SINGAPORE, Dec. 04, 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 third quarter ended September 30, 2025.
Mr. Wu Tianhua, Chairman and CEO of UP Fintech stated: “The market environment remained supportive in the third quarter. Our total revenues reached US$175.2 million, representing an increase of 73.3% year over year and 26.3% quarter over quarter. Commission income, interest income and other revenue all saw impressive growth both sequentially and year over year, each setting new record highs. By prioritizing user quality and product diversification, we have sustained a high ARPU that underpins our profitability and a healthy business model. As a result, both our GAAP and non-GAAP net income delivered strong growth. Net income attributable to ordinary shareholders of UP Fintech was US$53.8 million, up 29.9% quarter over quarter and approximately three times that of the same quarter last year. Non-GAAP net income attributable to ordinary shareholders of UP Fintech reached US$57.0 million, an increase of 28.2% sequentially and 2.8 times the same period last year.
In the third quarter, we added 31,500 new customers with deposits, with Singapore and Hong Kong being the primary contributors, each accounting for roughly 40% of new funded clients. In the first three quarters of 2025, we onboarded over 132,200 new customers with deposits, and as of today, have effectively achieved our annual target of 150,000 new customers with deposits for 2025. By the end of the third quarter, our total number of customers with deposits reached 1,224,200, representing an 18.5% increase compared to the same quarter last year. Asset inflow remained robust, driven primarily by retail investors. Combined with mark-to-market gains, total account balance rose 17.3% quarter over quarter and 49.7% year over year to a record US$61.0 billion. We continued to refine our customer acquisition approach to ensure long-term user quality and are pleased to see the average net asset inflow of newly acquired funded clients reached a record high of over US$32,000 this quarter. Notably, average net asset inflow of new clients in Singapore and Hong Kong was approximately US$62,000 and US$30,000 this quarter, helping client assets in these two regions to grow roughly 20% and 60% quarter-over-quarter. Client assets in other markets also posted healthy double-digit sequential increases.
In the third quarter, we enhanced product breadth and user experience across digital assets and wealth management. In digital assets, we launched digital asset trading in New Zealand, enabling local users to trade spot cryptocurrency on our platform and rolled out macro market insights for digital assets and introduced featured market data, such as coin issuers and on-chain metrics, to help users make better-informed decisions and capture investment opportunities. In wealth management, we significantly expanded Tiger AI’s capabilities. We launched the innovative TradingFront AI function to give advisers a real-time analytical edge. TradingFront AI delivers instant insights on portfolio performance, risk exposure, and asset allocation for each client’s unique portfolio. The tool automatically surfaces market-sensitive updates, macroeconomic outlooks, and actionable recommendations, enabling advisers to respond faster to changing conditions and conduct more informed, personalized client conversations.
In our Corporate business, we underwrote 5 U.S. IPOs in the quarter, all serving as sole bookrunner, including “Yimutian Inc.” and “Linkhome”, and supported multiple digital asset companies in completing U.S. listings and financing deals, including “Bullish Inc.” and “Figure Technology Solutions”. In Hong Kong, we participated in 5 IPOs in the quarter, including “Geek Plus” and “SICC”, and acted as underwriter for “Boss Zhipin” public follow-on offering. In our ESOP business, we added 46 new clients in the third quarter, bringing the total number of ESOP clients served to 709 as of September 30, 2025.”
Financial Highlights for Third Quarter 2025
Total revenues were US$175.2 million, an increase of 73.3% year-over-year and an increase of 26.3% quarter-over-quarter.
Total net revenues were US$153.2 million, an increase of 79.5% year-over-year and an increase of 26.2% quarter-over-quarter.
Net income attributable to ordinary shareholders of UP Fintech was US$53.8 million compared to a net income of US$17.8 million in the same quarter of last year.
Non-GAAP net income attributable to ordinary shareholders of UP Fintech was US$57.0 million, compared to a non-GAAP net income of US$20.1 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 Third Quarter 2025
Total account balance increased 49.7% year-over-year to US$61.0 billion.
