UP Fintech Holding Limited Reports Unaudited First Quarter 2024 Financial Results
UP Fintech Holding (NASDAQ: TIGR) reported its unaudited financial results for the first quarter of 2024. Total revenue was $78.9 million, a 19% increase year-over-year. GAAP net income was $12.3 million, compared to a net loss of $1.8 million in the previous quarter, while Non-GAAP net income was $14.7 million, marking a 42.4% increase year-over-year.
The company added 28,800 new funded accounts, bringing the total to 933,400. Net asset inflows were $5.3 billion, with the total account balance reaching $32.9 billion. Additionally, UP Fintech launched new products in Singapore and Hong Kong and obtained a Type 9 license from Hong Kong's SFC.
Operating costs increased by 10.6% year-over-year to $50.8 million. Interest expense rose by 75.9% to $14.8 million, primarily due to higher interest rates. Cash and cash equivalents stood at $363.9 million as of March 31, 2024.
- Total revenue increased by 19% year-over-year to $78.9 million.
- GAAP net income was $12.3 million, a significant turnaround from a $1.8 million loss in the previous quarter.
- Non-GAAP net income rose by 42.4% year-over-year to $14.7 million.
- Added 28,800 new funded accounts, bringing the total to 933,400.
- Total account balance increased by 103.8% year-over-year to $32.9 billion.
- Net asset inflows were $5.3 billion.
- Obtained a Type 9 license from Hong Kong's SFC for asset management services.
- Launched localized products and features in Singapore and Hong Kong.
- Interest expense increased by 75.9% year-over-year to $14.8 million.
- Employee compensation and benefits expenses rose by 13.9% to $27.8 million.
- General and administrative expenses increased by 25.9% year-over-year to $5.7 million.
- Total operating costs and expenses increased by 10.6% year-over-year to $50.8 million.
Insights
UP Fintech Holding Limited has delivered a strong financial performance for the first quarter of 2024, showcasing significant growth across several key metrics. The total revenue increase of
The rise in the number of new funded accounts and strong asset inflows demonstrates UP Fintech's ability to attract and retain high-quality clients, particularly in competitive markets like Singapore and Hong Kong. This client acquisition strategy's success is evident in the total account balance reaching
However, the increase in interest expense by
Overall, UP Fintech's financial performance has been impressive, reflecting strong execution of its business strategy. For retail investors, the company's ability to grow revenue and client base while turning around profitability is a positive indicator of future potential.
UP Fintech's impressive growth in new funded accounts and total account balances highlights its successful penetration into competitive markets like Singapore and Hong Kong. The introduction of localized products such as the Tiger BOSS Debit Card and Cash Boost Account in Singapore, as well as spot cryptocurrency trading in Hong Kong, showcases the company's innovative approach to meeting local market needs.
These localized products are not just contributing to the user experience but also helping in attracting high-quality users. The average net asset inflows of new clients in Singapore and Hong Kong, at approximately
Moreover, the launch of the Overnight Trading feature allows users to trade U.S. stocks and ETFs during local market hours, addressing a significant pain point for investors in the Asia-Pacific region. This feature can help UP Fintech capture more market opportunities and enhance client engagement.
Overall, UP Fintech's strategic initiatives in product localization and market-specific services are likely to enhance its competitiveness and support long-term growth in key markets.
SINGAPORE, June 05, 2024 (GLOBE NEWSWIRE) -- UP Fintech Holding Limited (NASDAQ: TIGR) (“UP Fintech” or the “Company”), a leading online brokerage firm focusing on global investors, today announced its unaudited financial results for the first quarter ended March 31, 2024.
Mr. Wu Tianhua, Chairman and CEO of UP Fintech stated: “Market backdrop was more active in the first quarter, total revenue in the first quarter was US
In the first quarter, we added 28,800 new funded accounts, bringing our total number of funded accounts at the end of the first quarter to 933,400, a
In the first quarter, we launched numerous localized products and features to enhance the user experience. In Singapore, we collaborated with a local licensed partner to roll out the Tiger BOSS Debit Card in late February, the first kind of debit card in Singapore that allows users to earn fractional shares for every dollar they spend. Additionally, catering to Singapore local practice, we launched Cash Boost Account in April, which enables local users to Contra Trading with instant trading limit of up to SGD 20,000 and no initial deposit required. Tiger Brokers is proud to be the first Fintech broker in Singapore to offer such services.
