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UP Fintech Holding Limited Reports Unaudited Third Quarter 2024 Financial Results

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UP Fintech Holding (NASDAQ: TIGR) reported strong Q3 2024 financial results with total revenue reaching a historic high of US$101.1 million, up 44.1% year-over-year. Net income attributable to shareholders was US$17.8 million, increasing 34.0% year-over-year. The company added 50,500 new customers with deposits in Q3, bringing total customers with deposits to 1,032,800. Total account balance grew 115.9% year-over-year to US$40.8 billion. The company expanded its product offerings by launching Hong Kong stock options trading and short selling, while also introducing the Tiger Boss debit card. Corporate business remained strong with 13 U.S. and Hong Kong IPOs underwritten during the quarter.

UP Fintech Holding (NASDAQ: TIGR) ha riportato risultati finanziari robusti per il terzo trimestre del 2024, con ricavi totali che hanno raggiunto un massimo storico di 101,1 milioni di dollari statunitensi, in aumento del 44,1% rispetto all'anno precedente. L'utile netto attribuibile agli azionisti è stato di 17,8 milioni di dollari statunitensi, con un incremento del 34,0% su base annua. L'azienda ha acquisito 50.500 nuovi clienti con depositi nel terzo trimestre, portando il totale dei clienti con depositi a 1.032.800. Il saldo totale dei conti è cresciuto del 115,9% rispetto all'anno precedente, raggiungendo 40,8 miliardi di dollari statunitensi. L'azienda ha ampliato la propria offerta di prodotti lanciando il trading di opzioni sulle azioni di Hong Kong e la vendita allo scoperto, introducendo anche la carta di debito Tiger Boss. Il business aziendale è rimasto solido con 13 IPO negli Stati Uniti e a Hong Kong sottoscritte durante il trimestre.

UP Fintech Holding (NASDAQ: TIGR) reportó resultados financieros sólidos para el tercer trimestre de 2024, con ingresos totales alcanzando un máximo histórico de 101,1 millones de dólares estadounidenses, un aumento del 44,1% en comparación con el año anterior. El ingreso neto atribuible a los accionistas fue de 17,8 millones de dólares estadounidenses, incrementándose un 34,0% interanual. La compañía sumó 50.500 nuevos clientes con depósitos en el tercer trimestre, llevando el total de clientes con depósitos a 1.032.800. El saldo total de cuentas creció un 115,9% en comparación con el año anterior, alcanzando 40,8 mil millones de dólares estadounidenses. La empresa amplió su oferta de productos al lanzar el comercio de opciones de acciones de Hong Kong y la venta en corto, además de presentar la tarjeta de débito Tiger Boss. El negocio corporativo se mantuvo sólido con 13 IPOs en EE. UU. y Hong Kong suscritas durante el trimestre.

UP Fintech Holding (NASDAQ: TIGR)는 2024년 3분기 강력한 재무 실적을 보고했으며, 총 수익은 미화 1억 1천만 달러로 역사적 최고치에 도달하여 전년 대비 44.1% 증가했습니다. 주주에게 귀속된 순이익은 미화 1천7백80만 달러로, 전년 대비 34.0% 증가했습니다. 이 회사는 3분기 동안 50,500명의 신규 고객을 추가하여 총 1,032,800명의 고객이 예치를 하게 되었습니다. 계좌 총 잔고는 전년 대비 115.9% 증가하여 미화 408억 달러에 도달했습니다. 이 회사는 홍콩 주식 옵션 거래와 공매도를 시작하면서 제품 라인을 확장하였고, Tiger Boss 직불카드도 도입했습니다. 기업 비즈니스는 이번 분기 동안 미국과 홍콩에서 13건의 IPO가 인수되면서 강세를 유지했습니다.

