UP Fintech Holding Limited Reports Unaudited Fourth Quarter And Full Year 2023 Financial Results
- Impressive revenue growth with a 9.6% increase in total revenue for Q4 and a 20.9% increase for the full year.
- Significant improvement in bottom line with net income reaching US$32.6 million for the year, compared to a net loss of US$2.2 million in 2022.
- Added over 39,000 new funded accounts in Q4, exceeding yearly guidance of 100,000.
- Record net asset inflow of US$8.2 billion in Q4, contributing to a total account balance of US$30.6 billion by the end of 2023.
- Expanded product offerings with the introduction of Combo Option Strategy and Fixed Coupon Notes.
- Received approval for Virtual Asset dealing services in Hong Kong, positioning the company as one of the first mainstream online brokerage firms to offer such services.
- Total net revenues decreased 4.7% year-over-year to US$54.0 million in Q4.
- Net loss attributable to ordinary shareholders of UP Fintech was US$1.8 million in Q4, compared to a net income of US$1.2 million in the same quarter of last year, a decrease of 247.7%.
- Non-GAAP net income attributable to ordinary shareholders of UP Fintech was US$1.1 million in Q4, compared to a non-GAAP net income of US$4.5 million in the same quarter of last year, a decrease of 76.5%.
- Interest expense increased by 122.5% in Q4 compared to the same quarter of last year, primarily due to increased interest rates.
- Marketing and branding expenses decreased by 21.8% in Q4, reflecting a slowdown in marketing campaigns.
- Net loss attributable to ordinary shareholders of UP Fintech was US$1.8 million in Q4, compared to a net income of US$1.2 million in the same quarter of last year.
Insights
The recent financial results from UP Fintech Holding Limited display a notable growth trajectory in terms of revenue and net income, which is indicative of the company's successful expansion and operational strategy. The 20.9% increase in annual revenue and a significant shift from a net loss in 2022 to a net income in 2023 highlight the firm's improved profitability. Additionally, the expansion of services, such as the introduction of the Combo Option Strategy and the Fixed Coupon Notes, demonstrates a diversification in product offerings that could potentially attract a broader client base.
However, a decrease in the fourth-quarter non-GAAP net income year over year raises questions about the sustainability of the company's earnings, potentially signaling a need for a deeper analysis of the underlying factors affecting profitability. The reduction in marketing expenses may reflect a strategic pivot or a response to market conditions. The increase in interest expense due to higher interest rates is concerning and warrants monitoring as it may impact future profitability.
UP Fintech's aggressive customer acquisition strategy, as evidenced by the substantial increase in new funded accounts, is a clear indicator of market penetration and growth potential in the Southeast Asian regions. The reduction in the average customer acquisition cost (CAC) to US$150, coupled with the high growth in new funded accounts, suggests an efficient capital allocation towards customer acquisition and retention.
The firm's ability to underwrite a significant number of U.S. and Hong Kong IPOs also positions it favorably within the investment banking sector, potentially leading to increased revenue streams from underwriting fees and strengthened industry relationships. The increase in total account balance by 118.5% year over year showcases the company's capacity to attract and retain assets under management, which is a critical metric for the sustainability and growth of a brokerage firm.
The uplift of UP Fintech's Type 1 License by the Hong Kong SFC, allowing the firm to offer Virtual Asset dealing services to Professional Investors, is a significant regulatory milestone. This not only positions the company at the forefront of the digital asset space but also opens up new revenue streams and client segments. It is important to note that operating in this innovative yet heavily scrutinized sector requires stringent compliance measures.
The company must navigate the complex regulatory landscape and maintain high standards of compliance to mitigate risks associated with virtual asset services. This development could potentially attract a niche market of professional investors interested in digital assets, thereby diversifying the company's client base and enhancing its competitive edge in the fintech sector.
SINGAPORE, March 20, 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 fourth quarter and full year ended December 31, 2023.
