TLDR:
- Helium’s Q3 annualized revenue hit $18.3M after subscriber revenue burn.
- HNT price rose 7.8% as circulating market cap reached $453.9M.
- Average daily data credit burns surged 196% QoQ to $30,920.
- User base climbed 35% to 1.2M daily users as carrier offloading expanded.
Helium Network’s growth momentum accelerated in Q3 2025, driven by its buyback and burn strategy for subscriber revenue. According to Messari’s latest State of Helium report, annualized revenue climbed to $18.3 million after the move took effect in August.
Network activity rose across all metrics, with a 196% increase in data credit burns and strong user growth. HNT’s price also gained 7.8% quarter-over-quarter as investors responded to higher network utility.
Helium Buyback Model Sparks Demand for HNT
The decision to burn 100% of Helium Mobile’s MVNO subscription revenue proved pivotal.
Messari reported that daily data credit burns rose to $30,920, with the Mobile Network accounting for 99.6% of activity. The September surge pushed monthly revenue to $1.5 million, setting a new record for the project. When annualized, these figures translated to $18.3 million in revenue, a clear reflection of growing user adoption.
Helium’s total paid mobile traffic grew 57.3% from the previous quarter, reaching 32.4 TB per day.
Cumulative offloaded data through telecom partnerships doubled to 5,451 TB as more carriers joined its network. These figures underscore the success of Helium’s Carrier Offload Program, which allows telecom clients like AT&T and Telefónica’s Movistar to route mobile traffic through community-powered hotspots.
Meanwhile, the network’s circulating market cap increased 9.1% to $453.9 million, while HNT’s price advanced from $2.26 to $2.44. The emissions halving on August 1, as laid out in HIP-20, further reinforced token scarcity.
Messari analysts noted that the halving reduced daily emissions to 20,548 HNT without affecting hotspot rewards, ensuring sustainability of supply.
User Growth and Network Expansion Accelerate
Helium Mobile’s user base expanded rapidly, growing 35.4% quarter-over-quarter to reach 1.2 million daily users.
Account signups increased 48% to 461,500, aided by promotions such as Solana Seeker’s three-month Air plan offer. Average mobile paid traffic and hotspot growth also contributed to network expansion, with Helium ending Q3 with 115,750 total hotspots.
Hotspot owners benefited from HIP-147, which redirected 60% of emissions to reward actual data transfer. Messari highlighted that this governance change aligned emissions with network activity, ensuring data throughput remained the key performance driver.
Additional technical updates, including adjustments to the Pyth price feed and hotspot coverage templates, supported improved efficiency.
Infrastructure accessibility broadened through the launch of Helium Plus, enabling businesses and public Wi-Fi providers to join using existing equipment. Partnerships with LongFi and Movistar Mexico continued to extend mobile coverage in regions such as Oaxaca, strengthening Helium’s presence across Latin America.
Messari analysts concluded that the network’s dual strategy, expanding coverage while burning revenue, positioned Helium for sustained growth into 2026.