UP Fintech: Quarterly Revenue and Profit Hit Record High; Global Client Assets Reach US$61 Billion

Rhea-AI Summary

UP Fintech (NASDAQ: TIGR) reported record Q3 2025 results: revenue US$175.2M (+73.3% YoY, +26.3% QoQ) and Non-GAAP net income US$57.0M (2.8x YoY, +28.2% QoQ).

The platform added 31,500 funded accounts (total 1.22M, +18.5% YoY), Q3 trading volume reached US$209.4B (+28.5% YoY), and total client assets hit US$61.0B (+49.7% YoY, +17.3% QoQ). Average net asset inflows per new funded client exceeded US$32,000.

Regional highlights: strong growth in Singapore, Hong Kong, US, Australia and New Zealand; product launches included Nikkei futures and crypto trading; TigerAI and Tiger Vault user metrics and AUC showed double- to triple-digit gains.

Positive

• Revenue US$175.2M, +73.3% YoY
• Non-GAAP net income US$57.0M, 2.8x YoY
• Total client assets US$61.0B, +49.7% YoY
• Funded clients 1.22M, +18.5% YoY
• Q3 trading volume US$209.4B, +28.5% YoY
• Tiger Vault AUC in Hong Kong +339% YoY

Negative

• None.

News Market Reaction – TIGR

+4.10%

22 alerts

+4.10% News Effect

+4.6% Peak in 5 hr 9 min

+$66M Valuation Impact

$1.68B Market Cap

0.2x Rel. Volume

On the day this news was published, TIGR gained 4.10%, reflecting a moderate positive market reaction. Argus tracked a peak move of +4.6% during that session. Our momentum scanner triggered 22 alerts that day, indicating elevated trading interest and price volatility. This price movement added approximately $66M to the company's valuation, bringing the market cap to $1.68B at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Q3 2025 revenue: US$175.2M Non-GAAP net income: US$57.0M Total client assets: US$61.0B +5 more

8 metrics

Q3 2025 revenue US$175.2M Total revenue in third quarter 2025, +73.3% YoY and +26.3% QoQ

Non-GAAP net income US$57.0M Attributed to shareholders in Q3 2025, 2.8x YoY, +28.2% QoQ

Total client assets US$61.0B Client assets at quarter-end, +49.7% YoY and +17.3% QoQ

Q3 trading volume US$209.4B Company-wide trading volume in Q3 2025, +28.5% YoY

Funded clients 1.22M Total funded accounts after Q3 increase of 31,500, +18.5% YoY

Commission revenue US$72.9M Q3 2025 commission revenue, +76.9% YoY

Interest-related income US$76.0M Q3 2025 interest-related income, +49.7% YoY

DARTs growth 71.5% YoY Increase in daily average revenue trades in Q3 2025 vs. prior year

Market Reality Check

Price: $7.71 Vol: Volume 5,039,088 is 1.26x...

normal vol

$7.71 Last Close

Volume Volume 5,039,088 is 1.26x the 20-day average of 4,012,194, indicating elevated interest pre-release. normal

Technical Price 9.38 is trading slightly below the 200-day MA at 9.4 and 30.77% below the 52-week high.

Peers on Argus

Peers in Financial Services / Capital Markets showed mixed, mostly modest moves ...

Peers in Financial Services / Capital Markets showed mixed, mostly modest moves (e.g., PWP -0.16%, OPY +0.22%, crypto-linked names like BTBT +6.96%), suggesting TIGR’s setup was largely stock-specific rather than part of a broad sector trend.

Historical Context

5 past events · Latest: Dec 04 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 04	Q3 2025 highlights	Positive	+4.1%	Record Q3 revenue, profit and client assets with broad regional growth.
Dec 04	Q3 earnings	Positive	+4.1%	Unaudited Q3 results with strong revenue, net income and asset growth.
Nov 20	Earnings date notice	Neutral	-3.0%	Announcement of Q3 2025 results reporting date and conference call.
Nov 04	Compliance partnership	Positive	+3.0%	Solidus HALO deployment to enhance crypto transaction monitoring for YAX.
Aug 27	Q2 2025 results	Positive	-9.8%	Record Q2 revenue and nearly 8x YoY profit with record client assets.

