UP Fintech Holding Limited (NASDAQ: TIGR) (“UP Fintech” or the
“Company”), a leading online brokerage firm focusing on global
investors, today announced its unaudited financial results for the
third quarter ended September 30, 2024.
Mr. Wu Tianhua, Chairman and CEO of UP Fintech
stated: “Both of our financial and operating performance have
achieved significant growth in the third quarter. Total revenue
reached US$101.1 million, a historical high and representing a
sequential increase of 15.6% and a year-over-year growth of 44.1%.
Bottom line also largely increased in GAAP and non-GAAP basis. Net
income attributable to ordinary shareholders of UP Fintech reached
US$17.8 million, representing a quarter-over-quarter growth of
584.6% and a year-over-year growth of 34.0%. Non-GAAP net income
attributable to ordinary shareholders of UP Fintech amounted to
US$20.1 million, a quarter-over-quarter increase of 286.5% and a
year-over-year increase of 25.6%.
In the third quarter, we added 50,500 customers
with deposits, more than doubled from a year ago and the total
number of customers with deposits at the end of the third quarter
reached approximately 1,032,800. We took advantage of the active
market condition in October and by now we have already achieved our
annual guidance of acquiring 150,000 newly customers with deposits.
Driven by strong net asset inflow from retail clients and mark to
market gains, total account balance further increased 6.7%
quarter-over-quarter and 115.9% year-over-year to US$40.8 billion,
setting another historic high.
We continued to add new products on our platform
to enhance user experience, which we believe is key to our
long-term success. In the third quarter, we officially launched
Hong Kong stock option trading and short selling. In early
November, we have upgraded the Hong Kong stock option feature by
offering weekly option in addition to monthly option. Additionally,
in September, we introduced the Tiger Boss debit card, along with
the T+0 automatic subscription and redemption feature for our
wealth management product, Tiger Vault. This integration allows
users to manage their investment portfolios more conveniently,
seamlessly bridging daily spending, wealth management, and stock
investments.
Our corporate businesses continued to perform
well in the third quarter of 2024. During this period, we
underwrote a total of 13 U.S. and Hong Kong IPOs, including “NIP
Group” and “Voicecomm Technology” and we served as the exclusive
lead bank for the U.S. IPOs of “NIP Group” and “XCHG Limited”. In
our ESOP business, we added 18 new clients in the third quarter,
bringing the total number of ESOP clients served to 597 as of
September 30, 2024.”
Financial Highlights for Third Quarter
2024
- Total revenues increased 44.1% year-over-year
to US$101.1 million.
- Total net revenues increased 47.1%
year-over-year to US$85.4 million.
- Net income attributable to ordinary shareholders of UP
Fintech was US$17.8 million compared to a net income of
US$13.2 million in the same quarter of last year, an increase of
34.0%.
- Non-GAAP net income attributable to ordinary
shareholders of UP Fintech was US$20.1 million, compared
to a non-GAAP net income of US$16.0 million in the same quarter of
last year, an increase of 25.6%. A reconciliation of non-GAAP
financial metrics to the most comparable GAAP metrics is set forth
below.
Operating Highlights for Third Quarter
2024
- Total account balance increased 115.9%
year-over-year to US$40.8 billion.
- Total margin financing and securities lending
balance increased 101.8% year-over-year to US$4.5
billion.
- Total number of customers with deposit
increased 19.3% year-over-year to 1,032,800.
Selected Operating Data for Third Quarter
2024
|
|
As of and for the three months ended |
|
|
|
September 30, |
|
|
June 30, |
|
|
September 30, |
|
|
|
2023 |
|
|
2024 |
|
|
2024 |
|
In 000’s |
|
|
|
|
|
|
|
|
|
Number of customer accounts |
|
|
2,147.9 |
|
|
|
2,307.9 |
|
|
|
2,368.0 |
|
Number of customers with deposits |
|
|
865.5 |
|
|
|
982.3 |
|
|
|
1,032.8 |
|
Number of options and futures contracts traded |
|
|
8,140.2 |
|
|
|
12,175.1 |
|
|
|
15,261.2 |
|
In USD millions |
|
|
|
|
|
|
|
|
|
Trading volume |
|
|
80,250.7 |
|
|
|
105,860.0 |
|
|
|
162,990.0 |
|
Trading volume of stocks |
|
|
22,147.8 |
|
|
|
33,504.7 |
|
|
|
41,406.3 |
|
Total account balance |
|
|
18,878.5 |
|
|
|
38,188.6 |
|
|
|
40,763.6 |
|
Third Quarter 2024 Financial
Results
REVENUES
Total revenues were US$101.1 million, an
increase of 44.1% from US$70.1 million in the same quarter of last
year.
