Hyperliquid Strategies Inc. (HSI) reported its financial results for the six months ended December 31, 2025. The company posted a net loss of USD 317.9 million for the period, with an accumulated deficit of approximately USD 318.5 million as of December 31, 2025. Revenue for the half-year was USD 0.5 million, attributed to net staking revenue, and no cost of revenue was reported for the period. As of December 31, 2025, HSI reported cash and cash equivalents of USD 281.9 million, HYPE digital assets valued at USD 327.6 million, working capital of USD 278.0 million, and stockholders’ equity totaling USD 589.8 million. Net cash used by operating activities was approximately USD 8.3 million for the six-month period. Other income for the three months ended December 31, 2025, was USD 0.9 million, primarily from interest income. The company recognized an income tax expense of USD 17.8 million during the quarter, related to the creation of a deferred tax liability at the closing of a transaction, partially offset by a deferred tax benefit from the decline in value of HYPE digital tokens. Since its inception, HSI’s operations have been primarily funded by equity financings. The company emphasized forward-looking statements regarding its business strategy, financial position, and future operations, highlighting associated risks and uncertainties.

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