UP Fintech Holding Limited Reports Unaudited Fourth Quarter And Full Year 2024 Financial Results
UP Fintech (NASDAQ: TIGR) reported strong financial results for Q4 and full year 2024. Q4 total revenue reached $124.1 million, up 77.3% year-over-year, while full-year revenue grew 43.7% to $391.5 million.
Q4 net income was $28.1 million, compared to a loss of $1.8 million in Q4 2023. Full-year net income reached $60.7 million, an 86.5% increase from 2023. The company added 59,200 customers with deposits in Q4, bringing the yearly total to 187,400, exceeding guidance of 150,000.
Total account balance reached a record $41.7 billion, up 36.4% year-over-year, with Q4 net inflows of $1.1 billion. The company's margin financing and securities lending balance increased 88.2% to $4.5 billion. Notable developments include YAX receiving HKSFC approval for virtual asset trading and the upgrade of TigerGPT to TigerAI.
UP Fintech (NASDAQ: TIGR) ha riportato risultati finanziari solidi per il quarto trimestre e l'intero anno 2024. Le entrate totali del Q4 hanno raggiunto 124,1 milioni di dollari, con un aumento del 77,3% rispetto all'anno precedente, mentre le entrate annuali sono cresciute del 43,7% a 391,5 milioni di dollari.
Il reddito netto del Q4 è stato di 28,1 milioni di dollari, rispetto a una perdita di 1,8 milioni di dollari nel Q4 2023. Il reddito netto annuale ha raggiunto 60,7 milioni di dollari, con un aumento dell'86,5% rispetto al 2023. L'azienda ha aggiunto 59.200 clienti con depositi nel Q4, portando il totale annuale a 187.400, superando la guida di 150.000.
Il saldo totale dei conti ha raggiunto un record di 41,7 miliardi di dollari, con un aumento del 36,4% rispetto all'anno precedente, con afflussi netti nel Q4 di 1,1 miliardi di dollari. Il saldo di finanziamento con margine e prestito titoli dell'azienda è aumentato dell'88,2% a 4,5 miliardi di dollari. Sviluppi notevoli includono l'approvazione di YAX da parte dell'HKSFC per il trading di asset virtuali e l'aggiornamento di TigerGPT a TigerAI.
UP Fintech (NASDAQ: TIGR) reportó resultados financieros sólidos para el cuarto trimestre y el año completo 2024. Los ingresos totales del Q4 alcanzaron 124,1 millones de dólares, un aumento del 77,3% en comparación con el año anterior, mientras que los ingresos anuales crecieron un 43,7% hasta 391,5 millones de dólares.
El ingreso neto del Q4 fue de 28,1 millones de dólares, en comparación con una pérdida de 1,8 millones de dólares en el Q4 de 2023. El ingreso neto anual alcanzó 60,7 millones de dólares, un aumento del 86,5% respecto a 2023. La empresa agregó 59.200 clientes con depósitos en el Q4, llevando el total anual a 187.400, superando la guía de 150.000.
El saldo total de cuentas alcanzó un récord de 41,7 mil millones de dólares, un aumento del 36,4% en comparación con el año anterior, con entradas netas en el Q4 de 1,1 mil millones de dólares. El saldo de financiamiento de margen y préstamos de valores de la empresa aumentó un 88,2% hasta 4,5 mil millones de dólares. Desarrollos notables incluyen la aprobación de YAX por parte de la HKSFC para el comercio de activos virtuales y la actualización de TigerGPT a TigerAI.
UP Fintech (NASDAQ: TIGR)는 2024년 4분기 및 연간 강력한 재무 결과를 보고했습니다. 4분기 총 수익은 1억 2410만 달러에 달하며, 전년 대비 77.3% 증가했으며, 연간 수익은 3억 9150만 달러로 43.7% 성장했습니다.
4분기 순이익은 2810만 달러로, 2023년 4분기 180만 달러의 손실과 비교됩니다. 연간 순이익은 6070만 달러로 2023년 대비 86.5% 증가했습니다. 회사는 4분기에 59,200명의 고객을 추가하여 연간 총 187,400명에 도달하였으며, 150,000명의 가이드를 초과했습니다.
총 계좌 잔액은 기록적인 417억 달러에 도달하며, 전년 대비 36.4% 증가했으며, 4분기 순 유입은 11억 달러입니다. 회사의 마진 파이낸싱 및 증권 대출 잔액은 88.2% 증가하여 45억 달러에 달했습니다. 주목할 만한 발전으로는 YAX가 가상 자산 거래를 위한 HKSFC 승인을 받았고, TigerGPT가 TigerAI로 업그레이드되었습니다.