UP Fintech Holding (NASDAQ: TIGR) a annoncé des résultats financiers solides pour le troisième trimestre 2024, avec des revenus totaux atteignant un niveau historique de 101,1 millions de dollars américains, soit une augmentation de 44,1 % par rapport à l'année précédente. Le bénéfice net attribuable aux actionnaires s'élevait à 17,8 millions de dollars américains, augmentant de 34,0 % d'une année sur l'autre. L'entreprise a ajouté 50 500 nouveaux clients avec des dépôts au troisième trimestre, portant le total des clients avec dépôts à 1 032 800. Le solde total des comptes a augmenté de 115,9 % par rapport à l'année précédente, atteignant 40,8 milliards de dollars américains. L'entreprise a élargi son offre de produits en lançant le trading d'options sur les actions de Hong Kong et la vente à découvert, tout en introduisant la carte de débit Tiger Boss. Les activités d'entreprise sont restées fortes avec 13 IPO aux États-Unis et à Hong Kong souscrites au cours du trimestre.

UP Fintech Holding (NASDAQ: TIGR) hat für das dritte Quartal 2024 starke Finanzzahlen gemeldet, mit einem Gesamtumsatz von 101,1 Millionen US-Dollar, was einem Anstieg von 44,1 % im Vergleich zum Vorjahr entspricht. Der den Aktionären zurechenbare Nettogewinn betrug 17,8 Millionen US-Dollar, was einer Steigerung von 34,0 % im Jahresvergleich entspricht. Das Unternehmen gewann im dritten Quartal 50.500 neue Kunden mit Einlagen, wodurch die Gesamtzahl der Kunden mit Einlagen auf 1.032.800 stieg. Der Gesamtsaldo der Konten wuchs im Vergleich zum Vorjahr um 115,9 % auf 40,8 Milliarden US-Dollar. Das Unternehmen erweiterte seine Produktpalette mit dem Angebot zum Handel von Optionen für Hongkonger Aktien und Leerverkäufen sowie der Einführung der Tiger Boss Debitkarte. Das Unternehmensgeschäft blieb stark, mit 13 IPOs in den USA und Hongkong, die im Quartal unterzeichnet wurden.

Positive
  • Record quarterly revenue of US$101.1 million, up 44.1% YoY
  • Net income reached US$17.8 million, up 34.0% YoY
  • Total account balance increased 115.9% YoY to US$40.8 billion
  • Customer base with deposits grew 19.3% YoY to 1,032,800
  • Trading volume increased significantly to US$162.99 billion
Negative
  • Financing service fees decreased 15.2% YoY to US$2.8 million
  • Allowance for receivables from customers increased to US$15.7 million from US$1.0 million due to bad debt provision
  • Operating costs and expenses increased 21.7% YoY to US$59.3 million

Insights

UP Fintech delivered exceptional Q3 2024 results with $101.1M in revenue, marking a 44.1% YoY growth and 15.6% QoQ increase. The company's profitability surged with GAAP net income reaching $17.8M, up 34% YoY. Key performance metrics show robust growth with total account balance up 115.9% YoY to $40.8B and customer deposits reaching 1,032,800.

The revenue mix demonstrates strong operational execution: commissions grew 77.7% YoY to $41.2M, while interest income increased 25.2% to $48M. The company's margin financing business expanded significantly, though a notable $14.7M increase in loan loss provisions signals some risk management challenges in the Hong Kong market.

The company's market penetration strategy is showing strong results with customer acquisition exceeding annual targets ahead of schedule. The expansion into new product offerings, including Hong Kong stock options and the Tiger Boss debit card, demonstrates strategic diversification. The 101.8% YoY growth in margin financing to $4.5B indicates strong client engagement and trust.

The IPO underwriting business remains robust with 13 deals in Q3, including exclusive lead roles in select offerings. The ESOP service growth to 597 clients represents a valuable recurring revenue stream. However, investors should monitor the increased marketing spend, up 59.2% YoY, against customer acquisition costs.

SINGAPORE, Nov. 12, 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 third quarter ended September 30, 2024.