Total margin financing and securities lending balance increased 27.5% year-over-year to US$5.7 billion.
Total number of customers with deposit increased 18.5% year-over-year to 1,224.2 thousand.
Third Quarter 2025 Financial Results
REVENUES
Total revenues were US$175.2 million, an increase of 73.3% from US$101.1 million in the same quarter of last year.
Commissions were US$72.9 million, an increase of 76.9% from US$41.2 million in the same quarter of last year, due to an increase in trading volume.
Financing service fees were US$2.76 million, a decrease of 1.5% from US$2.80 million in the same quarter of last year, primarily due to decreased interest rates.
Interest income was US$73.2 million, an increase of 52.7% from US$48.0 million in the same quarter of last year, primarily due to the increase in margin financing and securities lending activities of our consolidated account customers.
Other revenues were US$26.3 million, an increase of 189.1% from US$9.1 million in the same quarter of last year, primarily due to the increase of our IPO distribution income and wealth management service revenue.
Interest expense was US$21.9 million, an increase of 39.8% from US$15.7 million in the same quarter of last year, primarily due to the increase in funding for margin financing and securities lending activities.
OPERATING COSTS AND EXPENSES
Total operating costs and expenses were US$89.4 million, an increase of 50.7% from US$59.3 million in the same quarter of last year.
Execution and clearing expenses were US$4.5 million, an increase of 27.3% from US$3.5 million in the same quarter of last year due to an increase in our trading volume.
Employee compensation and benefits expenses were US$47.2 million, an increase of 64.1% from US$28.8 million in the same quarter of last year, primarily due to an increase of global headcount to support our global expansion.
Occupancy, depreciation and amortization expenses were US$2.8 million, an increase of 27.6% from US$2.2 million in the same quarter of last year, due to the increase in office space and relevant leasehold improvements.
Communication and market data expenses were US$11.8 million, an increase of 21.3% from US$9.7 million in the same quarter of last year due to the increase of IT-related service fees.
Marketing and branding expenses were US$12.9 million, an increase of 56.7% from US$8.2 million in the same quarter of last year, primarily due to higher marketing spending this quarter.
General and administrative expenses were US$10.3 million, an increase of 48.6% from US$6.9 million in the same quarter of last year due to an increase in professional service fees.
NET INCOME attributable to ordinary shareholders of UP Fintech
Net income attributable to ordinary shareholders of UP Fintech was US$53.8 million, as compared to a net income of US$17.8 million in the same quarter of last year. Net income per American Depositary Share (“ADS”) – diluted was US$0.290, as compared to a net income per ADS – diluted of US$0.110 in the same quarter of last year.
Non-GAAP net income attributable to ordinary shareholders of UP Fintech, which excludes share-based compensation was US$57.0 million, as compared to a US$20.1 million in the same quarter of last year. Non-GAAP net income per ADS – diluted was US$0.307 as compared to a non-GAAP net income per ADS – diluted of US$0.124 in the same quarter of last year.
For the third quarter of 2025, the Company’s weighted average number of ADSs used in calculating non-GAAP net income per ADS – diluted was 187,968,942. As of September 30, 2025, the Company had a total of 2,667,964,212 Class A and B ordinary shares outstanding, or the equivalent of 177,864,281 ADSs.
CERTAIN OTHER FINANCIAL ITEMS
As of September 30, 2025, the Company’s cash and cash equivalents, term deposits and long-term deposits were US$580.7 million, compared to US$396.0 million as of December 31, 2024.
Conference Call Information:
UP Fintech’s management will hold an earnings conference call at 8:00 AM on December 4, 2025, U.S. Eastern Time (9:00 PM on December 4, 2025 Singapore/Hong Kong Time).
All participants wishing to attend the call must preregister online before receiving the dial-in number. Preregistration may take 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/BI3699a7be25e74cd7b11ddad5ba85161d
It will automatically lead to the registration page of “UP Fintech Holding Limited Third Quarter 2025 Earnings Conference Call”, where details for RSVP are needed.
Upon registering, all participants will be provided a confirmation email with a participant dial-in number and personal PIN 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
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