Helium Model June 2025.xlsx

	A	B	C	D	E	F	G	H	I	J	K	L	M	N	O	P	Q	R	S	T	U	V	W	X
33
34			Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25E	Q4'25E	Q2'26E	Q3'26E	Q4'26E	Q1'27E	Q2'27E	Q3'27E	Q4'27E	Q1'28E	Q2'28E	Q3'28E	Q4'28E
35	Core Only: Mobile Data Transfer
36		% QoQ Growth	--	712%	-27%	1276%	-12%	37%	97%	0%	52%
37		% QoQ Growth - Smooth	--	--	--	1064%	64%	28%	127%	32%	52%	50%	50%	50%	50%	50%	50%	50%	50%	50%	50%	50%	50%	50%
38		Mobile Traffic in GBs	5,117	41,570	30,488	419,482	368,863	504,170	990,982	986,277	1,502,000	1,866,208	2,526,156	3,294,272	4,365,321	5,744,695	7,582,512	9,995,405	13,183,438	17,384,132	22,925,678	30,232,358	39,868,527	52,575,663
39		(x) Revenue per GB	$0.55	$0.56	$0.51	$0.54	$0.55	$0.54	$0.54	$0.55	$0.56	$0.54	$0.54	$0.54	$0.54	$0.54	$0.54	$0.54	$0.54	$0.54	$0.54	$0.54	$0.54	$0.54
40		Revenues	$2,807	$23,311	$15,525	$227,140	$201,823	$270,254	$537,434	$543,834	$844,670	$1,015,877	$1,375,123	$1,793,250	$2,376,280	$3,127,147	$4,127,570	$5,441,038	$7,176,456	$9,463,121	$12,479,683	$16,457,102	$21,702,589	$28,619,768
41		(%) HNT Price	$1.37	$1.53	$3.01	$7.22	$4.30	$5.02	$6.41	$3.39	$3.17	$2.18	$2.18	$2.18	$2.18	$2.18	$2.18	$2.18	$2.18	$2.18	$2.18	$2.18	$2.18	$2.18
42		Gross HNT Burn	2,050	15,222	5,158	31,457	46,916	53,867	83,778	160,214	266,707	465,999	630,790	822,592	1,090,036	1,434,471	1,893,381	2,495,889	3,291,952	4,340,881	5,724,625	7,549,130	9,955,316	13,128,334
43		(-) Net Emissions Cap	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917
44		Net HNT Burn	0	0	0	0	0	0	0	12,297	118,790	318,082	482,873	674,675	942,120	1,286,554	1,745,464	2,347,972	3,144,036	4,192,964	5,576,708	7,401,213	9,807,399	12,980,417
45		(-) Total HNT Issuance	7,500,000	5,000,000	3,750,000	3,750,000	3,750,000	3,750,000	3,750,000	3,750,000	3,750,000	2,500,000	1,875,000	1,875,000	1,875,000	1,875,000	1,875,000	1,875,000	1,875,000	1,875,000	1,875,000	1,875,000	1,875,000	1,875,000
46		HNT Net Deflation (Inflation)	-7,500,000	-5,000,000	-3,750,000	-3,750,000	-3,750,000	-3,750,000	-3,750,000	-3,737,703	-3,631,210	-2,181,918	-1,392,127	-1,200,325	-932,880	-588,446	-129,536	472,972	1,269,036	2,317,964	3,701,708	5,526,213	7,932,399	11,105,417
47		(%) HNT Circulating Supply	183,937,287	188,937,287	192,687,287	196,437,287	200,187,287	203,937,287	207,687,287	211,437,287	215,187,287	217,687,287	219,562,287	221,437,287	223,312,287	225,187,287	227,062,287	228,937,287	230,812,287	232,687,287	234,562,287	236,437,287	238,312,287	240,187,287
48		HNT Deflation (Inflation) Rate	-15%	-10%	-7%	-7%	-7%	-7%	-7%	-7%	-6%	-4%	-2%	-2%	-2%	-1%	0%	1%	2%	4%	7%	10%	15%	21%
49		Gross ARR	$11,226	$93,245	$62,100	$908,560	$807,293	$1,081,017	$2,149,738	$2,175,335	$3,378,679	$4,063,510	$5,500,491	$7,173,000	$9,505,118	$12,508,589	$16,510,280	$21,764,152	$28,705,824	$37,852,482	$49,918,730	$65,828,409	$86,810,355	$114,479,073
