Q4 2025 UP Fintech Holding Ltd Earnings Call Transcript
Key Points
- UP Fintech Holding Ltd (TIGR) reported a substantial improvement in financial and operating performance for 2025, with total revenues reaching USD612.1 million, up 56.3% compared to 2024.
- The company achieved record-high GAAP net income of USD170.9 million and non-GAAP net income of USD186.5 million for the full year, representing increases of 181.4% and 164.7% year over year, respectively.
- In the fourth quarter, UP Fintech added 29,700 newly funded accounts, surpassing their annual target of 150,000, with total funded accounts increasing by 14.8% from the end of 2024.
- Net asset inflows for 2025 exceeded USD10 billion, with over USD3 billion in the fourth quarter alone, demonstrating strong client trust and asset growth.
- The company made significant upgrades to its product offerings, including enhancements to options combo trading and the launch of margin accounts in the Australian market, strengthening its competitive position.
- The cash equity take rate decreased from 7.1 bps in the previous quarter to 6.4 bps in Q4, indicating a normalization due to less muni stock trading.
- Interest expenses increased by 14% year over year to USD19 million, driven by higher margin financing and securities lending activities.
- Employee compensation and benefits expenses rose by 35% year over year, reflecting an increase in global headcount.
- General and administrative expenses surged by 118% year over year due to uncollectible underwriting fees and higher professional service fees.
- The company faced a significant increase in customer acquisition costs in Q4, attributed to intensified marketing efforts and higher channel rebate costs.
Ladies and gentlemen, thank you for standing by. Welcome to UP Fintech Holdings Limited fourth-quarter and full-year 2025 earnings conference call. (Operator Instructions) I must advise you that this conference is being recorded today, March 19, 2026.
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, operator. Hello, everyone, and thank you for joining us for the call today. UP Fintech Holdings Limited's fourth-quarter and full-year 2025 earnings release was distributed earlier today and is available on our website at ir.itigerup.com, as well as GlobeNewswire Services.
On the call today from UP Fintech are Mr. Wu Tianhua, Chairman and CEO; Mr. John Zeng, our CFO; 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 discuss our financial
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