Q3 2025 UP Fintech Holding Ltd Earnings Call Transcript
Key Points
- UP Fintech Holding Ltd (TIGR) achieved a total revenue of USD 175.2 million, marking a 73.3% year-over-year increase and a 26.3% quarter-over-quarter increase.
- The company reported a net income attributable to UP Fintech of USD 53.8 million, up 30% from the previous quarter and three times the same quarter last year.
- Non-GAAP net profit reached USD 57 million, growing 28.2% quarter-over-quarter and 2.8 times year-over-year, hitting new historical highs.
- The company added 31,500 new funded accounts in the third quarter, with significant contributions from Singapore and Hong Kong markets.
- Total client assets reached a new record of USD 61 billion, up 17.3% quarter-over-quarter and 49.7% year-over-year, marking 12 consecutive quarters of growth.
- Employee compensation and benefits expenses increased by 64% year-over-year due to headcount increase and higher R&D costs.
- Marketing expenses rose by 57% year-over-year as the company intensified user acquisition efforts, particularly in Singapore and Hong Kong.
- General and administrative expenses increased by 49% year-over-year due to higher professional service fees.
- The average customer acquisition cost (CAC) increased significantly, with the CAC in Singapore rising from over $100 in 2024 to over $400 in 2025.
- Despite profitability, the contribution of Tiger Brokers Hong Kong to the group's profit remains relatively low.
Thank you for standing by. Welcome to the UP Fintech Holdings Limited's third quarter 2025 earnings conference call. (Operator Instructions) I must advise you that this conference is being recorded today, December 4, 2025.
I would now like to hand the conference over to your first speaker today, Mr. Aron Lee, the Head of Investor Relations. Thank you. Please go ahead.
Thank you, operator. Hello, everyone. We appreciate you joining us today for our UP Fintech Holding Limited's third quarter 2025 earnings call. The earnings release was distributed earlier today and is available on our Investor Relations website at ir.itiger.com and through GlobeNewswire.
On the call today with us 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 provide an overview of our business operations and key corporate highlights, followed by Mr. Zeng, who will
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