50
51	Including Non-Core Revenue: IoT & Onboarding
52		Core Revenues	$2,807	$23,311	$15,525	$227,140	$201,823	$270,254	$537,434	$543,834	$844,670	$1,015,877	$1,375,123	$1,793,250	$2,376,280	$3,127,147	$4,127,570	$5,441,038	$7,176,456	$9,463,121	$12,479,683	$16,457,102	$21,702,589	$28,619,768
53		(+) Other Revenues	$158,252	$385,182	$464,363	$886,129	$305,962	$264,419	$808,641	$29,096	$776,924	$453,219	$453,219	$453,219	$453,219	$453,219	$453,219	$453,219	$453,219	$453,219	$453,219	$453,219	$453,219	$453,219
54		Total Revenues	$161,058	$408,493	$479,888	$1,113,269	$507,785	$534,673	$1,346,076	$572,930	$1,621,593	$1,469,096	$1,828,341	$2,246,469	$2,829,498	$3,580,366	$4,580,789	$5,894,257	$7,629,675	$9,916,339	$12,932,901	$16,910,321	$22,155,807	$29,072,987
55		% Core	2%	6%	3%	20%	40%	51%	40%	95%	52%	69%	75%	80%	84%	87%	90%	92%	94%	95%	96%	97%	98%	98%
56
57		(%) Avg HNT Price	$1.37	$1.53	$3.01	$7.22	$4.30	$5.02	$6.41	$3.39	$3.17	$2.18	$2.18	$2.18	$2.18	$2.18	$2.18	$2.18	$2.18	$2.18	$2.18	$2.18	$2.18	$2.18
58		Gross HNT Burn	117,652	266,748	159,445	154,178	118,041	106,571	209,834	168,785	512,022	673,897	838,689	1,030,490	1,297,935	1,642,370	2,101,279	2,703,787	3,499,851	4,548,779	5,932,523	7,757,028	10,163,214	13,336,233
59		(-) Net Emissions Cap	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917
60		Net HNT Burn	0	118,831	11,528	6,261	0	0	61,917	20,869	364,106	525,981	690,772	882,573	1,150,018	1,494,453	1,953,362	2,555,871	3,351,934	4,400,863	5,784,607	7,609,111	10,015,298	13,188,316
61		(-) Total HNT Issuance	7,500,000	5,000,000	3,750,000	3,750,000	3,750,000	3,750,000	3,750,000	3,750,000	3,750,000	2,500,000	1,875,000	1,875,000	1,875,000	1,875,000	1,875,000	1,875,000	1,875,000	1,875,000	1,875,000	1,875,000	1,875,000	1,875,000
62		HNT Net Deflation (Inflation)	-7,500,000	-4,881,169	-3,738,472	-3,743,739	-3,750,000	-3,750,000	-3,688,083	-3,729,131	-3,385,894	-1,974,019	-1,184,228	-992,427	-724,982	-380,547	78,362	680,871	1,476,934	2,525,863	3,909,607	5,734,111	8,140,298	11,313,316
63		(%) HNT Circulating Supply	183,937,287	188,937,287	192,687,287	196,437,287	200,187,287	203,937,287	207,687,287	211,437,287	215,187,287	217,687,287	219,562,287	221,437,287	223,312,287	225,187,287	227,062,287	228,937,287	230,812,287	232,687,287	234,562,287	236,437,287	238,312,287	240,187,287
64		HNT Deflation (Inflation) Rate	-15%	-10%	-7%	-7%	-7%	-7%	-7%	-7%	-6%	-4%	-2%	-2%	-1%	-1%	0%	1%	3%	4%	7%	10%	15%	21%
65		Gross ARR	$644,233	$1,633,972	$1,919,552	$4,453,078	$2,031,142	$2,138,693	$5,384,303	$2,291,719	$6,486,374	$5,876,385	$7,313,365	$8,985,875	$11,317,993	$14,321,464	$18,323,155	$23,577,027	$30,518,699	$39,665,357	$51,731,605	$67,641,284	$88,623,229	$116,291,948
