UP Fintech Holding Limited Reports Unaudited Second Quarter 2024 Financial Results
UP Fintech Holding (NASDAQ: TIGR) reported strong Q2 2024 financial results, with total revenues increasing 32.4% year-over-year to US$87.4 million. The company saw significant growth in key metrics:
- Trading volume up 62.5% YoY to US$105.9 billion
- Total account balance up 121.1% YoY to US$38.2 billion
- Funded accounts increased 16.8% YoY to 982,300
However, net income decreased to US$2.6 million from US$13.2 million in Q2 2023, primarily due to a US$13.2 million loss provision for a suspended Hong Kong stock pledge business. The company continued to expand its product offerings and corporate services, including underwriting 12 U.S. and Hong Kong IPOs in Q2.
UP Fintech Holding (NASDAQ: TIGR) ha riportato risultati finanziari solidi per il secondo trimestre del 2024, con un incremento del 32,4% delle entrate totali rispetto all'anno precedente, raggiungendo i 87,4 milioni di dollari USA. L'azienda ha registrato una crescita significativa in alcune metriche chiave:
- Il volume degli scambi è aumentato del 62,5% su base annua, raggiungendo i 105,9 miliardi di dollari USA
- Il saldo totale dei conti è aumentato del 121,1% su base annua, toccando i 38,2 miliardi di dollari USA
- Gli account finanziati sono aumentati del 16,8% su base annua, arrivando a 982.300
Tuttavia, il reddito netto è diminuito a 2,6 milioni di dollari USA rispetto ai 13,2 milioni di dollari USA del secondo trimestre del 2023, principalmente a causa di una provvista di perdita di 13,2 milioni di dollari USA per un'attività di pegno di azioni di Hong Kong sospesa. L'azienda ha continuato ad espandere la propria offerta di prodotti e servizi aziendali, inclusa la sottoscrizione di 12 IPO negli Stati Uniti e a Hong Kong nel secondo trimestre.
UP Fintech Holding (NASDAQ: TIGR) reportó sólidos resultados financieros para el segundo trimestre de 2024, con un aumento del 32.4% en los ingresos totales en comparación anual, alcanzando los 87.4 millones de dólares. La compañía experimentó un crecimiento significativo en métricas clave:
- El volumen de negociación aumentó un 62.5% interanual a 105.9 mil millones de dólares
- El saldo total de cuentas subió un 121.1% interanual a 38.2 mil millones de dólares
- Las cuentas financiadas incrementaron un 16.8% interanual a 982,300
No obstante, el ingreso neto disminuyó a 2.6 millones de dólares desde 13.2 millones de dólares en el segundo trimestre de 2023, principalmente debido a una provisión por pérdidas de 13.2 millones de dólares por un negocio de empeño de acciones de Hong Kong que fue suspendido. La compañía continuó expandiendo su oferta de productos y servicios corporativos, incluyendo la suscripción de 12 OPI en EE.UU. y Hong Kong en el segundo trimestre.
UP Fintech Holding (NASDAQ: TIGR)는 2024년 2분기 재무 실적이 강력하다고 보고했으며, 총 수익이 전년 대비 32.4% 증가하여 8740만 달러에 달했습니다. 회사는 주요 지표에서 상당한 성장을 보였습니다:
- 거래량이 전년 대비 62.5% 증가하여 1059억 달러에 도달
- 총 계좌 잔액이 전년 대비 121.1% 증가하여 382억 달러에 도달
- 자금이 입금된 계좌가 전년 대비 16.8% 증가하여 982,300개
하지만, 순이익은 2023년 2분기의 1320만 달러에서 260만 달러로 감소했습니다, 이는 주로 중단된 홍콩 주식 담보 사업에 대한 1320만 달러 손실 충당금 때문입니다. 회사는 제품 제공 및 기업 서비스를 지속적으로 확장하고 있으며, 2분기에 미국 및 홍콩에서 12건의 IPO를 주관했습니다.