In Hong Kong, we officially launched spot cryptocurrency trading services for professional investor. By integrating Tiger Brokers' technology-driven brokerage expertise, we aim to provide professional investors in Hong Kong unparalleled convenience of seamless trading across both traditional securities and cryptocurrencies on a unified platform. Furthermore, in March, we obtained a Type 9 license from Hong Kong's Securities and Futures Commission (SFC) to provide asset management services, including discretionary account and collective investment scheme services, to both retail and professional investor clients. We also rolled out the Overnight Trading feature, which allows users, particularly in the Asia-Pacific region, to trade U.S. stocks and ETFs during local market hours and capture more market opportunities.
In our Corporate business, we underwrote a total of 5 U.S. and Hong Kong IPOs in the first quarter, including “Concord Healthcare Group” and “Lianlian Digitech”. In our ESOP business, we added 22 new clients in the first quarter, bringing the total number of ESOP clients served to 557 as of March 31, 2024.”
Financial Highlights for First Quarter 2024
- Total revenues were US
$78.9 million , an increase of19.0% year-over-year and an increase of12.8% quarter-over-quarter. - Total net revenues were US
$64.2 million , an increase of10.8% year-over-year and an increase of18.8% quarter-over-quarter. - Net income attributable to ordinary shareholders of UP Fintech was US
$12.3 million compared to a net income of US$8.0 million in the same quarter of last year. - Non-GAAP net income attributable to ordinary shareholders of UP Fintech was US
$14.7 million , compared to a non-GAAP net income of US$10.3 million in the same quarter of last year. A reconciliation of non-GAAP financial metrics to the most comparable GAAP metrics is set forth below.
Operating Highlights for First Quarter 2024
- Total account balance increased
103.8% year-over-year to US$32.9 billion . - Total margin financing and securities lending balance increased
25.0% year-over-year to US$2.8 billion . - Total number of customers with deposit increased
15.0% year-over-year to 933,400.
Selected Operating Data for First Quarter 2024
| As of and for the three months ended | ||||||||||||
| March 31, | December 31, | March 31, | ||||||||||
| 2023 | 2023 | 2024 | ||||||||||
| In 000's | ||||||||||||
| Number of customer accounts | 2,060.5 | 2,195.7 | 2,247.4 | |||||||||
| Number of customers with deposits | 811.9 | 904.6 | 933.4 | |||||||||
| Number of options and futures contracts traded | 7,885.6 | 8,044.5 | 10,850.3 | |||||||||
| In USD millions | ||||||||||||
| Trading volume | 67,044.1 | 81,765.2 | 85,410.6 | |||||||||
| Trading volume of stocks | 22,990.5 | 19,711.6 | 28,606.3 | |||||||||
| Total account balance | 16,128.5 | 30,597.5 | 32,872.1 | |||||||||
First Quarter 2024 Financial Results
REVENUES
Total revenues were US
Commissions were US
Financing service fees were US
Interest income was US
Other revenues were US
Interest expense was US
OPERATING COSTS AND EXPENSES
Total operating costs and expenses were US
Execution and clearing expenses were US
Employee compensation and benefits expenses were US
Occupancy, depreciation and amortization expenses were US
Communication and market data expenses were US
Marketing and branding expenses were US
General and administrative expenses were US
NET INCOME/LOSS ATTRIBUTABLE TO ORDINARY SHAREHOLDERS OF UP FINTECH
Net income attributable to ordinary shareholders of UP Fintech was US
Non-GAAP net income attributable to ordinary shareholders of UP Fintech, which excludes share-based compensation, was US
For the first quarter of 2024, the Company’s weighted average number of ADSs used in calculating non-GAAP net income per ADS – diluted was 163,468,197. As of March 31, 2024, the Company had a total of 2,353,365,632 Class A and B ordinary shares outstanding, or the equivalent of 156,891,042 ADSs.
