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UP Fintech: Revenue Hits Record US$101M; Profit at Three-year Peak; Client Assets Doubled YoY to US$40.8 Billion

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NEW YORK, Nov. 12, 2024 /PRNewswire/ — UP Fintech Holding Limited (NASDAQ: TIGR) (“UP Fintech” or the “Company”), announced its unaudited financial results for the third quarter ended September 30, 2024. UP Fintech reported record revenue of US$101.1 million in the third quarter, representing a 15.6% increase quarter-over-quarter (QoQ) and a 44.1% increase year-over-year (YoY). Non-GAAP net income attributable to UP Fintech shareholders was US$20.1 million, up 286.5% QoQ and 25.6% YoY. The Company added 60,000 new accounts in Q3, bringing its total global account number to 2.37 million, a 10.2% YoY increase. New funded accounts increased by 50,500, driving total funded accounts to 1,032,800, a 19.3% YoY increase. Trading volume remained robust, with total trading volume increasing 103.1% YoY to US$163 billion. Strong net deposits propelled client assets to US$40.8 billion, a 6.7% QoQ and 115.9% YoY increase, reaching a record high.

UP Fintech’s founder and CEO, Wu Tianhua, stated, “In Q3, enhanced product experience drove significant business growth for the company, with revenue surpassing US$100 million — a record high — and profit reaching a three-year peak. Total client assets doubled YoY to US$40.8 billion, and the company has already achieved its annual guidance of acquiring 150,000 newly funded accounts by now. Global trading activity remained strong, with trading volume doubling YoY.”

“Tiger Brokers continued to improve client investment experiences by launching virtual trade-sharing accounts, allowing users to track the trades of prominent figures like Warren Buffett and Nancy Pelosi. In Hong Kong, Tiger introduced monthly options for Hong Kong stocks in September, boosting weekly trader engagement and order volumes. Recently, we launched weekly stock options for Hong Kong stocks, becoming one of the first brokers to offer cycle options trading in the region, enhancing trading convenience and options for local investors.”

SG: Achieved record-high quarterly trading volume and commission income

HK: Client assets grew 30% QoQ

In Singapore, Tiger Brokers saw significant growth in Q3, with several key metrics hitting an all-time high. Both total trading volume and commission income reached record levels, soaring 253% and 72% YoY, respectively. Net asset inflows climbed 134% YoY. Stock trading remained strong, with US and Singapore stock trading volumes reaching record highs, up 87% and 73% YoY. US options trading also performed exceptionally well, setting new records for the number of orders, trading volume, and commission income, with increases of 108%, 187%, and 59% YoY, respectively. Futures trading also saw record trading volume and commission income, jumping 357% and 110% YoY. In addition, the Cash Boost trading account, which was linked to the Central Depository (CDP) account in August, attracted a broader investor base, driving a 43% increase in trading orders and a 53% increase in gross commission QoQ. In September, the Tiger BOSS Debit Card and Tiger Vault were integrated for T+0 automated subscriptions and redemptions, streamlining clients’ daily spending, wealth management, and stock trading.

Hong Kong continued to attract high-quality clients in Q3, with client assets growing by over 30% QoQ. In Q3, Hong Kong launched stock options and short-selling to provide local investors with more comprehensive investment options. Following the introduction of monthly stock options in late September, weekly trading activity and order volume rose significantly, reflecting growing demand. Recently, Tiger also introduced weekly Hong Kong stock options, becoming one of the first brokers to support cycle options trading in the region. Since expanding virtual asset trading to retail investors on July 1, Tiger Brokers has seen a surge in the number of investors and orders. This quarter saw Hong Kong users’ crypto trading orders and volume jump 1,673% and 1,293% QoQ. Tiger Vault also remained popular, with USD money market fund orders and volume up 99% and 106%, and US Treasury bond orders and volume rising 119% and 160% QoQ.

