“In the fourth quarter, driven by expanded client base, comprehensive product offerings and active market environment in the U.S. and Hong Kong, our financial and operating results both grew substantially. Our total revenue for the quarter was US$124.1 million, making a 22.8% increase quarter-over-quarter and a 77.3% increase year-over-year.”
— Wu Tianhua
03Detailed Report
TIGR
Company TIGR
Period
Q4 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedJun 24, 2026
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Executive Summary
UP Fintech (TIGR) delivered a robust fourth quarter of 2024, anchoring a strong full-year trajectory with record revenue and profitability. Total quarterly revenue reached $124.1 million, up 22.8% QoQ and 77.3% YoY, culminating in full-year revenue of $391.5 million (+44% YoY). GAAP net income for the year was $60.7 million with non-GAAP at $78.5 million, underscoring accelerating profitability and margin expansion; Q4 non-GAAP net margin rose to ~25% from ~20% in Q3. The company added 59,200 newly funded accounts in Q4 (17.2% QoQ), bringing full-year funded accounts to 187,400 and total funded accounts to 1.09 million (+20.7% YoY). Client assets rose to $41.7 billion (+36.4% YoY; +2.4% QoQ), with Hong Kong assets up ~50% QoQ and now 6x higher vs end-2023, signaling meaningful cross-border traction. TIGR further progressed on strategic fronts: HK Type 1/Type 7 crypto licenses were granted, Tiger Brokers’ Hong Kong platform achieved breakeven, and TigerAI (formerly TigerGPT) was launched, signaling a blended Web2/Web3 ecosystem ambition. For 2025, management targets 150,000 newly funded clients, emphasizing higher-quality user cohorts and ROI-driven growth, with anticipated stronger contributions from Hong Kong and the U.S. markets. The balance sheet remains liquidity-rich with net debt of about -$224 million and a cash position of roughly $2.86 billion at period-end, underpinning ongoing investments. While the growth outlook remains compelling, TIGR faces regulatory, competitive, and market-velocity risks inherent to a cross-border brokerage network operating in volatile equity and crypto ecosystems.
Key Performance Indicators
Revenue
Increasing
124.10M
QoQ: 22.81% | YoY: 57.19%
Gross Profit
Increasing
80.84M
65.14% margin
QoQ: 17.56% | YoY: 8.41%
Operating Income
Increasing
52.13M
QoQ: 24.96% | YoY: 85.08%
Net Income
Increasing
28.05M
QoQ: 57.99% | YoY: 127.49%
EPS
Increasing
0.16
QoQ: 45.45% | YoY: 102.79%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue: Q4 2024 $124.1M, QoQ +22.8%, YoY +77.3%; FY2024 $391.5M, +43.7% YoY. Gross profit: Q4 $80.84M, gross margin 65.1%; FY gross margin consistent around mid-60s. Operating income: Q4 $52.13M, margin ~42.0%; FY operating income margin ~42%. Net income: Q4 GAAP $28.10M; non-GAAP $30.50M; FY GAAP $60.70M; non-GAAP $78.50M. EPS: Q4 $0.16; diluted $0.16; FY diluted $0.60? (Note: reported Q4 EPS was $0.16; full-year non-GAAP EPS implied by $78.5M on 170.5M shares is approximate in the mid-$0.46 range; actual full-year diluted EPS reported as $0.60-$0.65 range was not explicitly restated in the data.) Take rate: cash equities take rate 6.9 bps in Q4, up from 6.4 bps prior quarter. Revenue mix: ~70% cash equities, ~30% options; interest income also grew; Cost structure highlights: interest expense $16.7M; operating costs $73.1M; net income and margin expansion driven by higher trading activity and product mix. Cash flow: Operating cash flow $672.86M; capex $(0.193)M; free cash flow $672.66M. Balance sheet: cash and cash equivalents $393.58M; total current assets $6.327B; total assets $6.391B; total current liabilities $5.561B; total liabilities $5.729B; equity $655.23M; net debt about -$224.02M signifying net cash position. Leverage and liquidity ratios: current ratio 1.14; debt-to-equity 0.26; price/book ~1.68; price/sales ~8.88; ROE ~4.3%; ROA ~0.44%; cash per share $2.76. Regional dynamics: 80% of quarterly net asset inflows from retail users; Hong Kong assets up ~50% QoQ; HK pivotal to future growth. Commentary highlights: Q4 funded accounts 59,200 (+17.2% QoQ); total funded accounts year-end 1.09M (+20.7% YoY); 2Q/2B commentary showed robust IPO activity (14 IPOs in Q4, 44 in 2024).
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
124.10M
57.19%
22.81%
Gross Profit
80.84M
8.41%
17.56%
Operating Income
52.13M
85.08%
24.96%
Net Income
28.05M
127.49%
57.99%
EPS
0.16
102.79%
45.45%
Key Financial Ratios
Gross Profit Margin
Excellent
65.10%
Gross profit margin is exceptional, indicating strong pricing power and operational efficiency
Operating Profit Margin
Excellent
42.00%
Operating margin is exceptional, indicating strong pricing power and operational efficiency
Net Profit Margin
Excellent
22.60%
Net profit margin is exceptional, indicating strong pricing power and operational efficiency
Return on Assets
Weak
0.44%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
4.28%
Return on equity suggests inefficient capital allocation
Current Ratio
Adequate
1.14
Current ratio meets minimum requirements but limited cushion
Debt to Equity
Conservative
0.26
Debt-to-equity shows conservative leverage and low financial risk
P/E Ratio
Value
9.82x
P/E ratio suggests potential undervaluation or stable earnings
Price to Book
Fair Value
1.68x
Price-to-book ratio reasonable for profitable companies
Management Insights Available for Members
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