Hyperion DeFi Inc (HYPD) 2026 Q1 法說會逐字稿

Greetings. Welcome to the Hyperion DeFi 2026 first-quarter earnings conference call. (Operator Instructions) Please note, this conference is being recorded.

各位好。歡迎參加 Hyperion DeFi 2026 年第一季財報電話會議。（接線員指示）請注意，本次會議將被錄音。

I will now turn the conference over to Jason Assad, Director of Investor Relations. Thank you. You may begin.

現在我將把會議交給投資人關係總監 Jason Assad。謝謝。您可以開始了。

Good morning, and welcome to Hyperion DeFi's 2026 first-quarter earnings call. Joining me today are CEO, Hyunsu Jung; and CFO, David Knox.

各位早安，歡迎參加 Hyperion DeFi 2026 年第一季財報電話會議。今天與我一同出席的有執行長鄭賢洙（Hyunsu Jung）以及財務長 David Knox。

Before we get started, please note that our remarks today may include forward-looking statements. These statements are subject to risks and uncertainties, and actual results may differ materially.

在開始之前，請注意我們今天的發言可能包含前瞻性陳述。這些陳述受風險與不確定性影響，實際結果可能與前述內容有重大差異。

During this call, we may use words like anticipate, could, enable, estimate, intend, expect, believe, potential, will, should, project and similar expressions, which indicate forward-looking statements. For a more comprehensive discussion of these and other risks, please refer to our filings with the SEC available on sec.gov and in the IR section of our website at hyperiondefi.com.

在本次電話會議中，我們可能會使用如 anticipate（預期）、could（可能）、enable（使能）、estimate（估計）、intend（打算）、expect（預期）、believe（相信）、potential（潛在）、will（將）、should（應）、project（預測）及類似用語，這些均表示前瞻性陳述。若要更全面地了解上述及其他風險，請參閱我們向美國證券交易委員會（SEC）提交的文件（可於 sec.gov 查閱），以及我們網站 hyperiondefi.com 的投資人關係（IR）專區。

We will also reference certain non-GAAP financial measures today. Please refer to our earnings release and earnings supplement on our website for a full reconciliation of these non-GAAP measures to the most comparable GAAP measures.

我們今天也會提及若干非 GAAP 財務衡量指標。請參閱我們網站上的財報新聞稿與財報補充資料，以取得這些非 GAAP 指標與最可比 GAAP 指標之間的完整調節表。

We will start this morning's call with prepared remarks from Hyunsu and David, followed by Q&A. I'll now turn the call over to our CEO, Hyunsu Jung.

今天早上的電話會議將先由賢洙與 David 發表準備好的談話，接著進行問答。我現在把電話交給我們的執行長鄭賢洙。

Thank you, Jason, and good morning, everyone. Welcome to Hyperion DeFi's first quarter 2026 earnings call.

謝謝你，Jason，各位早安。歡迎參加 Hyperion DeFi 2026 年第一季財報電話會議。

In our first earnings call at Hyperion DeFi, we made a promise, stating that we would set ourselves apart from other digital asset treasury companies with our comprehensive ecosystem engagement strategy. At the time, it may have been difficult for investors to understand the concept of DeFi, let alone the idea of a public company using these strategies to generate revenue.

在我們於 Hyperion DeFi 的第一場財報電話會議上，我們曾做出承諾，表示將以全面性的生態系參與策略，讓自己有別於其他數位資產金庫公司。當時，投資人可能很難理解 DeFi 的概念，更遑論理解一家上市公司運用這些策略來創造營收的想法。

We are off to a strong start of the year, continuing to distance ourselves from the crowd, fulfilling past promises, resulting in measurable growth across our core proficiencies, positioning ourselves in parallel with the rapid innovation from the Hyperliquid core team. We have seen over the past few months that Hyperliquid continues to execute on its vision to become the blockchain to house all finance.

今年我們有一個強勁的開局，持續拉開與同業的差距、兌現過去的承諾，並在我們的核心能力上帶來可衡量的成長，同時與 Hyperliquid 核心團隊的快速創新並行布局。過去幾個月我們看到，Hyperliquid 持續落實其願景，致力成為承載所有金融的區塊鏈。

HIP3 markets now account for almost 50% of Hyperliquid's daily average trading activity, an incredible testament to the product market fit of a unique on-chain primitive launched only seven months ago. And just 12 days ago, HIP4, the network upgrade that unlocks outcome markets for Hyperliquid, went live on Mainnet.

HIP3 市場目前已占 Hyperliquid 每日平均交易活動近 50%，這是對一項僅在七個月前推出的獨特鏈上原語（on-chain primitive）之產品市場契合度的驚人證明。而就在 12 天前，能為 Hyperliquid 解鎖結果市場（outcome markets）的網路升級 HIP4 已在主網（Mainnet）上線。

On its launch day, Hyperliquid's first outcome market for the price of Bitcoin did over three times the combined volume of Polymarket and Kalshi. This comes alongside the continued development of unified market accounts on Hyperliquid, which will ultimately enable users to access a seamless unified platform for positioning and hedging across all markets and products.

在上線當天，Hyperliquid 的第一個比特幣價格結果市場，其成交量超過 Polymarket 與 Kalshi 合計的三倍。與此同時，Hyperliquid 也持續開發統一市場帳戶（unified market accounts），最終將使使用者能在所有市場與產品之間，於同一個無縫整合的平台上進行部位配置與避險。

As Hyperliquid's vision continues to become reality, Hyperion continues to position ourselves as the premier institutional gateway to DeFi innovation. We are very proud to share with you the results of the continued scaling of our DeFi operating businesses in addition to the growing network value of our ecosystem engagement.

隨著 Hyperliquid 的願景持續成真，Hyperion 也持續將自身定位為 DeFi 創新的首要機構級入口。我們非常自豪能與各位分享：除了我們 DeFi 營運業務持續擴張的成果之外，我們生態系參與所帶來的網路價值也在成長。

In our previous full year 2025 earnings call, we provided guidance of $4 million to $6 million adjusted gross profit for 2026, which captures our core DeFi operating businesses. We have increased guidance to $5 million to $7 million for 2026 and anticipate cash flow breakeven by year end, driven primarily by the continued opportunities to build income-generating businesses on Hyperliquid.

在先前的 2025 全年財報電話會議中，我們對 2026 年提供了 400 萬至 600 萬美元的調整後毛利指引，該指引涵蓋我們的核心 DeFi 營運業務。我們已將 2026 年指引上調至 500 萬至 700 萬美元，並預期在年底達到現金流損益兩平，主要動能來自於在 Hyperliquid 上持續建立可創造收益的業務機會。

As we walk through the results of this quarter, it should become clear why we raised capital and how our strategies continue to demonstrate the ability to triple dip on HYPE. In this quarter, we saw substantial growth in our DeFi monetization strategy as well as expansion of our yield enhancement strategies, both of which we expect to continue to grow through the remainder of 2026, driven by the continued adoption and growth of the Hyperliquid blockchain.

當我們逐步說明本季成果時，大家將能更清楚理解我們為何募資，以及我們的策略如何持續展現對 HYPE 進行「三重獲利」（triple dip）的能力。本季我們在 DeFi 變現策略上看到顯著成長，同時也擴大了收益增強策略；我們預期這兩者在 2026 年剩餘期間仍將持續成長，並由 Hyperliquid 區塊鏈的持續採用與成長所帶動。

Specific to HyperCore, our DeFi monetization vertical grew by 140% this quarter, driven by our partnership with native Markets, a stronger quarter of volume on the Felix Exchange, our partnered HIP3 market and the initial spot testing volumes on Silhouette.

就 HyperCore 而言，我們的 DeFi 變現垂直業務本季成長 140%，主要受惠於我們與原生 Markets 的合作、Felix Exchange（我們合作的 HIP3 市場）交易量更強勁的一季，以及 Silhouette 初期現貨測試交易量的貢獻。

These are three different variants of our HYPE asset use service or house, fees that are variable but correlated to the price of HYPE; fees that scale based on volume and fees generated on our markets listed on HIP3; and fees that scale based on aggregate volume and associated fee reductions for trading on Hyperliquid. This diversified approach creates multiple avenues to generate DeFi income that are scalable over time and agnostic to the performance of just HYPE and crypto markets.