CERTAIN OTHER FINANCIAL ITEMS
As of March 31, 2024, the Company's cash and cash equivalents and term deposits were US
As of March 31, 2024, the allowance balance of receivables from customers was US
Conference Call Information:
UP Fintech’s management will hold an earnings conference call at 8:00 AM on June 5, 2024, U.S. Eastern Time (8:00 PM on June 5, 2024 Singapore/Hong Kong Time).
All participants wishing to attend the call must preregister online before they may receive the dial-in numbers. Preregistration may require a few minutes to complete.
Preregistration Information:
Please note that all participants will need to pre-register for the conference call, using the link: https://register.vevent.com/register/BI243516c3bc564f76bb99a5caf0b950be
It will automatically lead to the registration page of "UP Fintech Holding Limited First Quarter 2024 Earnings Conference Call", where details for RSVP are needed.
Upon registering, all participants will be provided in confirmation emails with participant dial-in numbers and personal PINs to access the conference call. Please dial in 10 minutes prior to the call start time using the conference access information.
Additionally, a live and archived webcast of the conference call will be available at https://ir.itigerup.com
Use of Non-GAAP Financial Measures
In evaluating our business, we consider and use non-GAAP net loss or income attributable to ordinary shareholders of UP Fintech and non-GAAP net loss or income per ADS - diluted as supplemental measures to review and assess our operating performance. The presentation of the non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). We define non-GAAP net loss or income attributable to ordinary shareholders of UP Fintech as net loss or income attributable to ordinary shareholders of UP Fintech excluding share-based compensation. Non-GAAP net loss or income per ADS - diluted is non-GAAP net loss or income attributable to ordinary shareholders of UP Fintech divided by the weighted average number of diluted ADSs.
We present these non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. Non-GAAP net loss or income attributable to ordinary shareholders of UP Fintech enables our management to assess our operating results without considering the impact of share-based compensation. We also believe that the use of these non-GAAP financial measures facilitates investors' assessment of our operating performance.
These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as an analytical tool. One of the key limitations of using these non-GAAP financial measures is that they do not reflect all items of income and expenses that affect our operations. Share-based compensation has been and may continue to be incurred in our business and are not reflected in the presentation of non-GAAP net loss or income attributable to ordinary shareholders of UP Fintech. Further, these non-GAAP financial measures may differ from the non-GAAP financial information used by other companies, including peer companies, and therefore their comparability may be limited.
These non-GAAP financial measures should not be considered in isolation or construed as alternatives to total operating costs and expenses, net loss or income attributable to ordinary shareholders of UP Fintech or any other measure of performance or as an indicator of our operating performance. Investors are encouraged to review these historical non-GAAP financial measures in light of the most directly comparable GAAP measures. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting the usefulness of such measures when analyzing our data comparatively. We encourage investors and others to review our financial information in its entirety and not rely on a single financial measure.
About UP Fintech Holding Limited
UP Fintech Holding Limited is a leading online brokerage firm focusing on global investors. The Company’s proprietary mobile and online trading platform enables investors to trade in equities and other financial instruments on multiple exchanges around the world. The Company offers innovative products and services as well as a superior user experience to customers through its “mobile first” strategy, which enables it to better serve and retain current customers as well as attract new ones. The Company offers customers comprehensive brokerage and value-added services, including trade order placement and execution, margin financing, IPO subscription, ESOP management, investor education, community discussion and customer support. The Company’s proprietary infrastructure and advanced technology are able to support trades across multiple currencies, multiple markets, multiple products, multiple execution venues and multiple clearinghouses.
For more information on the Company, please visit: https://ir.itigerup.com.