In the U.S., TradeUP demonstrated robust growth momentum in Q3. User downloads grew by 122% compared to Q2, with account openings up by 88% QoQ, reflecting strong platform appeal and market reach. U.S. client trading volume in U.S. stocks grew 179% QoQ, while options trading increased by 89%. Q3 also marked progress in self-clearing for U.S. stocks and options, enhancing trade execution, stock lending, and settlement. Stock clearing volume rose 93% YoY and options clearing volume by 185%. Night trading delivered standout performance, with after-hours U.S. stock trading volume via Tiger’s self-clearing up by 240% QoQ. Additionally, leveraging diversified stock lending services, TradeUP’s stock lending and margin financing volume grew 114% YoY and 52% QoQ. As of Q3, TradeUP led six IPOs of Asia-Pacific companies, securing the top industry rank.

In Australia, Tiger Brokers continued to build trust with local clients, achieving a 104% YoY increase in newly funded accounts. Net asset inflows grew 207% YoY and 82% QoQ. Gross commission income rose 122% YoY. In August, Tiger Trade received the Finder 2024 “Best Mobile App” award in Australia, earning significant industry recognition. In New Zealand, Q3 saw strong trading activity on Tiger’s platform, attracting a large number of high-quality clients, with total deposits increasing 128% YoY, and trading volume surging 249% YoY. US stocks and options trading continued to perform well, with the number of orders growing 114% and 124% YoY respectively in Q3.

New subscriptions to Trade Feed grew 85% QoQ
Tiger Vault’s users doubled YoY

In Q3, commission income rose 20.9% QoQ to US$41.2 million, while interest-related income grew 22% YoY to US$50.8 million. Tiger Brokers continues to enhance its one-stop global investing experience. Product enhancements include enriched options functions with the addition of implied volatility and options volatility analysis*, catering to professional users and helping them select appropriate options strategies. A new “Yield Hunting” product list on Tiger’s wealth homepage provides rich historical backtesting performance and fundamental information, empowering high-net-worth individuals to optimize investment decisions and maximize returns. Key metrics such as backtested PoP(Probability of Profit) and are assignment probability have been added to the FCN notes details page. A new watchlist assistant feature* provides timely alerts on stock movements for holdings, helping investors avoid missing crucial investment opportunities. The Trade Feed feature continues to upgrade, with the significant addition of Guru Tracker* in Q3, allowing users to track the trades of prominent figures like Warren Buffett and Nancy Pelosi. Trade Feed is now supported in Australia, helping novice investors stay informed on the latest trading activity. The number of new Trade Feed feature subscriptions grew significantly, up 85% QoQ.

On the wealth management side, spurred by the Federal Reserve’s rate cuts, assets under management (AUM) and users grew 101% and 92% YoY in Q3. Tiger Vault continued to gain traction, with AUM and users increasing 99% and 106% YoY. Tiger Wealth’s expanded product range is driving deeper client engagement across asset classes. The AUM of US Treasury bonds held by wealth clients grew 64% QoQ. Gross merchandise value (GMV) for structured notes traded by high-net-worth clients saw a growth rate of over 112% QoQ. To help clients navigate market volatility, Tiger Wealth launched thematic content and a series of livestreams on topics such as the “US Election” and “Trading Amidst Rate Cuts” in Q3, featuring expert insights and providing timely, in-depth market analysis. Tiger Wealth’s newly launched Hong Kong immigration through investment services and flexible US Treasury Discretionary Portfolio Management (DPM) services also proved popular with high net worth clients in Q3.

Since its launch, the TradingFront asset management platform (TAMP) has focused on providing flexible account structures, convenient online account opening, and multi-market, multi-asset trading services, steadily building a strong reputation among trading-oriented institutional clients. In Q3, TradingFront platform AUM grew 16% QoQ, and the number of regular investing accounts increased 20% QoQ. At the Singapore Financial Advisers Association (AFA) annual conference in August, Tiger highlighted how TradingFront empowers financial advisors to leverage fintech and AI, keeping pace with industry changes and continuously enhancing their service efficiency and capabilities.

