity 46,677 31,919 52,585 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 37 For the Three Months Ended (Figures in $) Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 39,585,387 30,950,963 8,840,550 (39,765,565) 6,625,582 Net Income (Loss) Add back : 1,553,671 1,632,349 1,804,485 1,712,361 (1,347,031) Stock - based compensation 229,956 233,760 225,869 224,799 223,080 Interest expense - (909,842) 504,511 405,331 - Provision for credit losses - - - - - Income taxes - - - - Depreciation and amortization expense* - 57,773 - - - Impairment of right of use assets 413,701 - (225,173) - (2,407,154) (Gain) / Loss from reductions in legacy liabilities (12) (69,452) 2,037 142,415 (85,158) (55,557) Other Non - Recurring Items (13) Add : 5,719,652 21,819,604 7,873,342 (1,412,417) 4,912,082 In - period change in unrealized accretion (dilution) expected upon LST reconversion** 1,109 (128,614) 171,970 - - Accumulated but unrealized yield enhancement activity (15) - (42,035) - - - Realized losses (gains) from Rysk Vault shares redemption (33,991) (33,991) 150,163 - - Upfront receipt of HPL tokens pursuant to strategic agreements - 70,843 - - - USDH sunset grant from Felix 505,074 - - - - Upfront receipt of 2Z tokens pursuant to strategic agreement 750,000 - - - - Upfront receipt of Skew equity pursuant to strategic agreement 48,655,106 53,652,846 19,488,132 (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. **Includes HYPE LSTs beginning in Q3’25 and KNTQ LSTs beginning in Q3 ’26 . 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 38 (Figures in $) Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 167,853,840 132,635,212 71,037,227 47,837,901 77,751,604 45,500,000 HYPE digital assets, as adjusted to Gross HYPE Holdings (4) 799,967 172,196 193,780 111,406 - - Add: KNTQ 126,230 91,000 149,820 - - - Add: HPL 597,200 - - - - - Add: 2Z 750,000 - - - - - Add: Skew Equity - - 1,615,075 - - - Add: Hyperion Rysk Vault Shares at Cost Basis* 15,586,012 12,908,877 8,803,947 7,245,809 9,085,767 9,387,297 Add: Current Assets (3,337,292) (5,601,237) (4,509,992) (2,701,013) (4,037,092) (5,121,094) Subtract: Current Liabilities** - (5,979,570) (7,416,353) (8,339,366) (8,254,696) (8,170,886) Subtract: Notes Payable *** 182,375,957 134,226,478 69,873,504 44,154,737 74,545,583 41,595,317 Net Asset Value (9) Non - GAAP Financial Measures & Reconciliations Reconciliation of Net Asset Value (9) (unaudited) *Digital intangible assets representing claims on USDH/USDC held in the Hyperion Rysk Institutional Volatility Income Vault. **Includes Notes payable - current portion as of March 31, 2026 and June 30, 2026; does not subtract debt discount of $36,974 as of March 31, 2026 and $92,435 as of June 30, 2026. Does not subtract Deferred Revenue. ***Non - current portion; does not subtract debt discount of $654,151 as of June 30, 2025, $598,691 as of September 30, 2025, $543 ,230 as of December 31, 2025, $450,796 as of March 31, 2026, or $339,874 as of June 30, 2026. 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 39 For the Three Months Ended (Figures in $) Q3’26 Q2’26 Q1’26 Q4’25 Q3’25 8,679,877 (5,642,387) (1,472,835) (6,319,039) (20,112,041) Net Cash and Cash Equivalents Provided By Investing Activities 4,138,123 (523,285) - - - Add : Net Impact of Non - Cash Digital Asset Acquisitions and Dispositions* 12,818,000 (6,165,672) (1,472,835) (6,319,039) (20,112,041) Adjusted Net Investing Cash Flow (17) Non - GAAP Financial Measures & Reconciliations Reconciliation of Adjusted Net Investing Cash Flow (17) (unaudited) *Reflects the net investing cash flow impact of digital asset acquisitions and dispositions of and by non - cash current assets, i ncluding USDC and USDH stablecoins. **Reflects quarterly variance in assets the Company considers to be economically equivalent, but not functionally equivalent, to cash (driven by a limited ability to redeem into US Dollars one - for - one), but not reflected in quarterly GAAP “cash and cash equivalents”, including from time - to - time USDC and USDH Stablecoin as well as deposits and redemptions from the Hyperion Rysk Vault. 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 (Figures in $) Q3’26 Q2’26 Q1’26 Q4’25 Q3’25 (1,598,167) (3,098,419) (4,064,063) (4,190,147) (2,822,819) Net Cash and Cash Equivalents Provided By Operating Activities (4,138,123) 523,285 - - - Subtract : Net Impact of Non - Cash Digital Asset Acquisitions and Dispositions* 5,798,985 450,752 1,456,719 214,012 - Add : Change in Non - GAAP Cash Equivalents** 62,695 (2,124,382) (2,607,344) (3,976,135) (2,822,819) Adjusted Net Operating Cash Flow (18) Non - GAAP Financial Measures & Reconciliations Reconciliation of Adjusted Net Operating Cash Flow (18) (unaudited)