UP Fintech Holding (NASDAQ: TIGR) a annoncé de solides résultats financiers pour le deuxième trimestre de 2024, avec des revenus totaux en hausse de 32,4 % par rapport à l'année précédente, atteignant 87,4 millions de dollars. L'entreprise a connu une croissance significative dans des métriques clés :
- Le volume des échanges a augmenté de 62,5 % par rapport à l'année précédente, atteignant 105,9 milliards de dollars
- Le solde total des comptes a augmenté de 121,1 % par rapport à l'année précédente, atteignant 38,2 milliards de dollars
- Les comptes financés ont augmenté de 16,8 % par rapport à l'année précédente, atteignant 982 300
Cependant, le revenu net a diminué à 2,6 millions de dollars contre 13,2 millions de dollars au deuxième trimestre 2023, principalement en raison d'une provision pour pertes de 13,2 millions de dollars liée à une activité de nantissement d'actions de Hong Kong suspendue. L'entreprise a continué d'élargir son offre de produits et de services aux entreprises, y compris l'underwriting de 12 IPOaux États-Unis et à Hong Kong au cours du deuxième trimestre.
UP Fintech Holding (NASDAQ: TIGR) hat für das zweite Quartal 2024 starke finanzielle Ergebnisse berichtet, wobei die Gesamteinnahmen im Jahresvergleich um 32,4% auf 87,4 Millionen US-Dollar gestiegen sind. Das Unternehmen verzeichnete ein signifikantes Wachstum in wichtigen Kennzahlen:
- Das Handelsvolumen stieg um 62,5% im Vergleich zum Vorjahr auf 105,9 Milliarden US-Dollar
- Der Gesamtkontostand stieg im Vorjahresvergleich um 121,1% auf 38,2 Milliarden US-Dollar
- Die finanzierten Konten erhöhten sich um 16,8% im Jahresvergleich auf 982.300
Dennoch sank der Nettogewinn auf 2,6 Millionen US-Dollar von 13,2 Millionen US-Dollar im zweiten Quartal 2023, hauptsächlich aufgrund einer Verlustvorsorge in Höhe von 13,2 Millionen US-Dollar für ein suspendiertes Hongkonger Aktienpfandgeschäft. Das Unternehmen hat weiterhin sein Produktangebot und seine Unternehmensdienstleistungen ausgeweitet, einschließlich der Underwriting von 12 IPOs in den USA und Hongkong im zweiten Quartal.
- Total revenues increased 32.4% year-over-year to US$87.4 million
- Trading volume up 62.5% year-over-year to US$105.9 billion
- Total account balance increased 121.1% year-over-year to US$38.2 billion
- Number of funded accounts grew 16.8% year-over-year to 982,300
- Net asset inflow of US$1.7 billion in Q2
- Introduced short selling and options trading for Hong Kong stocks
- Expanded virtual asset dealing service license to retail clients in Hong Kong
- Underwrote 12 U.S. and Hong Kong IPOs in Q2
- Net income decreased to US$2.6 million from US$13.2 million in Q2 2023
- US$13.2 million loss provision for suspended Hong Kong stock pledge business
- Increase in bad debt expense due to provision for loan balance in Hong Kong stock pledge business
Insights
UP Fintech's Q2 2024 results show impressive growth, with total revenues up 32.4% YoY to
Key positives include a
While growth is impressive, investors should monitor the impact of the loss provision on future quarters and assess the company's risk management practices in its lending business.
UP Fintech's Q2 results reflect a favorable market environment for online brokerages. The
The milestone of reaching 1 million funded accounts in early August showcases UP Fintech's growing market share. The company's success in underwriting 12 U.S. and Hong Kong IPOs demonstrates its strengthening position in investment banking services.
However, the
UP Fintech's continued investment in R&D is paying off with enhanced product offerings. The introduction of short selling and options trading for Hong Kong stocks demonstrates the platform's evolving sophistication. The expansion of their virtual asset dealing service to retail clients in Hong Kong, with zero commission and no platform fees, could be a significant competitive advantage in the growing crypto market.
The company's ESOP business growth, adding 22 new clients in Q2, highlights its success in B2B services. This diversification beyond retail brokerage could provide more stable revenue streams. However, the increased communication and market data expenses (
Overall, UP Fintech's tech-driven approach positions it well in the competitive online brokerage space, but managing costs while innovating will be crucial.