Safe Harbor Statement
This announcement contains forward−looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward−looking statements can be identified by terminology such as “may,” “might,” “aim,” “likely to,” “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements or expressions. Among other statements, the business outlook and quotations from management in this announcement, the Company’s strategic and operational plans and expectations regarding growth and expansion of its business lines, and the Company’s plans for future financing of its business contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”) on Forms 20−F and 6−K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties, including the earnings conference call. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward−looking statements. Forward−looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the cooperation with Interactive Brokers LLC and Xiaomi Corporation and its affiliates; the Company’s ability to effectively implement its growth strategies; trends and competition in global financial markets; changes in the Company’s revenues and certain cost or expense accounting policies; and governmental policies and regulations affecting the Company’s industry and general economic conditions in China, Singapore and other countries. Further information regarding these and other risks is included in the Company’s filings with the SEC, including the Company’s annual report on Form 20-F filed with the SEC on April 22, 2024. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law. Further information regarding these and other risks is included in the Company’s filings with the SEC.
For investor and media inquiries please contact:
Investor Relations Contact
UP Fintech Holding Limited
Email: ir@itiger.com
| UP FINTECH HOLDING LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (All amounts in U.S. dollars ("US$")) | ||||||||
| As of December 31, | As of March 31, | |||||||
| 2023 | 2024 | |||||||
| US$ | US$ | |||||||
| Assets: | ||||||||
| Cash and cash equivalents | 322,599,616 | 358,873,408 | ||||||
| Cash-segregated for regulatory purpose | 1,617,154,185 | 1,561,409,988 | ||||||
| Term deposits | 896,683 | 876,167 | ||||||
| Receivables from customers (net of allowance of US | 753,361,199 | 798,759,299 | ||||||
| Receivables from brokers, dealers, and clearing organizations | 541,876,929 | 936,236,543 | ||||||
| Financial instruments held, at fair value | 428,159,554 | 262,425,038 | ||||||
| Prepaid expenses and other current assets | 17,936,180 | 13,361,951 | ||||||
| Amounts due from related parties | 7,987,756 | 8,214,749 | ||||||
| Total current assets | 3,689,972,102 | 3,940,157,143 | ||||||
| Non-current assets: | ||||||||
| Long-term deposits | 4,225,412 | 4,154,952 | ||||||
| Right-of-use assets | 9,067,885 | 13,835,098 | ||||||
| Property, equipment and intangible assets, net | 16,429,543 | 16,228,825 | ||||||
| Goodwill | 2,492,668 | 2,492,668 | ||||||
| Long-term investments | 7,586,483 | 7,542,798 | ||||||
| Other non-current assets | 5,282,012 | 5,212,631 | ||||||
| Deferred tax assets | 10,990,998 | 9,471,791 | ||||||
| Total non-current assets | 56,075,001 | 58,938,763 | ||||||
| Total assets | 3,746,047,103 | 3,999,095,906 | ||||||
| Current liabilities: | ||||||||
| Payables to customers | 2,913,306,558 | 2,648,078,201 | ||||||
| Payables to brokers, dealers and clearing organizations: | 114,771,931 | 605,575,013 | ||||||
| Accrued expenses and other current liabilities | 42,381,946 | 44,654,243 | ||||||