Mr. Wu Tianhua, Chairman and CEO of UP Fintech stated: “Both of our financial and operating performance have achieved significant growth in the third quarter. Total revenue reached US$101.1 million, a historical high and representing a sequential increase of 15.6% and a year-over-year growth of 44.1%. Bottom line also largely increased in GAAP and non-GAAP basis. Net income attributable to ordinary shareholders of UP Fintech reached US$17.8 million, representing a quarter-over-quarter growth of 584.6% and a year-over-year growth of 34.0%. Non-GAAP net income attributable to ordinary shareholders of UP Fintech amounted to US$20.1 million, a quarter-over-quarter increase of 286.5% and a year-over-year increase of 25.6%.

In the third quarter, we added 50,500 customers with deposits, more than doubled from a year ago and the total number of customers with deposits at the end of the third quarter reached approximately 1,032,800. We took advantage of the active market condition in October and by now we have already achieved our annual guidance of acquiring 150,000 newly customers with deposits. Driven by strong net asset inflow from retail clients and mark to market gains, total account balance further increased 6.7% quarter-over-quarter and 115.9% year-over-year to US$40.8 billion, setting another historic high.

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 third quarter, we officially launched Hong Kong stock option trading and short selling. In early November, we have upgraded the Hong Kong stock option feature by offering weekly option in addition to monthly option. Additionally, in September, we introduced the Tiger Boss debit card, along with the T+0 automatic subscription and redemption feature for our wealth management product, Tiger Vault. This integration allows users to manage their investment portfolios more conveniently, seamlessly bridging daily spending, wealth management, and stock investments.

Our corporate businesses continued to perform well in the third quarter of 2024. During this period, we underwrote a total of 13 U.S. and Hong Kong IPOs, including “NIP Group” and “Voicecomm Technology” and we served as the exclusive lead bank for the U.S. IPOs of “NIP Group” and “XCHG Limited”. In our ESOP business, we added 18 new clients in the third quarter, bringing the total number of ESOP clients served to 597 as of September 30, 2024.”

Financial Highlights for Third Quarter 2024

  • Total revenues increased 44.1% year-over-year to US$101.1 million.
  • Total net revenues increased 47.1% year-over-year to US$85.4 million.
  • Net income attributable to ordinary shareholders of UP Fintech was US$17.8 million compared to a net income of US$13.2 million in the same quarter of last year, an increase of 34.0%.
  • Non-GAAP net income attributable to ordinary shareholders of UP Fintech was US$20.1 million, compared to a non-GAAP net income of US$16.0 million in the same quarter of last year, an increase of 25.6%. A reconciliation of non-GAAP financial metrics to the most comparable GAAP metrics is set forth below.

Operating Highlights for Third Quarter 2024

  • Total account balance increased 115.9% year-over-year to US$40.8 billion.
  • Total margin financing and securities lending balance increased 101.8% year-over-year to US$4.5 billion.
  • Total number of customers with deposit increased 19.3% year-over-year to 1,032,800.

Selected Operating Data for Third Quarter 2024

  As of and for the three months ended 
  September 30,  June 30,  September 30, 
  2023  2024  2024 
In 000’s         
Number of customer accounts  2,147.9   2,307.9   2,368.0 
Number of customers with deposits  865.5   982.3   1,032.8 
Number of options and futures contracts traded  8,140.2   12,175.1   15,261.2 
In USD millions         
Trading volume  80,250.7   105,860.0   162,990.0 
Trading volume of stocks  22,147.8   33,504.7   41,406.3 
Total account balance  18,878.5   38,188.6   40,763.6 

Third Quarter 2024 Financial Results

REVENUES

Total revenues were US$101.1 million, an increase of 44.1% from US$70.1 million in the same quarter of last year.

Commissions were US$41.2 million, an increase of 77.7% from US$23.2 million in the same quarter of last year, due to an increase in trading volume.

