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Financial Highlights for Third Quarter 2024

• Total revenues increased 44.1% year-over-year to US$101.1 million.

• Total net revenues increased 47.1% year-over-year to US$85.4 million.

• Net income attributable to ordinary shareholders of UP Fintech was US$17.8 million compared to a net income of US$13.2 million in the same quarter of last year, an increase of 34.0%.

• Non-GAAP net income attributable to ordinary shareholders of UP Fintech was US$20.1 million, compared to a non-GAAP net income of US$16.0 million in the same quarter of last year, an increase of 25.6%. A reconciliation of non-GAAP financial metrics to the most comparable GAAP metrics is set forth below.

Operating Highlights for Third Quarter 2024

• Total account balance increased 115.9% year-over-year to US$40.8 billion.

• Total margin financing and securities lending balance increased 101.8% year-over-year to US$4.5 billion.

• Total number of customers with deposit increased 19.3% year-over-year to 1,032,800.

Selected Operating Data for Third Quarter 2024

Third Quarter 2024 Financial Results

REVENUES

Total revenues were US$101.1 million, an increase of 44.1% from US$70.1 million in the same quarter of last year.

Commissions were US$41.2 million, an increase of 77.7% from US$23.2 million in the same quarter of last year, due to an increase in trading volume.

Financing service fees were US$2.8 million, a decrease of 15.2% from US$3.3 million in the same quarter of last year, primarily due to a decrease in margin financing and securities lending activities of our fully disclosed account customers.

Interest income was US$48.0 million, an increase of 25.2% from US$38.3 million in the same quarter of last year, primarily due to the increase in margin financing and securities lending activities of our consolidated account customers.

Other revenues were US$9.1 million, an increase of 69.8% from US$5.4 million in the same quarter of last year, primarily due to the increase in IPO subscription incomes.

Interest expense was US$15.7 million, an increase of 29.4% from US$12.1 million in the same quarter of last year, primarily due to the increase in margin financing and securities lending activities.

OPERATING COSTS AND EXPENSES

Total operating costs and expenses were US$59.3 million, an increase of 21.7% from US$48.8 million in the same quarter of last year.

Execution and clearing expenses were US$3.5 million, an increase of 48.3% from US$2.4 million in the same quarter of last year due to an increase in our trading volume.

Employee compensation and benefits expenses were US$28.8 million, an increase of 10.8% from US$26.0 million in the same quarter of last year, primarily due to an increase of global headcount to support our global expansion.

Occupancy, depreciation and amortization expenses were US$2.2 million, a slight decrease of 3.2% from US$2.2 million in the same quarter of last year.

Communication and market data expenses were US$9.7 million, an increase of 28.4% from US$7.6 million in the same quarter of last year due to increased IT-related fees.

Marketing and branding expenses were US$8.2 million, an increase of 59.2% from US$5.2 million in the same quarter of last year, primarily due to higher marketing spending this quarter.

General and administrative expenses were US$6.9 million, an increase of 27.3% from US$5.4 million in the same quarter of last year due to the increase in professional service expense and general expenses resulting from business expansion and changes.

NET INCOME attributable to ordinary shareholders of UP Fintech

Net income attributable to ordinary shareholders of UP Fintech was US$17.8 million, as compared to a net income of US$13.2 million in the same quarter of last year. Net income per ADS – diluted was US$0.110, as compared to a net income per ADS – diluted of US$0.083 in the same quarter of last year.

Non-GAAP net income attributable to ordinary shareholders of UP Fintech, which excludes share-based compensation, was US$20.1 million, as compared to a US$16.0 million non-GAAP net income attributable to ordinary shareholders of UP Fintech in the same quarter of last year. Non-GAAP net income per ADS – diluted was US$0.124 as compared to a non-GAAP net income per ADS – diluted of US$0.100 in the same quarter of last year.

For the third quarter of 2024, the Company’s weighted average number of ADSs used in calculating non-GAAP net income per ADS – diluted was 164,482,794. As of September 30, 2024, the Company had a total of 2,373,182,132 Class A and B ordinary shares outstanding, or the equivalent of 158,212,142 ADSs.

CERTAIN OTHER FINANCIAL ITEMS

As of September 30, 2024, the Company’s cash and cash equivalents, term deposits and long-term deposits were US$432.3 million, compared to US$327.7 million as of December 31, 2023.

As of September 30, 2024, the allowance balance of receivables from customers was US$15.7 million compared to US$1.0 million as of December 31, 2023, which was due to a bad debt provision concerning the recoverability of a specific Hong Kong stock pledge business faced with extreme market situation and significant price drop, leading to a provision for the loan balance.