| Deferred income-current | 819,809 | — | ||||||
| Lease liabilities-current | 4,133,883 | 5,102,051 | ||||||
| Amounts due to related parties | 10,148,142 | 21,636,043 | ||||||
| Total current liabilities | 3,085,562,269 | 3,325,045,551 | ||||||
| Convertible bonds | 156,887,691 | 157,532,812 | ||||||
| Lease liabilities- non-current | 4,777,134 | 8,407,275 | ||||||
| Deferred tax liabilities | 3,397,831 | 2,742,681 | ||||||
| Total liabilities | 3,250,624,925 | 3,493,728,319 | ||||||
| Mezzanine equity | ||||||||
| Redeemable non-controlling interests | 6,706,660 | 6,753,409 | ||||||
| Total Mezzanine equity | 6,706,660 | 6,753,409 | ||||||
| Shareholders’ equity: | ||||||||
| Class A ordinary shares | 22,528 | 22,557 | ||||||
| Class B ordinary shares | 976 | 976 | ||||||
| Additional paid-in capital | 505,448,080 | 507,681,276 | ||||||
| Statutory reserve | 8,511,039 | 8,511,039 | ||||||
| Accumulated deficit | (19,600,434 | ) | (7,118,965 | ) | ||||
| Treasury stock | (2,172,819 | ) | (2,172,819 | ) | ||||
| Accumulated other comprehensive loss | (3,232,993 | ) | (8,028,493 | ) | ||||
| Total UP Fintech shareholders’ equity | 488,976,377 | 498,895,571 | ||||||
| Non-controlling interests | (260,859 | ) | (281,393 | ) | ||||
| Total equity | 488,715,518 | 498,614,178 | ||||||
| Total liabilities, mezzanine equity and equity | 3,746,047,103 | 3,999,095,906 | ||||||
| UP FINTECH HOLDING LIMITED | ||||||||||||
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) | ||||||||||||
| (All amounts in U.S. dollars ("US$"), except for number of shares (or ADSs) and per share (or ADS) data) | ||||||||||||
| For the three months ended | ||||||||||||
| March 31, | December 31, | March 31, | ||||||||||
| 2023 | 2023 | 2024 | ||||||||||
| US$ | US$ | US$ | ||||||||||
| Revenues(a): | ||||||||||||
| Commissions | 25,438,506 | 21,954,587 | 27,786,218 | |||||||||
| Interest related income | ||||||||||||
| Financing service fees | 2,852,583 | 3,174,949 | 2,832,065 | |||||||||
| Interest income | 34,587,516 | 39,956,315 | 43,841,220 | |||||||||
| Other revenues | 3,447,071 | 4,895,109 | 4,488,989 | |||||||||
| Total revenues | 66,325,676 | 69,980,960 | 78,948,492 | |||||||||
| Interest expense | (8,407,961 | ) | (15,995,738 | ) | (14,789,835 | ) | ||||||
| Total net revenues | 57,917,715 | 53,985,222 | 64,158,657 | |||||||||
| Operating costs and expenses: | ||||||||||||
| Execution and clearing | (2,431,835 | ) | (2,244,785 | ) | (2,230,863 | ) | ||||||
| Employee compensation and benefits | (24,406,288 | ) | (26,458,931 | ) | (27,787,218 | ) | ||||||
| Occupancy, depreciation and amortization | (2,432,786 | ) | (2,190,610 | ) | (2,144,337 | ) | ||||||
| Communication and market data(a) | (6,956,631 | ) | (8,532,128 | ) | (8,561,482 | ) | ||||||
| Marketing and branding | (5,184,197 | ) | (5,790,739 | ) | (4,390,987 | ) | ||||||
| General and administrative | (4,500,720 | ) | (7,293,530 | ) | (5,667,137 | ) | ||||||
| Total operating costs and expenses | (45,912,457 | ) | (52,510,723 | ) | (50,782,024 | ) | ||||||
| Other income (expense): | ||||||||||||
| Others, net | 331,666 | (1,664,053 | ) | 3,615,219 | ||||||||
| Income (loss) before income tax | 12,336,924 | (189,554 | ) | 16,991,852 | ||||||||
| Income tax expenses | (4,317,220 | ) | (1,498,639 | ) | (4,528,297 | ) | ||||||
| Net income (loss) | 8,019,704 | (1,688,193 | ) | 12,463,555 | ||||||||
| Less: net loss attributable to non-controlling interests | (51,014 | ) | (1,293 | ) | (17,914 | ) | ||||||
| Accretion of redeemable non-controlling interests to redemption value | (107,285 | ) | (148,624 | ) | (151,322 | ) | ||||||
