UP Fintech Reports Record Revenue but Lower Profit in Q4 2024

UP Fintech reports record Q4 2024 revenue of $107.4 million but faces a 68% drop in net profit due to rising costs.

Key Points:

• UP Fintech’s Q4 2024 revenue surged 26% to $107.4 million, marking its first quarter surpassing $100 million.
• Net profit fell 68% to $10.9 million, impacted by higher operational costs and foreign currency translation adjustments.

UP Fintech Holding Limited (NASDAQ:TIGR), the operator of the online brokerage Tiger Brokers, has posted its financial results for the fourth quarter of 2024, showcasing record revenue but a decline in net profit due to increased costs and foreign currency adjustments.

UP Fintech Reports Record Revenue but Lower Profit in Q4 2024

The company’s net revenue surged to $107.4 million in Q4 2024, marking the first time revenue surpassed the $100 million threshold in a single quarter. This represents a 26% increase from the $85.4 million recorded in Q3 2024. However, net profit fell sharply by 68% to $10.9 million from Q3’s record $33.9 million, impacted by rising operational expenses and currency translation losses.

Tiger Brokers reported an all-time high trading volume of $198.0 billion in Q4 2024, averaging $66 billion per month. Additionally, the number of funded client accounts grew to 1.09 million, up from 1.03 million in the previous quarter.

UP Fintech, which owns the Tiger Brokers brand, operates in multiple markets, including the US, Australia, New Zealand, Hong Kong, and Singapore. The company primarily serves Chinese investors along with select markets across the Far East. Beijing-based founder and majority shareholder Wu Tianhua continues to lead the company.

CEO Highlights Strong Growth and Expansion

Chairman and CEO Wu Tianhua highlighted the company’s strong financial and operational performance, emphasizing substantial growth in revenue and net income. “Total revenue in Q4 reached $124.1 million, reflecting a sequential increase of 22.8% and a year-over-year rise of 77.3%. For the full year, total revenue stood at $391.5 million, up 43.7% from 2023,” he stated.

Despite the dip in quarterly profit, the company recorded a net income of $28.1 million for Q4, a 58% rise from the previous quarter, and a significant turnaround from the $1.8 million net loss in Q4 2023. On a non-GAAP basis, net income soared by 2772.5% year-over-year to $30.5 million.

Client acquisition remained strong, with 59,200 new funded accounts added in Q4, a 17.2% increase from Q3 and a 51.4% jump year-over-year. The company exceeded its yearly target of 150,000 new funded accounts, closing the year with 187,400 new clients. Total account balances reached a record $41.7 billion, a 2.4% quarter-over-quarter and 36.4% year-over-year increase.

Expanding Product Offerings and Business Segments

UP Fintech continued its international expansion and technological advancements. The company received approval from the Hong Kong Securities and Futures Commission for its cryptocurrency platform, YAX (Hong Kong) Limited, establishing it as a licensed virtual asset trading platform. It also upgraded its AI-powered investment assistant, TigerGPT, to TigerAI, integrating leading AI models to enhance user experience.

The corporate business segment also performed strongly in Q4, with UP Fintech underwriting 14 IPOs in the US and Hong Kong, including Mao Geping Company, Pony AI Inc., and WeRide Inc. This brought the total number of IPOs underwritten in 2024 to 44. Additionally, its Employee Stock Ownership Plan (ESOP) business expanded, adding 16 new clients in Q4 and reaching 613 total clients by year-end.

Looking ahead, UP Fintech remains focused on expanding its global presence, enhancing technological capabilities, and maintaining steady client growth despite financial headwinds. Wu Tianhua reaffirmed the company’s commitment to innovation and operational resilience, positioning it for continued success in 2025.

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