UP Fintech Q1 Revenue Up 26.3% to US$154.9M, GAAP Net Loss US$26.9M
TIGR•UP Fintech’s Q1 revenue rose 26.3% YoY to US$154.9 million, with client assets up 28.4% YoY to US$58.9 billion and funded accounts growing 11.3% YoY to 1.28 million. A RMB411M (~US$59.7M) penalty drove a US$26.9M GAAP net loss, with management stressing no material operational impact.
1. Q1 Financial Performance
UP Fintech reported Q1 revenue of US$154.9 million, a 26.3% YoY increase, and operating income of US$47.6 million, up 17.5% YoY. GAAP net loss was US$26.9 million and non-GAAP net loss was US$23.8 million, compared with net income of US$30.4 million in Q1 last year.
2. Client Growth and Trading Activity
The firm added 28,900 funded accounts in the quarter, bringing total funded accounts to 1.2828 million (+11.3% YoY). Total trading volume rose 49% YoY to US$323.9 billion, and net asset inflows reached US$2.9 billion, lifting total client assets to US$58.9 billion (+28.4% YoY).
3. One-off Regulatory Penalty
A subsidiary penalty of RMB411 million (approximately US$59.7 million) was imposed for unlicensed cross-border securities and futures activities. This charge, recognized as a subsequent event, resulted in the GAAP net loss but is not expected to materially affect long-term operations.
4. Regional Highlights
In Singapore, net asset inflows topped US$1 billion and trading volume jumped 140.5% YoY. Hong Kong trading volume surged 536% YoY with orders up 89%. In the US, AUC grew 39% QoQ and stock trading volume rose 139% QoQ. Australia & New Zealand saw trading volumes climb 122% and 387% YoY, respectively.