Mr. Wu Tianhua, Chairman and CEO of UP Fintech stated: “In 2023, our topline mix benefited from our strategy execution on internationalization and the high interest rate environment. Total revenue in the fourth quarter was US
In the fourth quarter, we added 39,034 new funded accounts, an increase of
We continued to add new products on our platform to enhance user experience, which we believe is key to our long-term success. In the fourth quarter, we introduced the Combo Option Strategy feature, allowing users to execute multi-leg options trades using net margin calculation. Additionally, we launched the Fixed Coupon Notes (“FCNs”) product, offering professional investors a more diversified wealth management experience. Furthermore, in January of 2024, Hong Kong SFC uplifted our Type 1 License, now we can offer Virtual Asset dealing services to Professional Investors. This positions us as one of the first mainstream online brokerage firms in Hong Kong to receive approval for such a license upgrade.
In our Corporate business, we underwrote a total of 9 U.S. and Hong Kong IPOs in the fourth quarter, including “Shiyue Daotian Group” and “J&T Express”, bringing the total number of U.S. and Hong Kong IPOs underwritten for the year to 28. In our ESOP business, we added 30 new clients in the fourth quarter, bringing the total number of ESOP clients served to 535 as of December 31, 2023.”
Financial Highlights for Fourth Quarter 2023
- Total revenues increased
9.6% year-over-year to US$70.0 million . - Total net revenues decreased
4.7% year-over-year to US$54.0 million . - Net loss attributable to ordinary shareholders of UP Fintech was US
$1.8 million compared to a net income of US$1.2 million in the same quarter of last year, a decrease of247.7% . - Non-GAAP net income attributable to ordinary shareholders of UP Fintech was US
$1.1 million , compared to a non-GAAP net income of US$4.5 million in the same quarter of last year, a decrease of76.5% . A reconciliation of non-GAAP financial metrics to the most comparable GAAP metrics is set forth below.
Financial Highlights for Fiscal Year 2023
- Total revenues increased
20.9% year-over-year to US$272.5 million . - Total net revenues increased
9.1% year-over-year to US$225.5 million . - Net income attributable to ordinary shareholders of UP Fintech was US
$32.6 million compared to a net loss of US$2.2 million in 2022. - Non-GAAP net income attributable to ordinary shareholders of UP Fintech was US
$42.7 million , compared to a non-GAAP net income of US$12.7 million in 2022, an increase of237.0% .
Operating Highlights as of Year End 2023
- Total account balance increased
118.5% year-over-year to US$30.6 billion . - Total margin financing and securities lending balance increased
17.9% year-over-year to US$2.4 billion . - Total number of customers with deposit increased
15.8% year-over-year to 904,600.
Selected Operating Data for Fourth Quarter 2023
| As of and for the three months ended | ||||||||||||
| December 31, | September 30, | December 31, | ||||||||||
| 2022 | 2023 | 2023 | ||||||||||
| In 000’s | ||||||||||||
| Number of customer accounts | 2,008.0 | 2,147.9 | 2,195.7 | |||||||||
| Number of customers with deposits | 781.5 | 865.5 | 904.6 | |||||||||
| Number of options and futures contracts traded | 7,432.3 | 8,140.2 | 8,044.5 | |||||||||
| In USD millions | ||||||||||||
| Trading volume | 68,541.9 | 80,250.7 | 81,765.2 | |||||||||
| Trading volume of stocks | 20,453.4 | 22,147.8 | 19,711.6 | |||||||||
| Total account balance | 14,005.3 | 18,878.5 | 30,597.5 | |||||||||
Fourth Quarter 2023 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 loss 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 and impairment loss from long-term investments, was US
For the fourth quarter of 2023, the Company’s weighted average number of ADSs used in calculating non-GAAP net income per ADS – diluted was 157,931,785. As of December 31, 2023, the Company had a total of 2,350,504,567 Class A and B ordinary shares outstanding, or the equivalent of 156,700,304 ADSs.