Hyperion DeFi © 2026 40 Non - GAAP Financial Measures & Reconciliations Reconciliation of Core Operating Earnings (19) (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 Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 (Figures in $) 2,795,341 1,150,035 959,568 820,997 439,386 Gross Profit, as adjusted to Adjusted Gross Profit (1) (3,791,580) (3,918,591) (4,493,604) (4,530,542) (2,594,130) Subtract: selling, general and administrative expense 1,553,671 1,632,349 1,804,485 1,712,361 (1,347,031) Add: stock - based compensation expense (2,255) (58,492) (286,764) (188,954) (373,855) Subtract: research and development expense 555,177 (1,194,699) (2,016,315) (2,186,138) (3,875,630) Core Operating Earnings (19)

Hyperion DeFi © 2026 42 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 gains and losses on its digital asset treasury. Such operating activities include staking yield , v alidator operations, yield enhancement activity, DeFi monetization, ecosystem rewards, and (prior to 2026) life sciences operations. It is reconciled to th e GAAP measure “Gross Profit” by adding ( i ) accumulated but unrealized staking yield on LSTs, (ii) net gains on derivative instruments, (iii) the portion of treasury gains (losses) attributable to derivative activity, (iv) accumulated but unrealized yield enhancement activity as fu rth er described in Footnote 15, (v) income from airdrops, (vi) the impact of upfront receipt and recognition of Company’s HPL to ken s, 2Z tokens, and equity in Skew Technologies, Inc. ("Skew") pursuant to its strategic agreements with HyperLend, DoubleZero Foundation (“ DoubleZero ”), and Skew, respectively, (vii) the impact of a one - time grant from the Felix Foundation (“Felix”) in connection with the USDH stablecoin sunset (committed in June 2026 and received in July 2026), and (viii) the portion of interest income generated from digital assets r ece ivable. We believe Adjusted Gross Profit is a helpful financial measure to our management and investors as it aims to capture al l in - period gross profit generated by our active operational strategies without the impact of ( i ) the temporary GAAP earnings volatility of token to LST conversion and reconversion, (ii) the temporary GAAP earnings volati lit y of depositing and redeeming USDH/USDC versus Hyperion Rysk Vault Shares and delays in recognition of upfront received premium on expired sold put and call options on the price of HYPE, (iii) the over - time GAAP recognition of the Company’s receipt of HPL and 2Z tokens as well as Skew equity, (iv) the timing delay between commitme nt and receipt of a grant from Felix, (v) dispersed GAAP presentment of our operational strategies across various Statements of Operations sectio ns, or (vi) the impacts of gains and losses on our digital asset treasury. We believe Adjusted Gross Profit is a critical metric to quantify and compare our core operational activities between periods. In the Company’s earnings release and earnings supplement for three months ended Se ptember 30, 2025 and December 31, 2025, we previously reconciled Non - GAAP “Adjusted Gross Profit” to GAAP “Revenue”. Given chang es in GAAP presentment related to staking and validating activities, we believe for quarterly presentment periods in 2026, the clos est comparable GAAP metric to Adjusted Gross Profit is Gross Profit. 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, Staking Yield in HYPE (which includes accrued staking rewards on HYPE LS Ts), and HYPE Earned in Staking & Validating (which includes accrued staking rewards on HYPE LSTs). 