SINGAPORE, Aug. 30, 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 second quarter ended June 30, 2024.
Mr. Wu Tianhua, Chairman and CEO of UP Fintech stated: “In the second quarter, driven by a more active market environment and our comprehensive product offerings, trading volumes increased
In the second quarter, we added 48,900 new funded accounts, bringing our total number of funded accounts at the end of the second quarter to 982,300, a
We continued to invest in research and development to better serve our users and improve operating efficiency. In August, we introduced short selling and options trading features for Hong Kong stocks, expanding our product offerings and enabling more flexible trading strategies. Furthermore, since our Hong Kong subsidiary officially uplifted its Type 1 license to include virtual asset dealing service for professional investors in January of this year, we received approval in June to expand this license to retail clients in Hong Kong. We offer zero commission and no platform fees for both professional investors and Hong Kong retail clients to trade spot cryptocurrency on Tiger platform.
Our corporate businesses continued to perform well in the second quarter of 2024. During this period, we underwrote a total of 12 U.S. and Hong Kong IPOs, including “Laopu Gold” and “Dida” and we served as the exclusive lead bank for the U.S. IPOs of “Tungray Technologies” and “YY Group”. In our ESOP business, we added 22 new clients in the second quarter, bringing the total number of ESOP clients served to 579 as of June 30, 2024.”
Financial Highlights for Second Quarter 2024
- Total revenues increased
32.4% year-over-year to US$87.4 million . - Total net revenues increased
32.8% year-over-year to US$73.9 million . - Net income attributable to ordinary shareholders of UP Fintech was US
$2.6 million compared to a net income of US$13.2 million in the same quarter of last year. - Non-GAAP net income attributable to ordinary shareholders of UP Fintech was US
$5.2 million , compared to a non-GAAP net income of US$15.3 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 Second Quarter 2024
- Total account balance increased
121.1% year-over-year to US$38.2 billion . - Total margin financing and securities lending balance increased
65.6% year-over-year to US$3.5 billion . - Total number of customers with deposit increased
16.8% year-over-year to 982,300.
| Selected Operating Data for Second Quarter 2024 | ||||||||||||
| As of and for the three months ended | ||||||||||||
| June 30, | March 31, | June 30, | ||||||||||
| 2023 | 2024 | 2024 | ||||||||||
| In 000’s | ||||||||||||
| Number of customer accounts | 2,119.1 | 2,247.4 | 2,307.9 | |||||||||
| Number of customers with deposits | 840.9 | 933.4 | 982.3 | |||||||||
| Number of options and futures contracts traded | 7,758.0 | 10,850.3 | 12,175.1 | |||||||||
| In USD millions | ||||||||||||
| Trading volume | 65,135.9 | 85,410.6 | 105,860.0 | |||||||||
| Trading volume of stocks | 19,313.7 | 28,606.3 | 33,504.7 | |||||||||
| Total account balance | 17,269.4 | 32,872.1 | 38,188.6 | |||||||||
Second 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 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 second quarter of 2024, the Company’s weighted average number of ADSs used in calculating non-GAAP net income per ADS – diluted was 158,583,497. As of June 30, 2024, the Company had a total of 2,370,174,212 Class A and B ordinary shares outstanding, or the equivalent of 158,011,614 ADSs.
