UP Fintech (TIGR) investor relations material

Executive summary

• Achieved record total revenue of $175.2 million in Q3 2025, up 73.3% year-over-year and 26.3% quarter-over-quarter, with all licensed entities profitable and all revenue streams hitting record highs.

• Net income attributable to shareholders was $53.8 million, up 30% sequentially and nearly tripling year-over-year; non-GAAP net profit reached $57 million, up 28.2% quarter-over-quarter and 2.8 times year-over-year.

• Added 31,500 new funded accounts in Q3, with Hong Kong and Singapore as key growth markets; annual new account target already met, and total customers with deposits reached 1,224,200, up 18.5% year-over-year.

• Total account balance reached a record $61.0 billion, up 49.7% year-over-year.

• All licensed entities were profitable in Q3.

Financial highlights

• Commission income was $72.9 million, up 77% year-over-year and 13% quarter-over-quarter, driven by higher trading volume.

• Interest income reached $73.2 million, up 53% year-over-year and 25% quarter-over-quarter, due to increased margin financing and securities lending.

• Other revenues rose 189.1% to $26.3 million, mainly from IPO distribution and wealth management services.

• Total operating costs were $89.4 million, up 51% year-over-year, with notable increases in employee compensation and marketing.

• Non-GAAP net profit margin expanded to 33% in Q3.

Outlook and guidance

• Trading volume in the first two months of Q4 is already on par with Q3, with futures trading volume increasing.

• Net asset inflow in Q4 remains robust and is expected to slightly exceed Q3.

• New funded accounts in Q4 are expected to be similar to Q3, with continued focus on user quality.

• Management expects continued growth through user quality focus and product diversification.

• Annual target of 150,000 new customers with deposits for 2025 was effectively achieved by Q3.