Commissions were US$41.2 million, an increase of
77.7% from US$23.2 million in the same quarter of last year, due to
an increase in trading volume.
Financing service fees were US$2.8 million, a
decrease of 15.2% from US$3.3 million in the same quarter of last
year, primarily due to a decrease in margin financing and
securities lending activities of our fully disclosed account
customers.
Interest income was US$48.0 million, an increase
of 25.2% from US$38.3 million in the same quarter of last year,
primarily due to the increase in margin financing and securities
lending activities of our consolidated account customers.
Other revenues were US$9.1 million, an increase
of 69.8% from US$5.4 million in the same quarter of last year,
primarily due to the increase in IPO subscription incomes.
Interest expense was US$15.7 million, an
increase of 29.4% from US$12.1 million in the same quarter of last
year, primarily due to the increase in margin financing and
securities lending activities.
OPERATING COSTS AND
EXPENSES
Total operating costs and expenses were US$59.3
million, an increase of 21.7% from US$48.8 million in the same
quarter of last year.
Execution and clearing expenses were US$3.5
million, an increase of 48.3% from US$2.4 million in the same
quarter of last year due to an increase in our trading volume.
Employee compensation and benefits expenses were
US$28.8 million, an increase of 10.8% from US$26.0 million in the
same quarter of last year, primarily due to an increase of global
headcount to support our global expansion.
Occupancy, depreciation and amortization
expenses were US$2.2 million, a slight decrease of 3.2% from US$2.2
million in the same quarter of last year.
Communication and market data expenses were
US$9.7 million, an increase of 28.4% from US$7.6 million in the
same quarter of last year due to increased IT-related fees.
Marketing and branding expenses were US$8.2
million, an increase of 59.2% from US$5.2 million in the same
quarter of last year, primarily due to higher marketing spending
this quarter.
General and administrative expenses were US$6.9
million, an increase of 27.3% from US$5.4 million in the same
quarter of last year due to the increase in professional service
expense and general expenses resulting from business expansion and
changes.
NET INCOME attributable
to ordinary shareholders of UP Fintech
Net income attributable to ordinary shareholders
of UP Fintech was US$17.8 million, as compared to a net income of
US$13.2 million in the same quarter of last year. Net income per
ADS – diluted was US$0.110, as compared to a net income per ADS –
diluted of US$0.083 in the same quarter of last year.
Non-GAAP net income attributable to ordinary
shareholders of UP Fintech, which excludes share-based
compensation, was US$20.1 million, as compared to a US$16.0 million
non-GAAP net income attributable to ordinary shareholders of UP
Fintech in the same quarter of last year. Non-GAAP net income per
ADS – diluted was US$0.124 as compared to a non-GAAP net income per
ADS – diluted of US$0.100 in the same quarter of last year.
For the third quarter of 2024, the Company’s
weighted average number of ADSs used in calculating non-GAAP net
income per ADS – diluted was 164,482,794. As of September 30, 2024,
the Company had a total of 2,373,182,132 Class A and B ordinary
shares outstanding, or the equivalent of 158,212,142 ADSs.
CERTAIN OTHER FINANCIAL
ITEMS
As of September 30, 2024, the Company’s cash and
cash equivalents, term deposits and long-term deposits were
US$432.3 million, compared to US$327.7 million as of December 31,
2023.
As of September 30, 2024, the allowance balance
of receivables from customers was US$15.7 million compared to
US$1.0 million as of December 31, 2023, which was due to a bad
debt provision concerning the recoverability of a specific Hong
Kong stock pledge business faced with extreme market situation and
significant price drop, leading to a provision for the loan
balance.