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 (a) Validator Commissions in HYPE plus (b) St aking 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, (b) all collateralized OTC HYPE derivatives are exited (and any HYP E or HYPE LST collateral is returned to the Company), and (c) all HYPE LSTs are converted back to HYPE tokens as of the end of each res pec tive reporting quarter. It is reconciled to the GAAP measure “HYPE digital assets” by adding ( i ) HYPE digital assets receivable (without subtracting allowance for credit loss or unamortized nonrefundable upfront fees), (ii) HYPE digital intangible assets receivable (without su btracting allowance for credit loss), (iii) HYPE LSTs at carrying value (including without limitation HiHYPE, kHYPE, and kmHYPE) and (iv) the unrealized accretion (dilution) expected upon LST to HYPE reconversion as of the end of each respective reporting quarter. We believe Gr oss 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 and Yield Enhancement token movements as well as the conversion and reconversion between HYPE to kens and LSTs, which (a) causes staking yield on our HYPE LSTs not to be recognized in - period in accordance with GAAP and (b) do es not recognize upward mark - to - market movements in underlying HYPE tokens given LSTs are carried at the lower of cost basis or impaire d value. As such, it provides useful information about our balance sheet, allows for greater transparency with respect to imp ort ant 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 across 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, stock - based compensation, an d impairment of right of use assets. 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 St ock - Based Compensation provides a metric of total operating expenditures in - period without the impact of treasury value movements, stock - b ased compensation, or impairment of right of use assets, thereby creating a helpful metric for operational expense comparison s b etween different periods for our management and investors. 6. "Treasury Gains (Losses)" is a non - GAAP measure. Treasury Gains (Losses) is defined as the gross value change in the company's d igital asset treasury portfolio each period, adjusting for temporary GAAP impacts due to native token to LST conversion (or L ST to native token reconversion) and not including the Company's in - period operational activities (as captured in Adjusted Gross Profit described m ore fully in Footnote 1). It is reconciled to the GAAP measure “Net Operating Income (Expenses)" by (a) adding ( i ) research and development expense, (ii) selling, general, and administrative expense, (iii) impairment of right of use assets, (iv) provision for credit losses, an d (v) the in - period change in unrealized accretion (dilution) expected upon LST to native token reconversion (including HYPE LST s beginning in Q3’25 and KNTQ LSTs beginning in Q3’26), and (b) subtracting ( i ) accumulated but unrealized staking yield on LSTs, (ii) income from airdrops, (iii) realized gains and losses from Rysk Vaul t s hares redemption, (iv) net gains on derivative instruments, and (v) treasury value changes attributable to derivative activity (which are already captured in the Non - GAAP metric “Adjusted Gross Profit”). Following these adjustments, Tr easury Gains (Losses) is a singular metric that can present treasury value changes in isolation, which we believe is a helpfu l m etric for management and investors given our large digital asset treasury position and the volatile nature of our 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 (E xpense), Net" by (a) adding back ( i ) interest expense, (ii) non - recurring gains and losses from reductions in legacy liabilities, and (iii) other non - recurring ite ms which we do not consider material in nature, and (b) subtracting the portion of GAAP “Interest Income” generated from digi tal assets receivable. The items added back to Adjusted Other Income (Expense) 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 wi th prior periods and competitors less meaningful. The item subtracted from Adjusted Other Income (Expense) is already captured in the Non - GAAP me tric “Adjusted Gross Profit”, as further described in Footnote 1. We believe Adjusted Other Income (Expense) provides a helpf ul view to management and investors regarding recurring and ongoing income and expense items outside of core operating income and expens es, presented in a way to compare these elements over time. Footnotes