這些分別對應我們 HYPE 資產使用服務的三種不同變體或「場域」：其一為費用可變但與 HYPE 價格相關的費用；其二為依據我們在 HIP3 上架市場的交易量與所產生費用而擴張的費用；其三為依據總交易量擴張，並與在 Hyperliquid 交易所獲得的相關手續費折減相連動的費用。此一多元化方法創造多條可隨時間擴張的 DeFi 收入來源，且不僅取決於 HYPE 或加密市場的單一表現。

We saw early on that the long-term appeal of these products would grow as Hyperliquid evolves to become more than just a platform to trade crypto. It will ultimately serve various real-world assets, outcome markets and structured products. And as a result, we have continued to see demand from clients and partners globally for our HYPE asset use service.

我們很早就看出，隨著 Hyperliquid 演進為不只是加密交易平台，這些產品的長期吸引力將會提升。它最終將服務各類現實世界資產、結果市場與結構型產品。因此，我們持續看到全球客戶與合作夥伴對我們 HYPE 資產使用服務的需求。

We have also had the privilege of consistently being the first to be approached by these various deployers to support their objectives, and further integrate them into the Hyperliquid ecosystem. With that responsibility, we continue to take a methodical approach to partner selection and ensure deal structures that create and return the most long-term value to our shareholders.

我們也很榮幸能一再成為各類部署方（deployers）最先接洽的對象，以支持其目標並進一步將其整合進 Hyperliquid 生態系。肩負這份責任，我們持續以審慎、系統化的方式選擇合作夥伴，並確保交易架構能為股東創造並回饋最大的長期價值。

A prime example is our recent partnership with Silhouette, the privacy layer built on top of Hyperliquid. As they fully migrate into production, we expect volumes to increase from several hundred thousand dollars to several millions of dollars in volume, driven both by the launch of the RFQ system, which will enable large positions to be filled by onboard counterparties as well as the ability to maintain those positions privately on Hyperliquid.

一個典型例子是我們近期與 Silhouette 的合作；Silhouette 是建構在 Hyperliquid 之上的隱私層。隨著其全面遷移至正式生產環境，我們預期交易量將從數十萬美元提升至數百萬美元，動能來自 RFQ 系統的推出（可讓大型部位由已上線的交易對手方承接成交），以及在 Hyperliquid 上以私密方式維持這些部位的能力。

This helps prevent the front running of trades as well as competitors potentially copying client strategies. Silhouette's offering is further enhanced with up to a 30% reduction in trading fees, compounding the benefits by providing them to users through an aggregated trading layer. As part of this deal, Hyperion DeFi has received rights to 1% of Silhouette equity in addition to a revenue share fee savings.

這有助於防止交易被搶先交易（front running），也能避免競爭者可能複製客戶策略。Silhouette 的方案還可享有最高 30% 的交易手續費折減，並透過聚合交易層將此優惠提供給使用者，使效益進一步疊加。作為本交易的一部分，Hyperion DeFi 除了可分享因費用節省所帶來的收入分成外，亦取得 Silhouette 1% 的股權權益。

Long term, we believe that the value private permission trade settlement on Hyperliquid will be an attractive product to various funds, prop firms and market makers as the platform grows to service increasing financial flows. As such, we position for that future by establishing shared revenue streams and upside exposure to our partners.

長期而言，我們相信在 Hyperliquid 上進行私密、具權限的交易結算（private permission trade settlement），將隨著平台服務更大規模的金融流量而成為對各類基金、自營交易公司（prop firms）與造市商具吸引力的產品。因此，我們透過建立共享收入來源與對合作夥伴的上行曝險（upside exposure），為該未來提前布局。

Yield enhancements saw over 150% growth this quarter, driven by the HYPE tokens continued high volatility and our ability to enhance yield on our stake positions. We've optimized this strategy to work in parallel with our efforts to battle test and expand our yield infrastructure built on Rysk, our partner in offering institutional-grade vault strategies, which is known as Rysk premium.

本季收益增強（yield enhancements）成長超過 150%，主要受惠於 HYPE 代幣持續維持高波動性，以及我們提升質押部位收益的能力。我們已將此策略最佳化，使其能與我們在 Rysk 上建置的收益基礎設施之壓力測試與擴張工作並行；Rysk 是我們在提供機構級金庫（vault）策略方面的合作夥伴，該產品稱為 Rysk premium。

We formalized our strategic agreement with Rysk this quarter, establishing a revenue share model for Rysk premium, which will become publicly available in the coming months. Currently, Rysk offers the ability to write covered calls and cash secure puts across a wide variety of crypto assets, including BTC, ETH, SOL, XRP, HYPE, and USDH with the potential to expand to real-world assets and other tokenized primitives brought to the HyperEVM.

本季我們與 Rysk 正式確立策略合作協議，為 Rysk premium 建立收入分成模式，並將在未來數月對外公開推出。目前 Rysk 提供在多種加密資產上撰寫備兌買權（covered calls）與現金擔保賣權（cash-secured puts）的能力，涵蓋 BTC、ETH、SOL、XRP、HYPE 與 USDH，並有機會擴展至現實世界資產及其他導入 HyperEVM 的代幣化原語（tokenized primitives）。

We've had very positive conversations with institutions and foundations about bringing their yield enhancement strategies to risk premium. We see several tailwinds for the total value lock or TVL, increasing on this product.

我們已與多家機構與基金會就將其收益增強策略導入 risk premium 進行非常正面的交流。我們看到多項利多因素將推動該產品的鎖倉總價值（TVL）提升。

Actively managed on-chain yield strategies use smart contracts, which eliminates the unavoidable counterparty risk found in executing derivative strategies using off-chain execution desk. Instead, strategies are operated using conditional smart contracts and thus resolved based on a specific coded outcome, whether or not the trade was in or out of the money.

主動管理的鏈上收益策略使用智慧合約，從而消除透過鏈下執行櫃檯來執行衍生品策略時不可避免的交易對手風險。相反地，策略透過具條件式的智慧合約運作，因此會依據特定的程式碼結果來結算，不論該筆交易最終是價內或價外。

Depending on the outcome, the trade is either filled and settled, or the collateral is returned to the user without the need to rely on the counterparty to fulfill their obligation. In addition, because multiple liquidity providers are quoting prices for each trade, there is always competition to win user flows, resulting in the best premiums for the user.

視結果而定，交易要麼被成交並完成結算，要麼抵押品在無需依賴交易對手履行義務的情況下退還給用戶。此外，由於每筆交易都有多個流動性提供者報價，始終存在爭取用戶流量的競爭，從而為用戶帶來最佳權利金。

More recently, SEC Chair, Paul Atkins signaled new rule-making for on-chain markets, crypto vaults and blockchain settlement infrastructure. We expect additional clarity for on-trade vaults to be critical towards driving more institutional adoption of strategies such as risk premium, especially when considering the safety and yield benefits noted above.

近期，美國證券交易委員會（SEC）主席 Paul Atkins 釋出訊號，將針對鏈上市場、加密金庫以及區塊鏈結算基礎設施制定新規則。我們預期，對交易中金庫（on-trade vaults）提供更進一步的明確性，將是推動風險溢酬等策略獲得更多機構採用的關鍵，特別是在考量上述安全性與收益優勢時。

Just as we are positioning for the future expansion of HyperCore, we believe that the HyperEVM still has immense opportunities for growth and value capture. One form of such value capture is our current accumulation of risk points, which entitles the company to receive a future incentive from risk, most likely governance tokens of the protocol.