Full Year 2023 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 and impairment loss from long-term investments, was US
CERTAIN OTHER FINANCIAL ITEMS
As of December 31, 2023, the Company’s cash and cash equivalents and term deposits were US
As of December 31, 2023, 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 20, 2024, U.S. Eastern Time (8:00 PM on March 20, 2023, 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/BId722344b70ee4bfa8b0f820b554d0858
It will automatically lead to the registration page of “UP Fintech Holding Limited Fourth Quarter And Full Year 2023 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 and impairment loss from long-term investments. 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 and impairment loss from long-term investments. 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 and impairment loss from long-term investments have 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 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, expansion of its business lines and customer acquisition, 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 26, 2023. 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, | |||||||
| 2022 | 2023 | |||||||
| US$ | US$ | |||||||
| Assets: | ||||||||
| Cash and cash equivalents | 277,660,847 | 322,599,616 | ||||||
| Cash-segregated for regulatory purpose | 1,678,067,682 | 1,617,154,185 | ||||||
| Term deposits | 945,533 | 896,683 | ||||||
| Receivables from customers (net of allowance of US US | 644,691,190 | 753,361,199 | ||||||
| Receivables from brokers, dealers, and clearing organizations | 956,945,581 | 541,876,929 | ||||||
| Financial instruments held, at fair value | 162,535,184 | 428,159,554 | ||||||
| Prepaid expenses and other current assets | 12,963,375 | 17,936,180 | ||||||
| Amounts due from related parties | 4,769,475 | 7,987,756 | ||||||
| Total current assets | 3,738,578,867 | 3,689,972,102 | ||||||
| Non-current assets: | ||||||||
| Term deposits | — | 4,225,412 | ||||||
| Right-of-use assets | 13,960,092 | 9,067,885 | ||||||
| Property, equipment and intangible assets, net | 16,504,065 | 16,429,543 | ||||||
| Goodwill | 2,492,668 | 2,492,668 | ||||||
| Long-term investments | 7,928,499 | 7,586,483 | ||||||
| Other non-current assets | 4,773,925 | 5,282,012 | ||||||
| Deferred tax assets | 13,122,272 | 10,990,998 | ||||||
| Total non-current assets | 58,781,521 | 56,075,001 | ||||||
| Total assets | 3,797,360,388 | 3,746,047,103 | ||||||
| Current liabilities: | ||||||||
| Payables to customers | 2,996,405,447 | 2,913,306,558 | ||||||
| Payables to brokers, dealers and clearing organizations | 138,620,746 | 114,771,931 | ||||||
| Accrued expenses and other current liabilities | 37,777,749 | 42,381,946 | ||||||
| Deferred income-current | 1,800,298 | 819,809 | ||||||
| Lease liabilities-current | 5,490,079 | 4,133,883 | ||||||
| Amounts due to related parties | 461,704 | 10,148,142 | ||||||
| Total current liabilities | 3,180,556,023 | 3,085,562,269 | ||||||
| Convertible bonds | 154,337,483 | 156,887,691 | ||||||
| Deferred income-non-current | 388,423 | — | ||||||
| Lease liabilities- non-current | 8,390,077 | 4,777,134 | ||||||
| Deferred tax liabilities | 2,059,748 | 3,397,831 | ||||||
| Total liabilities | 3,345,731,754 | 3,250,624,925 | ||||||
| Mezzanine equity | ||||||||
| Subscriptions receivable from redeemable non-controlling interests | (43,496 | ) | — | |||||