UP Fintech (NASDAQ: TIGR) a annoncé des résultats financiers solides pour le quatrième trimestre et l'année entière 2024. Les revenus totaux du Q4 ont atteint 124,1 millions de dollars, en hausse de 77,3 % par rapport à l'année précédente, tandis que les revenus annuels ont augmenté de 43,7 % pour atteindre 391,5 millions de dollars.
Le revenu net du Q4 s'élevait à 28,1 millions de dollars, contre une perte de 1,8 million de dollars au Q4 2023. Le revenu net annuel a atteint 60,7 millions de dollars, soit une augmentation de 86,5 % par rapport à 2023. L'entreprise a ajouté 59 200 clients avec des dépôts au Q4, portant le total annuel à 187 400, dépassant ainsi l'objectif de 150 000.
Le solde total des comptes a atteint un niveau record de 41,7 milliards de dollars, en hausse de 36,4 % par rapport à l'année précédente, avec des entrées nettes de 1,1 milliard de dollars au Q4. Le solde de financement sur marge et de prêt de titres de l'entreprise a augmenté de 88,2 % pour atteindre 4,5 milliards de dollars. Parmi les développements notables, on note l'approbation de YAX par la HKSFC pour le trading d'actifs virtuels et la mise à niveau de TigerGPT vers TigerAI.
UP Fintech (NASDAQ: TIGR) hat starke Finanzergebnisse für das vierte Quartal und das gesamte Jahr 2024 gemeldet. Die Gesamteinnahmen im Q4 erreichten 124,1 Millionen Dollar, was einem Anstieg von 77,3% im Vergleich zum Vorjahr entspricht, während die Einnahmen für das gesamte Jahr um 43,7% auf 391,5 Millionen Dollar wuchsen.
Der Nettogewinn im Q4 betrug 28,1 Millionen Dollar, im Vergleich zu einem Verlust von 1,8 Millionen Dollar im Q4 2023. Der Nettogewinn für das gesamte Jahr erreichte 60,7 Millionen Dollar, was einem Anstieg von 86,5% gegenüber 2023 entspricht. Das Unternehmen fügte im Q4 59.200 Kunden mit Einlagen hinzu, was die jährliche Gesamtzahl auf 187.400 erhöhte und die Prognose von 150.000 übertraf.
Der gesamte Kontostand erreichte mit 41,7 Milliarden Dollar einen Rekord, was einem Anstieg von 36,4% im Vergleich zum Vorjahr entspricht, mit Nettomittelzuflüssen von 1,1 Milliarden Dollar im Q4. Der Margin-Finanzierungs- und Wertpapierleihe-Saldo des Unternehmens stieg um 88,2% auf 4,5 Milliarden Dollar. Bemerkenswerte Entwicklungen umfassen die Genehmigung von YAX durch die HKSFC für den Handel mit virtuellen Vermögenswerten und das Upgrade von TigerGPT auf TigerAI.
- Q4 revenue grew 77.3% YoY to $124.1 million
- Full year revenue increased 43.7% to $391.5 million
- Q4 net income of $28.1 million vs loss in prior year
- Full year net income up 86.5% to $60.7 million
- Customer deposits grew 20.7% to 1.09 million
- Total account balance up 36.4% to $41.7 billion
- Margin financing balance increased 88.2% to $4.5 billion
- Financing service fees decreased 12.7% YoY in Q4
- Allowance for receivables increased to $15.3M from $1.0M due to bad debt provision
- General and administrative expenses increased 80.2% due to higher bad debt expense
Insights
UP Fintech's Q4 and full-year 2024 results showcase exceptional financial performance with record-breaking metrics across the board. Q4 revenue surged
The company's core brokerage business is firing on all cylinders, with commission revenue soaring
Particularly noteworthy is the dramatic increase in margin financing and securities lending balances, up
The only minor concern is an increase in allowance for customer receivables to
UP Fintech's strategic technology initiatives position the company at the forefront of fintech innovation in the brokerage space. The company has successfully secured regulatory approval for its cryptocurrency platform, YAX (Hong Kong) , from the Hong Kong Securities and Futures Commission, establishing itself as a legitimate player in the regulated digital asset space. This represents a significant expansion of their service offering beyond traditional securities.