Financing service fees were US$2.8 million, a decrease of 15.2% from US$3.3 million in the same quarter of last year, primarily due to a decrease in margin financing and securities lending activities of our fully disclosed account customers.

Interest income was US$48.0 million, an increase of 25.2% from US$38.3 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$9.1 million, an increase of 69.8% from US$5.4 million in the same quarter of last year, primarily due to the increase in IPO subscription incomes.

Interest expense was US$15.7 million, an increase of 29.4% from US$12.1 million in the same quarter of last year, primarily due to the increase in margin financing and securities lending activities.

OPERATING COSTS AND EXPENSES

Total operating costs and expenses were US$59.3 million, an increase of 21.7% from US$48.8 million in the same quarter of last year.

Execution and clearing expenses were US$3.5 million, an increase of 48.3% from US$2.4 million in the same quarter of last year due to an increase in our trading volume.

Employee compensation and benefits expenses were US$28.8 million, an increase of 10.8% from US$26.0 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$2.2 million, a slight decrease of 3.2% from US$2.2 million in the same quarter of last year.

Communication and market data expenses were US$9.7 million, an increase of 28.4% from US$7.6 million in the same quarter of last year due to increased IT-related fees.

Marketing and branding expenses were US$8.2 million, an increase of 59.2% from US$5.2 million in the same quarter of last year, primarily due to higher marketing spending this quarter.

General and administrative expenses were US$6.9 million, an increase of 27.3% from US$5.4 million in the same quarter of last year due to the increase in professional service expense and general expenses resulting from business expansion and changes.

NET INCOME attributable to ordinary shareholders of UP Fintech

Net income attributable to ordinary shareholders of UP Fintech was US$17.8 million, as compared to a net income of US$13.2 million in the same quarter of last year. Net income per ADS – diluted was US$0.110, as compared to a net income per ADS – diluted of US$0.083 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$20.1 million, as compared to a US$16.0 million non-GAAP net income attributable to ordinary shareholders of UP Fintech in the same quarter of last year. Non-GAAP net income per ADS – diluted was US$0.124 as compared to a non-GAAP net income per ADS – diluted of US$0.100 in the same quarter of last year.

For the third quarter of 2024, the Company’s weighted average number of ADSs used in calculating non-GAAP net income per ADS – diluted was 164,482,794. As of September 30, 2024, the Company had a total of 2,373,182,132 Class A and B ordinary shares outstanding, or the equivalent of 158,212,142 ADSs.

CERTAIN OTHER FINANCIAL ITEMS

As of September 30, 2024, the Company’s cash and cash equivalents, term deposits and long-term deposits were US$432.3 million, compared to US$327.7 million as of December 31, 2023.

As of September 30, 2024, the allowance balance of receivables from customers was US$15.7 million compared to US$1.0 million as of December 31, 2023, which was due to a bad debt provision concerning the recoverability of a specific Hong Kong stock pledge business faced with extreme market situation and significant price drop, leading to a provision for the loan balance.

Conference Call Information:

UP Fintech’s management will hold an earnings conference call at 8:00 AM on November 12, 2024, U.S. Eastern Time (9:00 PM on November 12, 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/BI98badd2259764082bdf9df7a4e175bd8

It will automatically lead to the registration page of “UP Fintech Holding Limited Third 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 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
September 30,
 