| Net income (loss) attributable to ordinary shareholders of UP Fintech | 7,963,433 | (1,835,524 | ) | 12,330,147 | ||||||||
| Other comprehensive income (loss), net of tax: | ||||||||||||
| Unrealized loss on available-for-sale investments | — | (450,325 | ) | — | ||||||||
| Changes in cumulative foreign currency translation adjustment | 388,546 | 7,261,631 | (4,791,040 | ) | ||||||||
| Total Comprehensive income | 8,408,250 | 5,123,113 | 7,672,515 | |||||||||
| Less: comprehensive loss attributable to non-controlling interests | (51,422 | ) | (8,222 | ) | (13,454 | ) | ||||||
| Accretion of redeemable non-controlling interests to redemption value | (107,285 | ) | (148,624 | ) | (151,322 | ) | ||||||
| Total Comprehensive income attributable to ordinary shareholders of Up Fintech | 8,352,387 | 4,982,711 | 7,534,647 | |||||||||
| Net income (loss) per ordinary share: | ||||||||||||
| Basic | 0.003 | (0.001 | ) | 0.005 | ||||||||
| Diluted | 0.003 | (0.001 | ) | 0.005 | ||||||||
| Net income (loss) per ADS (1 ADS represents 15 Class A ordinary shares): | ||||||||||||
| Basic | 0.052 | (0.012 | ) | 0.079 | ||||||||
| Diluted | 0.051 | (0.012 | ) | 0.077 | ||||||||
| Weighted average number of ordinary shares used in calculating net income (loss) per ordinary share: | ||||||||||||
| Basic | 2,312,971,270 | 2,336,018,747 | 2,342,468,897 | |||||||||
| Diluted | 2,404,737,701 | 2,336,018,747 | 2,452,022,959 | |||||||||
(a) Includes the following revenues, operating costs and expenses resulting from transactions with related parties as follow:
| For the three months ended | ||||||||||||
| March 31, | December 31, | March 31, | ||||||||||
| 2023 | 2023 | 2024 | ||||||||||
| US$ | US$ | US$ | ||||||||||
| Revenues: | ||||||||||||
| Commissions | 1,197 | 115,236 | 42,647 | |||||||||
| Interest related income | ||||||||||||
| Interest income | 40,612 | 1,270,287 | 845,345 | |||||||||
| Communication and market data | (34,650 | ) | (39,690 | ) | (39,690 | ) | ||||||
| Reconciliations of Unaudited Non-GAAP Results of Operations Measures to the Nearest Comparable GAAP Measures (All amounts in U.S. dollars ("US$"), except for number of ADSs and per ADS data) | |||||||||||||||||||||||||||||||||||||||
| For the three months ended March 31, 2023 | For the three months ended December 31, 2023 | For the three months ended March 31, 2024 | |||||||||||||||||||||||||||||||||||||
| non-GAAP | non-GAAP | non-GAAP | |||||||||||||||||||||||||||||||||||||
| GAAP | Adjustment | non-GAAP | GAAP | Adjustment | non-GAAP | GAAP | Adjustment | non-GAAP | |||||||||||||||||||||||||||||||
| US$ | US$ | US$ | US$ | US$ | US$ | US$ | US$ | US$ | |||||||||||||||||||||||||||||||
| Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | |||||||||||||||||||||||||||||||
| 2,363,930 | (1 | ) | 2,896,312 | (1 | ) | 2,380,637 | (1 | ) | |||||||||||||||||||||||||||||||
| Net income (loss) attributable to ordinary shareholders of UP Fintech | 7,963,433 | 2,363,930 | 10,327,363 | (1,835,524 | ) | 2,896,312 | 1,060,788 | 12,330,147 | 2,380,637 | 14,710,784 | |||||||||||||||||||||||||||||
| Net income (loss) per ADS - diluted | 0.051 | 0.066 | (0.012 | ) | 0.007 | 0.077 | 0.092 | ||||||||||||||||||||||||||||||||
| Weighted average number of ADSs used in calculating diluted net income (loss) per ADS | 160,315,847 | 160,315,847 | 155,734,583 | 157,931,785 | 163,468,197 | 163,468,197 | |||||||||||||||||||||||||||||||||
(1) Share-based compensation.
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