Look Up: A Helium Valuation and Catalysts for Growth

Key Insights

• Helium Mobile’s fundamentals are growing rapidly, with $32.3 million in annualized revenue generated between Data Credit (DC) burns and the Helium Mobile MVNO, along with cumulative subscribers growing from 125,000 cumulative subscribers to nearly 300,000 in H1 2025.
• HNT’s price has declined sharply (down 63%+ since the start of 2025), creating a widening disconnect between network performance and token valuation.
• Aligning Helium Mobile MHNO’s economics with HNT holders is the clearest path to value capture growth. Potential levers include buyback programs or dividend distributions based on the MHNO’s long-term earnings.
• The August 1, 2025, HNT halving will cut reward emissions in half, accelerating Helium's pace to net profitability and providing a potential catalyst for the market to rerate HNT upwards.
• Further medium-term growth catalysts include the execution of Telfonica’s adoption of Helium Mobile in Mexico, the launch of Inversion’s MVNO private equity strategy leveraging Helium’s carrier offload program, and further partnerships with large MNOs in the U.S. building on the AT&T partnership.

Introduction