Total revenue for the third quarter of 2025 reached $175.2 million, a 73.3 % year‑over‑year increase from $101.1 million in Q3 2024 and a 26.3 % rise from $139.8 million in Q2 2025. Non‑GAAP net income attributable to ordinary shareholders climbed to $57.0 million, up 28.2 % from $44.0 million in the prior quarter and 2.8 times the $20.4 million reported a year earlier. The earnings beat analyst consensus by $0.24 per share, driven by a 33 % expansion in the non‑GAAP net profit margin, which rose from 25 % to 33 % as higher‑margin commission and interest income offset a 51 % increase in operating expenses.
Client growth and asset accumulation were key contributors to the record performance. The company added 31,500 new funded accounts, bringing the total to 1.22 million and increasing total client assets to $61.0 billion, up 49.7 % from $40.5 billion in Q3 2024. The average net asset inflow per newly funded client hit a record $32,000, reflecting a shift toward higher‑value customers in Singapore and Hong Kong, where inflows reached $62,000 and $30,000 respectively. The mix shift toward premium accounts also helped lift the average account size and improve fee‑based revenue.
Revenue was driven by a 121 % surge in commission income, which rose to $72.9 million from $32.5 million in Q3 2024, and a 100 % increase in interest income to $73.2 million. Other revenue, largely from digital‑asset trading, surged 189 % to $26.3 million. The strong mix shift to higher‑margin segments, combined with disciplined cost control, enabled the company to expand its operating margin from 25 % to 33 % despite a 51 % rise in operating expenses, which were largely driven by investments in AI‑enhanced trading tools and market expansion.
Chairman and CEO Wu Tianhua highlighted the company’s ability to meet its full‑year target of adding 150,000 newly funded clients. He noted that “market conditions continued to improve, and we once again achieved record‑high revenue, profit and client assets.” The company guided for Q4 2025 revenue of $190 million to $195 million, up from the prior guidance of $180 million to $185 million, and for non‑GAAP net income of $62 million to $65 million, reflecting confidence in sustained demand and margin expansion. Wu also emphasized continued focus on cost discipline and strategic investments in high‑return verticals, signaling a commitment to profitability amid competitive pressures.
The earnings announcement generated a strong market reaction, with the stock rising 9 % in pre‑market trading. Analysts cited the revenue beat and margin expansion as primary drivers of the positive sentiment, while noting that the company’s guidance for Q4 2025 reflects a cautious outlook on macro‑economic conditions but confidence in its high‑quality client base and AI‑powered platform.
The record‑high earnings underscore UP Fintech’s successful execution of its high‑quality client acquisition strategy and its expansion into key Asia‑Pacific markets. The company’s ability to grow revenue, profit, and client assets while maintaining margin expansion positions it well for continued growth, though it must navigate competitive pressures in digital‑asset trading and potential macro‑economic headwinds. Investors will likely view the results as a positive signal of the company’s operational resilience and strategic focus on high‑margin segments.
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