The upgrade from TigerGPT to TigerAI marks a notable advancement in their artificial intelligence capabilities. By integrating with leading AI models, UP Fintech claims to be the first brokerage platform globally to incorporate such technology, potentially creating meaningful differentiation in user experience and analytical capabilities. This aligns with the industry trend toward AI-augmented financial services.
Their technology infrastructure has clearly scaled effectively to support dramatic business growth, handling increased trading volumes and user acquisition without apparent operational issues. The
The company's ability to support robust global expansion is evidenced by increased headcount and IT-related expenses, demonstrating a commitment to building technological capabilities that can sustain their international growth trajectory. These investments appear to be yielding strong returns given the significant increases in revenue and profitability metrics.
SINGAPORE, March 18, 2025 (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 fourth quarter and full year ended December 31, 2024.
Mr. Wu Tianhua, Chairman and CEO of UP Fintech stated: “Both of our financial and operating performance have achieved significant growth in the fourth quarter and the full year of 2024. Total revenue in the fourth quarter reached US
In the fourth quarter, we added 59,200 customers with deposits, an increase of
We have continued to roll out a range of localized products and features designed to enhance the user experience. In late January, our cryptocurrency platform, YAX (Hong Kong) Limited, received official approval from the Hong Kong Securities and Futures Commission (HKSFC), becoming a licensed virtual asset trading platform (VATP) in Hong Kong. Recently, we officially upgraded our AI investment assistant, TigerGPT to TigerAI and integrated with leading AI models, making it the first brokerage platform globally to incorporate such technology.
Our corporate business continued to perform well in the fourth quarter of 2024. During this period, we underwrote a total of 14 U.S. and Hong Kong IPOs, including “Mao Geping Company”, “Pony AI Inc.” and “WeRide Inc.”, bringing the total number of U.S. and Hong Kong IPOs underwritten for the year to 44. In our ESOP business, we added 16 new clients in the fourth quarter, bringing the total number of ESOP clients served to 613 as of December 31, 2024.”
Financial Highlights for Fourth Quarter 2024
- Total revenues increased
77.3% year-over-year to US$124.1 million . - Total net revenues increased
98.9% year-over-year to US$107.4 million . - Net income attributable to ordinary shareholders of UP Fintech was US
$28.1 million compared to a net loss of US$1.8 million in the same quarter of last year. - Non-GAAP net income attributable to ordinary shareholders of UP Fintech was US
$30.5 million , compared to a non-GAAP net income of US$1.1 million in the same quarter of last year, an increase of2772.5% . A reconciliation of non-GAAP financial metrics to the most comparable GAAP metrics is set forth below.
Financial Highlights for Fiscal Year 2024
- Total revenues increased
43.7% year-over-year to US$391.5 million . - Total net revenues increased
46.6% year-over-year to US$330.7 million . - Net income attributable to ordinary shareholders of UP Fintech was US
$60.7 million compared to a net income of US$32.6 million in 2023, an increase of86.5% . - Non-GAAP net income attributable to ordinary shareholders of UP Fintech was US
$70.5 million , compared to a non-GAAP net income of US$42.7 million in 2023, an increase of65.0% . A reconciliation of non-GAAP financial metrics to the most comparable GAAP metrics is set forth below.
Operating Highlights as of Year End 2024
- Total account balance increased
36.4% year-over-year to US$41.7 billion . - Total margin financing and securities lending balance increased
88.2% year-over-year to US$4.5 billion . - Total number of customers with deposit increased
20.7% year-over-year to 1,092,000.
Selected Operating Data for Fourth Quarter 2024
| As of and for the three months ended | |||||
| December 31, | September 30, | December 31, | |||
| 2023 | 2024 | 2024 | |||
| In 000’s | |||||
| Number of customer accounts | 2,195.7 | 2,368.0 | 2,449.3 | ||
| Number of customers with deposits | 904.6 | 1,032.8 | 1,092.0 | ||
| Number of options and futures contracts traded | 8,044.5 | 15,261.2 | 18,926.3 | ||
| In USD millions | |||||
| Trading volume | 81,765.2 | 162,990.0 | 198,016.9 | ||
| Trading volume of stocks | 19,711.6 | 41,406.3 | 55,502.6 | ||
| Total account balance | 30,597.5 | 40,763.6 | 41,725.2 | ||
Fourth 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 LOSS/INCOME 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 fourth quarter of 2024, the Company’s weighted average number of ADSs used in calculating non-GAAP net income per ADS – diluted was 179,173,811. As of December 31, 2024, the Company had a total of 2,640,326,072 Class A and B ordinary shares outstanding, or the equivalent of 176,021,738 ADSs.