正如我們正為 HyperCore 未來的擴張進行布局一樣，我們相信 HyperEVM 仍擁有巨大的成長與價值捕捉機會。其中一種價值捕捉形式，是我們目前累積的風險點數（risk points），這使公司有權在未來從 risk 獲得激勵，最可能是該協議的治理代幣。

If risk continues to succeed, we believe that value and/or utility will accrue to their token. And broadly, we expect to see continued volatility across markets in tandem with more regulatory clarity for crypto, which would bode well for products like risk premium. And the recent expansion of our balance sheet will allow the company to further scale such strategies and return that value to our shareholders.

如果 risk 持續成功，我們相信其代幣將累積價值和／或效用。更廣泛而言，我們預期在加密監管更趨明朗的同時，市場仍將持續波動，這將有利於風險溢酬等產品。而我們近期擴張的資產負債表，將使公司得以進一步擴大此類策略規模，並將該價值回饋給股東。

Ecosystem rewards remain variable, but we maintain a positive outlook for the ecosystem tokens we will receive through the remainder of the year. As mentioned earlier, our ecosystem engagement efforts have expanded beyond token representation of the protocols we believe have long-term potential.

生態系獎勵仍具變動性，但我們對今年剩餘期間將收到的生態系代幣維持正向展望。如先前所述，我們的生態系參與工作已擴展至超越我們認為具長期潛力之協議的代幣表徵。

Hyperion DeFi has now acquired equity positions to various protocols for the benefit of our shareholders. We continue to stand by and deliver on another core objective to create long-term value for the Hyperliquid ecosystem while simultaneously providing streamlined, comprehensive access to all of the valuable components built there.

Hyperion DeFi 現已為股東利益取得多個協議的股權部位。我們將持續堅守並交付另一項核心目標：在為 Hyperliquid 生態系創造長期價值的同時，提供對其上所建構之所有有價值組件的精簡且全面的存取。

For example, last quarter, we announced that we had received 1 million HPL, the native token of the HyperLend protocol. By the end of March, our current allocation of HPL has increased to 10 million tokens, which represents 1% of the total token supply. Hyperion's engagement with each of our partners is laid on the foundation of building things together that increase the long-term value of the Hyperliquid ecosystem.

例如，上季我們宣布已收到 100 萬枚 HPL（HyperLend 協議的原生代幣）。截至 3 月底，我們目前的 HPL 配置已增加至 1,000 萬枚，約占代幣總供應量的 1%。Hyperion 與每位合作夥伴的互動，皆建立在共同打造能提升 Hyperliquid 生態系長期價值之事物的基礎上。

Today, we are proud to announce Avia by HyperLend, which offers institutional-grade private credit pools built to create liquidity for various assets unique to institutions. We are launching with natively staked HYPE, which we will be able to borrow or lend against.

今天，我們很自豪地宣布推出由 HyperLend 打造的 Avia，其提供機構級私募信貸資金池，旨在為各類機構特有資產創造流動性。我們將以原生質押的 HYPE 作為首發資產，並可針對其進行借貸。

Additionally, by staking our 10 million HPL tokens to HyperLend, Hyperion can access a borrower rebate for the maximum staking tier, a utility unique to the platform. Our HPL token stake is factored into the effective rate, allowing us to borrow at rates below those available to any other participant.

此外，透過將我們的 1,000 萬枚 HPL 代幣質押至 HyperLend，Hyperion 可在最高質押等級取得借款人回饋（borrower rebate），此為該平台獨有的效用。我們的 HPL 質押會納入有效利率計算，使我們能以低於任何其他參與者可取得的利率借款。

The structural advantage, which compounds as our borrowing scales, could later enable us and our partners to arbitrage rates between DeFi platforms or between DeFi and TradFi. As these strategies scale, we expect both the TVL and revenue of Avia to grow, a percentage of which returns to Hyperion as DeFi monetization revenues.

此一結構性優勢將隨著我們借款規模擴大而複利增長，未來可能使我們與合作夥伴得以在不同 DeFi 平台之間，或在 DeFi 與傳統金融（TradFi）之間進行利率套利。隨著這些策略擴張，我們預期 Avia 的 TVL 與營收將成長，其中一定比例將以 DeFi 變現收入的形式回流至 Hyperion。

Another partner, Kinetiq, also had a busy quarter, surpassing over $3.3 billion in total volume on their HIP3 markets and the launch of their mobile trading application, which alone has generated over $100 million of volume despite being launched less than a month ago.

另一位合作夥伴 Kinetiq 本季同樣進展繁忙，其 HIP3 市場的總交易量已突破 33 億美元，並推出行動交易應用程式；該應用程式儘管上線未滿一個月，單獨就已產生超過 1 億美元的交易量。

They also successfully completed the implementation of Kinetiq improvement proposals two and three, bringing substantial upgrades to the protocol. KIP-2 routes 50% of validated commission revenues generated by the Kinetiq platform to the buyback and redistribution of additional KNTQ to SKNTQ or Stake KNTQ holders.

他們也成功完成 Kinetiq 改進提案第二與第三項的落地實施，為協議帶來重大升級。KIP-2 將 Kinetiq 平台所產生、經驗證的手續費收入之 50%，用於回購並再分配額外的 KNTQ 給 SKNTQ 或 Stake KNTQ 持有人。

Hyperion received nearly 2 million KNTQ tokens in Kinetiq's token generation event in November 2025, directly tied to our work and partnership with Kinetiq. And now we anticipate earning additional income and price appreciation on our stake KNTQ as another recurring ecosystem rewards channel within our flywheel.

Hyperion 在 2025 年 11 月 Kinetiq 的代幣生成事件中獲得近 200 萬枚 KNTQ 代幣，這與我們對 Kinetiq 的工作與合作夥伴關係直接相關。如今，我們預期在我們的 stake KNTQ 上獲得額外收入與價格升值，作為我們飛輪中的另一個經常性生態系獎勵渠道。

We will also highlight that there is a second Kinetiq K-Point season ongoing for which Hyperion has positioned itself to receive additional KNTQ. Investors should begin to see that these are the early signs of a flywheel in development enabled by the full suite of on-chain infrastructure built with our partners.

我們也要強調，Kinetiq 的第二季 K-Point 活動正在進行中，Hyperion 已做好布局以獲得額外的 KNTQ。投資人應開始看到，這些是由我們與合作夥伴共同打造之完整鏈上基礎設施所促成、正在形成中的飛輪早期跡象。

We have covered liquid staking, lending, borrowing and yield generation, and that's just the start. With the traction we've seen in the above ecosystem rewards strategies, we continue to engage in conversations with new builders seeking to come to Hyperliquid with the goal of making it the premier destination for new capital and users.

我們已涵蓋流動性質押、借出、借入與收益生成，而這僅僅是開始。憑藉我們在上述生態系獎勵策略中看到的動能，我們持續與希望加入 Hyperliquid 的新建設者對話，目標是將其打造為新資金與新用戶的首選目的地。

I will now hand it over to our CFO, David Knox, to give highlights on our financial performance.

接下來我將把時間交給我們的財務長 David Knox，請他分享我們財務表現的重點。

Thank you, Hyunsu, and good morning, everyone.

謝謝你，Hyunsu，各位早安。

As Hyunsu already noted, today, we are raising our 2026 full year guidance by approximately 20% or plus $1 million to $5 million to $7 million of adjusted gross profit, driven by the momentum of our businesses, the immense opportunities we see and our success in raising $10 million in a public offering last week. We are very proud of what we have built since our new DeFi strategy launched in June of 2025, and the results speak for themselves.

如 Hyunsu 先前所提到的，今天我們將 2026 全年指引上調約 20%，亦即增加超過 100 萬美元，將調整後毛利指引提高至 500 萬至 700 萬美元，主要受我們業務動能、我們所見的巨大機會，以及我們上週透過公開發行成功募得 1,000 萬美元所帶動。自 2025 年 6 月我們的新 DeFi 策略啟動以來，我們對所打造的一切深感自豪，而成果已不言自明。

Taking a moment to reflect on the financial outcomes to date across the past three quarters. Our Q1 adjusted gross profit has grown by 119% since Q3 and plus 17% sequentially versus Q4 from $439,000 in Q3 to $821,000 in Q4 to $960,000 in Q1.

