UP Fintech (Tiger Brokers) Reports Q1 2026 Results, Launches Hong Kong Index Options

UP Fintech Holding (NASDAQ: TIGR), the online brokerage group, said on June 2 that its first-quarter 2026 revenue rose 26.3% year over year to $154.9 million, although a regulatory penalty in China pushed the period into a net loss.

For the three months ended March 31, 2026, total net revenues were $136.7 million, up 27.1% year over year and down 12.7% from the previous quarter. Net loss attributable to ordinary shareholders was $26.9 million, compared with net income of $30.4 million in the same period last year. On a non-GAAP basis, the company posted a net loss of $23.8 million versus non-GAAP net income of $36.0 million a year earlier.

The swing reflected a May 22 penalty from the Beijing Bureau of the China Securities Regulatory Commission (CSRC) against certain subsidiaries totaling approximately RMB 411 million, or roughly $59.7 million. The CSRC found that the subsidiaries had operated unlicensed cross-border securities business and conducted illegal activities related to fund and futures business in mainland China. Chairman and CEO Wu Tianhua said the company accepts the penalty and views the one-off expense as unlikely to have a material adverse impact on operations or long-term development.

Despite the loss, the company reported continued client growth. UP Fintech added 28,900 new funded clients in the quarter, mostly from Singapore and Hong Kong, bringing total funded accounts to 1,282,800, up 11.3% year over year. Net asset inflows reached $2.9 billion, marking the first quarter in which net asset inflows from consolidated retail accounts exceeded $2 billion. Total client assets ended the quarter at $58.9 billion, down 3.2% quarter over quarter after $4.9 billion in mark-to-market losses, but still up 28.4% year over year. Management noted that Nasdaq's second-quarter rebound had fully recovered those first-quarter client-asset losses on a quarter-to-date basis.

During the quarter, the company upgraded Tiger AI to a multi-agent structure, added a futures-focused agent, and integrated the Claude model into its assistant. It also launched Hong Kong index options trading and a TWAP order function for options. In corporate business, UP Fintech underwrote 10 Hong Kong IPOs, including AI firms MiniMax and Zhipu AI, plus two U.S. SPAC IPOs. Hong Kong IPO subscriptions on its platform surpassed HK$1 trillion year-to-date in 2026, and ESOP clients rose by 42 to 790.

On June 1, the board approved a share repurchase program of up to $50 million over 12 months, funded from existing cash. As of March 31, 2026, UP Fintech held $598.1 million in cash and cash equivalents and term deposits, down from $793.1 million at the end of 2025.