Hyperion DeFi Inc. posted a second consecutive record quarter, with net income reaching $31 million in the second quarter, a significant increase from $8.8 million in the first quarter. The company’s adjusted EBITDA rose to $53.7 million from $19.5 million in the prior period, reflecting broad-based operational improvements.
The company’s treasury gains provided a substantial boost to results. The value of HYPE token holdings climbed to $132.6 million from $71 million at the end of the first quarter, driven by an appreciation in the token price to $65 per token from $36.60 three months earlier. Hyperion expanded its HYPE token position to 2.04 million tokens from 1.94 million tokens held at the end of the first quarter. Treasury gains for the quarter reached $54.8 million, more than double the $21.5 million recorded in the prior quarter.
Operational metrics also showed improvement. Adjusted gross profit increased 20% from the first quarter to $1.15 million, supported by a 69% increase in staking income and a 58% rise in yield-enhancement revenue. Operating expenses, excluding stock-based compensation, declined 21% to $2.3 million, indicating better cost management.
Hyperion allocated additional capital to strategic initiatives. The company committed 500,000 staked HYPE tokens each to Entropy, an upcoming HIP-3 deployer, and to Skew Technologies, which is developing outcome markets for Hyperliquid’s HIP-4 protocol. These deployments became possible after the company terminated agreements related to Native Markets and Felix following the discontinuation of the USDH stablecoin, freeing 800,000 HYPE tokens for redeployment.
The company maintained its full-year adjusted gross profit guidance of $5 million to $7 million and anticipated adjusted operating cash flow would turn positive by year-end. Hyperion shares rose approximately 5% in after-hours trading following the earnings announcement.
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