CERTAIN OTHER FINANCIAL ITEMS
As of June 30, 2024, the Company’s cash and cash equivalents, term deposits and long-term deposits were US
As of June 30, 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 August 30, 2024, U.S. Eastern Time (8:00 PM on August 30, 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/BI7309255183fa46aab813840c89c237ef
It will automatically lead to the registration page of “UP Fintech Holding Limited Second 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 June 30, | |||||||
| 2023 | 2024 | |||||||
| US$ | US$ | |||||||
| Assets: | ||||||||
| Cash and cash equivalents | 322,599,616 | 392,528,408 | ||||||
| Cash-segregated for regulatory purpose | 1,617,154,185 | 1,701,707,286 | ||||||
| Term deposits | 896,683 | 901,409 | ||||||
| Receivables from customers (net of allowance of US | 753,361,199 | 846,675,954 | ||||||
| Receivables from brokers, dealers, and clearing organizations | 541,876,929 | 1,591,933,989 | ||||||
| Financial instruments held, at fair value | 428,159,554 | 175,701,579 | ||||||
| Prepaid expenses and other current assets | 17,936,180 | 17,769,978 | ||||||
| Amounts due from related parties | 7,987,756 | 9,963,636 | ||||||
| Total current assets | 3,689,972,102 | 4,737,182,239 | ||||||
| Non-current assets: | ||||||||
| Long-term deposits | 4,225,412 | 1,376,046 | ||||||
| Right-of-use assets | 9,067,885 | 13,053,689 | ||||||
| Property, equipment and intangible assets, net | 16,429,543 | 16,473,565 | ||||||
| Goodwill | 2,492,668 | 2,492,668 | ||||||
| Long-term investments | 7,586,483 | 7,326,173 | ||||||
| Other non-current assets | 5,282,012 | 6,365,576 | ||||||
| Deferred tax assets | 10,990,998 | 9,103,304 | ||||||
| Total non-current assets | 56,075,001 | 56,191,021 | ||||||
| Total assets | 3,746,047,103 | 4,793,373,260 | ||||||
| Current liabilities: | ||||||||
| Payables to customers | 2,913,306,558 | 2,805,723,816 | ||||||
| Payables to brokers, dealers and clearing organizations: | 114,771,931 | 1,241,375,223 | ||||||
| Accrued expenses and other current liabilities | 42,381,946 | 43,395,355 | ||||||
| Deferred income-current | 819,809 | — | ||||||
| Lease liabilities-current | 4,133,883 | 4,445,007 | ||||||
| Amounts due to related parties | 10,148,142 | 21,995,813 | ||||||
| Total current liabilities | 3,085,562,269 | 4,116,935,214 | ||||||
| Convertible bonds | 156,887,691 | 158,181,706 | ||||||
| Lease liabilities- non-current | 4,777,134 | 8,140,018 | ||||||
| Deferred tax liabilities | 3,397,831 | 2,315,326 | ||||||
| Total liabilities | 3,250,624,925 | 4,285,572,264 | ||||||
| Mezzanine equity | ||||||||
| Redeemable non-controlling interests | 6,706,660 | 6,871,175 | ||||||
| Total Mezzanine equity | 6,706,660 | 6,871,175 | ||||||
| Shareholders’ equity: | ||||||||
| Class A ordinary shares | 22,528 | 22,725 | ||||||
| Class B ordinary shares | 976 | 976 | ||||||
| Additional paid-in capital | 505,448,080 | 510,169,203 | ||||||
| Statutory reserve | 8,511,039 | 8,511,039 | ||||||
| Accumulated deficit | (19,600,434 | ) | (4,371,906 | ) | ||||
| Treasury stock | (2,172,819 | ) | (2,172,819 | ) | ||||
| Accumulated other comprehensive loss | (3,232,993 | ) | (10,940,152 | ) | ||||
| Total UP Fintech shareholders’ equity | 488,976,377 | 501,219,066 | ||||||
| Non-controlling interests | (260,859 | ) | (289,245 | ) | ||||
| Total equity | 488,715,518 | 500,929,821 | ||||||
