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TIGR

UP Fintech Holding Limited

TIGR

UP Fintech Holding Limited • NASDAQ
$8.82 ▲ 2.92% (+0.25)
Market Cap $1.57 B
52w High $13.55
52w Low $5.63
Dividend Yield 0%
P/E 13.36
Volume 1.52M
Outstanding Shares 177.70M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $138.72M ▲ $29.724M ▲ $41.431M ▲ 29.866% ▲ $0.24 ▲ $69.136M ▲
Q1-2025 $122.61M ▼ $27.948M ▼ $30.419M ▲ 24.81% ▲ $0.19 ▲ $56.327M ▼
Q4-2024 $124.102M ▲ $29.866M ▲ $28.05M ▲ 22.602% ▲ $0.16 ▲ $56.584M ▲
Q3-2024 $101.054M ▲ $27.049M ▼ $17.754M ▲ 17.569% ▲ $0.11 ▲ $38.689M ▲
Q2-2024 $87.437M $37.577M $2.593M 2.966% $0.015 $21.923M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $4.39B ▲ $8.568B ▲ $7.809B ▲ $753.989M ▲
Q1-2025 $582.472M ▲ $7.316B ▲ $6.613B ▲ $697.399M ▲
Q4-2024 $470.199M ▼ $6.391B ▲ $5.729B ▼ $655.234M ▲
Q3-2024 $526.981M ▼ $6.375B ▲ $5.83B ▲ $537.458M ▲
Q2-2024 $569.131M $4.793B $4.286B $501.219M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $41.431M ▲ $0 $0 $0 $0 $0
Q1-2025 $30.419M ▼ $0 $0 ▲ $0 $0 ▲ $0 ▼
Q4-2024 $45.805M ▲ $0 $-10.228M ▼ $0 $-2.094B ▼ $672.661M ▲
Q3-2024 $17.754M ▲ $0 ▼ $0 ▼ $0 ▼ $0 ▼ $0 ▼
Q2-2024 $14.923M $155.124M $1.571M $43.951K $2.094B $153.764M

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past several years, with a clear step-up in recent periods as trading activity and product breadth increased. Profitability has improved from roughly break-even to consistently positive earnings, showing that the business is scaling and gaining operating leverage as it grows. Margins have widened as revenue has risen faster than core costs, suggesting better efficiency and a stronger grip on expense control. That said, results are still sensitive to market conditions and trading volumes, so earnings can swing if investor activity slows or regulation affects key markets.

Balance Sheet

Balance Sheet The balance sheet has expanded meaningfully, with total assets and shareholder equity both rising over time. Cash levels have increased, giving the company a useful liquidity buffer, while debt remains present but not dominant relative to the overall size of the business. As a brokerage and fintech platform, a large portion of assets likely relates to client balances and trading activities, so raw size needs to be interpreted with that in mind. Overall, the company appears to be better capitalized today than a few years ago, but it still depends on maintaining regulatory capital ratios and managing counterparty and market risks carefully.

Cash Flow

Cash Flow Cash generation from the core business has generally been strong, with most years showing solid positive operating cash flow. There was a weak patch recently where cash from operations dipped, but it recovered quickly, indicating that the business model is fundamentally cash-generative. Capital spending is very light, consistent with an asset-light, software-driven platform, so free cash flow closely tracks operating cash flow. This gives the company flexibility to reinvest in technology and expansion without relying heavily on external financing, provided trading volumes and client growth remain healthy.

Competitive Edge

Competitive Edge UP Fintech has built a distinct position as a mobile-first, tech-driven brokerage focused on global Chinese investors. Its proprietary, end-to-end platform, multi-market access, and strong app experience form a meaningful barrier to entry versus more basic or outsourced solutions. Additional services—such as ESOP administration, IPO participation, cash management, debit cards, and early moves into digital assets—help create a sticky ecosystem that can deepen client relationships. However, the firm operates in a very competitive and fast-moving space, facing pressure from other online brokers, traditional financial institutions, and new fintech entrants, all under tight regulatory oversight in multiple jurisdictions. Its niche focus is a strength, but also concentrates regulatory, geopolitical, and customer-behavior risks.

Innovation and R&D

Innovation and R&D Innovation is clearly a core part of the strategy. The company has invested heavily in its own technology stack, frequent feature upgrades, and a polished mobile experience. It is pushing into areas like AI-powered tools, digital asset trading, and broader wealth and asset management services, all of which can increase engagement and diversify revenue if executed well. Its ESOP platform, IPO underwriting, cash-management vault, and integrated debit card illustrate a deliberate effort to move beyond simple brokerage into a fuller financial ecosystem. The main risks are execution complexity, regulatory scrutiny—especially around crypto and cross-border products—and the possibility of spreading resources too thin across many initiatives at once.

Summary

Overall, UP Fintech has transitioned from a high-growth, near break-even fintech broker into a more mature platform with improving profitability, stronger cash generation, and a broader product set. The business benefits from an asset-light, scalable model, a focused niche in global Chinese investors, and a proprietary technology stack that supports innovation and international expansion. At the same time, its fortunes are closely tied to market sentiment, trading volumes, and regulatory environments in key regions such as China, Hong Kong, Singapore, and other offshore markets. The key things to watch going forward are: the durability of client and revenue growth as markets normalize, the company’s ability to deepen higher-margin wealth and asset management services, and how effectively it manages regulatory, competitive, and geopolitical risks while pursuing ambitious expansion and product innovation.

NEWS

November 20, 2025 · 3:00 AM UTC

UP Fintech Holding Limited to Report Third Quarter 2025 Financial Results on December 4, 2025

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