Among the top three HK IPO underwriters
Employee stock option management SaaS platform net profit jumped over 2.7 times QoQ

In Q3, UP Fintech’s other revenues, encompassing services such as investment banking and Employee Stock Ownership Plan (ESOP), reached US$9.1 million. Tiger Brokers continued to demonstrate its strong capabilities and expertise in US stock underwriting. In the reporting period, Tiger served as the lead underwriter for three US IPOs, acting as the sole lead underwriter for both NIP Group and XCharge. Leveraging its superior trade execution capabilities, Tiger also facilitated three share repurchase agreements for US-listed companies in Q3. Furthermore, Tiger underwrote nine Hong Kong IPOs in the reporting period, including those of Metasurface Technologies, Zhonggan Communication, Xi’an Kingfar Property, and Fangzhou Jianke, ranking among the top three on the Hong Kong IPO underwriting league table for Q3.

The Employee Stock Ownership Plan (ESOP) front, or UponeShare, added 18 new enterprise clients to reach 597 total clients served. Client retention improved significantly, with repeat orders exceeding new orders and growing 33.3% QoQ. Meanwhile, the Company continued to expand into new business models, signing its first software product order during the quarter. Following its milestone of achieving profitability in Q2, the employee stock option management SaaS platform maintained its positive momentum in Q3, with net profit surging by over 270% QoQ and on track for full-year profitability.

Regarding Tiger Enterprise Account, the Company added 13 new clients this quarter, including ChaPanda, Shansong, and YXT.com, bringing the total number of enterprise clients to 455. During the quarter, the Company facilitated Tuya Inc.’s Q2 earnings call, promoting effective communication with the market. “Tiger Online Show”, a high-profile, in-depth interview series, partnered with Kingsoft Cloud executives in September to provide investors with insights and guidance on investment decisions in the cloud services sector. Additionally, the Tiger Enterprise Account has successfully organized an investor relations event for Eastbuy, delving into the business development of livestream e-commerce and exploring new industry trends.

*Available in certain markets

View original content:https://www.prnewswire.com/news-releases/up-fintech-revenue-hits-record-us101m-profit-at-three-year-peak-client-assets-doubled-yoy-to-us40-8-billion-302302249.html

SOURCE UP Fintech Holding Limited

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NASA Johnson Invites Proposals to Lease Vibration Test Facility

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HOUSTON, Nov. 14, 2024 /PRNewswire/ — NASA’s Johnson Space Center is seeking proposals for the use of its historic, but underused, Vibration and Acoustic Test Facility. Prospective tenants must submit facility walk-through requests by Monday, Nov. 18.

Final proposals are due by 12 p.m. EST Monday, Dec. 16, and must promote activities that will build, expand, modernize, or operate aerospace-related capabilities at NASA Johnson and help preserve the historic and iconic building through preservation and adaptive reuse.

NASA plans to sign a National Historic Preservation Act (NHPA) lease agreement for the facility, also known as Building 49, for a five-year base period and one five-year extension to be negotiated between NASA and the tenant. To request a walk-through, send an email to hq-realestate@mail.nasa.gov

“This historic facility has been used for decades to ensure the success and safety of all human spaceflight missions by putting engineering designs and hardware to the ultimate stress tests,” said NASA Johnson Director Vanessa Wyche. “For more than 60 years, NASA Johnson has been the hub of human space exploration and this agreement will be a vital part of the center’s efforts to develop a robust and durable space economy that refines our understanding of the solar system and space exploration.”

All proposals must adhere to the guidelines detailed in the Agency Announcement for Proposals describing concept plans for development of the property, including any modifications proposed to the building; a statement of financial capability to successfully achieve and sustain operations, demonstrated experience with aerospace-related services or other space-related activities, and a detailed approach to propelling the space economy.

