Operating margins have expanded significantly from 30.8% in 2023Q1 to 48.9% in 2025Q2, reflecting the firm's ability to scale revenue without proportional increases in SG&A expenses.
| Sales/Revenue | 486.49M | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 330.57M | 572.05M | 254.52M | 162.67M | 108.01M | 127.81M | 81.87M | 20.36M | -22.35M | 4.96M | -2.97M |
| Gross Margin % | 67.95% | 93.22% | 65.01% | 59.69% | 47.93% | 48.32% | 59.11% | 34.7% | -66.61% | 29.27% | -54.2% |
| Gross Profit Growth % | - | 124.75% | 56.46% | 50.61% | -15.49% | 56.11% | 302.17% | 191.07% | -550.63% | 267.14% | - |
| Operating Expenses | 114.59M | 289.57M | 115.26M | 82.87M | 87.61M | 110.23M | 50.73M | 26.43M | 24.54M | 13.98M | 10.57M |
| OpEx % of Revenue | - | 47.19% | 29.44% | 30.41% | 38.87% | 41.68% | 36.63% | 45.05% | 73.12% | 82.46% | 193.04% |
| Selling, General & Admin | 105.41M | 0 | 106.7M | 73.48M | 78.59M | 110.23M | 46M | 22.86M | 21.92M | 12.81M | 9.84M |
| SG&A % of Revenue | - | - | 27.25% | 26.97% | 34.87% | 41.68% | 33.21% | 38.96% | 65.31% | 75.57% | 179.74% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 215.98M | 282.48M | 139.27M | 79.8M | 20.4M | 17.66M | 31.14M | -6.07M | -46.89M | -9.02M | -13.54M |
| Operating Margin % | 44.4% | 46.03% | 35.57% | 29.28% | 9.05% | 6.68% | 22.48% | -10.35% | -139.73% | -53.19% | -247.24% |
| Operating Income Growth % | - | 102.83% | 74.51% | 291.15% | 15.53% | -43.28% | 612.71% | 87.05% | -420.14% | 33.41% | - |
| EBITDA | 225.16M | 293M | 147.82M | 89.19M | 29.42M | 19M | 35.87M | -2.5M | -44.27M | -7.85M | -12.81M |
| EBITDA Margin % | 46.28% | 47.74% | 37.75% | 32.73% | 13.05% | 7.18% | 25.9% | -4.26% | -131.91% | -46.3% | -233.94% |
| EBITDA Growth % | 139.29% | 98.21% | 65.74% | 203.21% | 54.83% | -47.04% | 1534.59% | 94.35% | -464.13% | 38.74% | - |
| D&A (Non-Cash Add-back) | 9.18M | 10.52M | 8.55M | 9.39M | 9.01M | 1.34M | 4.74M | 3.57M | 2.62M | 1.17M | 728.31K |
| EBIT | 211.56M | 281.54M | 142.57M | 92.95M | 20.7M | 17.66M | 32.13M | -5.2M | -46.17M | -9.11M | -13.54M |
| Net Interest Income | -64.81M | 184.13M | -60.8M | -46.96M | -18.67M | -18.38M | -10.1M | -4.1M | 194.04K | 318.63K | 91.49K |
| Interest Income | 0 | 257.68M | 0 | 0 | 0 | 0 | 0 | 0 | 194.04K | 318.63K | 91.49K |
| Interest Expense | 64.81M | 73.55M | 60.8M | 46.96M | 18.67M | 18.38M | 10.1M | 4.1M | 0 | 0 | 0 |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 146.75M | 207.99M | 81.76M | 45.99M | 2.03M | 19.05M | 22.03M | -9.31M | -46.17M | -9.11M | -13.37M |
| Pretax Margin % | 30.16% | 33.89% | 20.88% | 16.88% | 0.9% | 7.2% | 15.91% | -15.86% | -137.56% | -53.76% | -244.22% |
| Income Tax | 28.44M | 36.06M | 20.41M | 12.99M | 4.29M | 4.36M | 2.85M | -3.36M | -1.87M | -1.18M | -2.56M |
| Effective Tax Rate % | 19.38% | 17.34% | 24.96% | 28.23% | 211.08% | 22.9% | 12.94% | 36.06% | 4.06% | 12.99% | 19.16% |
| Net Income | 117.65M | 171.45M | 60.73M | 32.56M | -2.19M | 14.69M | 16.06M | -6.59M | -43.21M | -7.51M | -10.76M |
| Net Margin % | 24.18% | 27.94% | 15.51% | 11.95% | -0.97% | 5.55% | 11.6% | -11.23% | -128.75% | -44.31% | -196.47% |
| Net Income Growth % | 346.76% | 182.32% | 86.49% | 1589.34% | -114.88% | -8.55% | 343.8% | 84.75% | -475.33% | 30.19% | - |
| Net Income (Continuing) | 118.3M | 171.94M | 61.35M | 33.01M | -2.26M | 14.69M | 19.18M | -5.95M | -44.29M | -7.93M | -10.81M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 5.44M | 4.67M | 6.89M | 6.45M | -142.64K | 0 | 0 | 0 | -1.47M | -464.88K | 110.82K |
| EPS (Diluted) | 0.63 | 0.92 | 0.36 | 0.21 | -0.01 | 0.09 | 0.11 | -0.04 | -0.32 | -0.07 | -0.10 |
| EPS Growth % | 315.12% | 155.56% | 71.43% | 1568.53% | -115.16% | -14.27% | 360.66% | 86.81% | -359.11% | 30.23% | - |