  2023  2024 
  US$  US$ 
Assets:      
Cash and cash equivalents  322,599,616   429,951,960 
Cash-segregated for regulatory purpose  1,617,154,185   2,509,390,812 
Term deposits  896,683   924,530 
Receivables from customers (net of allowance of US$991,286 and
US$15,728,761 as of December 31, 2023 and September 30, 2024)
  753,361,199   849,083,061 
Receivables from brokers, dealers, and clearing organizations  541,876,929   2,390,770,795 
Financial instruments held, at fair value  428,159,554   96,104,529 
Prepaid expenses and other current assets  17,936,180   20,053,858 
Amounts due from related parties  7,987,756   10,002,209 
Total current assets  3,689,972,102   6,306,281,754 
Non-current assets:      
Long-term deposits  4,225,412   1,424,989 
Right-of-use assets  9,067,885   12,267,414 
Property, equipment and intangible assets, net  16,429,543   16,090,295 
Goodwill  2,492,668   2,492,668 
Long-term investments  7,586,483   7,417,207 
Equity method investment     10,094,958 
Other non-current assets  5,282,012   7,448,365 
Deferred tax assets  10,990,998   11,077,569 
Total non-current assets  56,075,001   68,313,465 
Total assets  3,746,047,103   6,374,595,219 
Current liabilities:      
Payables to customers  2,913,306,558   3,576,928,825 
Payables to brokers, dealers and clearing organizations:  114,771,931   1,998,452,968 
Accrued expenses and other current liabilities  42,381,946   52,316,609 
Deferred income-current  819,809    
Lease liabilities-current  4,133,883   4,288,796 
Amounts due to related parties  10,148,142   29,860,094 
Total current liabilities  3,085,562,269   5,661,847,292 
Convertible bonds  156,887,691   158,841,594 
Lease liabilities-non-current  4,777,134   7,321,496 
Deferred tax liabilities  3,397,831   2,141,790 
Total liabilities  3,250,624,925   5,830,152,172 
Mezzanine equity      
Redeemable non-controlling interests  6,706,660   7,288,577 
Total Mezzanine equity  6,706,660   7,288,577 
Shareholders’ equity:      
Class A ordinary shares  22,528   22,755 
Class B ordinary shares  976   976 
Additional paid-in capital  505,448,080   512,363,733 
Statutory reserve  8,511,039   8,511,039 
Retained earnings (Accumulated deficit)  (19,600,434)  13,543,386 
Treasury stock  (2,172,819)  (2,172,819)
Accumulated other comprehensive (loss) income  (3,232,993)  5,189,270 
Total UP Fintech shareholders’ equity  488,976,377   537,458,340 
Non-controlling interests  (260,859)  (303,870)
Total equity  488,715,518   537,154,470 
Total liabilities, mezzanine equity and equity  3,746,047,103   6,374,595,219 
         