Full Year 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 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
CERTAIN OTHER FINANCIAL ITEMS
As of December 31, 2024, the Company’s cash and cash equivalents, term deposits and long-term deposits were US
As of December 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 March 18, 2025, U.S. Eastern Time (8:00 PM on March 18, 2025, 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-conf.media-server.com/register/BId5c2bd4696d14e7ba2bc391b87ede751
It will automatically lead to the registration page of “UP Fintech Holding Limited Fourth Quarter And Full Year 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 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 December 31, | |||||
| 2023 | 2024 | |||||
| US$ | US$ | |||||
| Assets: | ||||||
| Cash and cash equivalents | 322,599,616 | 393,576,874 | ||||
| Cash-segregated for regulatory purpose | 1,617,154,185 | 2,464,683,625 | ||||
| Term deposits | 896,683 | 1,075,260 | ||||
| Receivables from customers (net of allowance of US US | 753,361,199 | 1,052,972,649 | ||||
| Receivables from brokers, dealers, and clearing organizations | 541,876,929 | 2,305,740,507 | ||||
| Financial instruments held, at fair value | 428,159,554 | 75,547,082 | ||||
| Prepaid expenses and other current assets | 17,936,180 | 17,629,819 | ||||
| Amounts due from related parties | 7,987,756 | 16,720,671 | ||||
| Total current assets | 3,689,972,102 | 6,327,946,487 | ||||
| Non-current assets: | ||||||
| Long-term deposits | 4,225,412 | 1,369,994 | ||||
| Right-of-use assets | 9,067,885 | 10,880,673 | ||||
| Property, equipment and intangible assets, net | 16,429,543 | 15,358,528 | ||||
| Goodwill | 2,492,668 | 2,492,668 | ||||
| Long-term investments | 7,586,483 | 7,658,809 | ||||
| Equity method investment | — | 10,203,622 | ||||
| Other non-current assets | 5,282,012 | 6,828,553 | ||||
| Deferred tax assets | 10,990,998 | 8,573,135 | ||||
| Total non-current assets | 56,075,001 | 63,365,982 | ||||
| Total assets | 3,746,047,103 | 6,391,312,469 | ||||
| Current liabilities: | ||||||
| Payables to customers | 2,913,306,558 | 3,574,651,125 | ||||
| Payables to brokers, dealers and clearing organizations | 114,771,931 | 1,914,769,701 | ||||
| Accrued expenses and other current liabilities | 42,381,946 | 67,263,254 | ||||
| Deferred income-current | 819,809 | — | ||||
| Lease liabilities-current | 4,133,883 | 4,153,928 | ||||
| Amounts due to related parties | 10,148,142 | 874,331 | ||||
| Total current liabilities | 3,085,562,269 | 5,561,712,339 | ||||
| Convertible bonds | 156,887,691 | 159,505,397 | ||||
| Lease liabilities-non-current | 4,777,134 | 5,902,323 | ||||
| Deferred tax liabilities | 3,397,831 | 2,068,661 | ||||
| Total liabilities | 3,250,624,925 | 5,729,188,720 | ||||
| Mezzanine equity | ||||||
| Redeemable non-controlling interest | 6,706,660 | 7,177,668 | ||||
| Total Mezzanine equity | 6,706,660 | 7,177,668 | ||||
| Shareholders’ equity: | ||||||
| Class A ordinary shares | 22,528 | 25,427 | ||||
| Class B ordinary shares | 976 | 976 | ||||
| Additional paid-in capital | 505,448,080 | 619,030,730 | ||||
| Statutory reserve | 8,511,039 | 12,425,463 | ||||
| (Accumulated deficit) Retained earnings | (19,600,434 | ) | 37,843,547 | |||
| Treasury Stock | (2,172,819 | ) | (2,172,819 | ) | ||
| Accumulated other comprehensive loss | (3,232,993 | ) | (11,919,310 | ) | ||
| Total UP Fintech shareholders’ equity | 488,976,377 | 655,234,014 | ||||
| Non-controlling interests | (260,859 | ) | (287,933 | ) | ||
| Total equity | 488,715,518 | 654,946,081 | ||||
| Total liabilities, mezzanine equity and equity | 3,746,047,103 | 6,391,312,469 | ||||
