UP Fintech Holding Limited (NASDAQ: TIGR) (“UP Fintech” or the
“Company”), a leading online brokerage firm focusing on global
investors, today announced its unaudited financial results for the
third quarter ended September 30, 2023.
Mr. Wu Tianhua, Chairman and CEO of UP Fintech
stated: “In the third quarter, we saw improvement in both
commission income and interest-related income compared to the
previous quarter. Total revenue reached US$70.1 million,
representing a sequential increase of 6.2% and a year-over-year
growth of 26.6%. GAAP net income attributable to UP Fintech reached
US$13.2 million, representing a quarter-over-quarter slight
increase of 0.5% and a significant year-over-year growth of 297.1%.
Non-GAAP net income attributable to UP Fintech amounted to US$16.0
million, a quarter-over-quarter rise of 4.3% and a year-over-year
surge of 141.1%.
“In the third quarter we added 24,604 funded
accounts, and the total number of funded accounts at the end of the
third quarter reached approximately 865,500. We experienced strong
net asset inflows of over US$1.5 billion this quarter, bringing
total account balance to US$18.9 billion, an increase of 9.3%
quarter over quarter and 45.7% year over year. Notably, in
Singapore, the average net asset inflows of our newly acquired
clients in the third quarter were approximately US$10,000.
“We continued to add new products on our
platform to enhance user experience, which we believe is key to our
long-term success. In the third quarter, we launched the Trading
Sparks feature within Tiger Community, allowing users to follow
best-performing traders on our platform and leverage their trading
ideas for investment opportunities. We recently added U.S Treasury
to our wealth management platform, so users have more yield
products to choose from in addition to the USD and HKD money market
funds we launched earlier this year.
“In our Corporate business, we underwrote a
total of 4 U.S. and Hong Kong IPOs, including “Earlyworks” and
“Keep”. In our ESOP business, we added 27 new clients in the third
quarter, bringing the total number of ESOP clients served to 505 as
of September 30, 2023.”
Financial Highlights for Third Quarter 2023
- Total revenues increased 26.6% year-over-year
to US$70.1 million.
- Total net revenues increased 13.5%
year-over-year to US$58.0 million.
- Net income attributable to ordinary shareholders of UP
Fintech was US$13.2 million compared to a net income of
US$3.3 million in the same quarter of last year, an increase of
297.1%.
- Non-GAAP net income attributable to ordinary
shareholders of UP Fintech was US$16.0 million, compared
to a non-GAAP net income of US$6.6 million in the same quarter of
last year, an increase of 141.1%. A reconciliation of non-GAAP
financial metrics to the most comparable GAAP metrics is set forth
below.
Operating Highlights for Third Quarter
2023
- Total account balance increased 45.7%
year-over-year to US$18.9 billion.
- Total margin financing and securities lending
balance increased 41.0% year-over-year to US$2.2
billion.
- Total number of customers with deposit
increased 14.8% year-over-year to 865,500.
Selected Operating Data for Third Quarter
2023
|
|
As of and for the three months ended |
|
|
|
September 30, |
|
|
June 30, |
|
|
September 30, |
|
|
|
2022 |
|
|
2023 |
|
|
2023 |
|
In 000’s |
|
|
|
|
|
|
|
|
|
Number of customer accounts |
|
|
1,970.4 |
|
|
|
2,119.1 |
|
|
|
2,147.9 |
|
Number
of customers with deposits |
|
|
754.1 |
|
|
|
840.9 |
|
|
|
865.5 |
|
Number
of options and futures contracts traded |
|
|
7,704.5 |
|
|
|
7,758.0 |
|
|
|
8,140.2 |
|
In USD millions |
|
|
|
|
|
|
|
|
|
Trading
volume |
|
|
78,161.3 |
|
|
|
65,135.9 |
|
|
|
80,250.7 |
|
Trading
volume of stocks |
|
|
23,522.4 |
|
|
|
19,313.7 |
|
|
|
22,147.8 |
|
Total
account balance |
|
|
12,958.9 |
|
|
|
17,269.4 |
|
|
|
18,878.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter 2023 Financial Results
REVENUES
Total revenues were US$70.1 million, an increase
of 26.6% from US$55.4 million in the same quarter of last year.
Commissions were US$23.2 million, a decrease of
5.4% from US$24.5 million in the same quarter of last year, due to
a decrease in trading volume in stock.
