UP Fintech Holding Limited (NASDAQ: TIGR), the Tiger Brokers trading brand operator, has announced its unaudited financial results for Q4 and the full year 2023. The company reported total revenues of $70 million in Q4, an increase of 9.6% year-over-year (YoY), and $272.5 million for the full year, an uptick of 20.9% from 2022.

UP Fintech Reports Q4 and Full Year 2023 Results

In addition to high revenues, trading volumes and the number of customer accounts also grew. Although the company did not achieve profitability in the fourth quarter, it reported a net income of $32.6 million for the entire year of 2023, compared to a loss of $2.2 million the year before.

"In 2023, our topline mix benefited from our strategy execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term on internationalization and the high-interest rate environment," Wu Tianhua, the Chairman and CEO of UP Fintech, commented.

The adjusted net income for UP Fintech's ordinary shareholders, which removes the effects of share-based compensation and impairment losses on long-term investments, reached $42.7 million, up from $12.7 million in adjusted net income in 2022. The adjusted net income per American Depositary Share (ADS) on a diluted basis was $0.270, compared to $0.082 per ADS in 2022.

This confirms the company's strong results in the third quarter of last year, when it added over 24,000 customers and had a net profit 300% higher than in Q3 2022.

Strong Growth in New Funded Accounts and Total Account Balance

UP Fintech added 39,034 new funded accounts in Q4, an improvement of 58.6% quarter-over-quarter (QoQ) and 42.8% YoY. The total number of funded accounts reached 904,600 by the end of 2023, an increase of 15.8% compared to 2022.

"In the fourth quarter, we added 39,034 new funded accounts, an increase of 58.6% quarter over quarter and 42.8% year over year, bringing our yearly total to 123,110, exceeding our yearly guidance of 100,000," added Tianhua.

The company also saw a record $8.2 billion net asset inflow in Q4, combined with $3.5 billion mark to market gain, leading to an elevation of 62.1% QoQ and 118.5% YoY in total account balance to $30.6 billion.

In its Corporate business, UP Fintech underwrote a total of 9 US. and Hong Kong IPOs in Q4, bringing the total number of IPOs underwritten for the year to 28. The company's Employee Stock Option Plan (ESOP) business additionally saw growth, adding 30 new clients in Q4 and serving a total of 535 ESOP clients.

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