Conference Call Information:
UP Fintech’s management will hold an earnings
conference call at 8:00 AM on November 12, 2024, U.S. Eastern Time
(9:00 PM on November 12, 2024, Singapore/Hong Kong Time).
All participants wishing to attend the call must
preregister online before they may receive the dial-in numbers.
Preregistration may require a few minutes to complete.
Preregistration Information:
Please note that all participants will need to
pre-register for the conference call, using the link:
https://register.vevent.com/register/BI98badd2259764082bdf9df7a4e175bd8
It will automatically lead to the registration
page of “UP Fintech Holding Limited Third Quarter 2024 Earnings
Conference Call”, where details for RSVP are needed.
Upon registering, all participants will be
provided in confirmation emails with participant dial-in numbers
and personal PINs to access the conference call. Please dial in 10
minutes prior to the call start time using the conference access
information.
Additionally, a live and archived webcast of the
conference call will be available at https://ir.itigerup.com
Use of Non-GAAP Financial
Measures
In evaluating our business, we consider and use
non-GAAP net loss or income attributable to ordinary shareholders
of UP Fintech and non-GAAP net loss or income per ADS - diluted as
supplemental measures to review and assess our operating
performance. The presentation of the non-GAAP financial measures is
not intended to be considered in isolation or as a substitute for
the financial information prepared and presented in accordance with
the United States Generally Accepted Accounting Principles (“U.S.
GAAP”). We define non-GAAP net loss or income attributable to
ordinary shareholders of UP Fintech as net loss or income
attributable to ordinary shareholders of UP Fintech excluding
share-based compensation. Non-GAAP net loss or income per ADS -
diluted is non-GAAP net loss or income attributable to ordinary
shareholders of UP Fintech divided by the weighted average number
of diluted ADSs.
We present these non-GAAP financial measures
because they are used by our management to evaluate our operating
performance and formulate business plans. Non-GAAP net loss or
income attributable to ordinary shareholders of UP Fintech enables
our management to assess our operating results without considering
the impact of share-based compensation. We also believe that the
use of these non-GAAP financial measures facilitates investors'
assessment of our operating performance.
These non-GAAP financial measures are not
defined under U.S. GAAP and are not presented in accordance with
U.S. GAAP. These non-GAAP financial measures have limitations as an
analytical tool. One of the key limitations of using these non-GAAP
financial measures is that they do not reflect all items of income
and expenses that affect our operations. Share-based compensation
has been and may continue to be incurred in our business and are
not reflected in the presentation of non-GAAP net loss or income
attributable to ordinary shareholders of UP Fintech. Further, these
non-GAAP financial measures may differ from the non-GAAP financial
information used by other companies, including peer companies, and
therefore their comparability may be limited.
These non-GAAP financial measures should not be
considered in isolation or construed as alternatives to total
operating costs and expenses, net loss or income attributable to
ordinary shareholders of UP Fintech or any other measure of
performance or as an indicator of our operating performance.
Investors are encouraged to review these historical non-GAAP
financial measures in light of the most directly comparable GAAP
measures. These non-GAAP financial measures presented here may not
be comparable to similarly titled measures presented by other
companies. Other companies may calculate similarly titled measures
differently, limiting the usefulness of such measures when
analyzing our data comparatively. We encourage investors and others
to review our financial information in its entirety and not rely on
a single financial measure.
About UP Fintech Holding
Limited
UP Fintech Holding Limited is a leading online
brokerage firm focusing on global investors. The Company’s
proprietary mobile and online trading platform enables investors to
trade in equities and other financial instruments on multiple
exchanges around the world. The Company offers innovative products
and services as well as a superior user experience to customers
through its “mobile first” strategy, which enables it to better
serve and retain current customers as well as attract new ones. The
Company offers customers comprehensive brokerage and value-added
services, including trade order placement and execution, margin
financing, IPO subscription, ESOP management, investor education,
community discussion and customer support. The Company’s
proprietary infrastructure and advanced technology are able to
support trades across multiple currencies, multiple markets,
multiple products, multiple execution venues and multiple
clearinghouses.