| EPS (Basic) | - | 0.97 | 0.38 | 0.21 | -0.01 | 0.10 | 0.11 | -0.04 | -0.32 | -0.07 | -0.10 |
| Diluted Shares Outstanding | 185.41M | 187.18M | 168.94M | 161.82M | 153.01M | 155.71M | 144.15M | 140.99M | 133.03M | 107.74M | 107.74M |
| Basic Shares Outstanding | 176.66M | 176.77M | 160.31M | 157.41M | 153.01M | 147.01M | 141.19M | 140.99M | 133.03M | 107.74M | 107.74M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Regulatory and geopolitical volatility
According to the latest quarterly financial data, TIGR has demonstrated a clear upward revenue trajectory, climbing from $66.3M in 2023Q1 to $138.7M by 2025Q2, reflecting successful market expansion efforts that appear to be effectively offsetting the historical reliance on mainland Chinese retail trading volumes.
The consistent quarter-over-quarter revenue growth suggests that the company's strategic pivot toward international markets, particularly Singapore, is gaining traction. Investors should monitor whether this growth is sustainable or if it remains highly sensitive to the cyclical nature of global equity market sentiment and interest rate fluctuations.
As reported in recent income statements, TIGR's operating margin has expanded significantly from 30.8% in 2023Q1 to 48.9% in 2025Q2, indicating that the firm is successfully scaling its proprietary technology platform without incurring proportional increases in its underlying fixed cost base or infrastructure requirements.
The expansion in operating margins suggests that the company is achieving meaningful economies of scale as its user base grows. This trend warrants further investigation into whether the firm can maintain these levels of efficiency if competitive pressures in the Hong Kong market necessitate higher marketing and user acquisition expenditures.
Based on the provided financial figures, TIGR's net income has shown a marked improvement, reaching $41.4M in 2025Q2 compared to $8.0M in 2023Q1, with the absence of share-based compensation expenses in recent quarters suggesting a cleaner path to profitability for shareholders.
The reduction in non-cash expenses like share-based compensation appears to enhance the quality of reported earnings, providing a more transparent view of the company's cash-generative potential. However, analysts should remain cautious regarding the impact of currency translation adjustments, given the firm's multi-currency operational footprint across various international jurisdictions.
Data from the most recent quarterly filings reveals that TIGR has maintained tight control over its SG&A expenses, which remained relatively stable at $27.0M in 2025Q2 despite the substantial increase in top-line revenue, suggesting a disciplined approach to managing the firm's primary operating cost drivers.
This expense discipline appears to be a key factor in the company's ability to translate revenue growth into bottom-line profitability. Investors should monitor whether this level of discipline can persist as the company faces potential regulatory compliance costs and the need for continued investment in its proprietary technology stack.
Quick answers to the most common questions about buying TIGR stock.
UP Fintech Holding Ltd. Sponsored ADR Class A (TIGR) is profitable, generating $171.4M in net income for the fiscal year ending 2025 with a net profit margin of 27.9%.
UP Fintech Holding Ltd. Sponsored ADR Class A (TIGR) reported an operating income of $282.5M, resulting in an operating profit margin of 46.0%. This margin reflects the operational efficiency of the business before interest and taxes.
UP Fintech Holding Ltd. Sponsored ADR Class A (TIGR) generated $572.1M in gross profit for the year, representing a gross profit margin of 93.2%. This demonstrates the company's core pricing power and production efficiency.