66
67	Assuming WiFi-like Pricing
68		Revenue per GB	$0.55	$0.56	$0.51	$0.54	$0.55	$0.54	$0.54	$0.55	$0.56	$0.48	$0.41	$0.35	$0.29	$0.25	$0.21	$0.18	$0.15	$0.13	$0.11	$0.10	$0.10	$0.10
69		Total Revenues	$161,058	$408,493	$479,888	$1,113,269	$507,785	$534,673	$1,346,076	$572,930	$1,621,593	$1,345,283	$1,479,615	$1,590,934	$1,734,690	$1,886,656	$2,061,433	$2,255,199	$2,473,432	$2,717,553	$2,991,435	$3,476,454	$4,440,071	$5,710,785
70		(%) Avg HNT Price	$1.37	$1.53	$3.01	$7.22	$4.30	$5.02	$6.41	$3.39	$3.17	$2.18	$2.18	$2.18	$2.18	$2.18	$2.18	$2.18	$2.18	$2.18	$2.18	$2.18	$2.18	$2.18
71		Gross HNT Burn	117,652	266,748	159,445	154,178	118,041	106,571	209,834	168,785	512,022	617,102	678,722	729,786	795,730	865,439	945,611	1,034,495	1,134,602	1,246,584	1,372,218	1,594,704	2,036,730	2,619,626
72		(-) Net Emissions Cap	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917
73		Net HNT Burn	0	118,831	11,528	6,261	0	0	61,917	20,869	364,106	469,185	530,806	581,869	647,813	717,522	797,694	886,578	986,685	1,098,667	1,224,301	1,446,787	1,888,813	2,471,709
74		(-) Total HNT Issuance	7,500,000	5,000,000	3,750,000	3,750,000	3,750,000	3,750,000	3,750,000	3,750,000	3,750,000	2,500,000	1,875,000	1,875,000	1,875,000	1,875,000	1,875,000	1,875,000	1,875,000	1,875,000	1,875,000	1,875,000	1,875,000	1,875,000
75		HNT Net Deflation (Inflation)	-7,500,000	-4,881,169	-3,738,472	-3,743,739	-3,750,000	-3,750,000	-3,688,083	-3,729,131	-3,385,894	-2,030,815	-1,344,194	-1,293,131	-1,227,187	-1,157,478	-1,077,306	-988,422	-888,315	-776,333	-650,699	-428,213	13,813	596,709
76		(%) HNT Circulating Supply	183,937,287	188,937,287	192,687,287	196,437,287	200,187,287	203,937,287	207,687,287	211,437,287	215,187,287	217,687,287	219,562,287	221,437,287	223,312,287	225,187,287	227,062,287	228,937,287	230,812,287	232,687,287	234,562,287	236,437,287	238,312,287	240,187,287
77		HNT Deflation (Inflation) Rate	-15%	-10%	-7%	-7%	-7%	-7%	-7%	-7%	-6%	-4%	-2%	-2%	-2%	-2%	-2%	-2%	-2%	-1%	-1%	-1%	0%	1%
78		Gross ARR	$644,233	$1,633,972	$1,919,552	$4,453,078	$2,031,142	$2,138,693	$5,384,303	$2,291,719	$6,486,374	$5,381,131	$5,918,460	$6,363,734	$6,938,761	$7,546,624	$8,245,730	$9,020,796	$9,893,728	$10,870,211	$11,965,739	$13,905,818	$17,760,285	$22,843,140
79
80	Assuming Revenue Moves Onchain
81		Onchain Revenues	$161,058	$408,493	$479,888	$1,113,269	$507,785	$534,673	$1,346,076	$572,930	$1,621,593	$1,345,283	$1,479,615	$1,590,934	$1,734,690	$1,886,656	$2,061,433	$2,255,199	$2,473,432	$2,717,553	$2,991,435	$3,476,454	$4,440,071	$5,710,785
82		(+) Offchain Revenues	$643,442	$1,631,965	$1,917,194	$4,447,608	$2,028,647	$2,136,066	$5,377,690	$2,288,904	$6,478,407	$4,931,612	$6,418,136	$6,384,233	$7,201,332	$7,641,881	$8,349,307	$8,995,043	$9,756,197	$10,547,573	$11,420,871	$12,357,249	$13,375,193	$14,474,499