Conference Call Information:

UP Fintech’s management will hold an earnings conference call at 8:00 AM on November 12, 2024, U.S. Eastern Time (9:00 PM on November 12, 2024, Singapore/Hong Kong Time).

All participants wishing to attend the call must preregister online before they may receive the dial-in numbers. Preregistration may require a few minutes to complete.

Preregistration Information:

Please note that all participants will need to pre-register for the conference call, using the link: https://register.vevent.com/register/BI98badd2259764082bdf9df7a4e175bd8

It will automatically lead to the registration page of “UP Fintech Holding Limited Third Quarter 2024 Earnings Conference Call”, where details for RSVP are needed.

Upon registering, all participants will be provided in confirmation emails with participant dial-in numbers and personal PINs to access the conference call. Please dial in 10 minutes prior to the call start time using the conference access information.

Additionally, a live and archived webcast of the conference call will be available at https://ir.itigerup.com

Use of Non-GAAP Financial Measures

In evaluating our business, we consider and use non-GAAP net loss or income attributable to ordinary shareholders of UP Fintech and non-GAAP net loss or income per ADS - diluted as supplemental measures to review and assess our operating performance. The presentation of the non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). We define non-GAAP net loss or income attributable to ordinary shareholders of UP Fintech as net loss or income attributable to ordinary shareholders of UP Fintech excluding share-based compensation. Non-GAAP net loss or income per ADS - diluted is non-GAAP net loss or income attributable to ordinary shareholders of UP Fintech divided by the weighted average number of diluted ADSs.

We present these non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. Non-GAAP net loss or income attributable to ordinary shareholders of UP Fintech enables our management to assess our operating results without considering the impact of share-based compensation. We also believe that the use of these non-GAAP financial measures facilitates investors' assessment of our operating performance.

These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as an analytical tool. One of the key limitations of using these non-GAAP financial measures is that they do not reflect all items of income and expenses that affect our operations. Share-based compensation has been and may continue to be incurred in our business and are not reflected in the presentation of non-GAAP net loss or income attributable to ordinary shareholders of UP Fintech. Further, these non-GAAP financial measures may differ from the non-GAAP financial information used by other companies, including peer companies, and therefore their comparability may be limited.

These non-GAAP financial measures should not be considered in isolation or construed as alternatives to total operating costs and expenses, net loss or income attributable to ordinary shareholders of UP Fintech or any other measure of performance or as an indicator of our operating performance. Investors are encouraged to review these historical non-GAAP financial measures in light of the most directly comparable GAAP measures. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting the usefulness of such measures when analyzing our data comparatively. We encourage investors and others to review our financial information in its entirety and not rely on a single financial measure.

About UP Fintech Holding Limited

UP Fintech Holding Limited is a leading online brokerage firm focusing on global investors. The Company’s proprietary mobile and online trading platform enables investors to trade in equities and other financial instruments on multiple exchanges around the world. The Company offers innovative products and services as well as a superior user experience to customers through its “mobile first” strategy, which enables it to better serve and retain current customers as well as attract new ones. The Company offers customers comprehensive brokerage and value-added services, including trade order placement and execution, margin financing, IPO subscription, ESOP management, investor education, community discussion and customer support. The Company’s proprietary infrastructure and advanced technology are able to support trades across multiple currencies, multiple markets, multiple products, multiple execution venues and multiple clearinghouses.

For more information on the Company, please visit: https://ir.itigerup.com.

Safe Harbor Statement

This announcement contains forward−looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward−looking statements can be identified by terminology such as “may,” “might,” “aim,” “likely to,” “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements or expressions. Among other statements, the business outlook and quotations from management in this announcement, the Company’s strategic and operational plans and expectations regarding growth and expansion of its business lines, and the Company’s plans for future financing of its business contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”) on Forms 20−F and 6−K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties, including the earnings conference call. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward−looking statements. Forward−looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s ability to effectively implement its growth strategies; trends and competition in global financial markets; changes in the Company’s revenues and certain cost or expense accounting policies; and governmental policies and regulations affecting the Company’s industry and general economic conditions in China, Singapore and other countries. Further information regarding these and other risks is included in the Company’s filings with the SEC, including the Company’s annual report on Form 20-F filed with the SEC on April 22, 2024. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law. Further information regarding these and other risks is included in the Company’s filings with the SEC.

For investor and media inquiries please contact:

Investor Relations Contact

UP Fintech Holding Limited

Email: ir@itiger.com