| UP FINTECH HOLDING LIMITED | |||||||||||||||
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) | |||||||||||||||
| (All amounts in U.S. dollars (“US$”), except for number of shares (or ADSs) and per share (or ADS) data) | |||||||||||||||
| For the three months ended | For the years ended | ||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||
| 2023 | 2024 | 2024 | 2023 | 2024 | |||||||||||
| US$ | US$ | US$ | US$ | US$ | |||||||||||
| Revenues: | |||||||||||||||
| Commissions | 21,954,587 | 41,207,882 | 55,964,174 | 92,593,458 | 159,045,052 | ||||||||||
| Interest related income | |||||||||||||||
| Financing service fees | 3,174,949 | 2,803,878 | 2,770,419 | 12,178,838 | 11,311,560 | ||||||||||
| Interest income | 39,956,315 | 47,957,486 | 55,762,091 | 149,291,006 | 191,754,746 | ||||||||||
| Other revenues | 4,895,109 | 9,084,834 | 9,605,165 | 18,444,293 | 29,430,071 | ||||||||||
| Total revenues | 69,980,960 | 101,054,080 | 124,101,849 | 272,507,595 | 391,541,429 | ||||||||||
| Interest expense | (15,995,738 | ) | (15,700,359 | ) | (16,731,341 | ) | (46,957,657 | ) | (60,803,516 | ) | |||||
| Total Net Revenues | 53,985,222 | 85,353,721 | 107,370,508 | 225,549,938 | 330,737,913 | ||||||||||
| Operating costs and expenses: | |||||||||||||||
| Execution and clearing | (2,244,785 | ) | (3,518,611 | ) | (6,095,132 | ) | (9,084,089 | ) | (14,651,612 | ) | |||||
| Employee compensation and benefits | (26,458,931 | ) | (28,769,980 | ) | (37,163,110 | ) | (100,750,644 | ) | (122,365,537 | ) | |||||
| Occupancy, depreciation and amortization | (2,190,610 | ) | (2,162,704 | ) | (2,137,586 | ) | (9,387,056 | ) | (8,554,315 | ) | |||||
| Communication and market data | (8,532,128 | ) | (9,730,680 | ) | (11,787,814 | ) | (30,831,488 | ) | (38,893,381 | ) | |||||
| Marketing and branding | (5,790,739 | ) | (8,223,404 | ) | (9,507,918 | ) | (20,859,834 | ) | (28,530,053 | ) | |||||
| General and administrative | (7,293,530 | ) | (6,932,672 | ) | (6,432,737 | ) | (21,791,263 | ) | (39,278,674 | ) | |||||
| Total operating costs and expenses | (52,510,723 | ) | (59,338,051 | ) | (73,124,297 | ) | (192,704,374 | ) | (252,273,572 | ) | |||||
| Other (loss) income: | |||||||||||||||
| Others, net | (1,664,053 | ) | (5,189,945 | ) | 3,469,021 | 13,148,173 | 3,299,308 | ||||||||
| (Loss) income before income tax | (189,554 | ) | 20,825,725 | 37,715,232 | 45,993,737 | 81,763,649 | |||||||||
| Income tax expenses | (1,498,639 | ) | (2,907,080 | ) | (9,488,084 | ) | (12,986,310 | ) | (20,409,721 | ) | |||||
| Net (loss) income | (1,688,193 | ) | 17,918,645 | 28,227,148 | 33,007,427 | 61,353,928 | |||||||||
| Less: net (loss) income attributable to non-controlling interests | (1,293 | ) | 3,353 | 12,563 | (98,285 | ) | (4,477 | ) | |||||||
| Accretion of redeemable non-controlling interests to redemption value | (148,624 | ) | (160,998 | ) | (164,328 | ) | (542,187 | ) | (630,485 | ) | |||||
| Net (loss) income attributable to ordinary shareholders of UP Fintech | (1,835,524 | ) | 17,754,294 | 28,050,257 | 32,563,525 | 60,727,920 | |||||||||
| Other comprehensive income (loss), net of tax: | |||||||||||||||
| Unrealized loss on available-for-sale investments | (450,325 | ) | — | 343,892 | (450,325 | ) | 343,892 | ||||||||
| Changes in cumulative foreign currency translation adjustment | 7,261,631 | 16,119,046 | (17,440,809 | ) | (545,498 | ) | (9,022,611 | ) | |||||||
| Total Comprehensive income (loss) | 5,123,113 | 34,037,691 | 11,130,231 | 32,011,604 | 52,675,209 | ||||||||||
| Less: comprehensive (loss) income attributable to non-controlling interests | (8,222 | ) | (7,023 | ) | 24,226 | (92,526 | ) | 3,121 | |||||||