我們花點時間回顧截至目前、過去三個季度的財務成果。我們第一季的調整後毛利自第三季以來成長 119%，且相較第四季季增 17%：從第三季的 43.9 萬美元，增至第四季的 82.1 萬美元，再到第一季的 96.0 萬美元。

In addition, our achieved earnings multiple versus base staking yield grew from 1.3 times in Q3 to 2.7 times in Q4 to 3.1 times in Q1 as our triple dip hype strategy continues to demonstrate our unique execution advantage versus our peers.

此外，我們相對於基礎質押收益的已實現收益倍數，隨著我們的 triple dip hype 策略持續展現相較同業的獨特執行優勢，已從第三季的 1.3 倍提升至第四季的 2.7 倍，並在第一季達到 3.1 倍。

The portion of our adjusted gross profit earned in cash has expanded from 18% in Q3 to 22% in Q4 and 48% in Q1. And our core costs have declined sequentially each quarter, and we expect our cost to continue to decline as our legacy biotech segment rolls off.

我們以現金形式取得的調整後毛利占比，已從第三季的 18% 擴大至第四季的 22%，並在第一季達到 48%。同時，我們的核心成本每季皆呈現環比下降，且我們預期隨著既有生技業務逐步退出，我們的成本將持續下降。

Meanwhile, in the past three quarters, the average price of HYPE declined from an average effective price of 45.8 in Q3 to 35.1 in Q4 to 30.8 in Q1, in total, a 33% decline since Q3. So we achieved plus 119% total growth in our operating business, while the underlying HYPE Token price declined by 33% and our expense base also declined.

與此同時，在過去三個季度，HYPE 的平均價格從第三季的平均有效價格 45.8，降至第四季的 35.1，再降至第一季的 30.8；合計自第三季以來下跌 33%。因此，在 HYPE 代幣價格下跌 33%、且我們費用基礎也下降的情況下，我們仍在營運業務上實現了 119% 的總成長。

Altogether demonstrating that we are not simply a beta play on the price of HYPE, but that we are independently generating scalable value for our shareholders via our unique identity as the first DeFi public company building on hyperliquid.

整體而言，這證明我們不僅僅是 HYPE 價格的 beta 交易，而是憑藉我們作為首家在 Hyperliquid 上建構的 DeFi 上市公司的獨特定位，為股東獨立創造可擴展的價值。

All of this is built on our growing treasury of HYPE and Hyperliquid ecosystem positions, including, as of May 11, over 2 million HYPE tokens, about 1.9 million KNTQ, 10 million HPL and the future rights to 1% of Silhouette equity or tokens. Our track record shows we are more than just HYPE, and this is still the beginning of our journey.

所有這些都建立在我們持續成長的 HYPE 與 Hyperliquid 生態系部位之資產庫存之上；截至 5 月 11 日，包括超過 200 萬枚 HYPE 代幣、約 190 萬枚 KNTQ、1,000 萬枚 HPL，以及未來取得 Silhouette 1% 股權或代幣的權利。我們的過往紀錄顯示，我們不僅僅是 HYPE，而這仍只是我們旅程的開始。

I will now give detail on each of our DeFi operating businesses. Adjusted gross profit, a non-GAAP metric, aims to capture all of Hyperion DeFi's value-add operating business activities beyond simply buying and holding HYPE Tokens. As a reminder, our triple dip strategy is designed to simultaneously support and monetize adoption of the Hyperliquid blockchain by deploying each token into at least three of our five strategies at once.

我現在將詳細說明我們各項 DeFi 營運業務。調整後毛利（Adjusted gross profit）為一項非 GAAP 指標，旨在捕捉 Hyperion DeFi 除了單純買入並持有 HYPE 代幣之外，所有具增值性的營運業務活動。提醒一下，我們的「三重蘸取」策略旨在同時支持並將 Hyperliquid 區塊鏈的採用變現，方法是將每一枚代幣同時部署到我們五大策略中的至少三項。

First, we stake our HYPE. Second, we deploy the stakes HYPE into another business activity, our validator yield enhancement or DeFi monetization. And third, we position ourselves for upside in the ecosystem via token air drops, protocol points and rewards or equity in our partners.

第一，我們質押（stake）我們的 HYPE。第二，我們將已質押的 HYPE 部署到另一項業務活動，也就是我們的驗證者收益增強（validator yield enhancement）或 DeFi 變現。第三，我們透過代幣空投、協議積分與獎勵，或取得合作夥伴的股權，讓自己在生態系中具備上行潛力。

Starting with staking Yield. In Q1, we earned about 10,100 HYPE Tokens from staking, up 16% quarter over quarter versus about 8,400 in Q4. On a dollar basis, our HYPE earned from staking generated $313,000 adjusted gross profit in Q1 versus $305,000 in Q4 while the effective average HYPE price in period declined from $35.1 in Q4 to $30.8 in Q1.

先從質押收益（staking yield）開始。第一季（Q1）我們透過質押賺取約 10,100 枚 HYPE 代幣，較第四季（Q4）的約 8,400 枚季增 16%。以美元計，第一季質押所獲得的 HYPE 產生 313,000 美元的調整後毛利，第四季為 305,000 美元；而期間 HYPE 的有效平均價格則由第四季的 35.1 美元下滑至第一季的 30.8 美元。

Next, Validator Commissions. In Q1, the company earned about 1,300 HYPE Tokens from validating, roughly in line with 1,400 in Q4 worth $40,000. Over 10 million Hype tokens were delegated to our validator as of April 30, and we are the top six Hyperliquid validator after the Hyper Foundation.

接著是驗證者佣金（Validator Commissions）。第一季公司透過驗證（validating）賺取約 1,300 枚 HYPE 代幣，與第四季約 1,400 枚（價值 40,000 美元）大致持平。截至 4 月 30 日，已有超過 1,000 萬枚 Hype 代幣委託（delegated）給我們的驗證者；在 Hyper Foundation 之後，我們是 Hyperliquid 的前六大驗證者。

There is a GAAP presentment update related to how we account for validating and staking activities. Industry interpretations have evolved regarding the gross versus net presentment of our validator. On December 15, 2025, we took unilateral control of our validator operations, and our structure and net economics have not changed.

關於我們如何對驗證與質押活動進行會計處理，這裡有一項 GAAP 表達方式（presentment）更新。業界對於我們驗證者收入應採「總額」或「淨額」表達的解讀已出現演進。2025 年 12 月 15 日，我們對驗證者營運取得單方面控制權（unilateral control），而我們的架構與淨經濟利益（net economics）並未改變。

In Q3 and Q4, we presented as net until we took control of the validator on December 15, after which we presented as gross for the remainder of the year. However, in the Q1 GAAP financials, we are presenting validator economics on a net basis as a result of the evolving interpretations, but these differences in presentment have no impact on our adjusted gross profit. Back to our DeFi businesses.

在第三季與第四季，我們在 12 月 15 日取得驗證者控制權之前採淨額表達；在 12 月 15 日之後，該年度剩餘期間則採總額表達。然而，在第一季 GAAP 財報中，因應解讀的演進，我們改以淨額基礎呈列驗證者經濟利益；但這些表達差異不會影響我們的調整後毛利。回到我們的 DeFi 業務。

Next, our yield enhancement strategies, which primarily monetize volatility on HYPE, generated $211,000 of adjusted gross profit in Q1 versus $79,000 in Q4, plus 165% quarter over quarter. In our DeFi monetization segment, we support and monetize Hyperliquid DeFi activity with sustainable, scalable practices. DeFi monetization generated $245,000 adjusted gross profit in Q1 versus $102,000 in Q4, plus 140% quarter over quarter.

接下來是我們的收益增強策略（yield enhancement strategies），主要透過 HYPE 的波動性變現；第一季產生 211,000 美元的調整後毛利，第四季為 79,000 美元，季增 165%。在我們的 DeFi 變現（DeFi monetization）部門中，我們以可持續、可擴展的做法支持並將 Hyperliquid 的 DeFi 活動變現；第一季 DeFi 變現產生 245,000 美元調整後毛利，第四季為 102,000 美元，季增 140%。

Hyunsu earlier gave detail on each of the growth drivers here. And in our earnings supplement, we have a section dedicated to what exactly our partnerships do for the Hyperliquid ecosystem, and we showcase how our partners are positioned to grow and succeed.