Financing service fees were US$3.3 million, an
increase of 54.2% from US$2.1 million in the same quarter of last
year, primarily due to increased interest rates.
Interest income was US$38.3 million, an increase
of 54.4% from US$24.8 million in the same quarter of last year,
primarily due to the increase in margin financing and securities
lending activities.
Other revenues were US$5.4 million, an increase
of 35.1% from US$4.0 million in the same quarter of last year,
primarily due to the increase in IPO subscription incomes.
Interest expense was US$12.1 million, an
increase of 182.1% from US$4.3 million in the same quarter of last
year, primarily due to increased interest rates.
OPERATING COSTS AND
EXPENSES
Total operating costs and expenses were US$48.8
million, a slight increase of 3.1% from US$47.3 million in the same
quarter of last year.
Execution and clearing expenses were US$2.4
million, a decrease of 26.4% from US$3.2 million in the same
quarter of last year due to increased efficiency of the clearing
procedures.
Employee compensation and benefits expenses were
US$26.0 million, an increase of 7.5% from US$24.2 million in the
same quarter of last year, primarily due to an increase of global
headcount to support our global expansion.
Occupancy, depreciation and amortization
expenses were US$2.2 million, a decrease of 9.7% from US$2.5
million in the same quarter of last year as the depreciation of the
Beijing office renovation expenses has been completed.
Communication and market data expenses were
US$7.6 million, an increase of 16.2% from US$6.5 million in the
same quarter of last year due to increased IT-related fees.
Marketing and branding expenses were US$5.2
million, a decrease of 30.2% from US$7.4 million in the same
quarter of last year, as we slowed down our marketing campaign due
to weaker global capital markets.
General and administrative expenses were US$5.4
million, an increase of 55.1% from US$3.5 million in the same
quarter of last year due to an increase in professional service
fees.
NET INCOME/LOSS ATTRIBUTABLE TO ORDINARY
SHAREHOLDERS OF UP FINTECH
Net income attributable to ordinary shareholders
of UP Fintech was US$13.2 million, as compared to a net income of
US$3.3 million in the same quarter of last year. Net income per ADS
– diluted was US$0.083, as compared to a net income per ADS –
diluted of US$0.021 in the same quarter of last year.
Non-GAAP net income attributable to ordinary
shareholders of UP Fintech, which excludes share-based
compensation, was US$16.0 million, as compared to a US$6.6 million
non-GAAP net income attributable to ordinary shareholders of UP
Fintech in the same quarter of last year. Non-GAAP net income per
ADS – diluted was US$0.100 as compared to a non-GAAP net income per
ADS – diluted of US$0.041 in the same quarter of last year.
For the third quarter of 2023, the Company’s
weighted average number of ADSs used in calculating non-GAAP net
income per ADS – diluted was 162,616,553. As of September 30, 2023,
the Company had a total of 2,341,647,007 Class A and B ordinary
shares outstanding, or the equivalent of 156,109,800 ADSs.
CERTAIN OTHER FINANCIAL
ITEMS
As of September 30, 2023, the Company’s cash and
cash equivalents and term deposits were US$271.1 million, compared
to US$278.6 million as of December 31, 2022.
As of September 30, 2023, the allowance balance
of receivables from customers was US$1.0 million compared to US$0.7
million as of December 31, 2022, which was due to an increase in
our user base and stock price fluctuation.
Updates to Management
Ms. Wei Wu departed from the position of Chief
Compliance Officer at the Company due to personal reasons,
effective on November 24, 2023. Ms. Wu’s departure did not result
from any disagreement with the Company. Mr. Tianhua Wu, as Chairman
and Chief Executive Officer, expressed appreciation for her
extraordinary contributions to the development of the Company on
behalf of the Board of Directors and management team.
Conference Call Information:
UP Fintech’s management will hold an earnings
conference call at 8:00 AM on November 27, 2023, U.S. Eastern Time
(9:00 PM on November 27, 2023, Singapore/Hong Kong Time).
All participants wishing to attend the call must
preregister online before they may receive the dial-in numbers.
Preregistration may require a few minutes to complete.