| Redeemable non-controlling interest | 4,685,238 | 6,706,660 | ||||||
| Total Mezzanine equity | 4,641,742 | 6,706,660 | ||||||
| Shareholders’ equity: | ||||||||
| Class A ordinary shares | 22,213 | 22,528 | ||||||
| Class B ordinary shares | 976 | 976 | ||||||
| Additional paid-in capital | 495,705,684 | 505,448,080 | ||||||
| Statutory reserve | 6,171,627 | 8,511,039 | ||||||
| Accumulated deficit | (50,366,734 | ) | (19,600,434 | ) | ||||
| Treasury Stock | (2,172,819 | ) | (2,172,819 | ) | ||||
| Accumulated other comprehensive loss | (2,231,411 | ) | (3,232,993 | ) | ||||
| Total UP Fintech shareholders’ equity | 447,129,536 | 488,976,377 | ||||||
| Non-controlling interests | (142,644 | ) | (260,859 | ) | ||||
| Total equity | 446,986,892 | 488,715,518 | ||||||
| Total liabilities, mezzanine equity and equity | 3,797,360,388 | 3,746,047,103 | ||||||
| UP FINTECH HOLDING LIMITED | ||||||||||||||||||||
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) | ||||||||||||||||||||
| (All amounts in U.S. dollars (“US$”), except for number of shares (or ADSs) and per share (or ADS) data) | ||||||||||||||||||||
| For the three months ended | For the years ended | |||||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | ||||||||||||||||
| 2022 | 2023 | 2023 | 2022 | 2023 | ||||||||||||||||
| US$ | US$ | US$ | US$ | US$ | ||||||||||||||||
| Revenues(a): | ||||||||||||||||||||
| Commissions | 24,929,536 | 23,188,375 | 21,954,587 | 108,118,464 | 92,593,458 | |||||||||||||||
| Interest related income | ||||||||||||||||||||
| Financing service fees | 2,682,657 | 3,307,720 | 3,174,949 | 7,903,057 | 12,178,838 | |||||||||||||||
| Interest income | 30,442,796 | 38,298,414 | 39,956,315 | 85,150,424 | 149,291,006 | |||||||||||||||
| Other revenues | 5,799,368 | 5,351,702 | 4,895,109 | 24,193,602 | 18,444,293 | |||||||||||||||
| Total revenues | 63,854,357 | 70,146,211 | 69,980,960 | 225,365,547 | 272,507,595 | |||||||||||||||
| Interest expense(a) | (7,187,936 | ) | (12,130,614 | ) | (15,995,738 | ) | (18,668,523 | ) | (46,957,657 | ) | ||||||||||
| Total Net Revenues | 56,666,421 | 58,015,597 | 53,985,222 | 206,697,024 | 225,549,938 | |||||||||||||||
| Operating costs and expenses: | ||||||||||||||||||||
| Execution and clearing(a) | (4,021,314 | ) | (2,372,142 | ) | (2,244,785 | ) | (15,607,914 | ) | (9,084,089 | ) | ||||||||||
| Employee compensation and benefits | (24,479,754 | ) | (25,976,638 | ) | (26,458,931 | ) | (101,749,440 | ) | (100,750,644 | ) | ||||||||||
| Occupancy, depreciation and amortization | (2,021,735 | ) | (2,235,084 | ) | (2,190,610 | ) | (9,013,467 | ) | (9,387,056 | ) | ||||||||||
| Communication and market data(a) | (7,062,603 | ) | (7,579,357 | ) | (8,532,128 | ) | (27,138,244 | ) | (30,831,488 | ) | ||||||||||
| Marketing and branding | (7,401,281 | ) | (5,163,903 | ) | (5,790,739 | ) | (33,121,767 | ) | (20,859,834 | ) | ||||||||||
| General and administrative | (5,930,497 | ) | (5,447,961 | ) | (7,293,530 | ) | (18,332,557 | ) | (21,791,263 | ) | ||||||||||
| Total operating costs and expenses | (50,917,184 | ) | (48,775,085 | ) | (52,510,723 | ) | (204,963,389 | ) | (192,704,374 | ) | ||||||||||
| Other (loss) income: | ||||||||||||||||||||
| Others, net | (2,122,058 | ) | 6,725,131 | (1,664,053 | ) | 298,150 | 13,148,173 | |||||||||||||