Hyunsu 先前已就此處各項成長驅動因素提供細節。此外，在我們的財報補充資料（earnings supplement）中，我們有一個專門章節說明合作夥伴究竟為 Hyperliquid 生態系帶來什麼，以及展示我們的合作夥伴如何具備成長與成功的有利定位。

And finally, ecosystem awards generated $150,000 of adjusted gross profit in Q1 versus $285,000 in Q4. We expect the quarter-over-quarter change in ecosystem awards to be volatile given the unexpected timing of air drops, token generation events and other rewards activity.

最後，生態系獎勵（ecosystem awards）在第一季產生 150,000 美元的調整後毛利，第四季為 285,000 美元。由於空投、代幣生成事件（token generation events）及其他獎勵活動的時點往往出乎預期，我們預期生態系獎勵的季對季變動將具有波動性。

But this quarter, we are establishing a track record demonstrating that receiving upside in these early-stage protocols is a core component of our strategy. The Q1 figure reflects $10 million or 1% of maximum supply HPL tokens we received from HyperLend in connection with our partnership agreements.

但在本季，我們正在建立一項可追溯的紀錄，證明在這些早期協議中取得上行收益是我們策略的核心組成。第一季數字反映我們因合作夥伴協議而自 HyperLend 收到的 HPL 代幣：1,000 萬枚，或最大供應量的 1%。

In the future, we expect to recognize tokens or equity from Silhouette and expect additional ecosystem awards throughout 2026. As demonstrated across all five strategies and as the first US public company building on Hyperliquid, we believe this is a great time for us to own more Hype and position ourselves to deploy into the Hyperliquid ecosystem.

未來，我們預期將自 Silhouette 認列代幣或股權，並預期在 2026 年期間獲得更多生態系獎勵。正如我們在五大策略中所展現的，且作為首家在 Hyperliquid 上建構的美國上市公司，我們認為現在是我們持有更多 Hype 並為部署至 Hyperliquid 生態系做好定位的好時機。

This is why last week, we closed a $10 million public common equity raise led by high-quality fundamental investors, including Arrington Capital, Blockchain.com, a mutual fund, a technology-driven investment firm and others in a time when other digital asset companies have struggled to raise capital.

因此，上週我們完成一筆 1,000 萬美元的公開普通股募資（public common equity raise），由高品質的基本面投資人領投，包括 Arrington Capital、Blockchain.com、一家共同基金（mutual fund）、一家科技驅動的投資公司及其他投資人；在其他數位資產公司難以募資的時期，我們仍成功完成募資。

We anticipate this capital to yield accretion to our financials over time since as our model and results have shown, we generate a very high ROI with our hype and in Q1 generated over three times base staking yield. And we've demonstrated this profile regardless of the price of Hype over the past few quarters.

我們預期這筆資金將隨時間推進對財務報表帶來增益（accretion），因為如同我們的模型與成果所示，我們以 Hype 創造非常高的投資報酬率（ROI），且第一季產生的收益超過基礎質押收益的三倍。過去幾季以來，不論 Hype 價格如何變動，我們都已證明具備這樣的特性。

As Hyunsu mentioned, we have a full pipeline ahead of us, not only from what we believe are emerging opportunities in HIP4 prediction markets, but also our core house or HYPE asset use service agreements. We now have more fuel for our businesses to expand and by raising full year 2026 guidance by about 20%, we are demonstrating our confidence and commitment to that expansion and holding ourselves accountable to the trust investors have placed in us.

如 Hyunsu 所提，我們前方有完整的案源管線（pipeline），不僅來自我們認為正在浮現的 HIP4 預測市場機會，也包括我們核心的「核心資產（house）或 HYPE 資產使用服務協議」。我們現在有更多燃料推動業務擴張；並且透過將 2026 全年指引上調約 20%，我們展現對擴張的信心與承諾，也讓自己對投資人託付給我們的信任負起責任。

Since the close of the offering as of May 11, we have already bought more HYPE with our treasury now exceeding 2 million HYPE tokens and our cash position is at $16 million, while we aim to be thoughtful on our Hype purchase timing and entry points. As we acquire more Hype and as our capacity for deals grows, you can expect we will add to our track record of innovative partnerships as we work to build Hyperliquid into the blockchain to house all of finance.

自本次發行完成後，截至 5 月 11 日，我們已用庫藏資金買入更多 HYPE，目前庫藏已超過 200 萬枚 HYPE 代幣，現金部位為 1,600 萬美元；同時我們也力求在 Hype 的買入時點與進場價位上保持審慎。隨著我們持有更多 Hype、交易承作能力提升，您可以預期我們將持續累積創新合作夥伴關係的實績，並致力將 Hyperliquid 打造成承載所有金融的區塊鏈。

Pivoting back to our operating results. Regarding our expenses, operating expenses, excluding stock-based compensation, declined 1% quarter over quarter from $3 million in Q4 to $2.98 million in Q1. Selling, general and administrative expenses subtracting stock-based compensation decreased 5% quarter over quarter from $2.8 million in Q4 to $2.7 million in Q1.

回到我們的營運結果。就費用而言，扣除股份基礎給付（stock-based compensation）後的營業費用（operating expenses）季減 1%，由第四季的 300 萬美元降至第一季的 298 萬美元。扣除股份基礎給付後的銷售、一般及行政費用（SG&A）季減 5%，由第四季的 280 萬美元降至第一季的 270 萬美元。

We expect a near full wind down of legacy biotech operations by the end of the second quarter, which will eliminate R&D and reduce SG&A expenses on a go-forward basis. In the last nine months, we have eliminated about $2.6 million of legacy GAAP liabilities related to the biotech business, including through direct engagement and resolution with historical partners.

我們預期在第二季末前，傳統生技業務將幾乎完全結束（near full wind down），這將在未來消除研發（R&D）並降低 SG&A 費用。過去九個月，我們已消除約 260 萬美元與生技業務相關的歷史 GAAP 負債（legacy GAAP liabilities），其中包括透過與歷史合作夥伴直接溝通並達成解決方案。

At this time, any monetization outcome on the Optejet is uncertain and could be zero. But from the third quarter onward, our entire focus and identity will be on the DeFi businesses. On the treasury side, gross HYPE Tokens increased from 1.88 million in Q4 to 1.94 million in Q1 to over 2 million tokens as of May 11.

目前，Optejet 的任何變現結果仍不確定，且可能為零。但自第三季起，我們的全部重心與公司定位將完全聚焦於 DeFi 業務。在庫藏（treasury）方面，HYPE 代幣總量由第四季的 188 萬枚增至第一季的 194 萬枚，並於 5 月 11 日增至超過 200 萬枚。

The price of Hype increased from 25.4 at the end of Q4 to 36.6 in Q1 and 42.2 as of May 11. This compares to our aggregate purchase price on Hype tokens of 37.9, meaning the value of our HYPE treasury at 84.5 million exceeds our cash basis of 75.9 million by approximately $8.6 million.

Hype 價格由第四季末的 25.4 上升至第一季的 36.6，並於 5 月 11 日達到 42.2。相較之下，我們 Hype 代幣的加總買入成本為 37.9，這表示我們的 HYPE 庫藏價值為 8,450 萬美元，較現金成本基礎（cash basis）的 7,590 萬美元高出約 860 萬美元。

Our net asset value, which adjusts our treasury for net cash and debt, increased from $44.2 million as of Q4 to $69.9 million as of Q1 to approximately $90 million as of May 11. Treasury gains was $21.5 million in Q1 as the price of Hype increased versus a treasury loss of $36.8 million in Q4.