| Total liabilities, mezzanine equity and equity | 3,746,047,103 | 4,793,373,260 | ||||||
| UP FINTECH HOLDING LIMITED | |||||||||||||||
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) | |||||||||||||||
| (All amounts in U.S. dollars (“US$”), except for number of shares (or ADSs) and per share (or ADS) data) | |||||||||||||||
| For the three months ended | For the six months ended | ||||||||||||||
| June 30, | March 31, | June 30, | June 30, | June 30, | |||||||||||
| 2023 | 2024 | 2024 | 2023 | 2024 | |||||||||||
| US$ | US$ | US$ | US$ | US$ | |||||||||||
| Revenues(a): | |||||||||||||||
| Commissions | 22,011,990 | 27,786,218 | 34,086,778 | 47,450,496 | 61,872,996 | ||||||||||
| Interest related income | |||||||||||||||
| Financing service fees | 2,843,586 | 2,832,065 | 2,905,198 | 5,696,169 | 5,737,263 | ||||||||||
| Interest income | 36,448,761 | 43,841,220 | 44,193,949 | 71,036,277 | 88,035,169 | ||||||||||
| Other revenues | 4,750,411 | 4,488,989 | 6,251,083 | 8,197,482 | 10,740,072 | ||||||||||
| Total revenues | 66,054,748 | 78,948,492 | 87,437,008 | 132,380,424 | 166,385,500 | ||||||||||
| Interest expense | (10,423,344 | ) | (14,789,835 | ) | (13,581,981 | ) | (18,831,305 | ) | (28,371,816 | ) | |||||
| Total net revenues | 55,631,404 | 64,158,657 | 73,855,027 | 113,549,119 | 138,013,684 | ||||||||||
| Operating costs and expenses: | |||||||||||||||
| Execution and clearing | (2,035,327 | ) | (2,230,863 | ) | (2,807,006 | ) | (4,467,162 | ) | (5,037,869 | ) | |||||
| Employee compensation and benefits | (23,908,787 | ) | (27,787,218 | ) | (28,645,229 | ) | (48,315,075 | ) | (56,432,447 | ) | |||||
| Occupancy, depreciation and amortization | (2,528,576 | ) | (2,144,337 | ) | (2,109,688 | ) | (4,961,362 | ) | (4,254,025 | ) | |||||
| Communication and market data(a) | (7,763,372 | ) | (8,561,482 | ) | (8,813,405 | ) | (14,720,003 | ) | (17,374,887 | ) | |||||
| Marketing and branding | (4,720,995 | ) | (4,390,987 | ) | (6,407,744 | ) | (9,905,192 | ) | (10,798,731 | ) | |||||
| General and administrative | (4,549,052 | ) | (5,667,137 | ) | (20,246,128 | ) | (9,049,772 | ) | (25,913,265 | ) | |||||
| Total operating costs and expenses | (45,506,109 | ) | (50,782,024 | ) | (69,029,200 | ) | (91,418,566 | ) | (119,811,224 | ) | |||||
| Other income: | |||||||||||||||
| Others, net | 7,755,429 | 3,615,219 | 1,405,013 | 8,087,095 | 5,020,232 | ||||||||||
| Income before income tax | 17,880,724 | 16,991,852 | 6,230,840 | 30,217,648 | 23,222,692 | ||||||||||
| Income tax expenses | (4,577,748 | ) | (4,528,297 | ) | (3,486,260 | ) | (8,894,968 | ) | (8,014,557 | ) | |||||
| Net income | 13,302,976 | 12,463,555 | 2,744,580 | 21,322,680 | 15,208,135 | ||||||||||
| Less: net loss attributable to non-controlling interests | (24,428 | ) | (17,914 | ) | (2,479 | ) | (75,442 | ) | (20,393 | ) | |||||
| Accretion of redeemable non-controlling interests to redemption value | (141,578 | ) | (151,322 | ) | (153,837 | ) | (248,863 | ) | (305,159 | ) | |||||
| Net income attributable to ordinary shareholders of UP Fintech | 13,185,826 | 12,330,147 | 2,593,222 | 21,149,259 | 14,923,369 | ||||||||||
| Other comprehensive loss, net of tax: | |||||||||||||||
| Changes in cumulative foreign currency translation adjustment | (6,524,752 | ) | (4,791,040 | ) | (2,909,808 | ) | (6,136,206 | ) | (7,700,848 | ) | |||||
| Total Comprehensive income (loss) | 6,778,224 | 7,672,515 | (165,228 | ) | 15,186,474 | 7,507,287 | |||||||||