For more information on the Company, please
visit: https://ir.itigerup.com.
Safe Harbor Statement
This announcement contains forward−looking
statements. These statements are made under the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These forward−looking statements can be identified by
terminology such as “may,” “might,” “aim,” “likely to,” “will,”
“expects,” “anticipates,” “future,” “intends,” “plans,” “believes,”
“estimates” and similar statements or expressions. Among other
statements, the business outlook and quotations from management in
this announcement, the Company’s strategic and operational plans
and expectations regarding growth and expansion of its business
lines, and the Company’s plans for future financing of its business
contain forward-looking statements. The Company may also make
written or oral forward-looking statements in its periodic reports
to the U.S. Securities and Exchange Commission (“SEC”) on Forms
20−F and 6−K, in its annual report to shareholders, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties, including
the earnings conference call. Statements that are not historical
facts, including statements about the Company’s beliefs and
expectations, are forward−looking statements. Forward−looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: the Company’s ability to effectively
implement its growth strategies; trends and competition in global
financial markets; changes in the Company’s revenues and certain
cost or expense accounting policies; and governmental policies and
regulations affecting the Company’s industry and general economic
conditions in China, Singapore and other countries. Further
information regarding these and other risks is included in the
Company’s filings with the SEC, including the Company’s annual
report on Form 20-F filed with the SEC on April 22, 2024. All
information provided in this press release and in the attachments
is as of the date of this press release, and the Company undertakes
no obligation to update any forward-looking statement, except as
required under applicable law. Further information regarding these
and other risks is included in the Company’s filings with the
SEC.
For investor and media inquiries please
contact:
Investor Relations Contact
UP Fintech Holding Limited
Email: ir@itiger.com
UP FINTECH HOLDING
LIMITEDUNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS(All amounts in U.S. dollars
(“US$”)) |
|
|
|
As ofDecember 31, |
|
|
As ofSeptember 30, |
|
|
|
2023 |
|
|
2024 |
|
|
|
US$ |
|
|
US$ |
|
Assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
|
322,599,616 |
|
|
|
429,951,960 |
|
Cash-segregated for regulatory purpose |
|
|
1,617,154,185 |
|
|
|
2,509,390,812 |
|
Term deposits |
|
|
896,683 |
|
|
|
924,530 |
|
Receivables from customers (net of allowance of US$991,286
andUS$15,728,761 as of December 31, 2023 and September 30,
2024) |
|
|
753,361,199 |
|
|
|
849,083,061 |
|
Receivables from brokers, dealers, and clearing organizations |
|
|
541,876,929 |
|
|
|
2,390,770,795 |
|
Financial instruments held, at fair value |
|
|
428,159,554 |
|
|
|
96,104,529 |
|
