UP Fintech Holding Ltd (TIGR) Q3 2024 Earnings Report

Key financial and operational takeaways for Q3 2024 (USD):
- Revenue: $101,054,080; QoQ +15.6%; YoY +44.1%; Net income (GAAP): $17,754,294; QoQ +584.6%; YoY +34.0%; Non-GAAP net income: $20,100,000; QoQ +287.0%; YoY +26.0%; EPS: $0.11; diluted $0.11; Gross profit: $68,765,489; gross margin: 68.05%; Operating income: $41,716,029; operating margin: 41.28%; EBITDA: $38,688,788; EBITDA margin: 38.29%; Net margin: 17.57%; Interest expense: $15,700,359; Depreciation & amortization: $2,162,704.
- Take rates and mix: Cash equity take rate 6.4 bps (vs 6.7 bps prior quarter); cash equity commission mix roughly 63% cash equities, 30% options; futures and other products the balance. Blended take rate declined modestly due to a higher futures trading mix and higher average stock prices in Q3.
- Client and asset growth: Total client assets $40.8B, up 7% QoQ and 116% YoY; newly funded accounts in Q3: 50,500; total funded accounts 1,000,300; annual guidance for funded accounts (150,000) achieved ahead of time; October activity indicative of sustained momentum with record monthly volumes.
- Wealth management and HK expansion: Wealth management AUM > $1B, up >40% QoQ and doubled YoY; HK market activity strengthened with HK options, short selling launched; Hong Kong client base growing rapidly with HK AUM doubling QoQ and ARPU among HK clients highest regionally.
- Balance sheet and liquidity: Total assets $6.37B; total liabilities $5.83B; total stockholders’ equity $537.5M; cash and cash equivalents $430M; cash & short-term investments $526.98M; net debt position as of period end: -$259.5M (net cash). Current ratio 1.114x; cash ratio 0.076x; liquidity buffer remains substantial for growth investments.
- Outlook and risks: Management guided to continued growth momentum into Q4 with October run-rate highlighting solid demand; FX headwinds—especially around non-USD bases—created non-cash FX losses (~$5.1M) in Q3; macro and regulatory environment, currency movements, and competition remain key risks to monitor.