| Income (loss) before income tax | 3,627,179 | 15,965,643 | (189,554 | ) | 2,031,785 | 45,993,737 | ||||||||||||||
| Income tax expenses | (2,378,919 | ) | (2,592,703 | ) | (1,498,639 | ) | (4,288,665 | ) | (12,986,310 | ) | ||||||||||
| Net income (loss) | 1,248,260 | 13,372,940 | (1,688,193 | ) | (2,256,880 | ) | 33,007,427 | |||||||||||||
| Less: net loss attributable to non-controlling interests | (53,236 | ) | (21,550 | ) | (1,293 | ) | (129,215 | ) | (98,285 | ) | ||||||||||
| Accretion of redeemable non-controlling interests to redemption value | (58,776 | ) | (144,700 | ) | (148,624 | ) | (58,776 | ) | (542,187 | ) | ||||||||||
| Net income (loss) attributable to ordinary shareholders of UP Fintech | 1,242,720 | 13,249,790 | (1,835,524 | ) | (2,186,441 | ) | 32,563,525 | |||||||||||||
| Other comprehensive income (loss), net of tax: | ||||||||||||||||||||
| Unrealized loss on available-for-sale investments | (502,903 | ) | — | (450,325 | ) | (768,590 | ) | (450,325 | ) | |||||||||||
| Changes in cumulative foreign currency translation adjustment | 3,470,152 | (1,670,923 | ) | 7,261,631 | (8,130,208 | ) | (545,498 | ) | ||||||||||||
| Total Comprehensive income (loss) | 4,215,509 | 11,702,017 | 5,123,113 | (11,155,678 | ) | 32,011,604 | ||||||||||||||
| Less: comprehensive loss attributable to non-controlling interests | (57,597 | ) | (20,009 | ) | (8,222 | ) | (130,783 | ) | (92,526 | ) | ||||||||||
| Accretion of redeemable non-controlling interests to redemption value | (58,776 | ) | (144,700 | ) | (148,624 | ) | (58,776 | ) | (542,187 | ) | ||||||||||
| Total Comprehensive income (loss) attributable to ordinary shareholders of UP Fintech | 4,214,330 | 11,577,326 | 4,982,711 | (11,083,671 | ) | 31,561,943 | ||||||||||||||
| Net income (loss) per ordinary share: | ||||||||||||||||||||
| Basic | 0.001 | 0.006 | (0.001 | ) | (0.001 | ) | 0.014 | |||||||||||||
| Diluted | 0.001 | 0.006 | (0.001 | ) | (0.001 | ) | 0.014 | |||||||||||||
| Net income (loss) per ADS (1 ADS represents 15 Class A ordinary shares): | ||||||||||||||||||||
| Basic | 0.008 | 0.085 | (0.012 | ) | (0.014 | ) | 0.210 | |||||||||||||
| Diluted | 0.008 | 0.083 | (0.012 | ) | (0.014 | ) | 0.207 | |||||||||||||
| Weighted average number of ordinary shares used in calculating net income (loss) per ordinary share: | ||||||||||||||||||||
| Basic | 2,303,576,341 | 2,330,221,225 | 2,336,018,747 | 2,295,154,791 | 2,325,338,439 | |||||||||||||||
| Diluted | 2,330,738,240 | 2,439,248,294 | 2,336,018,747 | 2,295,154,791 | 2,427,268,831 | |||||||||||||||
(a) Includes the following revenues, costs and expenses resulting from transactions with related parties as follow:
| For the three months ended | For the years ended | |||||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | ||||||||||||||||
| 2022 | 2023 | 2023 | 2022 | 2023 | ||||||||||||||||
| US$ | US$ | US$ | US$ | US$ | ||||||||||||||||
| Revenues: | ||||||||||||||||||||
| Commissions | 9,582 | 3,898 | 115,236 | 4,001,833 | 122,113 | |||||||||||||||
| Interest related income | ||||||||||||||||||||
| Financing service fees | — | — | — | 1,329,490 | — | |||||||||||||||
| Interest income | 36,439 | 33,687 | 1,270,287 | 4,795,119 | 1,379,238 | |||||||||||||||
| Other revenues | — | — | — | 1,805,126 | — | |||||||||||||||
| Interest expense | — | — | — | (2,056,556 | ) | — | ||||||||||||||
| Execution and clearing | — | — | — | (1,751,505 | ) | — | ||||||||||||||