| Less: comprehensive loss attributable to non-controlling interests | (12,873 | ) | (13,454 | ) | (628 | ) | (64,296 | ) | (14,082 | ) | |||||
| Accretion of redeemable non-controlling interests to redemption value | (141,578 | ) | (151,322 | ) | (153,837 | ) | (248,863 | ) | (305,159 | ) | |||||
| Total Comprehensive income (loss) attributable to ordinary shareholders of Up Fintech | 6,649,519 | 7,534,647 | (318,437 | ) | 15,001,907 | 7,216,210 | |||||||||
| Net income per ordinary share: | |||||||||||||||
| Basic | 0.006 | 0.005 | 0.001 | 0.009 | 0.006 | ||||||||||
| Diluted | 0.006 | 0.005 | 0.001 | 0.009 | 0.006 | ||||||||||
| Net income per ADS (1 ADS represents 15 Class A ordinary shares): | |||||||||||||||
| Basic | 0.085 | 0.079 | 0.017 | 0.137 | 0.095 | ||||||||||
| Diluted | 0.084 | 0.077 | 0.016 | 0.135 | 0.094 | ||||||||||
| Weighted average number of ordinary shares used in calculating net income per ordinary share: | |||||||||||||||
| Basic | 2,321,875,787 | 2,342,468,897 | 2,354,432,689 | 2,317,687,839 | 2,348,450,793 | ||||||||||
| Diluted | 2,417,213,764 | 2,452,022,959 | 2,378,752,460 | 2,413,294,307 | 2,371,490,247 | ||||||||||
(a) Includes the following revenues, costs and expenses resulting from transactions with related parties as follow:
| For the three months ended | For the six months ended | ||||||||||||||
| June 30, | March 31, | June 30, | June 30, | June 30, | |||||||||||
| 2023 | 2024 | 2024 | 2023 | 2024 | |||||||||||
| US$ | US$ | US$ | US$ | US$ | |||||||||||
| Revenues: | |||||||||||||||
| Commissions | 1,782 | 42,647 | 38,231 | 2,979 | 80,878 | ||||||||||
| Interest related income | |||||||||||||||
| Interest income | 34,652 | 845,345 | 410,731 | 75,264 | 1,256,076 | ||||||||||
| Communication and market data | (36,330 | ) | (39,690 | ) | (26,460 | ) | (70,980 | ) | (66,150 | ) | |||||
| Reconciliations of Unaudited Non-GAAP Results of Operations Measures to the Nearest Comparable GAAP Measures (All amounts in U.S. dollars (“US$”), except for number of ADSs and per ADS data) | |||||||||||||||||||||||
| For the three months ended June 30, 2023 | For the three months ended March 31, 2024 | For the three months ended June 30, 2024 | |||||||||||||||||||||
| non-GAAP | non-GAAP | non-GAAP | |||||||||||||||||||||
| GAAP | Adjustment | non-GAAP | GAAP | Adjustment | non-GAAP | GAAP | Adjustment | non-GAAP | |||||||||||||||
| US$ | US$ | US$ | US$ | US$ | US$ | US$ | US$ | US$ | |||||||||||||||
| Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | |||||||||||||||
| 2,142,240 | (1) | 2,380,637 | (1) | 2,603,648 | (1) | ||||||||||||||||||
| Net income attributable to ordinary shareholders of UP Fintech | 13,185,826 | 2,142,240 | 15,328,066 | 12,330,147 | 2,380,637 | 14,710,784 | 2,593,222 | 2,603,648 | 5,196,870 | ||||||||||||||
| Net income per ADS - diluted | 0.084 | 0.097 | 0.077 | 0.092 | 0.016 | 0.033 | |||||||||||||||||
| Weighted average number of ADSs used in calculating diluted net income per ADS | 161,147,584 | 161,147,584 | 163,468,197 | 163,468,197 | 158,583,497 | 158,583,497 | |||||||||||||||||
(1) Share-based compensation.
FAQ
What was UP Fintech's (TIGR) total revenue for Q2 2024?
How many new funded accounts did UP Fintech (TIGR) add in Q2 2024?
What was UP Fintech's (TIGR) net income for Q2 2024?
What caused the decrease in UP Fintech's (TIGR) net income in Q2 2024?
How much did UP Fintech's (TIGR) trading volume increase in Q2 2024?
