UP Fintech (TIGR) Q1 2024 earnings summary

Executive summary

• Added 28,800 new funded accounts in Q1 2024, reaching 933,400 total, up 15% year-over-year.

• Net asset inflows of $5.3 billion in Q1, with total client assets at $32.9 billion, up 7% sequentially and 104% year-over-year.

• Strong client acquisition in Singapore and Hong Kong, with high average net inflows per new client ($14,000 in Singapore, $18,000 in Hong Kong).

• Launched new products and features, including Tiger BOSS debit card, Cash Boost Account, overnight trading, and crypto trading for professional investors.

• GAAP net income attributable to shareholders was $12.3 million, reversing a prior quarter loss and up 55% year-over-year.

Financial highlights

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

• Commission income was $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.

• Interest expense rose 76% year-over-year to $14.8 million, reflecting a high interest rate environment.

• Total operating costs and expenses were $50.8 million, up 10.6% year-over-year, with employee compensation rising 13.9%.

Outlook and guidance

• Confident in achieving full-year guidance of at least 150,000 new funded accounts in 2024.

• Strong client acquisition and asset inflow momentum continued into Q2, with over 35,000 new funded users in April and May.

• Market activity and trading volume remain robust, with diversified growth in Hong Kong and U.S. trading.