The nine-story building complex has a gross square footage of 62,737 square feet and consists of a north wing measuring 62 feet long, 268 feet wide and 106 feet tall, and a central wing about 64 feet long and 115 feet wide. Building 49 currently houses five laboratories, including the General Vibration Laboratory, Modal Operations Laboratory, Sonic Fatigue Laboratory, Spacecraft Acoustic Laboratory, and Spacecraft Vibration Laboratory. The south administrative portion of the building is not included in the property offered for lease. 

As the home of Mission Control Center for the agency’s human space missions, astronaut training, robotics, human health and space medicine, NASA Johnson leads the way for the human exploration. Leveraging its unique role and location, the center is developing multiple lease agreements, including the recently announced Exploration Park, to sustain its key role in helping the human spaceflight community foster a robust space.

In the coming years, NASA and its academic, commercial, and international partners will see the completion of the International Space Station Program, the commercial development of low Earth orbit, and the first human Artemis campaign missions establishing sustainable human presence on the Moon in preparation for human missions to Mars.

Johnson already is leading the commercialization of space with the commercial cargo and crew programs and private astronaut missions to the space station. The center also is supporting the development of commercial space stations in low Earth orbit, and lunar-capable commercial spacesuits and lunar landers that will be provided as services to both NASA and the private sector to accelerate human access to space. Through the development of Exploration Park, the center will broaden the scope of the human spaceflight community that is tackling the many difficult challenges ahead.

Learn more about NASA Johnson’s efforts to collaborate with industry partners:

https://www.nasa.gov/johnson/frontdoor/ 

NASA Johnson Space Center news releases and other information are available automatically by sending an Internet electronic mail message to listserv@listserver.jsc.nasa.gov.  In the body of the message (not the subject line) users should type “subscribe hsfnews” (no quotes). This will add the email address that sent the subscribe message to the news release distribution list. The system will reply with a confirmation via E-mail of each subscription.  Once you have subscribed you will receive future news releases via e-mail.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/nasa-johnson-invites-proposals-to-lease-vibration-test-facility-302306403.html

SOURCE NASA

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Cabana Partners with Virginia Department of Veterans Services to Provide Comprehensive, Free Mental Health Support for Veterans, Guard/Reserve Members, and Their Families

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RICHMOND, Va., Nov. 14, 2024 /PRNewswire/ — Cabana, a modern mental health provider offering confidential, tech-enabled support, has partnered with the Virginia Department of Veterans Services (DVS) to provide free, comprehensive mental health resources to Virginia’s veterans, Guard and Reserve members, as well as their spouses and caregivers. This collaboration expands access to Cabana’s digital mental health services, including live peer support groups moderated by Virginia-certified Veteran Peer Specialists.

Originally developed through research and development initiatives with the U.S. Air Force, Cabana’s services are designed to meet the unique needs of military and veteran communities. With this partnership, eligible Virginia users gain full access to Cabana’s digital suite, which includes the full range of virtual, professionally facilitated groups offered by Cabana, as well as dedicated Virginia Veteran peer-led support groups. Participants can connect discreetly on topics such as transitioning to civilian life, managing family relationships, and coping with stress, all within a secure and confidential environment accessible from any device.

David Black, Founder and CEO of Cabana, underscored the mission behind the partnership: “We’re honored to work with the Virginia Department of Veterans Services to offer a holistic mental health solution for Virginia’s military-connected community. With Virginia-certified Veteran Peer Specialists and our full array of live support groups, we’re providing a powerful, confidential resource that veterans and military families can rely on, whenever and wherever they need it.”

