Free cash flow remains consistently negative with quarterly burn rates often exceeding $5 million, highlighting a chronic inability to convert net income into sustainable operating cash.
| Cash from Operations | -14.52M | -14.77M | -30.12M | -23.84M | -25.11M | -20.87M | -6.38M |
| Operating CF Margin % | - | -1815.73% | -52534.15% | -629430.66% | - | -149.1% | -319.21% |
| Operating CF Growth % | 149.48% | 50.96% | -26.36% | 5.05% | -20.27% | -226.97% | - |
| Net Income | -32.99M | -45.31M | -49.82M | -27.26M | -28.01M | -12.78M | -19.77M |
| Depreciation & Amortization | 0 | 0 | 1.13M | 783.21K | 307.43K | 221.56K | 95.42K |
| Stock-Based Compensation | 4.33M | 0 | 1.7M | 2.5M | 3.77M | 2.89M | 2.48M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 16.84M | 33.46M | 17.2M | 1.62M | 1.1M | -501.76K | -79.69K |
| Working Capital Changes | -2.7M | -2.91M | -339.82K | -1.48M | -2.26M | -10.7M | 10.89M |
| Change in Receivables | 0 | 0 | 99.01K | 1.06M | 621.28K | 1.4M | 0 |
| Change in Inventory | 0 | 0 | 0 | -122.02K | 0 | 0 | 0 |
| Change in Payables | -526.61K | -1.64M | 446.6K | 324.89K | -185.82K | 126.11K | 0 |
| Cash from Investing | -73.43M | -71.95M | -161.48K | -3.97M | -874.75K | -1.62M | -261.26K |
| Capital Expenditures | -73.43M | -71.95M | -161.48K | -2.85M | -874.75K | -1.62M | -261.26K |
| CapEx % of Revenue | 7039.93% | 8845.48% | 281.63% | 75193.87% | - | 11.56% | 13.06% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 45.5M | 0 | 0 | -1.12M | 0 | 0 | 0 |
| Cash from Financing | 91.4M | 91.05M | 17.55M | 19.79M | 21.51M | 21.46M | 20.86M |
| Debt Issued (Net) | -1.37M | -1.46M | -5.51M | 4.39M | 1.82M | 6.79M | -11.86K |
| Equity Issued (Net) | 43.28M | 93.54M | 25.62M | 16.71M | 20.43M | 12.79M | 0 |
| Dividends Paid | -795K | -892.17K | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 50.28M | -136.8K | -2.56M | -1.31M | -744.2K | 1.88M | 20.88M |
| Net Change in Cash | 3.45M | 4.32M | -12.73M | -8.01M | -4.47M | -1.03M | 14.22M |
| Free Cash Flow | -75.96M | -14.77M | -30.28M | -27.81M | -25.98M | -22.49M | -6.65M |
| FCF Margin % | -7283.02% | -1815.73% | -52815.78% | -734277.16% | - | -160.66% | -332.28% |
| FCF Growth % | -207.3% | 51.23% | -8.9% | -7.03% | -15.5% | -238.47% | - |
| FCF per Share | -7.16 | -2.95 | -36.35 | -54.21 | -61.77 | -68.36 | -25.25 |
| FCF Conversion (FCF/Net Income) | 2.30x | 0.33x | 0.60x | 0.87x | 0.90x | 1.63x | 0.32x |
| Interest Paid | 300.19K | 0 | 1.62M | 1.69M | 315.55K | 227.17K | 13.97K |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Strategic Pivot Execution Risk
According to historical cash flow statements, HYPD exhibits a chronic inability to convert net income into operating cash, with OCF/NI ratios frequently oscillating between positive and negative extremes, suggesting that reported earnings are largely decoupled from the actual liquidity generated by the company's underlying business operations.
The erratic relationship between net income and operating cash flow indicates that non-cash adjustments and accounting volatility are the primary drivers of the bottom line. Investors should monitor this divergence, as it implies that the company's reported profitability metrics may not reflect the actual cash-generating capacity of the medical or crypto segments.
As reported in financial statements, HYPD's free cash flow remains consistently negative, with quarterly burn rates often exceeding $5 million, which highlights the company's ongoing reliance on external financing to bridge the gap between its high operating expenses and its minimal, inconsistent revenue streams from operations.
The persistent negative FCF margin suggests that the company is currently in a state of capital consumption rather than value creation. This trajectory warrants further investigation into how long the current cash runway can support the pivot to a validator-based model before additional dilutive measures become necessary.
Based on reported figures, HYPD's capital expenditure has shown extreme volatility, including a significant $72 million outflow in 2025Q4, which indicates that the company's investment in infrastructure is not yet yielding a commensurate return in terms of stable, recurring revenue or improved operational efficiency.
The high capital intensity relative to revenue suggests that the company is heavily front-loading costs to build its validator and medical infrastructure. This strategy appears to be a high-stakes gamble that the future yield from these assets will eventually justify the current, substantial capital outlays.
As noted in recent SEC filings, HYPD's working capital changes are highly erratic, with quarterly fluctuations that suggest significant instability in the company's ability to manage its short-term assets and liabilities effectively during this radical transition from a medical device firm to a crypto-treasury entity.
The lack of a predictable working capital cycle may indicate that the company is struggling to align its cash conversion cycle with its new business model. This inconsistency appears to be a symptom of the broader operational challenges inherent in managing a dual-track medical and digital asset business.
Based on an analysis of cash flow statements, HYPD's reliance on stock-based compensation and capitalized costs appears to obscure the true extent of its cash burn, as these non-cash expenses frequently mask the underlying economic reality of the company's high-cost, low-revenue operating structure.
The use of stock-based compensation as a primary tool for managing cash flow suggests that the company is attempting to preserve liquidity at the expense of shareholder dilution. Investors should monitor whether this reliance on equity-based incentives remains sustainable as the company attempts to scale its validator operations.
Quick answers to the most common questions about buying HYPD stock.
Hyperion DeFi, Inc. (HYPD) generated $-14.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Hyperion DeFi, Inc. (HYPD) reported negative free cash flow of $14.8M in 2025, indicating capital requirements exceeded cash from operations.
Hyperion DeFi, Inc. (HYPD) spent $72.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Hyperion DeFi, Inc. (HYPD) returned $0.9M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.