Q1 2025 UP Fintech Holding Ltd Earnings Call Transcript
Key Points
- Total revenue for the first quarter reached USD122.6 million, marking a 55.3% increase year over year.
- Trading volume hit USD217 billion, driving commission income to a record high of USD58.3 million, more than doubling year over year.
- Non-GAAP net income increased to USD36 million, reflecting an 18.3% sequential increase and a 145% increase year over year.
- The company added 60,900 new funded accounts in Q1, achieving over 40% of its full-year target.
- Client assets reached a record high of USD45.9 billion, marking the 10th consecutive quarter of growth.
- Interest income slightly decreased by 4% quarter over quarter due to the maturity of US treasury holdings.
- Cash equities take rate decreased slightly from 6.9 bps to 6.7 bps quarter over quarter.
- Execution and carrying expenses increased by 139% year over year, in line with increased trading volumes.
- Marketing expenses rose by 148% year over year, reflecting higher costs for user acquisition.
- The average customer acquisition cost (CAC) is expected to rise to USD250 to USD300, up from USD150 to USD180.
Ladies and gentlemen, thank you for standing by, and welcome to the UP Fintech Holding Limited first-quarter 2025 earnings conference call. (Operator Instructions) I must advice you that this conference is being recorded today, May 30, 2025.
I would now like to hand the conference over to your first speaker today, Mr. Aaron Li, the Head of Investor Relations. Thank you. Please go ahead.
Thank you, [Lydia]. Hello, everyone, and thank you for joining us for the call today. UP Fintech Holding Limited's first quarter 2025 earning release was distributed earlier today and it's available on our IR website at ir.itigerup.com, as well as GlobeNewswire services.
On the call today from UP Fintech are Mr. Wu Tianhua, Chairman and Chief Executive Officer; Mr. John Zeng, Chief Financial Officer. Mr. Huang Lei, CEO of US Tiger Securities; and Mr. Kenny Zhao, our Financial Controller.
Mr. Wu will give an overview of our business operations and discuss corporate highlights. Mr. Zeng will then
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