Pattern Detected

TIGR often reacts positively to strong fundamental updates, but there is at least one instance (Q2 2025) where record results coincided with a sharp selloff, indicating occasional divergence from fundamentals.

Recent Company History

Over the last six months, UP Fintech has repeatedly reported strong operational and financial momentum. Q2 2025 results showed revenue of US$138.7M and nearly 8x YoY profit growth, yet the stock fell 9.75%. By Q3 2025, revenue climbed to US$175.2M and non-GAAP net income to US$57.0M, with client assets reaching US$61.0B, and the stock rose about 4.1%. Additional news around partnerships, compliance and the earnings-date announcement produced mixed but generally positive reactions, underscoring a record-growth trajectory with sometimes inconsistent price responses.

Market Pulse Summary

This announcement highlights record Q3 2025 performance for UP Fintech, with revenue of US$175.2M, n...

Analysis

This announcement highlights record Q3 2025 performance for UP Fintech, with revenue of US$175.2M, non-GAAP net income of US$57.0M, and client assets reaching US$61.0B. Operating metrics such as Q3 trading volume of US$209.4B and funded clients of 1.22M underline broad platform engagement. Historically, some strong quarters have produced mixed price reactions, so investors may watch future disclosures on client asset growth, regional expansion and product adoption to gauge how this trajectory evolves.

Key Terms

non-gaap, ipo, pipe, employee stock ownership plan (esop), +4 more

8 terms

non-gaap financial

"Non-GAAP net income attributable to UP Fintech shareholders surged to US$57.0 million"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

ipo financial

"The Company acted as lead underwriter and sole bookrunner for five US IPOs"

An initial public offering (IPO) is the process by which a private company sells its shares to the public for the first time, making its ownership available on the stock market. This allows the company to raise money from a wide range of investors to fund growth or other goals. For investors, an IPO offers a chance to buy into a company early in its public journey, potentially benefiting if the company grows in value.

pipe financial

"including acting as co-placement agent in Solana Company's US$500 million PIPE deal."

A "pipe" is a planned series of financial transactions or projects that companies intend to carry out over time, often involving the raising of funds or development of new assets. It matters to investors because it provides a clear picture of a company's future growth plans and potential revenue, helping them assess the company's upcoming opportunities and overall stability. Think of it as a detailed roadmap guiding a company's future steps.

employee stock ownership plan (esop) financial

"other revenues — including investment banking and Employee Stock Ownership Plan (ESOP) services"

An employee stock ownership plan (ESOP) is a company-run retirement and ownership program that gives workers shares or the right to buy shares, so employees collectively hold part of the business. It matters to investors because ESOPs change who owns the company and can affect share supply, corporate incentives and long-term performance—think of it like turning employees into partial owners, which can align interests but also dilute existing shareholders or alter cash flows for payouts.

margin financing financial

"subscription volume on the platform doubled QoQ, with margin financing growth ranking first in the market"

Margin financing is a method that allows investors to borrow money from a broker to buy more stocks or assets than they could with their available funds alone. It is similar to using a loan to increase purchasing power, which can amplify potential gains but also increases the risk of larger losses if investments decline in value. This approach matters because it enables investors to pursue bigger opportunities but requires careful management of borrowed funds.

virtual asset regulatory

"upgrade to its Hong Kong Type 9 license for virtual asset investment management"

A virtual asset is a digital representation of value or rights that exists only in electronic form—examples include cryptocurrencies, tokenized securities, and digital collectibles. Think of it as cash, a ticket, or a deed that lives on computers or networks rather than on paper. Investors care because these assets can move in price quickly, need special custody and security measures, and are subject to different legal and regulatory rules that affect liquidity and risk.

type 9 license regulatory

"upgrade to its Hong Kong Type 9 license for virtual asset investment management"

A Type 9 license is a regulated permission that allows a firm to manage investment funds and handle other people’s portfolios for a fee, including running pooled funds or making discretionary trading decisions on behalf of clients. It matters to investors because it signals that the firm is authorized and supervised to manage money — like a driver’s license for fund managers — which helps protect clients and increases trust and legal accountability.

turnkey asset management platform (tamp) financial

"TradingFront, the Company's Turnkey Asset Management Platform (TAMP), also maintained healthy growth"

A turnkey asset management platform (TAMP) is a third-party service that handles investment selection, portfolio construction, trade execution and back-office administration for financial advisors and wealth managers, so the advisor can focus on client relationships instead of day-to-day investment operations. Think of it as renting a fully furnished, staffed investment shop: it gives smaller advisors access to professional portfolio management, scale and compliance support while investors should watch for how it affects fees, performance transparency and potential conflicts of interest.