Hyperion DeFi © 2026 43 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 t he 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) impairment of right of use assets, (vii) non - recurring gains and losses from reductions in legacy liabilities, and (viii) other non - recurring items which we do not consider material i n nature; and, it adds in ( i ) the in - period change in unrealized accretion (dilution) expected upon LST to native token reconversion (including HYPE LSTs beginning in Q3’25 and KNTQ LSTs beginning in Q3’26), (ii) accumulated but unrealized yield enhancement activity as further d esc ribed in Footnote 15, (iii) realized gains and losses from Rysk Vault shares redemption, (iv) the impact of upfront receipt a nd recognition of Company’s HPL tokens, 2Z tokens, and equity in Skew pursuant to its strategic agreements with HyperLend, DoubleZero , and Skew, respectively, and (v) the impact of a one - time grant from Felix in connection with the USDH stablecoin sunset (commi tted in June 2026 and received in July 2026). The items excluded from our Adjusted EBITDA 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 wi th prior periods and competitors less meaningful. The items added to Adjusted EBITDA are included to give a more complete picture of our in - perio d operations and mark - to - market impacts on our digital assets, disregarding ( i ) the temporary GAAP earnings volatility of native token to LST conversion and LST to native token reconversion, (ii) the temporary GAAP earnings volatility of depositing and redeeming USDH /US DC versus Hyperion Rysk Vault Shares and delays in recognition of upfront received premium on expired sold HYPE put and call opt ions, (iii) the over - time GAAP recognition of the Company’s receipt of HPL and 2Z tokens as well as Skew equity, and (iv) the timing delay betwe en commitment and receipt of a grant from Felix. Adjusted EBITDA is used by management, in addition to GAAP financial measure s, 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. 9. “Net Asset Value” is a non - GAAP measure. Net Asset Value is defined as the estimated market value of our digital assets less net outstanding debt. It is reconciled to the GAAP measure “HYPE digital assets” as adjusted to “Gross HYPE Holdings” (described mo re fully in Footnote 4) by ( i ) adding KNTQ, HPL, and 2Z digital assets at estimated market value, (ii) the value of Skew equity contractually owed to Hype rio n as of its most recent raise in the three months ended September 30, 2026, (iii) adding Hyperion Rysk Vault Shares at cost b asi s, (iv) adding Current Assets, (v) subtracting Current Liabilities including current portion of Notes Payable, without subtracting co rre sponding debt discounts or any unamortized issuance expenses, and excluding Deferred Revenue, and (vi) subtracting Notes Paya ble (Non - current portion, without subtracting corresponding debt discounts or any unamortized issuance expenses). We believe Net Asset Value i s a helpful non - GAAP financial measure to our management and investors because it provides a more complete picture of our net asset s. It does not include other non - current assets or non - current liabilities beyond the aforementioned items. The Company believes Net Asset Valu e provides useful information about our balance sheet and financial performance, enhances the overall understanding of our pa st performance and future prospects, allows for greater transparency with respect to important metrics used by our management for financial, ri sk management and operational decision - making, and provides an additional tool for investors to use to understand and compare ou r operating results across accounting periods. 10. Represents in - period accrued staking yield on LSTs. Staking yield on LSTs is not recognized in - period in accordance with GAAP; i nstead, LST staking yield may be recognized as a realized gain upon future reconversion from LSTs back into underlying native to kens. 11. Represents the estimated future financial implications if all company - owned HYPE LSTs were reconverted to HYPE at the end of eac h respective period. Encapsulates both the temporary GAAP valuation methodology differences between LSTs and HYPE plus the reali zation 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 approximately $2.2 million and $0.2 million respectively, combined totaling $2.4 million. In the three months end ed March 31, 2026, gain on extinguishment of liabilities within Other income (expense), net totaled $0.2 million. In the three months ended Sept emb er 30, 2026, loss on extinguishment of liabilities within Other income (expense), net totaled $0.4 million, in connection wit h e arly prepayment of the Avenue Capital loan. 