UP Fintech Holding Limited Reports Unaudited First Quarter 2024 Financial Results

Financial Performance - Total revenues for the first quarter of 2024 were US$78.9 million, reflecting a 19.0$27.8 million, up 9.2% from US$25.4 million in the same quarter last year, driven by higher trading volume [1][11] - Interest income rose to US$43.8 million, a 26.8% increase from US$34.6 million year-over-year, primarily due to increased margin financing and securities lending activities [1][11] - Net income attributable to ordinary shareholders was US$12.3 million, compared to US$8.0 million in the same quarter last year, marking a significant improvement [6][11] - Non-GAAP net income attributable to ordinary shareholders was US$14.7 million, a 42.4% increase year-over-year [6][11] Operating Costs and Expenses - Total operating costs and expenses were US$50.8 million, an increase of 10.6$45.9 million in the same quarter last year [2][5] - Employee compensation and benefits expenses rose to US$27.8 million, up 13.9$24.4 million year-over-year, due to an increase in global headcount [2][5] - Marketing and branding expenses decreased to US$4.4 million, down 15.3$5.2 million in the same quarter last year, as the company optimized its marketing strategy [5] Customer Growth and Market Position - The company added 28,800 new funded accounts in the first quarter, bringing the total to 933,400, a 15% increase year-over-year [3][11] - The total account balance increased by 103.8% year-over-year to US$32.9 billion, with a net asset inflow of US$5.3 billion in the first quarter [3][11] - The average net asset inflows for new funded clients in Singapore and Hong Kong were approximately US$14,000 and US$18,000 respectively, indicating successful market penetration [3][11] Product and Service Innovations - The company launched several localized products, including the Tiger BOSS Debit Card in Singapore, which allows users to earn fractional shares for every dollar spent [3] - In Hong Kong, the company introduced spot cryptocurrency trading services for professional investors, enhancing its service offerings [3] - The company obtained a Type 9 license from Hong Kong's Securities and Futures Commission to provide asset management services, expanding its capabilities [3]