Prepaid expenses and other current assets |
|
|
17,936,180 |
|
|
|
20,053,858 |
|
Amounts due from related parties |
|
|
7,987,756 |
|
|
|
10,002,209 |
|
Total current assets |
|
|
3,689,972,102 |
|
|
|
6,306,281,754 |
|
Non-current assets: |
|
|
|
|
|
|
Long-term deposits |
|
|
4,225,412 |
|
|
|
1,424,989 |
|
Right-of-use assets |
|
|
9,067,885 |
|
|
|
12,267,414 |
|
Property, equipment and intangible assets, net |
|
|
16,429,543 |
|
|
|
16,090,295 |
|
Goodwill |
|
|
2,492,668 |
|
|
|
2,492,668 |
|
Long-term investments |
|
|
7,586,483 |
|
|
|
7,417,207 |
|
Equity method investment |
|
|
— |
|
|
|
10,094,958 |
|
Other non-current assets |
|
|
5,282,012 |
|
|
|
7,448,365 |
|
Deferred tax assets |
|
|
10,990,998 |
|
|
|
11,077,569 |
|
Total non-current assets |
|
|
56,075,001 |
|
|
|
68,313,465 |
|
Total assets |
|
|
3,746,047,103 |
|
|
|
6,374,595,219 |
|
Current liabilities: |
|
|
|
|
|
|
Payables to customers |
|
|
2,913,306,558 |
|
|
|
3,576,928,825 |
|
Payables to brokers, dealers and clearing organizations: |
|
|
114,771,931 |
|
|
|
1,998,452,968 |
|
Accrued expenses and other current liabilities |
|
|
42,381,946 |
|
|
|
52,316,609 |
|
Deferred income-current |
|
|
819,809 |
|
|
|
— |
|
Lease liabilities-current |
|
|
4,133,883 |
|
|
|
4,288,796 |
|
Amounts due to related parties |
|
|
10,148,142 |
|
|
|
29,860,094 |
|
Total current liabilities |
|
|
3,085,562,269 |
|
|
|
5,661,847,292 |
|
Convertible bonds |
|
|
156,887,691 |
|
|
|
158,841,594 |
|
Lease liabilities-non-current |
|
|
4,777,134 |
|
|
|
7,321,496 |
|
Deferred tax liabilities |
|
|
3,397,831 |
|
|
|
2,141,790 |
|
Total liabilities |
|
|
3,250,624,925 |
|
|
|
5,830,152,172 |
|
Mezzanine equity |
|
|
|
|
|
|
Redeemable non-controlling interests |
|
|
6,706,660 |
|
|
|
7,288,577 |
|
Total Mezzanine equity |
|
|
6,706,660 |
|
|
|
7,288,577 |
|
Shareholders’ equity: |
|
|
|
|
|
|
Class A ordinary shares |
|
|
22,528 |
|
|
|
22,755 |
|
Class B ordinary shares |
|
|
976 |
|
|
|
976 |
|
Additional paid-in capital |
|
|
505,448,080 |
|
|
|
512,363,733 |
|
Statutory reserve |
|
|
8,511,039 |
|
|
|
8,511,039 |
|
Retained earnings (Accumulated deficit) |
|
|
(19,600,434 |
) |
|
|
13,543,386 |
|
Treasury stock |
|
|
(2,172,819 |
) |
|
|
(2,172,819 |
) |
Accumulated other comprehensive (loss) income |
|
|
(3,232,993 |
) |
|
|
5,189,270 |
|
Total UP Fintech shareholders’ equity |
|
|
488,976,377 |
|
|
|
537,458,340 |
|
Non-controlling interests |
|
|
(260,859 |
) |
|
|
(303,870 |
) |
Total equity |
|
|
488,715,518 |
|
|
|
537,154,470 |
|
Total liabilities, mezzanine equity and
equity |
|
|
3,746,047,103 |
|
|
|
6,374,595,219 |
|
|
|
|
|
|
|
|
|
|
UP FINTECH HOLDING LIMITEDUNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME/(LOSS)(All amounts in U.S. dollars (“US$”),
except for number of shares (or ADSs) and per share (or ADS)
data) |
|
|
|
|
|
For the three months ended |
|
|
For the nine months ended |
|
|
|
September 30, |
|
|
June 30, |
|
|
September 30, |
|
|
September 30, |
|
|
September 30, |
|
|
|
2023 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commissions |
|
|
23,188,375 |
|
|
|
34,086,778 |