AI-generated analysis. Not financial advice.

NEW YORK, Dec. 4, 2025 /PRNewswire/ -- UP Fintech Holding Limited (NASDAQ: TIGR) ("UP Fintech" or the "Company"), announced its unaudited financial results for the third quarter ended September 30, 2025. UP Fintech achieved a total revenue of US$175.2 million in the third quarter, an increase of 73.3% year-over-year (YoY), 26.3% quarter-over-quarter (QoQ), hitting a record high. Non-GAAP net income attributable to UP Fintech shareholders surged to US$57.0 million, up 28.2% QoQ and 2.8 times the level of the same period last year, also a record high. Funded accounts increased by 31,500, bringing total funded clients up 18.5% YoY to 1.22 million. Market activity remained robust, with Q3 trading volume climbing 28.5% YoY to US$209.4 billion. Total client assets hit a new peak of US$61.0 billion, rising 17.3% sequentially and 49.7% YoY. This was driven by record average net asset inflows of over US$32,000 per newly funded client during this quarter.

UP Fintech's founder and CEO, Wu Tianhua, stated: "In Q3, market conditions continued to improve, and the Company once again achieved record-high revenue, profit and client assets. To date, we have already met our full-year target of adding 150,000 newly funded clients. At the same time, we continued to refine our client acquisition strategy and deepen our diversified product offerings, earning stronger trust from high-quality clients. This quarter, the average net asset inflows per newly funded client in Singapore and Hong Kong reached US$62,000 and US$30,000 respectively, while client assets in these two markets grew approximately 20% and 60% QoQ, highlighting a steady improvement in overall user quality."

"We continue to strengthen our international presence, making global investing more accessible and inclusive worldwide. In Singapore, where we maintain a leading position among local brokerage market, we became the first digital broker to support linking the CPFIA and SRS with our Cash Boost Account, enabling users to manage their retirement funds more efficiently in one place. We also waived the Singapore Exchange (SGX) quarterly custody fees for clients without trading activity, helping reduce users' long-term investment costs. In Hong Kong, we further enriched our product suite by launching our first Japan market derivatives product — Nikkei futures. In New Zealand, we rolled out virtual asset trading in September, offering local users access to major cryptocurrencies such as Bitcoin and Ethereum. Looking ahead, we will continue to expand and enhance our service capabilities, empowering investors to build global diversified portfolios more easily."

Singapore: Maintaining leadership with 7 consecutive quarters of account growth

Hong Kong: Total trading volume grows over threefold YOY; Launched Nikkei Futures

At its Singapore headquarters, the Company continued to lead the local digital brokerage market, with multiple core business metrics hitting record highs in Q3. Trading accounts have grown for seven straight quarters, while total trading orders rose 54% YoY to a new peak, underscoring strong user engagement. US stock and options volumes increased 71% and 106% YoY, and Singapore stock trading rose 74% QoQ and 31% YoY. As part of the Company's commitment to transparent and cost-efficient investing, the platform waived the SGX quarterly custody fee for inactive accounts to lower long-term holding costs. The Company also became Singapore's first digital broker to support linking CPF Investment Accounts (CPFIA) and Supplementary Retirement Scheme (SRS) accounts via the Cash Boost Account, enabling one-stop retirement fund management within the Tiger Trade app. Additionally, the Tiger BOSS debit card now supports Samsung Pay and other major e-wallets, offering a smoother daily payment experience.