Preregistration Information:
Please note that all participants will need to pre-register for
the conference call, using the link:
https://register.vevent.com/register/BI343576f57be04b50a4964b32014672cd
It will automatically lead to the registration
page of “UP Fintech Holding Limited Third Quarter 2023 Earnings
Conference Call”, where details for RSVP are needed.
Upon registering, all participants will be
provided in confirmation emails with participant dial-in numbers
and personal PINs to access the conference call. Please dial in 10
minutes prior to the call start time using the conference access
information.
Additionally, a live and archived webcast of the
conference call will be available at https://ir.itigerup.com
Use of Non-GAAP Financial
Measures
In evaluating our business, we consider and use
non-GAAP net loss or income attributable to ordinary shareholders
of UP Fintech and non-GAAP net loss or income per ADS - diluted as
supplemental measures to review and assess our operating
performance. The presentation of the non-GAAP financial measures is
not intended to be considered in isolation or as a substitute for
the financial information prepared and presented in accordance with
the United States Generally Accepted Accounting Principles (“U.S.
GAAP”). We define non-GAAP net loss or income attributable to
ordinary shareholders of UP Fintech as net loss or income
attributable to ordinary shareholders of UP Fintech excluding
share-based compensation. Non-GAAP net loss or income per ADS -
diluted is non-GAAP net loss or income attributable to ordinary
shareholders of UP Fintech divided by the weighted average number
of diluted ADSs.
We present these non-GAAP financial measures
because they are used by our management to evaluate our operating
performance and formulate business plans. Non-GAAP net loss or
income attributable to ordinary shareholders of UP Fintech enables
our management to assess our operating results without considering
the impact of share-based compensation. We also believe that the
use of these non-GAAP financial measures facilitates investors’
assessment of our operating performance.
These non-GAAP financial measures are not
defined under U.S. GAAP and are not presented in accordance with
U.S. GAAP. These non-GAAP financial measures have limitations as an
analytical tool. One of the key limitations of using these non-GAAP
financial measures is that they do not reflect all items of income
and expenses that affect our operations. Share-based compensation
has been and may continue to be incurred in our business and are
not reflected in the presentation of non-GAAP net loss or income
attributable to ordinary shareholders of UP Fintech. Further, these
non-GAAP financial measures may differ from the non-GAAP financial
information used by other companies, including peer companies, and
therefore their comparability may be limited.
These non-GAAP financial measures should not be
considered in isolation or construed as alternatives to total
operating expenses, net loss or income attributable to ordinary
shareholders of UP Fintech or any other measure of performance or
as an indicator of our operating performance. Investors are
encouraged to review these historical non-GAAP financial measures
in light of the most directly comparable GAAP measures. These
non-GAAP financial measures presented here may not be comparable to
similarly titled measures presented by other companies. Other
companies may calculate similarly titled measures differently,
limiting the usefulness of such measures when analyzing our data
comparatively. We encourage investors and others to review our
financial information in its entirety and not rely on a single
financial measure.
About UP Fintech Holding
Limited
UP Fintech Holding Limited is a leading online
brokerage firm focusing on global investors. The Company’s
proprietary mobile and online trading platform enables investors to
trade in equities and other financial instruments on multiple
exchanges around the world. The Company offers innovative products
and services as well as a superior user experience to customers
through its “mobile first” strategy, which enables it to better
serve and retain current customers as well as attract new ones. The
Company offers customers comprehensive brokerage and value-added
services, including trade order placement and execution, margin
financing, IPO subscription, ESOP management, investor education,
community discussion and customer support. The Company’s
proprietary infrastructure and advanced technology are able to
support trades across multiple currencies, multiple markets,
multiple products, multiple execution venues and multiple
clearinghouses.
For more information on the Company, please
visit: https://ir.itigerup.com.