| Communication and market data | (34,650 | ) | (39,690 | ) | (39,690 | ) | (135,117 | ) | (150,360 | ) | ||||||||||
| Reconciliations of Unaudited Non-GAAP Results of Operations Measures to the Nearest Comparable GAAP Measures (All amounts in U.S. dollars (“US$”), except for number of ADSs and per ADS data) | |||||||||||||||||||||||||||||||||||||||
| For the three months ended December 31, 2022 | For the three months ended September 30, 2023 | For the three months ended December 31, 2023 | |||||||||||||||||||||||||||||||||||||
| non-GAAP | non-GAAP | non-GAAP | |||||||||||||||||||||||||||||||||||||
| GAAP | Adjustment | non-GAAP | GAAP | Adjustment | non-GAAP | GAAP | Adjustment | non-GAAP | |||||||||||||||||||||||||||||||
| US$ | US$ | US$ | US$ | US$ | US$ | US$ | US$ | US$ | |||||||||||||||||||||||||||||||
| Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | |||||||||||||||||||||||||||||||
| 3,101,266 | (1 | ) | 2,744,880 | (1 | ) | 2,896,312 | (1 | ) | |||||||||||||||||||||||||||||||
| 175,000 | (2 | ) | — | (2 | ) | — | (2 | ) | |||||||||||||||||||||||||||||||
| Net income (loss) attributable to ordinary shareholders of UP Fintech | 1,242,720 | 3,276,266 | 4,518,986 | 13,249,790 | 2,744,880 | 15,994,670 | (1,835,524 | ) | 2,896,312 | 1,060,788 | |||||||||||||||||||||||||||||
| Net income (loss) per ADS - diluted | 0.008 | 0.029 | 0.083 | 0.100 | (0.012 | ) | 0.007 | ||||||||||||||||||||||||||||||||
| Weighted average number of ADSs used in calculating diluted net income (loss) per ADS | 155,382,549 | 155,382,549 | 162,616,553 | 162,616,553 | 155,734,583 | 157,931,785 | |||||||||||||||||||||||||||||||||
(1) Share-based compensation.
(2) Impairment loss from long-term investments.
| Reconciliations of Unaudited Non-GAAP Results of Operations Measures to the Nearest Comparable GAAP Measures (All amounts in U.S. dollars (“US$”), except for number of ADSs and per ADS data) | ||||||||||||||||||||||||||
| For the year ended December 31, 2022 | For the year ended December 31, 2023 | |||||||||||||||||||||||||
| non-GAAP | non-GAAP | |||||||||||||||||||||||||
| GAAP | Adjustment | non-GAAP | GAAP | Adjustment | non-GAAP | |||||||||||||||||||||
| US$ | US$ | US$ | US$ | US$ | US$ | |||||||||||||||||||||
| Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | |||||||||||||||||||||
| 14,213,841 | (1 | ) | 10,147,362 | (1 | ) | |||||||||||||||||||||
| 647,605 | (2 | ) | — | (2 | ) | |||||||||||||||||||||
| Net (loss) income attributable to ordinary shareholders of UP Fintech | (2,186,441 | ) | 14,861,446 | 12,675,005 | 32,563,525 | 10,147,362 | 42,710,887 | |||||||||||||||||||
| Net (loss) income per ADS - diluted | (0.014 | ) | 0.082 | 0.207 | 0.270 | |||||||||||||||||||||
| Weighted average number of ADSs used in calculating diluted net (loss) income per ADS | 153,010,319 | 154,915,803 | 161,817,922 | 162,607,678 | ||||||||||||||||||||||
(1) Share-based compensation.
(2) Impairment loss from long-term investments.
FAQ
What was the total revenue for UP Fintech in the fourth quarter of 2023?
How many new funded accounts did UP Fintech add in Q4 2023?
What was the total net income attributable to UP Fintech in 2023?
What new products did UP Fintech introduce in the fourth quarter of 2023?
What license upgrade did UP Fintech receive in January 2024?
How many U.S. and Hong Kong IPOs did UP Fintech underwrite in the fourth quarter of 2023?