我們的淨資產價值（net asset value，會就庫藏調整淨現金與負債）由第四季的 4,420 萬美元增至第一季的 6,990 萬美元，並於 5 月 11 日約為 9,000 萬美元。第一季庫藏收益（treasury gains）為 2,150 萬美元，因 Hype 價格上升；相較之下，第四季庫藏損失為 3,680 萬美元。

Based on the HYPE price at May 11, we estimate more than $10 million of additional embedded unrealized treasury gains as a tailwind to Q2. In totality, Q1 net income of $8.8 million, a record for the company, compares to Q4 net loss of $39.8 million.

以 5 月 11 日的 HYPE 價格為基礎，我們估計第二季將有超過 1,000 萬美元的額外內含未實現庫藏收益（embedded unrealized treasury gains）作為順風因素。整體而言，第一季淨利為 880 萬美元，創公司紀錄；相較之下，第四季為 3,980 萬美元淨損。

Q1 adjusted EBITDA of $19.5 million compares to Q4 adjusted EBITDA of negative $38.9 million. The primary reconciliation of Q1 net income to adjusted EBITDA is our HYPE liquid staking tokens or LSTs, for which the GAAP carrying value is the low watermark price of HYPE as detailed further in our GAAP to non-GAAP reconciliation section in our earnings release and earnings supplement.

第一季調整後 EBITDA 為 1,950 萬美元，相較於第四季調整後 EBITDA 為負 3,890 萬美元。第一季淨利與調整後 EBITDA 之間的主要調節項目是我們的 HYPE 流動質押代幣（liquid staking tokens，或 LSTs）；其 GAAP 帳面價值採用 HYPE 的低水位價格，更多細節請參閱我們財報新聞稿與財報補充資料中的 GAAP 與非 GAAP 調節表章節。

But if all our Hype LSTs were converted back to HYPE at the end of Q1, we believe that would have increased our GAAP net income by approximately $11.4 million. Finally, regarding our cash flows and cash position. Net cash used in operating activities was $4.2 million in Q1, which compares to $4.1 million in Q4.

但若我們在第一季末將所有 Hype LSTs 轉回 HYPE，我們認為這將使我們的 GAAP 淨利約增加 1,140 萬美元。最後，關於我們的現金流與現金部位：第一季營運活動使用的淨現金為 420 萬美元，與第四季的 410 萬美元相比。

However, Q1 operating cash flow included $1.5 million net increase in the levels of operating assets, including acquiring additional USDH stablecoin, without which net cash used in operating activities would have been $2.7 million.

然而，第一季營運現金流包含營運資產水位淨增加 150 萬美元，其中包括額外購入 USDH 穩定幣；若不計此項，營運活動使用的淨現金將為 270 萬美元。

Our cash, cash equivalents and USDH totaled $9.1 million as of Q1 versus $6.5 million as of Q4. And as mentioned, as of May 11, we have about $16 million in cash. Net cash used in investing activities to purchase HYPE was $1.5 million in Q1 versus $6.3 million in Q4.

截至第一季，我們的現金、約當現金及 USDH 合計為 910 萬美元，而截至第四季為 650 萬美元。如前所述，截至 5 月 11 日，我們約有 1,600 萬美元現金。第一季用於購買 HYPE 的投資活動使用淨現金為 150 萬美元，而第四季為 630 萬美元。

Quarter-to-date, as of May 11, we have purchased $2.5 million in HYPE. Net cash provided by financing activities was $6.6 million in Q1, primarily from our at-the-market offering versus $9.4 million in Q4. Through May 11, quarter-to-date, we have raised approximately $1.9 million net proceeds from the sale of about 500,000 common shares via our at-the-market offering.

截至目前（截至 5 月 11 日）本季以來，我們已購買 250 萬美元的 HYPE。第一季融資活動提供的淨現金為 660 萬美元，主要來自我們的按市價發行（at-the-market offering），而第四季為 940 萬美元。截至 5 月 11 日本季以來，我們透過按市價發行出售約 50 萬股普通股，募集約 190 萬美元的淨收益。

And as previously mentioned, we issued $10 million gross and approximately $9 million net proceeds from a public equity offering of approximately 2.8 million shares last week. Following that offering's close as of May 11, our common share count is approximately 15 million shares.

此外，如先前所述，我們上週透過公開增資發行約 280 萬股，募集 1,000 萬美元總額及約 900 萬美元淨收益。該次發行於 5 月 11 日完成交割後，我們的普通股股數約為 1,500 萬股。

Looking ahead, we continue to expect our net operating activity to flip cash flow positive by the end of 2026. We set this goal for ourselves in our first earnings call under the new DeFi strategy in November 2025, and we have made consistent progress now with a three-quarter track record of achieving growing adjusted gross profit and declining core operating expenses.

展望未來，我們仍預期在 2026 年底前，淨營運活動將轉為正向現金流。我們在 2025 年 11 月採用新 DeFi 策略後的首次法說會上為自己設定了此目標；目前我們已持續取得進展，並連續三個季度達成調整後毛利持續成長、核心營運費用下降的紀錄。

We are immensely proud of what we have accomplished in the past three quarters, and we are just getting started. Until Hyperliquid is the blockchain to house all of finance, our job is not yet done.

我們對過去三個季度所完成的成果深感自豪，而這才剛開始。在 Hyperliquid 成為承載所有金融的區塊鏈之前，我們的工作尚未完成。

With that, we look forward to answering your questions.

接下來，我們期待回答各位的問題。

(Operator instructions) Gareth Gacetta, Cantor.

（接線員指示）Gareth Gacetta，Cantor。

I was really impressed with the DeFi monetization in the quarter, and it's good to see that the activity on Hyperliquid is flowing through to you guys. I was wondering if you could provide a little more color on the type of activity that each partnership you have is concentrated in and how you're thinking about diversifying these DeFi deployments based on what activity is most popular on the different protocols.

我對本季 DeFi 變現的表現印象非常深刻，也很高興看到 Hyperliquid 上的活動確實回流到你們這邊。我想請問能否更具體說明一下，你們各項合作夥伴的活動主要集中在哪些類型？以及你們如何思考依據不同協議上最受歡迎的活動，來分散這些 DeFi 部署？

Thanks for the question. So as covered in the beginning of the earnings call, it's primarily driven by three different forms of what we call HAUS or the HYPE Asset Use Service. So fees that are dependent on trading activity on products listed on Hyperliquids. So this is in the form of HIP3 markets, which has non-crypto trading for equities, commodities, FX, pre-IPO and so on.

謝謝你的提問。如同在法說開場提到的，主要是由我們稱為 HAUS（HYPE Asset Use Service，HYPE 資產使用服務）的三種不同形式所驅動。也就是與 Hyperliquid 上架產品的交易活動相關的費用。這體現在 HIP3 市場上，涵蓋非加密交易，例如股票、商品、外匯、Pre-IPO 等。

And then we have a trading fee reduction-based service in addition to generally offering HYPE to other clients at a variable rate depending on the price of HYPE. And so we're actually seeing demand across all three of the different forms of HYPE asset use, and we have more opportunities to deploy them potentially for permissionless launch of HIP4 for outcome markets.

另外，我們還有一項以降低交易費為基礎的服務，並且一般也會以隨 HYPE 價格變動的利率向其他客戶提供 HYPE。因此，我們確實看到三種 HYPE 資產使用形式皆有需求；同時，我們也有更多機會進行部署，例如在 HIP4 以無需許可（permissionless）的方式推出結果市場（outcome markets）。

So we're continuously gauging where the demand is coming from and are optimizing for the highest return on our HYPE.

因此，我們會持續評估需求來源，並以我們的 HYPE 取得最高報酬為優先進行最佳化。

Great. And then on the institutional-specific strategies, could you provide any metrics related to like how many institutions you might be working with on that end or where the growth might be on these different protocols you have?

很好。接著在機構專屬策略方面，你們是否能提供一些指標，例如目前大概與多少家機構合作，或是在你們不同協議上的成長動能可能在哪裡？

Sure. We can't provide any names currently, but what we've done over the past several months, and I think the story is becoming more clear is that we've built primitives directly on the HyperEVM and on HyperCore that are geared towards eventual institutional use of both sides of the Hyperliquid platform.