Safe Harbor Statement
This announcement contains forward-looking
statements. These statements are made under the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as “may,” “might,” “aim,” “likely to,” “will,”
“expects,” “anticipates,” “future,” “intends,” “plans,” “believes,”
“estimates” and similar statements or expressions. Among other
statements, the business outlook and quotations from management in
this announcement, the Company’s strategic and operational plans
and expectations regarding growth, expansion of its business lines
and customer acquisition, and the Company’s plans for future
financing of its business contain forward-looking statements. The
Company may also make written or oral forward-looking statements in
its periodic reports to the U.S. Securities and Exchange Commission
(“SEC”) on Forms 20-F and 6-K, in its annual report to
shareholders, in press releases and other written materials and in
oral statements made by its officers, directors or employees to
third parties, including the earnings conference call. Statements
that are not historical facts, including statements about the
Company’s beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: the
cooperation with Interactive Brokers LLC and Xiaomi Corporation and
its affiliates; the Company’s ability to effectively implement its
growth strategies; trends and competition in global financial
markets; changes in the Company’s revenues and certain cost or
expense accounting policies; and governmental policies and
regulations affecting the Company’s industry and general economic
conditions in China, Singapore and other countries. Further
information regarding these and other risks is included in the
Company’s filings with the SEC, including the Company’s annual
report on Form 20-F filed with the SEC on April 26, 2023. All
information provided in this press release and in the attachments
is as of the date of this press release, and the Company undertakes
no obligation to update any forward-looking statement, except as
required under applicable law. Further information regarding these
and other risks is included in the Company’s filings with the
SEC.
For investor and media inquiries please
contact:
Investor Relations Contact
UP Fintech Holding Limited
Email: ir@itiger.com
UP FINTECH HOLDING LIMITEDUNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS(All amounts
in U.S. dollars (“US$”)) |
|
|
|
|
|
|
|
|
|
As of December 31, |
|
|
As of September 30, |
|
|
|
2022 |
|
|
2023 |
|
|
|
US$ |
|
|
US$ |
|
Assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
|
277,660,847 |
|
|
|
270,263,384 |
|
Cash-segregated for regulatory purpose |
|
|
1,678,067,682 |
|
|
|
1,394,153,018 |
|
Term deposits |
|
|
945,533 |
|
|
|
864,401 |
|
Receivables from customers (net of allowance of US$696,508 and
US$956,801 as of December 31, 2022 and September 30,
2023) |
|
|
644,691,190 |
|
|
|
812,251,129 |
|
Receivables from brokers, dealers, and clearing organizations |
|
|
956,945,581 |
|
|
|
513,349,470 |
|
Financial instruments held, at fair value |
|
|
162,535,184 |
|
|
|
421,252,787 |
|
Prepaid expenses and other current assets |
|
|
12,963,375 |
|
|
|
13,768,366 |
|
Amounts due from related parties |
|
|
4,769,475 |
|
|
|
4,318,530 |
|
Total current assets |
|
|
3,738,578,867 |
|
|
|
3,430,221,085 |
|
Non-current assets: |
|
|
|
|
|
|
Right-of-use assets |
|
|
13,960,092 |
|
|
|
9,064,396 |
|
Property, equipment and intangible assets, net |
|
|
16,504,065 |
|
|
|
