$TIGR

UP Fintech Holding Ltd

CIK:0001756699|SEC Filings

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues:
Total revenues	$ 612,064,917	$ 391,541,429	$ 272,507,595
Interest expense	(73,355,788)	(60,803,516)	(46,957,657)
Total net revenues	538,709,129	330,737,913	225,549,938
Operating cost and expenses:
Execution and clearing	(20,537,788)	(14,651,612)	(9,084,089)
Employee compensation and benefits (including share-based compensation of US$10,147,362, US$9,736,901 and US$15,609,141 for the years ended December 31, 2023, 2024 and 2025, respectively)	(167,169,609)	(122,365,537)	(100,750,644)
Occupancy, depreciation and amortization	(10,491,419)	(8,554,315)	(9,387,056)
Communication and market data	(46,456,565)	(38,893,381)	(30,831,488)
Marketing and branding	(49,462,729)	(28,530,053)	(20,859,834)
General and administrative	(36,209,499)	(39,278,674)	(21,791,263)
Total operating cost and expenses	(330,327,609)	(252,273,572)	(192,704,374)
Other income (expenses):
Others, net	(939,034)	3,299,308	13,148,173
Income before income taxes	207,442,486	81,763,649	45,993,737
Income tax expense	(35,960,865)	(20,409,721)	(12,986,310)
Net income	171,481,621	61,353,928	33,007,427
Less:
Net (loss) income attributable to non-controlling interests	48,896	(4,477)	(98,285)
Accretion of Redeemable Non-controlling Interests to Redemption Value	(533,188)	(630,485)	(542,187)
Net income attributable to ordinary shareholders of UP Fintech	$ 170,899,537	$ 60,727,920	$ 32,563,525
Net income per share attributable to ordinary shareholders of UP Fintech:
Basic	$ 0.064	$ 0.025	$ 0.014
Diluted	$ 0.062	$ 0.024	$ 0.014
Weighted average shares used in calculating net income per ordinary share
Basic	2,651,608,820	2,404,640,854	2,325,338,439
Diluted	2,807,732,382	2,534,097,315	2,427,268,831
Other comprehensive (loss) income, net of tax:
Unrealized (loss) gain on available-for-sale securities (net of tax effect of nil, nil and nil for the years ended December 31, 2023, 2024 and 2025, respectively)	$ 2,207,391	$ 343,892	$ (450,325)
Change in cumulative foreign currency translation adjustment	19,154,156	(9,022,611)	(545,498)
Total Comprehensive income	192,843,168	52,675,209	32,011,604
Total Comprehensive (loss) income attributable to non-controlling interests	36,902	3,121	(92,526)
Accretion of redeemable non-controlling interests to redemption value	(533,188)	(630,485)	(542,187)
Total Comprehensive income attributable to ordinary shareholders of UP Fintech	192,273,078	52,041,603	31,561,943
Commissions
Revenues:
Revenues	266,834,904	159,045,052	92,593,458
Financing service fees
Revenues:
Revenues	10,722,961	11,311,560	12,178,838
Interest income
Revenues:
Revenues	256,997,093	191,754,746	149,291,006
Other revenues
Revenues:
Revenues	$ 77,509,959	$ 29,430,071	$ 18,444,293

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net income	$ 171,481,621	$ 61,353,928	$ 33,007,427
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation	15,609,141	9,736,901	10,147,362
Depreciation and amortization	2,894,716	2,624,290	2,838,552
Fair value change of financial instruments held, at fair value	(2,946,352)	(10,196,099)	(16,142,109)
Loss on disposal of subsidiaries	331,789
Gain from equity investments, net of impairments	(225,800)	(210,511)	(6,889)
Allowance for doubtful accounts	1,332,327	14,292,716	363,417
Loss on disposal of property and equipment	721,537
Foreign currency exchange loss (gain)	(7,794,139)	(4,060,340)	3,122,874
Deferred tax (benefit) expense	(1,671,047)	829,366	3,206,495
Interest expense from convertible bonds	2,672,706	2,617,706	2,550,208
Changes in operating assets and liabilities:
Financial instruments held, at fair value	(8,077,171)	363,008,571	(249,167,561)
Receivables from customers	(730,666,224)	(313,904,166)	(108,963,426)
Receivables from brokers, dealers and clearing organizations	272,773,646	(1,763,863,578)	415,068,652
Amounts due from/to related parties	66,703,639	(18,006,726)	6,468,157
Prepaid expenses and other current assets	(18,129,956)	1,174,192	(4,719,181)
Operating lease right-of-use assets	(793,923)	(1,812,788)	4,892,207
Other non-current assets	(4,461,237)	(2,058,980)	(550,983)
Payables to customers	1,521,314,873	661,344,567	(83,098,889)
Payables to brokers, dealers and clearing organizations	(10,857,389)	1,799,997,770	(23,848,815)
Accrued expenses and other current liabilities	45,551,282	24,786,008	4,604,199
Operating lease liabilities	920,664	1,145,234	(4,969,139)
Deferred income	(0)	(819,809)	(1,368,912)
Net cash (used in) provided by operating activities	1,316,684,703	827,978,252	(6,566,354)
Cash flows from investing activities:
Purchase of property, equipment and intangible assets	(5,482,918)	(1,553,276)	(2,764,030)
Payment for long-term investments	0		(500,000)
Payment for equity method investment		(10,000,000)
Cash received from disposal of a subsidiary	388,335
Purchase of term deposits		(196,702)	(4,225,412)
Maturity of term deposits	470,751	2,816,941	74,679
Advances to employees	(1,169,167)	269,403	(342,686)
Dividend received	44,245	6,889	6,889
Net cash used in investing activities	(5,748,754)	(8,656,745)	(7,750,560)
Cash flows from financing activities:
Proceeds received from redeemable non-controlling interests	0		1,680,036
Net proceeds received from follow-on public offering (net of offering cost of US$835,813)		103,742,312
Repurchase of preferred shares from redeemable non-controlling interests	(3,030,555)
Proceeds received from issuance of Class A Ordinary Shares upon settlement of share-based awards	100,897	85,110	140,383
Net cash provided by (used in) financing activities	(2,929,658)	103,827,422	1,820,419
Increase (decrease) in cash, cash equivalents and restricted cash	1,308,006,291	923,148,929	(12,496,495)
Effect of exchange rate changes	26,639,425	(4,642,231)	(3,478,233)
Cash, cash equivalents and restricted cash at beginning of the year	2,858,260,499	1,939,753,801	1,955,728,529
Cash, cash equivalents and restricted cash at end of the year	4,192,906,215	2,858,260,499	1,939,753,801
Cash, cash equivalents and restricted cash:
Cash and cash equivalents	791,016,893	393,576,874	322,599,616
Cash-segregated for regulatory purpose	3,401,889,322	2,464,683,625	1,617,154,185
Supplemental disclosure of cash flow information:
Income taxes paid (net of refunds)	$ 26,068,379	$ 11,288,825	$ 13,324,309