| Accretion of redeemable non-controlling interests to redemption value | (148,624 | ) | (160,998 | ) | (164,328 | ) | (542,187 | ) | (630,485 | ) | |||||
| Total Comprehensive income attributable to ordinary shareholders of UP Fintech | 4,982,711 | 33,883,716 | 10,941,677 | 31,561,943 | 52,041,603 | ||||||||||
| Net (loss) income per ordinary share: | |||||||||||||||
| Basic | (0.001 | ) | 0.008 | 0.011 | 0.014 | 0.025 | |||||||||
| Diluted | (0.001 | ) | 0.007 | 0.011 | 0.014 | 0.024 | |||||||||
| Net (loss) income per ADS (1 ADS represents 15 Class A ordinary shares): | |||||||||||||||
| Basic | (0.012 | ) | 0.113 | 0.164 | 0.210 | 0.379 | |||||||||
| Diluted | (0.012 | ) | 0.110 | 0.158 | 0.207 | 0.366 | |||||||||
| Weighted average number of ordinary shares used in calculating net (loss) income per ordinary share: | |||||||||||||||
| Basic | 2,336,018,747 | 2,362,528,627 | 2,557,911,677 | 2,325,338,439 | 2,404,640,854 | ||||||||||
| Diluted | 2,336,018,747 | 2,467,241,917 | 2,687,607,158 | 2,427,268,831 | 2,534,097,315 | ||||||||||
| Reconciliations of Unaudited Non-GAAP Results of Operations Measures to the Nearest Comparable GAAP Measures (All amounts in U.S. dollars (“US$”), except for number of ADSs and per ADS data) | |||||||||||||||||||
| For the three months ended December 31, 2023 | For the three months ended September 30, 2024 | For the three months ended December 31, 2024 | |||||||||||||||||
| non-GAAP | non-GAAP | non-GAAP | |||||||||||||||||
| GAAP | Adjustment | non-GAAP | GAAP | Adjustment | non-GAAP | GAAP | Adjustment | non-GAAP | |||||||||||
| US$ | US$ | US$ | US$ | US$ | US$ | US$ | US$ | US$ | |||||||||||
| Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | |||||||||||
| 2,896,312 | (1) | 2,331,274 | (1) | 2,421,342 | (1) | ||||||||||||||
| Net (loss) income attributable to ordinary shareholders of UP Fintech | (1,835,524 | ) | 2,896,312 | 1,060,788 | 17,754,294 | 2,331,274 | 20,085,568 | 28,050,257 | 2,421,342 | 30,471,599 | |||||||||
| Net (loss) income per ADS - diluted | (0.012 | ) | 0.007 | 0.110 | 0.124 | 0.158 | 0.172 | ||||||||||||
| Weighted average number of ADSs used in calculating diluted net (loss) income per ADS | 155,734,583 | 157,931,785 | 164,482,794 | 164,482,794 | 179,173,811 | 179,173,811 | |||||||||||||
(1) Share-based compensation.
| Reconciliations of Unaudited Non-GAAP Results of Operations Measures to the Nearest Comparable GAAP Measures (All amounts in U.S. dollars (“US$”), except for number of ADSs and per ADS data) | ||||||||||||
| For the year ended December 31, 2023 | For the year ended December 31, 2024 | |||||||||||
| non-GAAP | non-GAAP | |||||||||||
| GAAP | Adjustment | non-GAAP | GAAP | Adjustment | non-GAAP | |||||||
| US$ | US$ | US$ | US$ | US$ | US$ | |||||||
| Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | |||||||
| 10,147,362 | (1) | 9,736,901 | (1) | |||||||||
| Net income attributable to ordinary shareholders of UP Fintech | 32,563,525 | 10,147,362 | 42,710,887 | 60,727,920 | 9,736,901 | 70,464,821 | ||||||
| Net income per ADS - diluted | 0.207 | 0.270 | 0.366 | 0.424 | ||||||||
| Weighted average number of ADSs used in calculating diluted net income per ADS | 161,817,922 | 162,607,678 | 168,939,821 | 168,939,821 | ||||||||
(1) Share-based compensation.
FAQ
What was UP Fintech's (TIGR) revenue growth in Q4 2024?
How many new customers with deposits did TIGR add in 2024?
What was TIGR's total account balance at the end of 2024?
How much net income did TIGR report for full year 2024?
What was TIGR's margin financing and securities lending balance growth in 2024?
