UP Fintech (TIGR) Q3 2025 earnings summary

Executive summary

• Achieved record total revenue of $175.2 million, up 73.3% year-over-year and 26.3% quarter-over-quarter, with all revenue streams and profits reaching historic 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 Singapore and Hong Kong as key growth markets; total funded accounts rose 18.5% year-over-year to 1,224,200.

• Total client assets hit a record $61 billion, up 17.3% quarter-over-quarter and 49.7% year-over-year, with 12 consecutive quarters of growth.

• Customer growth and asset inflows were driven by strong performance in Singapore and Hong Kong.

Financial highlights

• Commission income was $72.9 million, up 77% year-over-year and 13% quarter-over-quarter; interest income was $73.2 million, up 53% year-over-year and 25% quarter-over-quarter.

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

• Interest expense was $21.9 million, up 40% year-over-year; total operating costs were $89.4 million, up 51% year-over-year, with notable increases in employee compensation and marketing.

• Cash equity take rate increased to 7.1 basis points from 6.4 in the prior quarter, driven by higher trading volume in low-priced US stocks.

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

Outlook and guidance

• Already achieved annual guidance of 150,000 new funded accounts for the year.

• Q4 new funded accounts expected to be in line with Q3; net asset inflow remains robust, with some mark-to-market losses due to market volatility.

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

• Clearing cost rate is expected to remain at historic lows due to regulatory fee changes and self-clearing.