16,926,951 |
|
Goodwill |
|
|
2,492,668 |
|
|
|
2,492,668 |
|
Long-term investments |
|
|
7,928,499 |
|
|
|
7,966,394 |
|
Other non-current assets |
|
|
4,773,925 |
|
|
|
5,432,029 |
|
Deferred tax assets |
|
|
13,122,272 |
|
|
|
11,481,809 |
|
Total non-current assets |
|
|
58,781,521 |
|
|
|
53,364,247 |
|
Total assets |
|
|
3,797,360,388 |
|
|
|
3,483,585,332 |
|
Current liabilities: |
|
|
|
|
|
|
Payables to customers |
|
|
2,996,405,447 |
|
|
|
2,696,293,691 |
|
Payables to brokers, dealers and clearing organizations |
|
|
138,620,746 |
|
|
|
90,701,510 |
|
Accrued expenses and other current liabilities |
|
|
37,777,749 |
|
|
|
39,052,700 |
|
Deferred income-current |
|
|
1,800,298 |
|
|
|
1,771,098 |
|
Lease liabilities-current |
|
|
5,490,079 |
|
|
|
4,209,080 |
|
Amounts due to related parties |
|
|
461,704 |
|
|
|
614,096 |
|
Total current liabilities |
|
|
3,180,556,023 |
|
|
|
2,832,642,175 |
|
Convertible bonds |
|
|
154,337,483 |
|
|
|
156,239,288 |
|
Deferred income-non-current |
|
|
388,423 |
|
|
|
— |
|
Lease liabilities- non-current |
|
|
8,390,077 |
|
|
|
4,784,999 |
|
Deferred tax liabilities |
|
|
2,059,748 |
|
|
|
2,732,207 |
|
Total liabilities |
|
|
3,345,731,754 |
|
|
|
2,996,398,669 |
|
Mezzanine equity |
|
|
|
|
|
|
Subscriptions receivable from redeemable non-controlling
interests |
|
|
(43,496 |
) |
|
|
— |
|
Redeemable non-controlling interest |
|
|
4,685,238 |
|
|
|
6,371,482 |
|
Total Mezzanine equity |
|
|
4,641,742 |
|
|
|
6,371,482 |
|
Shareholders’ equity: |
|
|
|
|
|
|
Class A ordinary shares |
|
|
22,213 |
|
|
|
22,439 |
|
Class B ordinary shares |
|
|
976 |
|
|
|
976 |
|
Additional paid-in capital |
|
|
495,705,684 |
|
|
|
502,663,851 |
|
Statutory reserve |
|
|
6,171,627 |
|
|
|
6,171,627 |
|
Accumulated deficit |
|
|
(50,366,734 |
) |
|
|
(15,574,122 |
) |
Treasury Stock |
|
|
(2,172,819 |
) |
|
|
(2,172,819 |
) |
Accumulated other comprehensive loss |
|
|
(2,231,411 |
) |
|
|
(10,051,228 |
) |
Total UP Fintech shareholders’ equity |
|
|
447,129,536 |
|
|
|
481,060,724 |
|
Non-controlling interests |
|
|
(142,644 |
) |
|
|
(245,543 |
) |
Total equity |
|
|
446,986,892 |
|
|
|
480,815,181 |
|
Total liabilities, mezzanine equity and
equity |
|
|
3,797,360,388 |
|
|
|
3,483,585,332 |
|
|
UP FINTECH HOLDING LIMITED |
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME/(LOSS) |
|
(All amounts in U.S. dollars (“US$”), except for number of
shares (or ADSs) and per share (or ADS) data) |
|
|
|
For the three months ended |
|
|
For the nine months ended |
|
|
|
September 30, |
|
|
June 30, |
|
|
September 30, |
|
|
September 30, |
|
|
September 30, |
|
|
|
2022 |
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
Revenues(a): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commissions |
|
|
24,501,996 |
|
|
|
22,011,990 |
|
|
|
23,188,375 |
|
|
|
83,188,928 |
|
|
|
70,638,871 |
|
Interest related income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing service fees |
|
|
2,145,245 |
|
|
|
2,843,586 |
|
|
|
3,307,720 |
|
|
|
5,220,400 |
|
|
|
9,003,889 |
|
Interest income |
|
|
24,798,274 |
|
|
|
36,448,761 |
|
|
|
38,298,414 |
|
|
|
54,707,628 |
|
|
|
109,334,691 |
|
Other revenues |
|
|
3,960,860 |
|
|
|
4,750,411 |
|
|
|
5,351,702 |
|
|
|
18,394,234 |
|
|
|
13,549,184 |
|
Total revenues |
|
|
55,406,375 |
|
|
|
66,054,748 |
|
|
|
70,146,211 |
|
|
|
161,511,190 |
|
|
|
202,526,635 |
|
Interest expense(a) |
|
|
(4,300,550 |
) |
|
|
(10,423,344 |
) |
|
|
(12,130,614 |
) |
|
|
