UP Fintech (TIGR) Q2 2025 earnings summary

Executive summary

• Achieved record total revenue of $139 million in Q2 2025, up 58.7% year-over-year and 13.1% quarter-over-quarter, driven by user base and client asset growth.

• Net income reached $41.4 million, up 36.2% sequentially and nearly 15 times higher year-over-year; non-GAAP net income was $44.5 million, up 23.5% sequentially and nearly 8.6 times year-over-year.

• Added 39,800 new funded accounts in Q2, with Singapore and Hong Kong as key markets; total funded accounts rose 21.4% year-over-year to 1,192,700.

• Total client assets hit $52.1 billion, up 13.5% quarter-over-quarter and 36.3% year-over-year, with strong inflows from retail investors.

• Operating profit and net profit for H1 2025 already exceeded the total for all of 2024.

Financial highlights

• Trading volume reached $284 billion in Q2 2025, driving a 90.1% year-over-year increase in commission income to $64.8 million.

• Interest income was $58.7 million, up 32.8% year-over-year; margin financing and securities lending balance grew 65.3% year-over-year to $5.7 billion.

• Other revenues reached $12.5 million, up 100.1% year-over-year, led by wealth management, exchange, and IPO income.

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

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

Outlook and guidance

• Q3 to date shows higher average monthly trading volume and a high single-digit percent increase in client assets compared to Q2.

• 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.

• Net asset inflow trend remains positive, with retail clients as major contributors.

• Continued focus on user quality and net asset inflows, especially in Hong Kong.