|
|
|
41,207,882 |
|
|
|
70,638,871 |
|
|
|
103,080,878 |
|
Interest related income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing service fees |
|
|
3,307,720 |
|
|
|
2,905,198 |
|
|
|
2,803,878 |
|
|
|
9,003,889 |
|
|
|
8,541,141 |
|
Interest income |
|
|
38,298,414 |
|
|
|
44,193,949 |
|
|
|
47,957,486 |
|
|
|
109,334,691 |
|
|
|
135,992,655 |
|
Other revenues |
|
|
5,351,702 |
|
|
|
6,251,083 |
|
|
|
9,084,834 |
|
|
|
13,549,184 |
|
|
|
19,824,906 |
|
Total revenues |
|
|
70,146,211 |
|
|
|
87,437,008 |
|
|
|
101,054,080 |
|
|
|
202,526,635 |
|
|
|
267,439,580 |
|
Interest expense |
|
|
(12,130,614 |
) |
|
|
(13,581,981 |
) |
|
|
(15,700,359 |
) |
|
|
(30,961,919 |
) |
|
|
(44,072,175 |
) |
Total net revenues |
|
|
58,015,597 |
|
|
|
73,855,027 |
|
|
|
85,353,721 |
|
|
|
171,564,716 |
|
|
|
223,367,405 |
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Execution and clearing |
|
|
(2,372,142 |
) |
|
|
(2,807,006 |
) |
|
|
(3,518,611 |
) |
|
|
(6,839,304 |
) |
|
|
(8,556,480 |
) |
Employee compensation and benefits |
|
|
(25,976,638 |
) |
|
|
(28,645,229 |
) |
|
|
(28,769,980 |
) |
|
|
(74,291,713 |
) |
|
|
(85,202,427 |
) |
Occupancy, depreciation and amortization |
|
|
(2,235,084 |
) |
|
|
(2,109,688 |
) |
|
|
(2,162,704 |
) |
|
|
(7,196,446 |
) |
|
|
(6,416,729 |
) |
Communication and market data |
|
|
(7,579,357 |
) |
|
|
(8,813,405 |
) |
|
|
(9,730,680 |
) |
|
|
(22,299,360 |
) |
|
|
(27,105,567 |
) |
Marketing and branding |
|
|
(5,163,903 |
) |
|
|
(6,407,744 |
) |
|
|
(8,223,404 |
) |
|
|
(15,069,095 |
) |
|
|
(19,022,135 |
) |
General and administrative |
|
|
(5,447,961 |
) |
|
|
(20,246,128 |
) |
|
|
(6,932,672 |
) |
|
|
(14,497,733 |
) |
|
|
(32,845,937 |
) |
Total operating costs and expenses |
|
|
(48,775,085 |
) |
|
|
(69,029,200 |
) |
|
|
(59,338,051 |
) |
|
|
(140,193,651 |
) |
|
|
(179,149,275 |
) |
Other income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Others, net |
|
|
6,725,131 |
|
|
|
1,405,013 |
|
|
|
(5,189,945 |
) |
|
|
14,812,226 |
|
|
|
(169,713 |
) |
Income before income tax |
|
|
15,965,643 |
|
|
|
6,230,840 |
|
|
|
20,825,725 |
|
|
|
46,183,291 |
|
|
|
44,048,417 |
|
Income tax expenses |
|
|
(2,592,703 |
) |
|
|
(3,486,260 |
) |
|
|
(2,907,080 |
) |
|
|
(11,487,671 |
) |
|
|
(10,921,637 |
) |
Net income |
|
|
13,372,940 |
|
|
|
2,744,580 |
|
|
|
17,918,645 |
|
|
|
34,695,620 |
|
|
|
33,126,780 |
|
Less: net (loss) income attributable to non-controlling
interests |
|
|
(21,550 |
) |
|
|
(2,479 |
) |
|
|
3,353 |
|
|
|
(96,992 |
) |
|
|
(17,040 |
) |
Accretion of redeemable non-controlling interests to redemption
value |
|
|
(144,700 |
) |
|
|
(153,837 |
) |
|
|
(160,998 |
) |
|
|
(393,563 |
) |
|
|
(466,157 |
) |
Net income attributable to ordinary shareholders of UP
Fintech |
|
|
13,249,790 |
|
|
|
2,593,222 |
|
|
|
17,754,294 |
|
|
|
34,399,049 |
|
|
|
32,677,663 |
|
Other comprehensive (loss) income, net of
tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in cumulative foreign currency translation adjustment |
|
|
(1,670,923 |
) |
|
|
(2,909,808 |
) |
|
|
16,119,046 |
|
|
|
(7,807,129 |
) |
|
|