(11,480,587 |
) |
|
|
(30,961,919 |
) |
Total Net Revenues |
|
|
51,105,825 |
|
|
|
55,631,404 |
|
|
|
58,015,597 |
|
|
|
150,030,603 |
|
|
|
171,564,716 |
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Execution and clearing(a) |
|
|
(3,221,630 |
) |
|
|
(2,035,327 |
) |
|
|
(2,372,142 |
) |
|
|
(11,586,600 |
) |
|
|
(6,839,304 |
) |
Employee compensation and benefits |
|
|
(24,158,644 |
) |
|
|
(23,908,787 |
) |
|
|
(25,976,638 |
) |
|
|
(77,269,686 |
) |
|
|
(74,291,713 |
) |
Occupancy, depreciation and amortization |
|
|
(2,476,021 |
) |
|
|
(2,528,576 |
) |
|
|
(2,235,084 |
) |
|
|
(6,991,732 |
) |
|
|
(7,196,446 |
) |
Communication and market data(a) |
|
|
(6,525,131 |
) |
|
|
(7,763,372 |
) |
|
|
(7,579,357 |
) |
|
|
(20,075,641 |
) |
|
|
(22,299,360 |
) |
Marketing and branding |
|
|
(7,397,094 |
) |
|
|
(4,720,995 |
) |
|
|
(5,163,903 |
) |
|
|
(25,720,486 |
) |
|
|
(15,069,095 |
) |
General and administrative |
|
|
(3,512,556 |
) |
|
|
(4,549,052 |
) |
|
|
(5,447,961 |
) |
|
|
(12,402,060 |
) |
|
|
(14,497,733 |
) |
Total operating costs and expenses |
|
|
(47,291,076 |
) |
|
|
(45,506,109 |
) |
|
|
(48,775,085 |
) |
|
|
(154,046,205 |
) |
|
|
(140,193,651 |
) |
Other income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Others, net |
|
|
1,165,814 |
|
|
|
7,755,429 |
|
|
|
6,725,131 |
|
|
|
2,420,208 |
|
|
|
14,812,226 |
|
Income (loss) before income tax |
|
|
4,980,563 |
|
|
|
17,880,724 |
|
|
|
15,965,643 |
|
|
|
(1,595,394 |
) |
|
|
46,183,291 |
|
Income tax expenses |
|
|
(1,720,070 |
) |
|
|
(4,577,748 |
) |
|
|
(2,592,703 |
) |
|
|
(1,909,746 |
) |
|
|
(11,487,671 |
) |
Net income (loss) |
|
|
3,260,493 |
|
|
|
13,302,976 |
|
|
|
13,372,940 |
|
|
|
(3,505,140 |
) |
|
|
34,695,620 |
|
Less: net loss attributable to non-controlling interests |
|
|
(75,979 |
) |
|
|
(24,428 |
) |
|
|
(21,550 |
) |
|
|
(75,979 |
) |
|
|
(96,992 |
) |
Accretion of redeemable non-controlling interests to redemption
value |
|
|
— |
|
|
|
(141,578 |
) |
|
|
(144,700 |
) |
|
|
— |
|
|
|
(393,563 |
) |
Net income (loss) attributable to ordinary shareholders of
UP Fintech |
|
|
3,336,472 |
|
|
|
13,185,826 |
|
|
|
13,249,790 |
|
|
|
(3,429,161 |
) |
|
|
34,399,049 |
|
Other comprehensive (loss) income, net of
tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized loss on available-for-sale investments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(265,687 |
) |
|
|
— |
|
Changes in cumulative foreign currency translation adjustment |
|
|
(6,047,049 |
) |
|
|
(6,524,752 |
) |
|
|
(1,670,923 |
) |
|
|
(11,600,360 |
) |
|
|
(7,807,129 |
) |
Total Comprehensive (loss) income |
|
|
(2,786,556 |
) |
|
|
6,778,224 |
|
|
|
11,702,017 |
|
|
|
(15,371,187 |
) |
|
|
26,888,491 |
|
Less: comprehensive loss attributable to non-controlling
interests |
|
|
(73,186 |
) |
|
|
(12,873 |
) |
|
|
(20,009 |
) |
|
|
(73,186 |
) |
|
|
(84,304 |
) |
Accretion of redeemable non-controlling interests to redemption
value |
|
|
— |
|
|
|
(141,578 |
) |
|
|
(144,700 |
) |
|
|
— |
|
|
|
(393,563 |
) |
Total Comprehensive (loss) income attributable to ordinary
shareholders of UP Fintech |
|
|
(2,713,370 |
) |
|
|
6,649,519 |
|
|
|
11,577,326 |
|
|
|
(15,298,001 |
) |
|
|
26,579,232 |
|
Net income (loss) per ordinary share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
0.001 |
|
|
|
0.006 |
|
|
|
0.006 |
|
|
|
(0.001 |
) |
|
|
0.015 |
|
Diluted |
|
|
0.001 |
|
|
|
0.006 |
|
|
|
0.006 |
|
|
|
(0.001 |
) |
|
|
0.015 |
|