Key Features of the Partnership:

Comprehensive Access to Support: Virginia veterans, Guard/Reserve members, and their families will have unrestricted access to all live virtual groups available through Cabana, in addition to specialized peer-led groups run by Virginia-certified Veteran Peer Specialists.Support for Families and Caregivers: The initiative includes spouses and caregivers, addressing the unique mental health needs of military-connected families through sessions tailored to issues like family dynamics, stress management, and the transition to civilian life.Confidential and Flexible Access: Cabana’s services are available on mobile and desktop devices, providing Virginia’s veterans and their families with an easily accessible, cost-free solution for mental health support.

This collaboration highlights Cabana’s commitment to supporting the mental well-being of those who serve and their families. By joining forces with the Virginia Department of Veterans Services, Cabana seeks to strengthen the resilience and wellness of Virginia’s military community.

For more information on the partnership between Cabana and the Virginia Department of Veterans Services, please contact:

Nick Armstrong, Ph.D.
Head of Public Sector, Cabana
nick@cabanahealth.org

About Cabana™
Cabana is a leading, modern mental health provider offering confidential, tech-enabled support solutions tailored to the needs of diverse communities. Through live, professionally moderated group sessions, evidence-based content, and adaptable wellness tools, Cabana helps individuals proactively manage their mental health. Our mission is clear: to make mental health care more accessible through technology and human connection.

About the Virginia Department of Veterans Services (DVS)

The Virginia Department of Veterans Services (DVS) is a state government agency with more than 50 locations across the Commonwealth of Virginia. DVS traces its history to 1928 and the establishment of the Virginia War Service Bureau to assist Virginia’s World War I veterans. Today, DVS assists veterans and their families in filing claims for federal veterans benefits; provides veterans and family members with linkages to services including behavioral health, housing, employment, education, and other programs. The agency operates long-term care facilities offering in-patient skilled nursing care, dementia/memory care, and short-term rehabilitation for veterans; and provides an honored final resting place for veterans and their families at three state veterans cemeteries. It operates the Virginia War Memorial, the Commonwealth’s tribute to Virginia’s men and women who gave the ultimate sacrifice from World War II to the present. For more information, please visit www.dvs.virginia.gov.

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SOURCE Cabana

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East Side Games Group Reports Third Quarter 2024 Financial Results

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Revenue of $21.4M in Q3 2024 and $62.8M Year to DateA-EBITDA of $2.56M in Q3 2024 and $9.2M Year to DatePOWER RANGERS: MIGHTY FORCE launched globally

VANCOUVER, BC, Nov. 14, 2024 /CNW/ – East Side Games Group (TSX: EAGR) (OTC: EAGRF) (“ESGG” or the “Company”), is pleased to announce its financial results for the third quarter ended September 30, 2024. All amounts are stated in Canadian dollars on an IFRS basis unless otherwise indicated. Building on the momentum from Q2, the company achieved its first growth quarter of the year, reporting a top-line revenue of $21.4 million, a 4% increase quarter-over-quarter and a 3% increase year-over-year.

The company’s adjusted EBITDA for the quarter was $2.56 million, representing a 12% margin and marking the eighth consecutive profitable quarter above $2.5 million. East Side Games Group continues to demonstrate strong performance metrics across its core portfolio, with an average daily user count (DAU) of 236,000, a stickiness rate of 24%, and an average revenue per daily active user (ARPDAU) of $0.99.

“Our focus on profitability within our existing portfolio has paid off, and we are excited to further enhance our user acquisition strategies,” said Jason Bailey, CEO of East Side Games Group. “With $8.3 million in cash—our highest balance since Q2 2022—we are well-positioned to invest in our future game launches and bolster our share buyback program.”

One of the key drivers of growth this quarter was the launch of POWER RANGERS: MIGHTY FORCE in August, which quickly garnered nearly 30,000 daily active users and demonstrated impressive return on advertising spend (ROAS) figures.

In Q3, the company also enhanced its revenue generation through innovative strategies. The introduction of bi-monthly season passes for popular titles like Trailer Park Boys: Greasy Money and Cheech and Chong: Bud Farm resulted in a remarkable 40% increase in season pass revenue.