當然。我們目前無法提供任何名稱，但過去幾個月我們所做的事情——我認為脈絡也越來越清楚——是我們已在 HyperEVM 與 HyperCore 上直接建立了基礎元件（primitives），以支援未來機構在 Hyperliquid 平台兩端的使用。

And so right now, we're designing it. We're doing a lot of the battle testing ourselves. We mentioned that with Avia on HyperLend, the Rysk Premium vaults on Rysk. And once we are very confident in the structure, the technology, the way that it will be able to operate at scale, we'll look to continue to move forward those conversations.

因此目前我們正在設計，並由我們自己進行大量實戰測試（battle testing）。我們提到過 Avia 在 HyperLend 上的情況，以及 Rysk 上的 Rysk Premium 金庫（vaults）。一旦我們對架構、技術，以及其可在規模化下運作的方式非常有信心，我們就會繼續推進相關對話。

And the emphasis is on the fact that as more total value locked or capital is brought to these protocols and utilization increases, that does become an additional revenue stream of DeFi monetization for the company.

重點在於：隨著更多總鎖倉價值（TVL）或資金導入這些協議、使用率提升，這也會成為公司 DeFi 變現的另一條收入來源。

Brian Vieten, Siebert.

Brian Vieten，Siebert。

Just I guess just two for me. So a big portion of volumes coming from HIP3. Does the raise allow you guys to extend the HIP4 without disrupting the the traction with HIP3?

我這邊大概兩個問題。首先，交易量有很大一部分來自 HIP3。這次募資是否讓你們能在不影響 HIP3 既有動能的情況下，延伸到 HIP4？

And then more broadly, you touched on this, but can you just talk about the balance of opportunities for the treasury assets? And can that multiple over staking, ratchet higher from here? Like what's an aspirational number there? Is it 4? Is it 5? Is it 10? Just exclusive of air drops?

再更廣泛一點，你們也提到過，但能否談談庫藏資產（treasury assets）的機會平衡？而且相較於單純質押（staking），那個倍數（multiple）是否能從這裡再往上提高？有沒有一個理想目標數字？是 4 倍？5 倍？10 倍？先不包含空投（air drops）。

Brian, thanks for the question. So for the first part, there isn't enough detail yet on HIP4 to clearly determine today what it will look like between HIP3 deployments that exist and whether or not they can immediately merge into HIP4, whether it will require net new HYPE stake.

Brian，謝謝你的提問。第一部分，目前 HIP4 的細節還不夠完整，因此今天還無法明確判斷它會如何呈現：既有的 HIP3 部署是否能立即併入 HIP4，或是否需要新增（net new）的 HYPE 質押。

Regardless of whatever the outcome may be, we're prepared to approach it if we deem it appropriate to do so. For the time being, we want to focus, obviously, on continuing to grow trading activity on the existing HIP3 markets in addition to strategically designing any new markets that may come to Hyperliquid.

無論最終結果如何，只要我們認為合適，我們都已準備好採取相應作法。就目前而言，我們當然希望專注於持續提升既有 HIP3 市場的交易活動，同時也策略性地設計可能導入 Hyperliquid 的任何新市場。

And then with regard to the second point on what the triple dip is today versus what it may be in the future, we think that there will always be opportunities to scale what we have built so far, right? That's the beauty of blockchain-based technology is that once the infrastructure is built and designed in a way that is robust, any new user can come net new and be able to use it without having to change input or capital costs from our side.

至於第二點，關於目前的「三重收益（triple dip）」相較於未來可能的樣貌，我們認為總會有機會把目前已建立的內容擴大規模，對吧？這就是區塊鏈技術的美妙之處：一旦基礎設施建好，且設計得足夠穩健，任何新用戶都可以以新增方式加入並使用，而我們這邊不需要改變投入或資本成本。

So it really is about continuing the strategic design. And so far, we feel very confident in what we've seen. And the remainder of the year will be focused on, again, scaling, onboarding new partnerships and continuing to advance that flywheel.

因此，關鍵在於持續的策略性設計。到目前為止，我們對所看到的情況非常有信心。今年剩餘時間將再次聚焦在擴大規模、導入新的合作夥伴，並持續推進這個飛輪效應。

James McIlree, Chardan.

James McIlree，Chardan。

I just wanted to press a little bit more on HIP4. If you have in mind a time frame when you think you might participate in that either by staking somebody or investing in somebody? And if you've soft circled in your minds how much investment you would allocate to HIP4 over the next 12 months?

我想再追問一下 HIP4。你們是否心中有一個時間表，預期何時可能參與其中——不論是透過替某方進行質押，或是投資某方？另外，你們是否已在內部初步圈定，未來 12 個月會分配多少投資額度給 HIP4？

Jim, thanks for the question. So with regard to HIP4, we want to make it very clear. It did go live on Mainnet, May 2. It's currently the canonical version operated by the Hyperliquid Labs team. And historically, these kinds of products have been made permissionless for other deployers. So once that information becomes available, we will be able to make a full determination on what that rollout may potentially look like for Hyperion.

Jim，謝謝你的提問。關於 HIP4，我們想把話說得非常清楚。它已於 5 月 2 日在主網（Mainnet）上線。目前由 Hyperliquid Labs 團隊營運的版本是官方（canonical）版本。從過往經驗來看，這類產品通常會對其他部署方開放為無需許可（permissionless）。因此，一旦相關資訊對外可得，我們就能就該次上線對 Hyperion 可能會是什麼樣貌，做出完整判斷。

Now on the other side of that question with regard to capital investment and how we build these things with our partners, I want to make it very clear that everything that Hyperion has received so far in the ecosystem awards, our equity exposure, our token exposure to other partners, we did not pay for. So it is part of our deployment design that we are receiving that ownership stake in our partners as we design these products.

至於你問題的另一部分，關於資本投入以及我們如何與合作夥伴共同打造這些產品，我想非常清楚地說明：Hyperion 迄今在生態系獎勵中所獲得的一切、我們的股權曝險、以及我們對其他合作夥伴的代幣曝險，我們都沒有為此付費。這是我們部署設計的一部分：在我們設計這些產品的同時，我們會取得合作夥伴的所有權權益。

So when it comes to HIP4, again, depending on what the design -- official design is going to look like, it will likely be only the deployment of Hype that we already have on our balance sheet in addition to strategic partnerships and rolling out in a way that we make sure that we have the best distribution, immediate day one impact and are able to generate revenues very, very quickly, the same way that we saw with our HIP3 deployment.

因此談到 HIP4，再次強調，取決於其（官方）設計最終會是什麼樣子，很可能只會動用我們資產負債表上既有的 Hype 部署，並搭配策略性合作夥伴關係，以確保我們擁有最佳的分發、在第一天就能產生立即影響，並能非常、非常快速地創造營收——就像我們在 HIP3 部署中所看到的一樣。

Yes. I appreciate that. I guess I'm wondering if with what you've learned with HIP3, whether or not that gives you greater confidence or allows you to stake more with partners in HIP4. I'm just wondering if there's an element of either caution or optimism that you have now that you might not have had with HIP3 that would affect timing and as well as stakes in potential partners.

是的。我很感謝。我想我在想的是，基於你們從 HIP3 學到的經驗，這是否讓你們更有信心，或讓你們在 HIP4 中能與合作夥伴投入（質押）更多。我只是想了解，現在你們是否有某種更偏謹慎或更偏樂觀的因素，是在 HIP3 時可能沒有的，進而影響時程以及對潛在合作夥伴的投入規模。

Yes. I would definitely say optimism. I mean we've seen what HIP3 has done in terms of creating net new businesses for early deployers, especially teams like Trade and what is enabled for teams like Kinetiq with mobile applications, building a brand-new user base and new sources of revenue.

