UP Fintech (TIGR) Q4 2024 earnings summary

Executive summary

• Q4 and full year 2024 delivered record financial and operational results, with substantial growth in revenue, net income, and client base, driven by expanded product offerings and active markets in the U.S. and Hong Kong.

• Customer acquisition and asset inflows exceeded guidance, with total funded accounts and client assets reaching all-time highs.

• Expanded product suite included a licensed crypto platform in Hong Kong and the launch of an upgraded AI investment assistant.

Financial highlights

• Q4 total revenue was $124.1 million, up 22.8% quarter-over-quarter and 77.3% year-over-year; full year revenue reached $391.5 million, a 43.7% increase from 2023.

• Q4 GAAP net income was $28.1 million, up from a $1.8 million loss in Q4 2023; full year GAAP net income was $60.7 million, up 86.5% year-over-year.

• Q4 non-GAAP net income was $30.5 million, up 2772.5% year-over-year; full year non-GAAP net income was $70.5 million, up 65%.

• Q4 commissions rose 154.9% to $56.0 million; interest income up 39.6% to $55.8 million; other revenues up 96.2% to $9.6 million.

• Operating costs and expenses for Q4 were $73.1 million, up 39.3% year-over-year; full year operating costs were $252.3 million, up 30.9%.

Outlook and guidance

• Targeting 150,000 new funded clients in 2025, focusing on user quality and ROI, with expectations for higher growth in Hong Kong and U.S. markets if conditions are favorable.

• Management expects further growth from new product launches and a resilient business model, with improvement in customer quality metrics such as average client assets and RPU for new users.