UP Fintech Holding Limited Reports Unaudited First Quarter 2025 Financial Results

Core Viewpoint - UP Fintech Holding Limited reported strong financial results for the first quarter of 2025, with significant year-over-year growth in revenues and net income, driven by increased trading volume and customer acquisition. Financial Highlights - Total revenues reached US$122.6 million, a 55.3$78.9 million [6][10] - Net income attributable to ordinary shareholders was US$30.4 million, up 146.7$12.3 million [10][15] - Non-GAAP net income attributable to ordinary shareholders was US$36.0 million, a 145.0$14.7 million in the same quarter last year [10][16] Customer Growth and Engagement - The company added 60,900 new customers with deposits in the first quarter, achieving 40% of its annual guidance of 150,000 new customers for 2025 [3] - Total number of customers with deposits increased to 1,152,900, a 23.5% rise compared to the same quarter last year [10] - Net asset inflow was US$3.4 billion, with a total account balance reaching US$45.9 billion, marking a 39.5% year-over-year increase [3][10] Operating Performance - Commissions generated were US$58.3 million, a 109.8$27.8 million in the same quarter last year, attributed to higher trading volume [6][10] - Interest income rose to US$53.8 million, a 22.7$43.8 million year-over-year, driven by margin financing and securities lending activities [7][10] - Total operating costs and expenses were US$67.1 million, up 32.1$50.8 million in the same quarter last year [11][10] Product and Service Enhancements - New features were introduced to enhance user experience, including cryptocurrency deposit and withdrawal options for retail and professional investors [4] - The company launched Delivery Versus Payment (DVP) functionality and equity repo services to better serve institutional clients [4] - Tiger AI was improved to support portfolio analysis and risk alerts, enhancing investment decision-making for users [4] Corporate Activities - The company underwrote 4 Hong Kong IPOs in the first quarter, including notable listings such as "Chifeng Gold" and "Nanshan Aluminum" [5] - The ESOP business added 20 new clients, bringing the total to 633 as of March 31, 2025 [5]