Summary of UP Fintech Holding Limited (TIGR) Q2 2026 Earnings Call

1Key Financial Results and Metrics

Total Revenue: USD 182 million, a record high, up 31.4% year-over-year and 17.7% sequentially.

Operating Profit: USD 56.8 million, an increase of 19.5% quarter-over-quarter and 12.6% year-over-year.

Net Income: GAAP net income of USD 39.4 million and non-GAAP net income of USD 42.8 million, returning to profitability after a loss in the previous quarter.

Commission Income: USD 78.3 million, up 21% year-over-year and 17% quarter-over-quarter.

Interest Income: USD 79.8 million, up 36% year-over-year and 24% quarter-over-quarter.

Client Assets: Total client assets reached USD 60.7 billion, up 3.1% quarter-over-quarter and 16.7% year-over-year.

2Strategic Updates and Business Highlights

New Funded Accounts: Added 32,600 new funded accounts, a 12.7% increase quarter-over-quarter, with strong contributions from Singapore and Hong Kong.

Market Expansion: Continued growth in client assets across all markets, particularly in Hong Kong, Australia, and the U.S.

Product Enhancements: Launched fractional share trading in Singapore and a tax reporting tool for clients in Hong Kong, Singapore, and New Zealand.

Marketing Initiatives: Increased brand exposure through campaigns, including a SpaceX-themed marketing push in Hong Kong.

3Forward Guidance and Outlook

Q3 Expectations: Anticipated steady growth in client assets, with high single-digit increases quarter-over-quarter. New funded accounts expected to remain flat or increase, particularly in Hong Kong and Singapore.

Cost Management: Average customer acquisition cost (CAC) projected to range between USD 450 to USD 550 in the second half of the year.

4Bad News, Challenges, or Points of Concern

Regulatory Impact: Following the regulatory changes on May 22, there was a notable outflow of assets from Mainland retail clients, which now account for under 10% of total client assets, down from previous levels.

Cash Equity Take Rate Decline: The cash equity take rate decreased significantly from 5.9 bps to 3.6 bps due to increased trading volume in lower-commission stocks and high-frequency trading by U.S. clients.

FX Loss: A noncash foreign exchange loss of over USD 2 million impacted the financial results.

5Notable Q&A Insights

Tax Expenses: The effective tax rate was higher than normal due to noncash deferred tax adjustments and a one-time penalty, with expectations to normalize between 10% to 15% going forward.

Client Behavior Post-Regulation: The outflow of Mainland retail clients has stabilized, with manageable net asset inflows observed. The impact of regulatory changes appears to be diminishing.

Marketing Spend: Increased marketing expenses were driven by brand-building initiatives, particularly in Hong Kong and Singapore, which are yielding high-quality user acquisitions. This summary encapsulates the key points from the earnings call, providing a clear overview of UP Fintech's financial performance, strategic direction, and challenges faced in Q2 2026.