UP Fintech Holding Limited Reports Unaudited Fourth Quarter And Full Year 2024 Financial Results

Core Viewpoint - UP Fintech Holding Limited reported significant growth in both financial and operational performance for the fourth quarter and full year of 2024, achieving record revenues and net income [2][6]. Financial Highlights for Fourth Quarter 2024 - Total revenue reached US$124.1 million, a sequential increase of 22.8% and a year-over-year growth of 77.3% [2][6]. - Net income attributable to ordinary shareholders was US$28.1 million, representing a quarter-over-quarter growth of 58.0% and a turnaround from a net loss of US$1.8 million in the same quarter of the previous year [2][7]. - Non-GAAP net income attributable to ordinary shareholders was US$30.5 million, a quarter-over-quarter increase of 51.7% and a year-over-year increase of 2772.5% [2][7]. Financial Highlights for Fiscal Year 2024 - Total revenue for the year amounted to US$391.5 million, a 43.7% increase from 2023 [7][18]. - Net income attributable to ordinary shareholders for the year was US$60.7 million, an increase of 86.5% compared to the previous year [7][24]. - Non-GAAP net income for the year was US$70.5 million, a 65.0% increase from 2023 [7][25]. Operating Highlights as of Year End 2024 - The total number of customers with deposits reached 1,092,000, a 20.7% increase year-over-year [3][7]. - The total account balance rose to US$41.7 billion, reflecting a 36.4% year-over-year increase [7][19]. - The company added 59,200 customers with deposits in the fourth quarter, exceeding its yearly guidance of 150,000 [3][7]. Selected Operating Data for Fourth Quarter 2024 - The number of customer accounts increased to 2,449,300, up from 2,195,700 in the same quarter of the previous year [5][39]. - Trading volume reached US$198.0 billion, a significant increase from US$81.8 billion in the same quarter of the previous year [5][39]. - The number of options and futures contracts traded was 18,926.3 thousand, up from 8,044.5 thousand in the same quarter of the previous year [5][39]. Product and Service Developments - The company launched a licensed cryptocurrency trading platform in Hong Kong and upgraded its AI investment assistant, TigerGPT, to TigerAI, integrating leading AI models [4][34]. - The corporate business performed well, underwriting 14 U.S. and Hong Kong IPOs in the fourth quarter, totaling 44 for the year [5][34].