In Hong Kong, the company has attracted more high-quality clients through cost-effective global trading services. In Q3, new account openings increased by 60.3% QoQ, while total trading volume more than threefold YoY. Total orders increased 190% YoY and 31.4% QoQ, with Hong Kong stock and options orders up 66.4% and 88.3% QoQ, respectively. Cash management products also saw solid demand — "Tiger Vault" recorded QoQ growth of 76% in HKD money market fund orders and 81.3% in trading volume. Digital assets remained strong, with crypto orders and trading volume up 58.1% and 80.9% QoQ. The platform further expanded its product suite by launching its first Japan market offering — Nikkei futures — in September, advancing its global multi-asset strategy.

In the US, trading activity and asset scale continued to grow in Q3. Assets under custody (AUC) on TradeUP rose 52.4% QoQ, while overall revenue grew 36% YoY. More local clients chose our platform to access global markets, with stock trading volume rising 73% and options trading volume up 45.8% QoQ. Meanwhile, our US investment banking business delivered strong results, with IPO-related income surging 316.9% QoQ. The Company acted as lead underwriter and sole bookrunner for five US IPOs, including Linkhome, DarkIris and Yimutian Inc., further demonstrating its underwriting strength in the US capital markets.

The Company continued to earn market trust in Australia, with both activity and revenue showing strong momentum. In Q3, new account openings increased 46.6% YoY, net inflows grew 118.8%, and total trading volume rose 111.5% YoY. Gross revenue also doubled from a year ago. In recognition of its outstanding user experience, the Company received the Finder 2025 "Casual Share Trading Platform" award during the quarter. In New Zealand, growth accelerated as net inflows jumped 173% YoY and 135% QoQ, while total trading volume rose 100% YoY and 169% QoQ. Trading activity also surged, with US stock orders up 104% YoY and 114% QoQ, highlighting the sustained appeal of core US equity products in the local market. Additionally, the Company broadened its local offerings by launching cryptocurrency trading in September, enabling users to trade major assets such as Bitcoin and Ethereum directly in the app.

Empowering investment decision-making with upgraded TigerAI and deeper crypto market Insights

"Tiger Vault" grew 339% YoY in AUC in Hong Kong

In Q3, the Company recorded US$72.9 million in commission revenue, up 76.9% YoY, while interest-related income rose 49.7% YoY to US$76 million. Product upgrades continued to strengthen users' ability to trade precisely across markets and asset classes. Tiger Trade enhanced its crypto features with macro-level data and crypto holding company, helping users spot opportunities more easily and make more informed decisions. The intelligent investment research assistant, TigerAI, also saw rapid adoption — its user base grew nearly fivefold YoY, and conversations increased tenfold. Multiple AI Agent* functions were refined to deliver more accurate Q&As and deeper stock analysis. The upgraded Super Disclosure now enables wider sharing of trades and strategies, helping users learn from real performance and fine-tune their market timing. On desktop, new options backtesting and synchronized charting tools offer more intuitive strategy evaluation and better trade planning. Overall trading activity remained strong in Q3, with daily average revenue trades (DARTs) up 71.5% YoY. The enhanced 24-hour trading experience also drove nearly twofold YoY growth in after-hours US stock DARTs.

Following a strong second quarter, the Company's IPO subscription business continued to accelerate in Q3. Benefiting from an active Hong Kong IPO market, subscription volume on the platform doubled QoQ, with margin financing growth ranking first in the market**. Specifically, the number of subscribers rose 39.3% QoQ, while the total subscription amount jumped 121.5%.

In wealth management, AUC soared 123.1% YoY in Q3, and the number of Wealth clients rose 50.5%. "Tiger Vault" delivered solid growth, with total assets across markets rising over 156% YoY and client numbers increasing 57.1%. Growth was particularly strong in Hong Kong, where the AUC of "Tiger Vault" surged 339% YoY and 51.2% QoQ, and client numbers climbed 105% YoY and 25.5% QoQ. Structured notes also grew steadily, with trading volume up 59.9% QoQ and trading accounts up 53.4% QoQ. The Company's high-net-worth segment continued to deepen, with clients holding over US$1 million in assets, up 22.6% QoQ and fund holdings up 18%. The Company further strengthened its capabilities by securing an upgrade to its Hong Kong Type 9 license for virtual asset investment management, opening the door to broader digital-asset opportunities.