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Assets:
Cash and cash equivalents	$ 791,016,893	$ 393,576,874
Cash-segregated for regulatory purpose	3,401,889,322	2,464,683,625
Term deposits	2,061,474	1,075,260
Receivables from customers (net of allowance of US$15,284,002 and US$5,050,501 as of December 31, 2024 and 2025)	1,785,416,288	1,052,972,649
Receivables from brokers, dealers, and clearing organizations (net of allowance of nil as of December 31, 2024 and 2025)	2,032,966,861	2,305,740,507
Financial instruments held, at fair value	85,541,628	75,547,082
Prepaid expenses and other current assets	33,956,983	17,629,819
Total current assets	8,151,927,209	6,327,946,487
Long-term deposits	0	1,369,994
Right-of-use assets	11,674,596	10,880,673
Property, equipment and intangible assets, net	14,364,025	15,358,528
Crypto assets held	4,339,298
Goodwill	2,492,668	2,492,668
Long-term investments	9,810,822	7,658,809
Equity method investment	10,585,414	10,203,622
Other non-current assets	10,932,109	6,828,553
Deferred tax assets	10,404,896	8,573,135
Total assets	8,226,531,037	6,391,312,469
Liabilities:
Payables to customers	5,095,965,998	3,574,651,125
Payables to brokers, dealers and clearing organizations	1,903,912,312	1,914,769,701
Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of the consolidated VIEs without recourse to the Group of US$10,624,181 and US$16,083,646 as of December 31, 2024 and 2025, respectively)	111,689,582	67,263,254
Convertible bonds - current	111,178,103	0
Lease liabilities - current (including lease liabilities - current of the consolidated VIEs without recourse to the Group of US$969,176 and US$860,712 as of December 31,2024 and 2025, respectively)	6,777,918	4,153,928
Total current liabilities	7,299,458,972	5,561,712,339
Convertible bonds - non-current	51,000,000	159,505,397
Lease liabilities - non-current (including lease liabilities - non-current of the consolidated VIEs without recourse to the Group of US1,292,591 and US$705,038 as of December 31, 2024 and 2025, respectively)	4,198,997	5,902,323
Deferred tax liabilities (including deferred tax liabilities of the consolidated VIEs without recourse to the Group of US$27,247 and US$16,522 as of December 31, 2024 and 2025, respectively)	1,694,325	2,068,661
Total liabilities	7,356,352,294	5,729,188,720
Commitments and Contingencies (Note19)
Mezzanine equity
Redeemable non-controlling interests	4,946,478	7,177,668
Total Mezzanine equity	4,946,478	7,177,668
Shareholders’ equity:
Additional paid-in capital	634,203,244	619,030,730
Statutory reserve	15,587,049	12,425,463
Retained earnings	208,408,915	37,843,547
Treasury stock (10,429,305 shares as of December 31, 2024 and 2025)	(2,172,819)	(2,172,819)
Accumulated other comprehensive (loss) income	9,454,230	(11,919,310)
Total UP Fintech shareholders' equity	865,507,397	655,234,014
Non-controlling interests	(275,132)	(287,933)
Total equity	865,232,265	654,946,081
Total liabilities, mezzanine equity and equity	8,226,531,037	6,391,312,469
Related party
Assets:
Amounts due from related parties	19,077,760	16,720,671
Liabilities:
Amount due to related parties	69,935,059	874,331
Class A ordinary shares
Shareholders’ equity:
Ordinary shares	25,802	25,427
Class B ordinary shares
Shareholders’ equity:
Ordinary shares	$ 976	$ 976