是的。我肯定會說是更樂觀。我的意思是，我們已經看到 HIP3 在為早期部署者創造全新業務方面的成效，特別是像 Trade 這樣的團隊；以及它為像 Kinetiq 這樣的團隊帶來的可能性——包含行動應用、建立全新的用戶基礎與新的營收來源。

So the same thing applies for Hyperion. We're I would say maybe the guidance I can give right now is that we are already having multiple conversations with various teams, but we are being very selective about the design and what we think will work a long time, especially given the current regulatory environment around prediction market specifically, although the outcome markets are a different, more of a financial product built for hedging. And so more details to come on that as we make the determination.

同樣的情況也適用於 Hyperion。我想我現在能給的指引可能是：我們已經在與多個不同團隊進行多方對話，但我們在設計上非常審慎挑選，並聚焦於我們認為能長期運作的方案，尤其考量到目前針對預測市場（prediction market）的監管環境；不過 outcome markets 則不同，更像是一種用於避險的金融產品。因此，待我們做出判斷後，會再提供更多細節。

That's great. And David, I know that the accounting is complex. So I'm not -- I hesitate to ask this, but I'm going to ask it anyway. Is the revenue guidance a GAAP measure or not? And secondly, I know that the net and the gross validator income is an issue. But is the gross profit that you show in your charts, is that net gross or some of both, depending on the time period?

很好。David，我知道會計處理很複雜。所以我不是——我有點猶豫要不要問，但我還是要問：你們的營收指引是 GAAP 指標嗎？第二，我知道驗證者（validator）收入的淨額與總額是個議題。但你們圖表中呈現的毛利，是淨額毛利，還是總額毛利，或是依期間不同而混合？

Yes. Thanks very much for the question, Jim. The adjusted gross profit is a non-GAAP measure, which is meant to capture all of our core DeFi operating activities across all five of the strategies, the Staking Yield, Validator Commissions, Yield Enhancement, DeFi Monetization and Ecosystem Rewards.

是的，非常感謝你的提問，Jim。調整後毛利（adjusted gross profit）是一項非 GAAP 指標，旨在涵蓋我們五大策略中所有核心 DeFi 營運活動：質押收益（Staking Yield）、驗證者佣金（Validator Commissions）、收益增強（Yield Enhancement）、DeFi 變現（DeFi Monetization）以及生態系獎勵（Ecosystem Rewards）。

The reason -- the primary reason that we have this one metric is because these elements from a GAAP perspective appear in three places. It's in revenue, it's in operating income and it's in other income. So we pull it all together to give a single view of our core activities in the metric adjusted gross profit.

我們之所以採用這個單一指標——主要原因是，從 GAAP 的角度，這些要素會分散出現在三個地方：營收、營業利益，以及其他收益。因此我們把它們整合起來，透過「調整後毛利」這個指標，提供對核心活動的單一視角。

To your question on the validator, we have always presented our income here on a net basis in adjusted gross profit. From a GAAP perspective, interpretations continue to evolve. And as outlined in my remarks earlier, we are presenting Q1 fully on a net basis from a GAAP perspective, but that has no impact whatsoever on how we have calculated or how we present adjusted gross profit in any of the quarters, in this quarter or in our forward guidance.

關於你提到的驗證者部分，我們在調整後毛利中一向以淨額基礎呈現相關收入。從 GAAP 的角度，相關解釋仍在持續演進。正如我先前發言所述，我們在 GAAP 口徑下將第一季（Q1）完全以淨額基礎呈現，但這完全不影響我們在任何季度（本季或前瞻指引）對調整後毛利的計算方式或呈現方式。

Perfect. That answers my question. And revenue guidance, is that a GAAP measure or not?

完美。這回答了我的問題。那營收指引呢？是 GAAP 指標嗎？

At this stage, we are not giving guidance of revenue in isolation because it would not be a complete picture of all of our activities. Some of our adjusted gross profit appears in revenue. But adjusted gross profit is the metric that includes everything altogether.

在目前階段，我們不會單獨提供營收指引，因為那無法完整呈現我們所有活動的全貌。我們的調整後毛利有一部分會反映在營收中，但調整後毛利才是把所有內容整合在一起的指標。

As we operate all of our strategies, there should be increase in revenue. There should be increases in the components of operating income that are within adjusted gross profit, and there should be an increase in components of other income.

隨著我們推進所有策略，營收應該會增加；調整後毛利所涵蓋、屬於營業利益的各個組成項也應該會增加；其他收益的組成項也應該會增加。

But we think that the best way for investors and the best way that we look at it ourselves is to continue to focus on that metric, adjusted gross profit, which is obviously fully reconciled in the back of the earnings release and supplement to the GAAP figures.

但我們認為，對投資人而言、也對我們自己而言，最好的方式是持續聚焦在「調整後毛利」這個指標；它在財報新聞稿與補充資料的後段，已與 GAAP 數字做了完整調節（reconciled）。

My apologies. I misread that. It's the guidance is adjusted gross profit, not revenue, excuse me.

抱歉。我看錯了。指引是調整後毛利，不是營收，抱歉。

There are no more questions. We will now turn the call back over to CEO, Hyunsu Jung, for closing remarks.

沒有更多問題了。接下來我們把電話交回給執行長 Hyunsu Jung 作結語。

Thank you. So our team has had a productive first quarter of the year. We put our HYPE to work, scaling our business lines and most importantly, establishing key new partnerships.

謝謝。今年第一季我們團隊的成果相當豐碩。我們讓 HYPE 發揮效用，擴大我們的業務線，最重要的是，建立了關鍵的新合作夥伴關係。

Today's results reflects this progress, and we are confident in our ability to continue to deliver on our road map. That includes, again, raising our guidance by 20% to $5 million to $7 million in full year 2026 from our operating businesses.

今天的結果反映了這些進展，我們也有信心能持續交付我們的路線圖。其中包括——再次強調——將我們 2026 全年、來自營運業務的指引上調 20%，至 500 萬至 700 萬美元。

In the coming months, our view is that our business lines will continue to diversify and evolve to become key infrastructure in the Hyperliquid ecosystem, ranging from our core validator operations and the HYPE asset use service all the way to institutional geared products built on the HyperEVM.

在接下來幾個月，我們認為我們的業務線將持續多元化並演進，成為 Hyperliquid 生態系中的關鍵基礎設施，範圍從我們的核心驗證者營運與 HYPE 資產使用服務，一直到建立在 HyperEVM 上、面向機構的產品。

The early foundations have been laid and now is the time to ramp up our efforts to bring that capital to these various products, which we believe will create a flywheel effect, growing revenue streams tied to utilization, increasing the value of our partner protocols, and ultimately resulting in more heightened buyback and burn. As the flywheel accelerates, so does the broader global adoption of Hyperliquid, in turn, driving new users, products and capital to the ecosystem.

早期基礎已經奠定，現在正是加大投入、把資本導入這些不同產品的時候。我們相信這將形成飛輪效應：隨著使用量帶動的營收來源成長、提升我們合作協議（protocols）的價值，並最終帶來更強的回購與銷毀（buyback and burn）。飛輪加速的同時，Hyperliquid 在全球的更廣泛採用也會加速，進而為生態系帶來新的用戶、產品與資本。

The excitement is palpable, and we are thrilled to build alongside our partners, especially as countless new opportunities to innovate present themselves. And as large shareholders in the company ourselves, our goals have and always will be directly aligned with our shareholders. We only win if you win.

這份興奮感顯而易見，我們也很期待與合作夥伴並肩建設，尤其是在無數新的創新機會不斷出現之際。而且，作為公司本身的大股東，我們的目標一直、也將永遠與股東的目標直接一致。我們只有在你們贏的時候才會贏。

With that as a core objective, our team's efforts will optimize for execution squarely focused on value creation within the Hyperliquid ecosystem. Once again, we are immensely grateful to our investors and partners for their continued support as we advance our road map to build the premier institutional gateway to Hyperliquid.

以此作為核心目標，我們團隊的努力將以執行為優先，並明確聚焦於在 Hyperliquid 生態系內創造價值。再次感謝我們的投資人與合作夥伴在我們推進路線圖、打造通往 Hyperliquid 的頂級機構入口（gateway）過程中持續給予支持。

That concludes today's call. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與。