TradingFront, the Company's Turnkey Asset Management Platform (TAMP), also maintained healthy growth in Q3. With ongoing enhancements to its tools and investment solutions, AUC increased 17% QoQ, accompanied by double-digit growth in account numbers. Innovative referral client accounts rose 22.8% QoQ, helping advisors improve retention and revenue. New product upgrades included TradingFront AI, an intelligent investment research and analysis tool that offers advisors real-time portfolio analysis and market insights, and the Adviser Turbo sales tracking system, which provides a unified dashboard for monitoring account openings, assets under advisorship (AUA) by product, and other key growth metrics in real-time. The multi-quoter for structured notes, which supports real-time quotes from more than 10 issuers and offers proprietary win-rate reports, further boosted pricing accuracy and end-to-end workflow efficiency. 

Steady growth in investment banking business

ESOP revenue for the first three quarters up 50% YoY

In the third quarter, UP Fintech generated US$26.3 million in other revenues — including investment banking and Employee Stock Ownership Plan (ESOP) services — up 110% QoQ and 189.1% YoY. Investment banking continued to perform strongly, with the Company participating in 6 Hong Kong IPOs and follow-on offerings, and 10 US IPO and financing deals. It also served as the sole bookrunner for 5 US IPOs. Notable transactions included BOSS Zhipin, the Company's first Hong Kong follow-on offering project and the first of its kind in Hong Kong in recent years, Geek+'s Hong Kong IPO with a 30x oversubscribed international tranche, and Yimutian Inc., the largest fundraising among US-listed Chinese companies this quarter. In digital assets, the Company underwrote 5 US listings and financings, including acting as co-placement agent in Solana Company's US$500 million PIPE deal.

On the ESOP side, UponeShare added 46 new clients in Q3, such as Chifeng Gold, Nanshan Aluminium, CSPC Pharmaceutical Group, and Auntea Jenny — bringing total enterprise clients to 709. Supported by its independent market-oriented operations and growth in IPO-related services, UponeShare's revenue for the first three quarters increased more than 50% YoY.

Tiger Enterprise Account also expanded steadily, adding 17 new corporate clients — including Lens Technology, Jiaxin International Resources, Pateo Connect Technology, Zhou Liu Fu Jewellery, and Mininglamp Technology — bringing the total to 504. During the quarter, the Company co-hosted a "Tiger Research Group Recruitment" event with Refire Group, offering users an immersive visit to a hydrogen energy base; livestreamed the "WAIC 2025 Large Model Forum" to highlight industry trends; broadcast the global launch of the "FX Super One" and "FF Dual Flywheel & Dual Bridge Ecosystem Strategy"; and spotlighted the ETHK Labs–Guofu Quantum partnership, introducing their new on-chain finance and quantum technology ecosystem.

*Available in certain markets. 
**Ranked #1 in margin financing growth among brokers with over HKD 300B Q3 margin volume, according to AIPO Data.

View original content:https://www.prnewswire.com/news-releases/up-fintech-quarterly-revenue-and-profit-hit-record-high-global-client-assets-reach-us61-billion-302632776.html

SOURCE UP Fintech Holding Limited

FAQ

What were UP Fintech (TIGR) Q3 2025 revenue and net income?

Q3 2025 revenue was US$175.2M and non-GAAP net income attributable to shareholders was US$57.0M.

How many funded clients did TIGR report in Q3 2025 and what is the YoY change?

TIGR reported 1.22 million funded clients in Q3 2025, up 18.5% YoY.

What were UP Fintech (TIGR) total client assets and quarterly growth in Q3 2025?

Total client assets reached US$61.0 billion, rising 17.3% QoQ and 49.7% YoY.

How did trading activity for TIGR perform in Q3 2025?

Q3 2025 trading volume was US$209.4 billion, up 28.5% YoY, and DARTs rose 71.5% YoY.

What product and market expansions did UP Fintech (TIGR) announce in Q3 2025?

Q3 expansions included Nikkei futures in Hong Kong, crypto trading in New Zealand, CPFIA/SRS linking in Singapore, and TigerAI upgrades.

Did TIGR report any notable investment banking or ESOP revenue in Q3 2025?

Other revenue (including investment banking and ESOP) was US$26.3M in Q3, up 110% QoQ and 189.1% YoY.