Hyperion DeFi has raised its full-year 2026 outlook and authorized a $20 million share repurchase program as the publicly traded decentralized finance company expects its core operations to reach profitability and positive adjusted operating cash flow during the third quarter.
Hyperion now expects 2026 adjusted gross profit of $7 million to $8 million, up from its previous guidance of $5 million to $7 million.
The company also expects adjusted net operating cash flow to turn positive in Q3 2026, accelerating its previous expectation that the metric would become positive by the end of the year.
Hyperion anticipates generating positive core operating earnings during Q3, with adjusted gross profit from its core DeFi activities expected to exceed operating expenses excluding stock-based compensation for the first time.
For the third quarter, Hyperion is forecasting adjusted gross profit of $2 million to $2.5 million.
Operating expenses excluding stock-based compensation are expected to total $2 million to $2.25 million, while core operating earnings are projected at $0 to $500,000.
Adjusted net operating cash flow is expected to range from negative $500,000 to positive $250,000. The measures are non-GAAP and the company’s forward guidance is unaudited.
Hyperion’s Board of Directors also authorized the repurchase of up to $20 million of outstanding common stock.
The authorization will remain in place for as long as 12 months.
Purchases can be executed through open-market transactions, privately negotiated transactions, block trades or other methods, depending on market conditions and regulatory requirements.
The company may also use Rule 10b5-1 trading plans to facilitate repurchases.
Management will determine the actual timing, quantity and value of shares repurchased, and Hyperion noted that there is no guarantee that any particular number of shares will ultimately be purchased.
Hyperion said its shares have recently traded at a 20% to 30% discount to its net assets, which management believes provides an opportunity to allocate capital toward repurchases.
Operational performance has also improved sequentially.
Non-GAAP adjusted gross profit increased from approximately $960,000 in Q1 2026 to $1.15 million in Q2, while operating expenses excluding stock-based compensation declined from approximately $2.98 million to $2.34 million.
Core operating losses narrowed from approximately $2.02 million in Q1 to $1.19 million in Q2, and adjusted net operating cash outflow improved from approximately $2.61 million to $2.12 million.
Hyperion DeFi describes itself as the first U.S. publicly listed DeFi company building on Hyperliquid.
Hyperliquid is a layer-one blockchain supporting fully on-chain perpetual futures and spot order books along with HyperEVM, its general-purpose smart contract platform.
HYPE is the native token of the Hyperliquid network. As of September 2026, approximately 47 million HYPE had been autonomously purchased and sequestered by the blockchain using trading fees generated through its central limit order books.
KEY QUOTE:
“In the past few weeks, our DeFi businesses have accelerated,” said Hyunsu Jung, CEO of Hyperion DeFi. Mr. Jung continued, “We have now reached the inflection point we promised since day one: in Q3’26, we expect our core operations to break even from both a profit and cash flow perspective. Not only has HYPE recently achieved all-time highs, but our operations have begun to achieve flywheel velocity. From this position of strength, today we are announcing the launch of a new $20 million share buyback program. HYPD common shares have recently traded at a 20% to 30% discount to our net assets, which we believe creates an attractive opportunity to deploy capital into share repurchases for the benefit of HYPD common shareholders. Our businesses are stronger than ever, and with the Board’s authorization, we now have the flexibility to reinvest profits into share repurchases. We are also committed to taking additional steps to improve our capital structure in the future.”
Hyunsu Jung, CEO of Hyperion DeFi
