Revenue remains highly erratic with quarterly figures fluctuating between near-zero and $496.2K, while operating margins have historically languished in deep negative territory, reaching -516.6% in 2024Q2.
| Sales/Revenue | 1.04M | 813.46K | 57.34K | 3.79K | 0 | 14M | 2M |
| Revenue Growth % | 1455.26% | 1318.75% | 1414.02% | - | -100% | 600% | - |
| Cost of Goods Sold | 378.83K | 303.29K | 3.93M | 16K | 0 | 1.6M | 800K |
| COGS % of Revenue | - | 37.28% | 6849.5% | 422.63% | - | 11.43% | 40% |
| Gross Profit | 664.18K | 510.17K | -3.87M | -12.22K | 0 | 12.4M | 1.2M |
| Gross Margin % | 63.68% | 62.72% | -6749.5% | -322.63% | - | 88.57% | 60% |
| Gross Profit Growth % | - | 113.18% | -31573.69% | - | -100% | 933.33% | - |
| Operating Expenses | 21.66M | 19.49M | 44.87M | 25.39M | 26.91M | 25.42M | 20.99M |
| OpEx % of Revenue | - | 2396.13% | 78255.08% | 670563.19% | - | 181.58% | 1049.46% |
| Selling, General & Admin | 20.13M | 17.58M | 14.33M | 12.42M | 13.53M | 10.57M | 7.69M |
| SG&A % of Revenue | - | 2161.28% | 24998.45% | 327921.73% | - | 75.5% | 384.28% |
| Research & Development | 1.52M | 1.91M | 14.46M | 12.98M | 13.38M | 14.85M | 13.36M |
| R&D % of Revenue | - | 234.85% | 25224.5% | 342641.46% | - | 106.08% | 668.16% |
| Other Operating Expenses | 0 | 0 | 16.07M | 0 | 0 | 1 | -59.72K |
| Operating Income | -20.99M | -18.98M | -48.74M | -25.41M | -26.91M | -13.02M | -19.79M |
| Operating Margin % | -2012.57% | -2333.42% | -85004.58% | -670885.82% | - | -93% | -989.46% |
| Operating Income Growth % | - | 61.05% | -91.83% | 5.59% | -106.69% | 34.2% | - |
| EBITDA | -11.4M | -18.98M | -47.61M | -24.62M | -26.6M | -12.8M | -19.69M |
| EBITDA Margin % | -1093.14% | -2333.42% | -83036.44% | -650204.33% | - | -91.42% | -984.69% |
| EBITDA Growth % | 71.84% | 60.13% | -93.35% | 7.45% | -107.86% | 35.01% | - |
| D&A (Non-Cash Add-back) | 75.59K | 0 | 1.13M | 783.21K | 307.43K | 221.56K | 95.42K |
| EBIT | -11.29M | -18.98M | -47.33M | -24.89M | -26.63M | -12.39M | -19.79M |
| Net Interest Income | -753.32K | -1.32M | -2.23M | -1.68M | -1.3M | -385.24K | 9.36K |
| Interest Income | 448.84K | 240.02K | 254.02K | 693.61K | 83.33K | 2.52K | 26.4K |
| Interest Expense | 1.2M | 1.56M | 2.48M | 2.37M | 1.38M | 387.76K | 17.04K |
| Other Income/Expense | -12M | -26.33M | -1.08M | -1.85M | -1.1M | 242.14K | 19.36K |
| Pretax Income | -32.99M | -45.31M | -49.82M | -27.26M | -28.01M | -12.78M | -19.77M |
| Pretax Margin % | -3163.01% | -5570.61% | -86888.57% | -719859.94% | - | -91.27% | -988.49% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -32.99M | -45.31M | -49.82M | -27.26M | -28.01M | -12.78M | -19.77M |
| Net Margin % | -3163.01% | -5570.61% | -86888.57% | -719859.94% | - | -91.27% | -988.49% |
| Net Income Growth % | 22.16% | 9.04% | -82.75% | 2.68% | -119.21% | 35.36% | - |
| Net Income (Continuing) | -32.99M | -45.31M | -49.82M | -27.26M | -28.01M | -12.78M | -19.77M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -3.11 | -9.40 | -59.81 | -53.15 | -66.40 | -39.20 | -75.20 |
| EPS Growth % | 72.78% | 84.28% | -12.53% | 19.95% | -69.39% | 47.87% | - |
| EPS (Basic) | - | -9.40 | -59.81 | -53.15 | -66.40 | -39.20 | -75.12 |
| Diluted Shares Outstanding | 10.61M | 5M | 833K | 512.91K | 420.62K | 329.05K | 263.18K |
| Basic Shares Outstanding | 10.61M | 5M | 833K | 512.91K | 420.62K | 329.05K | 262.9K |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Strategic Pivot Execution Risk
As reported in financial statements, HYPD's revenue trajectory remains highly erratic, with quarterly figures fluctuating from near-zero to $496.2K, reflecting the company's ongoing struggle to establish a consistent commercial footprint while pivoting away from its legacy ophthalmic device business toward a digital asset-focused model.
The extreme variability in top-line performance suggests that the company has yet to achieve a repeatable revenue engine in either its medical or crypto-treasury segments. Investors should monitor whether the recent revenue spikes are sustainable or merely artifacts of non-recurring events associated with the strategic shift.
Based on reported figures, HYPD's operating margin has historically languished in deep negative territory, reaching as low as -516.6% in 2024Q2, which underscores the fundamental inability of the current medical device cost structure to scale effectively against the company's substantial administrative and research overhead.
The wide gap between gross margins and operating margins indicates that the firm is burdened by excessive fixed costs that are not being offset by current revenue levels. This suggests that the pivot to a validator-based model may be a necessary attempt to bypass traditional operational inefficiencies, though it introduces new, unproven cost variables.
According to recent SEC filings, HYPD's net income is subject to extreme swings, including a $39.8M loss in 2025Q4, which suggests that the adoption of fair value accounting for digital assets may be creating significant noise that masks the core operational health of the business.
The reliance on unrealized gains or losses from crypto holdings makes traditional EPS metrics largely irrelevant for assessing the company's fundamental progress. Analysts should exercise caution, as the reported net income appears more sensitive to market fluctuations in the HYPE token than to actual operational execution.
As noted in historical income statements, the company's persistent reliance on high R&D and SG&A spending, which frequently exceeds revenue by orders of magnitude, warrants further investigation into whether the crypto-treasury model can realistically provide the non-dilutive capital required to sustain long-term operations.
Short-term observers may argue that the pivot is a desperate attempt to maintain a Nasdaq listing rather than a viable business evolution. The lack of a clear path to break-even suggests that the company remains highly vulnerable to liquidity shocks if the crypto-treasury fails to generate consistent, meaningful yield.
Quick answers to the most common questions about buying HYPD stock.
For fiscal year 2025, Hyperion DeFi, Inc. (HYPD) reported total revenue of $0.8M. This represents a 59.3% decline compared to $2.0M in 2020.
Hyperion DeFi, Inc. (HYPD) reported a net loss of $45.3M for the fiscal year ending 2025.
Hyperion DeFi, Inc. (HYPD) reported an operating income of $-19.0M, resulting in an operating profit margin of -2333.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Hyperion DeFi, Inc. (HYPD) generated $0.5M in gross profit for the year, representing a gross profit margin of 62.7%. This demonstrates the company's core pricing power and production efficiency.