8,418,198 |
|
Total Comprehensive income (loss) |
|
|
11,702,017 |
|
|
|
(165,228 |
) |
|
|
34,037,691 |
|
|
|
26,888,491 |
|
|
|
41,544,978 |
|
Less: comprehensive loss attributable to non-controlling
interests |
|
|
(20,009 |
) |
|
|
(628 |
) |
|
|
(7,023 |
) |
|
|
(84,304 |
) |
|
|
(21,105 |
) |
Accretion of redeemable non-controlling interests to redemption
value |
|
|
(144,700 |
) |
|
|
(153,837 |
) |
|
|
(160,998 |
) |
|
|
(393,563 |
) |
|
|
(466,157 |
) |
Total Comprehensive income (loss) attributable to ordinary
shareholders ofUp Fintech |
|
|
11,577,326 |
|
|
|
(318,437 |
) |
|
|
33,883,716 |
|
|
|
26,579,232 |
|
|
|
41,099,926 |
|
Net income per ordinary share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
0.006 |
|
|
|
0.001 |
|
|
|
0.008 |
|
|
|
0.015 |
|
|
|
0.014 |
|
Diluted |
|
|
0.006 |
|
|
|
0.001 |
|
|
|
0.007 |
|
|
|
0.015 |
|
|
|
0.014 |
|
Net income per ADS (1 ADS represents 15 Class A ordinary
shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
0.085 |
|
|
|
0.017 |
|
|
|
0.113 |
|
|
|
0.222 |
|
|
|
0.208 |
|
Diluted |
|
|
0.083 |
|
|
|
0.016 |
|
|
|
0.110 |
|
|
|
0.218 |
|
|
|
0.204 |
|
Weighted average number of ordinary shares used in
calculating net incomeper ordinary
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
2,330,221,225 |
|
|
|
2,354,432,689 |
|
|
|
2,362,528,627 |
|
|
|
2,321,898,725 |
|
|
|
2,353,177,657 |
|
Diluted |
|
|
2,439,248,294 |
|
|
|
2,378,752,460 |
|
|
|
2,467,241,917 |
|
|
|
2,429,798,761 |
|
|
|
2,460,309,649 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliations of Unaudited Non-GAAP Results of
Operations Measures to the Nearest Comparable GAAP
Measures(All amounts in U.S. dollars (“US$”),
except for number of ADSs and per ADS data) |
|
|
|
|
|
For the three months ended September
30,2023 |
|
|
For the three months ended June
30,2024 |
|
|
For the three months ended September
30,2024 |
|
|
|
|
|
|
non-GAAP |
|
|
|
|
|
|
|
|
non-GAAP |
|
|
|
|
|
|
|
|
non-GAAP |
|
|
|
|
|
|
GAAP |
|
|
Adjustment |
|
|
non-GAAP |
|
|
GAAP |
|
|
Adjustment |
|
|
non-GAAP |
|
|
GAAP |
|
|
Adjustment |
|
|
non-GAAP |
|
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
|
Unaudited |
|
|
Unaudited |
|
|
Unaudited |
|
|
Unaudited |
|
|
Unaudited |
|
|
Unaudited |
|
|
Unaudited |
|
|
Unaudited |
|
|
Unaudited |
|
|
|
|
|
|
|
2,744,880 |
|
(1) |
|
|
|
|
|
|
|
|
2,603,648 |
|
(1) |
|
|
|
|
|
|
|
|
2,331,274 |
|
(1) |
|
|
|
Net income attributable toordinary
shareholders ofUP Fintech |
|
|
13,249,790 |
|
|
|
2,744,880 |
|
|
|
15,994,670 |
|
|
|
2,593,222 |
|
|
|
2,603,648 |
|
|
|
5,196,870 |
|
|
|
17,754,294 |
|
|
|
2,331,274 |
|
|
|
20,085,568 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per ADS - diluted |
|
|
0.083 |
|
|
|
|
|
|
0.100 |
|
|
|
0.016 |
|
|
|
|
|
|
0.033 |
|
|
|
0.110 |
|
|
|
|
|
|
0.124 |
|
Weighted average number of ADSsused in calculating diluted
netincome per ADS |
|
|
162,616,553 |
|
|
|
|
|
|
162,616,553 |
|
|
|
158,583,497 |
|
|
|
|
|
|
158,583,497 |
|
|
|
164,482,794 |
|
|
|
|
|
|
164,482,794 |
|
|
|
(1) Share-based compensation. |
|
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