UP Fintech Reports Strong Growth in 2024 Earnings

Up Fintech Holding ( (TIGR) ) has released its Q4 earnings. Here is a breakdown of the information Up Fintech Holding presented to its investors.

UP Fintech Holding Limited, a prominent online brokerage firm, specializes in providing global investors with access to equities and other financial instruments through its advanced mobile and online trading platforms. The company is recognized for its innovative products and services, as well as its ‘mobile first’ strategy, which enhances user experience and customer retention.

In its latest earnings report, UP Fintech Holding Limited announced significant financial growth for the fourth quarter and full year of 2024. The company reported a 77.3% year-over-year increase in total revenue for the fourth quarter, reaching $124.1 million, and a 43.7% increase for the full year, totaling $391.5 million. This growth was accompanied by a substantial rise in net income, with the fourth quarter seeing a net income of $28.1 million compared to a net loss in the same period last year.

Key financial metrics highlighted in the report include a 58% quarter-over-quarter growth in net income attributable to ordinary shareholders, reaching $28.1 million in the fourth quarter. The non-GAAP net income saw an impressive year-over-year increase of 2772.5%, amounting to $30.5 million. Additionally, the total account balance rose to a record $41.7 billion, marking a 36.4% year-over-year increase, driven by robust asset inflows primarily from retail investors.

Strategically, UP Fintech continued its international expansion and technological advancements. The company received approval for its cryptocurrency platform in Hong Kong and upgraded its AI investment assistant, TigerAI, integrating it with leading AI models. Furthermore, UP Fintech underwrote 44 U.S. and Hong Kong IPOs in 2024, showcasing its strong corporate business performance.

Looking ahead, UP Fintech’s management remains optimistic about the company’s growth trajectory, driven by its internationalization strategy and resilient business model. The firm aims to continue enhancing its product offerings and expanding its global presence, positioning itself for sustained success in the competitive online brokerage industry.