UP Fintech's Q4 2024: Discrepancies in Client Growth, Trading Volume, and Regional Focus
Generado por agente de IAAinvest Earnings Call Digest
martes, 18 de marzo de 2025, 9:50 am ET1 min de lectura
TIGR--
These are the key contradictions discussed in UP Fintech's latest 2024Q4 earnings call, specifically including: Regional Mix of Newly Funded Clients, Trading Volume Trends, and Client Asset Growth:
Revenue and Profit Growth:
- UP Fintech reported total revenue of $124.1 million for Q4, up 22.8% quarter-over-quarter and 77.3% year-over-year. The full year revenue reached $391.5 million, a 43.7% increase from 2023.
- This growth was driven by expanded client base, comprehensive product offerings, and active market environments in the U.S. and Hong Kong.
Client Acquisition and Assets:
- The company added 59,200 newly funded accounts in Q4, a 17.2% increase from the previous quarter, and the total number of funded accounts reached 1.09 million by the end of 2024, up 20.7% year-over-year.
- The strong growth in client assets, which grew by 2.4% quarter-over-quarter and 36.4% year-over-year to reach $41.7 billion, was fueled by net asset inflows from retail users.
Cryptocurrency and Hong Kong Market Expansion:
- UP Fintech received a license from the Hong Kong SFC for Type 1 and Type 7, enabling it to offer spot trading and custody services for major cryptocurrencies and tokenized assets.
- The Hong Kong market saw a significant surge in client assets, increasing by about 50% quarter-over-quarter, making it the third largest market for the company in terms of client assets.
2B Business Performance:
- UP Fintech underwrote 14 U.S. and Hong Kong IPOs in Q4, bringing the total for the year to 44, and added 16 new clients in its ESOP business, increasing the total number of ESOP clients to 613.
- The strong performance in the 2B business was due to its expanding client base and successful execution of IPOs.
Cost and Expense Management:
- Total operating costs increased by 39% from the same quarter of last year, driven by a 41% increase in employee compensation and benefits, primarily due to an increase in headcount.
- Despite the increase in costs, the company maintained a high profit margin, with non-GAAP net profit margin increasing from 20% in Q3 to 25% in Q4.
Revenue and Profit Growth:
- UP Fintech reported total revenue of $124.1 million for Q4, up 22.8% quarter-over-quarter and 77.3% year-over-year. The full year revenue reached $391.5 million, a 43.7% increase from 2023.
- This growth was driven by expanded client base, comprehensive product offerings, and active market environments in the U.S. and Hong Kong.
Client Acquisition and Assets:
- The company added 59,200 newly funded accounts in Q4, a 17.2% increase from the previous quarter, and the total number of funded accounts reached 1.09 million by the end of 2024, up 20.7% year-over-year.
- The strong growth in client assets, which grew by 2.4% quarter-over-quarter and 36.4% year-over-year to reach $41.7 billion, was fueled by net asset inflows from retail users.
Cryptocurrency and Hong Kong Market Expansion:
- UP Fintech received a license from the Hong Kong SFC for Type 1 and Type 7, enabling it to offer spot trading and custody services for major cryptocurrencies and tokenized assets.
- The Hong Kong market saw a significant surge in client assets, increasing by about 50% quarter-over-quarter, making it the third largest market for the company in terms of client assets.
2B Business Performance:
- UP Fintech underwrote 14 U.S. and Hong Kong IPOs in Q4, bringing the total for the year to 44, and added 16 new clients in its ESOP business, increasing the total number of ESOP clients to 613.
- The strong performance in the 2B business was due to its expanding client base and successful execution of IPOs.
Cost and Expense Management:
- Total operating costs increased by 39% from the same quarter of last year, driven by a 41% increase in employee compensation and benefits, primarily due to an increase in headcount.
- Despite the increase in costs, the company maintained a high profit margin, with non-GAAP net profit margin increasing from 20% in Q3 to 25% in Q4.
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