UP Fintech Q4 2024 Revenues but Faces Decline in Net Profit

UP Fintech Holding Limited, the parent company of the Tiger Brokers online brokerage brand, has announced its financial results for Q4 2024. The company reported a record quarterly revenue of $107.4 million, marking the first time that quarterly revenues exceeded $100 million. This represents a 26% increase from Q3 2024’s $85.4 million. However, despite the revenue growth, net profit for the quarter dropped by 68% to $10.9 million, due to rising costs and a significant foreign currency translation adjustment. In Q3 2024, net profit had reached a record $33.9 million.

Tiger Brokers also reported record trading volumes of $198.0 billion for Q4, averaging $66 billion per month. The number of clients with funded accounts rose to 1.09 million, up from 1.03 million in Q3 2024.

UP Fintech Q4 2024 Revenues but Faces Decline in Net Profit

UP Fintech, which operates Tiger Brokers in the US, Australia, New Zealand, Hong Kong, and Singapore, primarily targets Chinese traders and selected markets in the Far East. The company is controlled by its Beijing-based founder and majority shareholder, Wu Tianhua.

Wu Tianhua, Chairman and CEO of UP Fintech, expressed satisfaction with the company’s performance in both financial and operational terms. “Total revenue in the fourth quarter reached $124.1 million, a sequential increase of 22.8% and a year-over-year growth of 77.3%. Our total revenue for 2024 amounted to $391.5 million, reflecting a 43.7% increase compared to 2023. Net income attributable to ordinary shareholders for Q4 was $28.1 million, a 58% growth from the previous quarter, and non-GAAP net income reached $30.5 million, a staggering increase of 2772.5% year-over-year,” said Wu.

The company’s international strategy continues to gain traction, with a 17.2% quarter-over-quarter increase in customers with deposits. Asset inflows for Q4 were robust, totaling $1.1 billion from retail investors.

UP Fintech also made significant strides in the crypto sector, with its Hong Kong-based cryptocurrency platform, YAX, receiving official approval from the Hong Kong Securities and Futures Commission, becoming a licensed virtual asset trading platform. Additionally, the company upgraded its AI investment assistant to TigerAI, integrating leading AI models, making it the first brokerage platform globally to offer such technology.

The company’s corporate business performed well, underwriting 14 U.S. and Hong Kong IPOs in Q4, bringing the total for the year to 44.

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