In a major collaboration, East Side Games Group partnered with BBC and Paramount to create the Intergalactic Friendship Day crossover event between Star Trek Lower Decks: The Badgey Directive and Doctor Who: Lost in Time, generating substantial organic traffic and setting new ARPDAU records.

Looking forward to Q4, East Side Games Group is excited to introduce team-based cooperative and competitive play features into titles such as Trailer Park Boys: Greasy Money and RuPaul’s Drag Race Superstar, anticipating a significant boost in player engagement and monetization.

Moreover, the company is preparing to launch Trailer Park Boys: Greasy Money on the Epic Games Store, expanding its reach in a new mobile marketplace with favorable revenue-sharing terms. This is a very exciting opportunity, only being afforded to a few game studios.

Finally, East Side Games Group is thrilled to announce our upcoming title, RuPaul’s Drag Race Match Queen, developed in partnership with Funkitron and World of Wonder. Slated for a 2025 release, this hybrid match-3 game combines beloved gameplay elements with captivating fashion and character features, catering to the passionate fanbase of RuPaul’s Drag Race.

Mike Edwards will be stepping down from the ESGG Board of Directors to focus on other pursuits, effective immediately. ESGG thanks him for his invaluable guidance over the past 12 years and is currently in discussions with several highly qualified candidates for his replacement.

Three Months Ended Sep 30, 2024 Financial highlights

For the quarter ended September 30th, 2024, revenue was $21.4M.Q3 2024 a-EBITDA of $2.56M and 12% a-EBITDA margin.Cashflow for the Company for the quarter ended September 30, 2024 increased by $700k, ending at $8.3M.Daily Active Users in Q3 were 236k, with an ARPDAU of $0.99On November 14, 2023, the Company announced a renewal of its Normal Course Issuer Bid (“NCIB”) authorizing the Company to purchase 4,076,819 of its shares. Through September 30, 2024, the Company purchased 1,540,719 shares at an average price of $0.76. The company continues to buy back stock as restrictions allow.

Certain information provided in this news release is extracted from the consolidated financial statements (the “Financial Statements”) and Management’s Discussion & Analysis (“MD&A”) of the Company for the quarter ended September 30, 2024, and should be read in conjunction with them. It is only in the context of the fulsome information and disclosures contained in the Financial Statements and MD&A that an investor can properly analyze this information. The Financial Statements and MD&A can be found under the Company’s profile on SEDAR and EDGAR.

Earnings Call Video

ESGG will release its third-quarter 2024 financial results and business outlook on its investor relations website https://eastsidegamesgroup.com/investors/financial-information on Thursday, November 14th, 2024, at approximately 2:00 p.m. Pacific Time.

ABOUT EAST SIDE GAMES GROUP

East Side Games Group is a leading free-to-play mobile game group, creating engaging games that produce enduring player loyalty. Our studio groups entrepreneurial culture is anchored in creativity, execution, and growth through licensing of our proprietary Game Kit software platform that enables professional game developers to greatly increase the efficiency and effectiveness of game creation in addition to organic growth through a diverse portfolio of original and licensed IP mobile games that include: The Office: Somehow We Manage, Star Trek: Lower Decks – The Badgey Directive, Bud Farm Idle Tycoon, Doctor Who: Lost in Time, RuPaul’s Drag Race Superstar, AEW: Rise to The Top, Cheech and Chong Bud Farm, and Trailer Park Boys: Grea$y Money.

We are headquartered in Vancouver, Canada and our games are available worldwide on the App Store and Google Play. Additional information about the Company continues to be available under its legal name, East Side Games Group Inc., at www.sedar.com.

Forward-looking Information

Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the proposed transactions described herein. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management’s current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including factors beyond the Company’s control. These forward-looking statements are made as of the date of this news release.

SOURCE East Side Games Group Inc.

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