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 nine months ended 
  September 30,  June 30,  September 30,  September 30,  September 30, 
  2023  2024  2024  2023  2024 
  US$  US$  US$  US$  US$ 
Revenues:               
Commissions  23,188,375   34,086,778   41,207,882   70,638,871   103,080,878 
Interest related income               
Financing service fees  3,307,720   2,905,198   2,803,878   9,003,889   8,541,141 
Interest income  38,298,414   44,193,949   47,957,486   109,334,691   135,992,655 
Other revenues  5,351,702   6,251,083   9,084,834   13,549,184   19,824,906 
Total revenues  70,146,211   87,437,008   101,054,080   202,526,635   267,439,580 
Interest expense  (12,130,614)  (13,581,981)  (15,700,359)  (30,961,919)  (44,072,175)
Total net revenues  58,015,597   73,855,027   85,353,721   171,564,716   223,367,405 
Operating costs and expenses:               
Execution and clearing  (2,372,142)  (2,807,006)  (3,518,611)  (6,839,304)  (8,556,480)
Employee compensation and benefits  (25,976,638)  (28,645,229)  (28,769,980)  (74,291,713)  (85,202,427)
Occupancy, depreciation and amortization  (2,235,084)  (2,109,688)  (2,162,704)  (7,196,446)  (6,416,729)
Communication and market data  (7,579,357)  (8,813,405)  (9,730,680)  (22,299,360)  (27,105,567)
Marketing and branding  (5,163,903)  (6,407,744)  (8,223,404)  (15,069,095)  (19,022,135)
General and administrative  (5,447,961)  (20,246,128)  (6,932,672)  (14,497,733)  (32,845,937)
Total operating costs and expenses  (48,775,085)  (69,029,200)  (59,338,051)  (140,193,651)  (179,149,275)
Other income (loss):               
Others, net  6,725,131   1,405,013   (5,189,945)  14,812,226   (169,713)
Income before income tax  15,965,643   6,230,840   20,825,725   46,183,291   44,048,417 
Income tax expenses  (2,592,703)  (3,486,260)  (2,907,080)  (11,487,671)  (10,921,637)
Net income  13,372,940   2,744,580   17,918,645   34,695,620   33,126,780 
Less: net (loss) income attributable to non-controlling interests  (21,550)  (2,479)  3,353   (96,992)  (17,040)
Accretion of redeemable non-controlling interests to redemption value  (144,700)  (153,837)  (160,998)  (393,563)  (466,157)
Net income attributable to ordinary shareholders of UP Fintech  13,249,790   2,593,222   17,754,294   34,399,049   32,677,663 
Other comprehensive (loss) income, net of tax:               
Changes in cumulative foreign currency translation adjustment  (1,670,923)  (2,909,808)  16,119,046   (7,807,129)  8,418,198 
Total Comprehensive income (loss)  11,702,017   (165,228)  34,037,691   26,888,491   41,544,978 
Less: comprehensive loss attributable to non-controlling interests  (20,009)  (628)  (7,023)  (84,304)  (21,105)
Accretion of redeemable non-controlling interests to redemption value  (144,700)  (153,837)  (160,998)  (393,563)  (466,157)
Total Comprehensive income (loss) attributable to ordinary shareholders of
Up Fintech
  11,577,326   (318,437)  33,883,716   26,579,232   41,099,926 
Net income per ordinary share:               
Basic  0.006   0.001   0.008   0.015   0.014 
Diluted  0.006   0.001   0.007   0.015   0.014 
Net income per ADS (1 ADS represents 15 Class A ordinary shares):               
Basic  0.085   0.017   0.113   0.222   0.208 
Diluted  0.083   0.016   0.110   0.218   0.204 
Weighted average number of ordinary shares used in calculating net income
per ordinary share:
               
Basic  2,330,221,225   2,354,432,689   2,362,528,627   2,321,898,725   2,353,177,657 
Diluted  2,439,248,294   2,378,752,460   2,467,241,917   2,429,798,761   2,460,309,649 
                     


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 September 30,
2023
  For the three months ended June 30,
2024
  For the three months ended September 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 
      2,744,880 (1)        2,603,648 (1)        2,331,274 (1)   
Net income attributable to
ordinary shareholders of
UP Fintech
  13,249,790   2,744,880   15,994,670   2,593,222   2,603,648   5,196,870   17,754,294   2,331,274   20,085,568 
                            
Net income per ADS - diluted  0.083      0.100   0.016      0.033   0.110      0.124 
Weighted average number of ADSs
used in calculating diluted net
income per ADS
  162,616,553      162,616,553   158,583,497      158,583,497   164,482,794      164,482,794 
  
(1) Share-based compensation. 

FAQ

What was UP Fintech's (TIGR) revenue in Q3 2024?

UP Fintech reported total revenue of US$101.1 million in Q3 2024, representing a 44.1% increase year-over-year.

How many customers with deposits did UP Fintech (TIGR) have in Q3 2024?

UP Fintech had 1,032,800 customers with deposits at the end of Q3 2024, representing a 19.3% increase year-over-year.

What was UP Fintech's (TIGR) total account balance in Q3 2024?

UP Fintech's total account balance reached US$40.8 billion in Q3 2024, showing a 115.9% increase year-over-year.

What new products did UP Fintech (TIGR) launch in Q3 2024?

UP Fintech launched Hong Kong stock option trading, short selling capabilities, and introduced the Tiger Boss debit card in Q3 2024.

UP Fintech Holding Ltd American Depositary Share representing fifteen

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