83		Total Revenues	$804,500	$2,040,458	$2,397,082	$5,560,877	$2,536,432	$2,670,740	$6,723,765	$2,861,834	$8,100,000	$6,276,895	$7,897,751	$7,975,167	$8,936,023	$9,528,537	$10,410,740	$11,250,242	$12,229,629	$13,265,125	$14,412,305	$15,833,704	$17,815,264	$20,185,284
84		(%) Avg HNT Price	$1.37	$1.53	$3.01	$7.22	$4.30	$5.02	$6.41	$3.39	$3.17	$2.18	$2.18	$2.18	$2.18	$2.18	$2.18	$2.18	$2.18	$2.18	$2.18	$2.18	$2.18	$2.18
85		Gross HNT Burn	587,682	1,332,427	796,441	770,130	589,626	532,332	1,048,140	843,098	2,557,597	2,879,310	3,622,821	3,658,333	4,099,093	4,370,888	4,775,569	5,160,662	5,609,922	6,084,920	6,611,149	7,263,167	8,172,139	9,259,304
86		(-) Net Emissions Cap	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917	147,917
87		Net HNT Burn	439,765	1,184,511	648,525	622,213	441,710	384,415	900,223	695,181	2,409,680	2,731,393	3,474,905	3,510,417	3,951,176	4,222,972	4,627,652	5,012,745	5,462,005	5,937,003	6,463,232	7,115,250	8,024,223	9,111,388
88		(-) Total HNT Issuance	7,500,000	5,000,000	3,750,000	3,750,000	3,750,000	3,750,000	3,750,000	3,750,000	3,750,000	2,500,000	1,875,000	1,875,000	1,875,000	1,875,000	1,875,000	1,875,000	1,875,000	1,875,000	1,875,000	1,875,000	1,875,000	1,875,000
89		HNT Net Deflation (Inflation)	-7,060,235	-3,815,489	-3,101,475	-3,127,787	-3,308,290	-3,365,585	-2,849,777	-3,054,819	-1,340,320	231,393	1,599,905	1,635,417	2,076,176	2,347,972	2,752,652	3,137,745	3,587,005	4,062,003	4,588,232	5,240,250	6,149,223	7,236,388
90		(%) HNT Circulating Supply	183,937,287	188,937,287	192,687,287	196,437,287	200,187,287	203,937,287	207,687,287	211,437,287	215,187,287	217,687,287	219,562,287	221,437,287	223,312,287	225,187,287	227,062,287	228,937,287	230,812,287	232,687,287	234,562,287	236,437,287	238,312,287	240,187,287
91		HNT Deflation (Inflation) Rate	-14%	-8%	-6%	-6%	-6%	-6%	-5%	-6%	-2%	0%	3%	3%	4%	4%	5%	6%	6%	7%	8%	9%	11%	13%
92		Gross ARR	$3,218,002	$8,161,830	$9,588,328	$22,243,509	$10,145,729	$10,682,959	$26,895,061	$11,447,336	$32,400,000	$25,107,580	$31,591,002	$31,900,667	$35,744,091	$38,114,147	$41,642,960	$45,000,969	$48,918,517	$53,060,502	$57,649,221	$63,334,815	$71,261,055	$80,741,134
93
94
95
96		Gross Revenues	Today	Q4'26E	Q4'27E	Q4'28E
97		Core Only	$3	$13	$38	$114
98		Including Non-Core	$6	$14	$40	$116
99		WiFi-like Pricing	$6	$8	$11	$23
100		Revenues Moves Onchain	$32	$38	$53	$81
101
102		HNT Deflation (Inflation)
103		Core Only	6%	1%	-4%	-21%
104		Including Non-Core	6%	1%	-4%	-21%
105		WiFi-like Pricing	6%	2%	1%	-1%
106		Revenues Moves Onchain	2%	-4%	-7%	-13%
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
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