Net income (loss) per ADS (1 ADS represents 15 Class A
ordinary shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
0.022 |
|
|
|
0.085 |
|
|
|
0.085 |
|
|
|
(0.022 |
) |
|
|
0.222 |
|
Diluted |
|
|
0.021 |
|
|
|
0.084 |
|
|
|
0.083 |
|
|
|
(0.022 |
) |
|
|
0.218 |
|
Weighted average number of ordinary shares used in
calculating net income (loss) per ordinary
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
2,298,890,869 |
|
|
|
2,321,875,787 |
|
|
|
2,330,221,225 |
|
|
|
2,292,316,758 |
|
|
|
2,321,898,725 |
|
Diluted |
|
|
2,424,940,484 |
|
|
|
2,417,213,764 |
|
|
|
2,439,248,294 |
|
|
|
2,292,316,758 |
|
|
|
2,429,798,761 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Includes the following
revenues, costs and expenses resulting from transactions with
related parties as follow:
|
|
For the three months ended |
|
|
For the nine months ended |
|
|
|
September 30, |
|
|
June 30, |
|
|
September 30, |
|
|
September 30, |
|
|
September 30, |
|
|
|
2022 |
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commissions |
|
|
993 |
|
|
|
1,782 |
|
|
|
3,898 |
|
|
|
3,992,251 |
|
|
|
6,877 |
|
Interest related income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing service fees |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,329,490 |
|
|
|
— |
|
Interest income |
|
|
32,805 |
|
|
|
34,652 |
|
|
|
33,687 |
|
|
|
4,758,680 |
|
|
|
108,951 |
|
Other revenues |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,805,126 |
|
|
|
— |
|
Interest
expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,056,556 |
) |
|
|
— |
|
Execution and clearing |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,751,505 |
) |
|
|
— |
|
Communication and market data |
|
|
(46,200 |
) |
|
|
(36,330 |
) |
|
|
(39,690 |
) |
|
|
(100,467 |
) |
|
|
(110,670 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliations of Unaudited Non-GAAP Results of Operations
Measures to the Nearest Comparable GAAP
Measures(All amounts in U.S. dollars (“US$”),
except for number of ADSs and per ADS data) |
|
|
|
|
|
For the three months ended September 30, 2022 |
|
|
For the three months ended June 30, 2023 |
|
|
For the three months ended September 30, 2023 |
|
|
|
|
|
|
non-GAAP |
|
|
|
|
|
|
|
|
non-GAAP |
|
|
|
|
|
|
|
|
non-GAAP |
|
|
|
|
|
|
GAAP |
|
|
Adjustment |
|
|
non-GAAP |
|
|
GAAP |
|
|
Adjustment |
|
|
non-GAAP |
|
|
GAAP |
|
|
Adjustment |
|
|
non-GAAP |
|
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
|
Unaudited |
|
|
Unaudited |
|
|
Unaudited |
|
|
Unaudited |
|
|
Unaudited |
|
|
Unaudited |
|
|
Unaudited |
|
|
Unaudited |
|
|
Unaudited |
|
|
|
|
|
|
|
3,298,276 |
|
(1 |
) |
|
|
|
|
|
|
|
2,142,240 |
|
(1 |
) |
|
|
|
|
|
|
|
2,744,880 |
|
(1 |
) |
|
|
Net income attributable to ordinary shareholders of
UP Fintech |
|
|
3,336,472 |
|
|
|
3,298,276 |
|
|
|
6,634,748 |
|
|
|
13,185,826 |
|
|
|
2,142,240 |
|
|
|
15,328,066 |
|
|
|
13,249,790 |
|
|
|
2,744,880 |
|
|
|
15,994,670 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per ADS - diluted |
|
|
0.021 |
|
|
|
|
|
|
0.041 |
|
|
|
0.084 |
|
|
|
|
|
|
0.097 |
|
|
|
0.083 |
|
|
|
|
|
|
0.100 |
|
Weighted average number of
ADSs used in calculating diluted net
income per ADS |
|
|
161,662,699 |
|
|
|
|
|
|
161,662,699 |
|
|
|
161,147,584 |
|
|
|
|
|
|
161,147,584 |
|
|
|
162,616,553 |
|
|
|
|
|
|
162,616,553 |
|
(1) Share-based compensation.
Grafico Azioni UP Fintech (NASDAQ:TIGR)
Storico
Da Apr 2024 a Mag 2024
Grafico Azioni UP Fintech (NASDAQ:TIGR)
Storico
Da Mag 2023 a Mag 2024