UP Fintech (TIGR) investor relations material

Executive summary

• Total revenue reached a record $138.7 million, up 58.7% year over year and 13.1% quarter over quarter, driven by user base growth, client asset expansion, and enhanced product offerings.

• Net income attributable to shareholders was $41.4 million, up 36.2% sequentially and nearly 15x higher year over year; non-GAAP net income was $44.5 million, up 23.5% sequentially and nearly 8x year over year.

• Added 39,800 new funded accounts in Q2, with Singapore and Hong Kong as primary contributors; total funded accounts reached 1,192,700, a 21.4% year over year increase.

• Client assets hit a record $52.1 billion, up 13.5% quarter over quarter and 36.3% year over year, marking 11 consecutive quarters of growth.

• Total number of customer accounts reached 2,579,400 as of June 30, 2025.

Financial highlights

• Commission income was $64.8 million, up 90.1% year over year and 11.1% quarter over quarter; interest income was $58.7 million, up 32.8% year over year and 9% quarter over quarter.

• Margin financing and securities lending balance expanded to $5.7 billion, up 65.3% year over year.

• Non-GAAP net profit margin reached a record 32%, increasing for four consecutive quarters.

• Total operating costs were $71 million, up 3% year over year; general and administrative expense fell 67% due to a one-time bad debt provision last year.

• Cash and equivalents, term and long-term deposits were $514.0 million as of June 30, 2025.

Outlook and guidance

• Operating performance in Q3 to date remains strong, with trading activity and client assets showing high single-digit growth over Q2.

• Continued focus on acquiring high-quality users and maintaining robust net asset inflows, especially in Hong Kong and Singapore.

• Customer acquisition cost in Hong Kong expected to remain around $400, with a healthy payback period of about two quarters.

• On track to achieve annual target of 150,000 new customers with deposits for 2025.

• Management confident in continued growth, citing robust asset inflows and product diversification.