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”, other non - recurring items include (a) gains and losses on sales and disposals o f life sciences equipment and furniture, (b) release of reserves held against potential returns of company - sold items, (c) a one - time realized p ayment in connection with a terminated LOI, (d) gains and losses due to valuation differences in the time between contractual an d actual delivery dates on certain company - paid expenses denominated in HYPE and in Company equity, and (e) the impact of accelerating the one - time gran t from Felix Foundation in connection with the USDH stablecoin sunset (committed in June 2026 and received in July 2026). 14. Estimated and unaudited figures as of September 30, 2026. 15. Includes all net cash, cash equivalents, and USDC/USDH premiums received but unrealized on expired sold HYPE puts and calls, inc luding within the Hyperion Rysk Vault, as well as third - party fees on yield enhancement activities (such third - party fees being included in DeFi Monetization within Non - GAAP Adjusted Gross Profit). 16. Includes assets the Company considers to be economically equivalent, but not functionally equivalent, to cash, such as USDC a nd USDH Stablecoin as well as deposits and redemptions from the Hyperion Rysk Vault. 17. “Adjusted Net Investing Cash Flow” is a non - GAAP measure. Adjusted Net Investing Cash Flow is defined as the estimated total net cash (including non - GAAP cash equivalents) generated from / (used for) acquisitions and dispositions of assets for investing pu rposes. It is reconciled to the GAAP measure “Net Cash and Cash Equivalents Provided By Investing Activities” by adding the net impact of n on - cash digital asset acquisitions and dispositions. We believe Adjusted Net Investing Cash Flow is a helpful non - GAAP financial me asure to our management and investors because it removes the in - period cash flow volatility which can be caused by purchases and sales of and by non - cash current assets, including USDC and USDH stablecoins. The Company believes Adjusted Net Investing Cash Flow provides useful information about our financial performance and cash flows with greater transparency for investors to understand and compare our operating results across accounting periods. 18. “Adjusted Net Operating Cash Flow” is a non - GAAP measure. Adjusted Net Operating Cash Flow is defined as the estimated total net cash (including non - GAAP cash equivalents) generated from / (used for) the Company’s operating activities. It is reconciled to the GAAP measure “Net Cash and Cash Equivalents Provided By Operating Activities” by (a) subtracting the net impact of non - cash digital a sset acquisitions and dispositions and (b) adding quarterly variance in assets the Company considers to be economically equiv ale nt, but not functionally equivalent, to cash (including from time - to - time USDC and USDH stablecoins as well as deposits and redemptions from the Hyperion Rysk Vault). We believe Adjusted Net Operating Cash Flow is a helpful non - GAAP financial measure to our management and investors because it removes the in - period operating cash flow volatility which can be caused by the inflows and outflows of non - GAAP current assets functionally equivalent to cash. 19. “Core Operating Earnings” is a non - GAAP measure. Core Operating Earnings is defined as all in - period gross profit less operation al expenses incurred by the Company excluding gains and losses on its digital asset treasury, stock - based compensation, and impa irment of right of use assets. It is reconciled to the GAAP measure “Gross Profit” as adjusted to non - GAAP “Adjusted Gross Profit” (described more fully in Footnote 1) by ( i ) adding selling, general and administrative expense, (ii) subtracting stock - based compensation expense, and (iii) adding research and development expense. Core Operating Earnings provides a metric of total operating earnings in - period without the im pact of treasury value movements, stock - based compensation, or impairment of right of use assets. We believe Core Operating Earn ings is a helpful metric to our management and investors to compare core operating activity across periods. Footnotes (continued)

Form: 8-K

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