UP Fintech (TIGR) Q1 2024 earnings summary

Executive summary

• Q1 2024 total revenue reached $78.9 million, up 19% year-over-year and 13% quarter-over-quarter.

• GAAP net income turned positive at $12.3 million, up 55% year-over-year, reversing a prior quarter loss.

• Non-GAAP net income was $14.7 million, up 42% year-over-year and 12.9 times higher sequentially.

• 28,800 new funded accounts added in Q1, total funded accounts rose 15% year-over-year to 933,400; over 35,000 new funded clients acquired in the first two months of Q2.

• Total client assets reached $32.9 billion, up 104% year-over-year, with net asset inflows of $5.3 billion in Q1.

Financial highlights

• Commission income reached $27.8 million, up 9% year-over-year and 27% quarter-over-quarter.

• Interest income was $43.8 million, up 27% year-over-year and 10% quarter-over-quarter.

• Financing service fees slightly decreased 0.7% year-over-year to $2.8 million.

• Other revenues increased 30% year-over-year to $4.5 million, mainly from currency exchange services.

• Interest expense rose 76% year-over-year to $14.8 million; total operating costs increased 11% year-over-year to $50.8 million.

Outlook and guidance

• Confident in achieving full-year guidance of at least 150,000 new funded accounts in 2024, with April and May new accounts already exceeding Q1 additions.

• Market activity and client net asset inflows remain robust in Q2, with stable interest rate income and increased Hong Kong trading volume.