The first half of 2026 will not go down as the best of times at Far East focused online broker Tiger Brokers, with the company’s two-year revenue growth streak broken, and a large regulatory fine contributing to a fairly sizeable net loss for the company in Q1 2026.

Revenues and Net Loss Q1 2026

UP Fintech Holding Limited (NASDAQ:TIGR), which operates the Tiger Brokers online trading brand, reported its Q1 results showing Revenues of $136.7 million, down 13% from a record $156.5 million in Q4 2025. That, as noted above, broke a streak of eight consecutive quarters of growth at the company.

On the bottom line, the company had a Net Loss of $27.7 million in Q1 2026, caused mainly by a $60 million (!!) fine issued against Tiger Brokers by Chinese financial regulator CSRC in May 2026, relating to unlicensed cross-border securities business and illegal activities relating to the fund and futures business in mainland China. While absorbing the full fine into its Q1 financials, the company indicated that considering its overall profitability and cash flow position, this one-off expense will not have a material adverse impact on its business operations or long-term development.

Share price reaction

Shares of UP Fintech were down by about 4% in pre-market trading early Tuesday following release of the results. While the $60 million fine was already “baked in” to the company’s share price – which dropped by more than 25% after the fine was revealed last month – the revenue drop was not.

As of the time of writing, NADSAQ:TIGR was trading at $4.95, down by 4% from Monday’s close of $5.17. TIGR shares have a 52 week high of $13.55, set back in September 2025. The shares are down by more than 45% in 2026 year-to-date.

TIGR shares year-to-date performance 2026. Source: Google Finance.

Q1 2026 results explanation

Wu Tianhua, Chairman and CEO of UP Fintech stated,

“In the first quarter, we continued to expand our user base and client assets, while further optimizing our comprehensive product offerings. Supported by these solid fundamentals, both our topline and operating performance have achieved notable year-over-year growth. Our total revenue for the first quarter reached US$154.9 million, representing a 26.3% increase year over year. Net loss and non-GAAP net loss attributable to UP Fintech for the quarter were $26.9 million and $23.8 million, versus net income of $30.4 million and $36.0 million in the same quarter last year. Recently on May 22, the Beijing Bureau of the China Securities Regulatory Commission (CSRC) issued administrative penalties and ordered the confiscation of illegal gains against certain subsidiaries of the Company, with a total amount of approximately RMB 411 million (equivalent to roughly $59.7 million). The penalties stemmed from certain subsidiaries’ unlicensed cross-border securities business and illegal activities relating to the fund and futures business in mainland China. The Company sincerely accepts the penalty and has recognized it as a subsequent significant event for the first quarter. Considering the Company’s overall profitability and cash flow position, this one-off expense will not have a material adverse impact on our business operations or long-term development.

“In the first quarter, we added 28,900 new funded clients, with great majority of which came from Singapore and Hong Kong markets. Our total funded accounts reached 1,282,800 at quarter end, representing an 11.3% year-over-year increase. We continued to see solid net asset inflows, which amounted to $2.9 billion in the first quarter. It marks the first time in our history that quarterly net asset inflow above $2 billion from consolidated retail accounts, further demonstrating solid progress delivered by our client quality focused strategy. The overall market trended downward in the first quarter, driven by the pullbacks across financials, technology and consumer discretionary sectors. This caused $4.9 billion mark to market losses in client assets, led our total client assets down 3.2% quarter on quarter, though it still achieved a solid 28.4% year over year growth to reach $58.9 billion at quarter end. Nasdaq has since staged a rebound in the second quarter, and all mark to market losses on client assets recorded in the first quarter have been fully recovered on a quarter-to-date basis.

“We continued optimizing products and elevating user experience. This quarter, we upgraded Tiger AI to a Multi-Agent structure, splitting functions like search, analysis, forecasting and risk control into standalone agents for more accurate outputs. In addition, we launched the Futures-focused Agent in the first quarter, which greatly improves accuracy and practicality in future-related inquiries and effectively lifts user satisfaction with Tiger AI’s futures service capabilities. Also, beyond its original dual-model setup, Tiger AI has now integrated with the Claude model, evolving into a triple-model intelligent assistant. Additionally, we further expanded our derivatives trading offerings by officially launching Hong Kong index options trading, alongside the TWAP (Time-Weighted Average Price) order function for options.

“Our corporate business continued to perform well in the first quarter of 2026. We underwrote 10 Hong Kong IPOs, including industry-leading AI players “MiniMax” and “Zhipu AI”. We also completed two major U.S. SPAC IPOs, namely Fortress Value Acquisition Corp. V and KPET Ultra Paceline Corp. Additionally, investor demands for Hong Kong IPO subscriptions remained strong, the total subscription amount on the Tiger platform has exceeded HK$1 trillion year-to-date in 2026. In our ESOP business, we added 42 new clients in the first quarter, bringing our aggregate ESOP client count to 790 as of March 31, 2026.

“To demonstrate our confidence in the Company’s long-term growth prospects and our commitment to delivering shareholder value, our board of directors has approved a share repurchase program of up to US$50 million, to be implemented over a 12-month period from June 1, 2026.”

Financial Highlights for Q1 2026

• Total revenues were US$154.9 million, an increase of 26.3% year-over-year and a decrease of 11.8% quarter-over-quarter.
• Total net revenues were US$136.7 million, an increase of 27.1% year-over-year and a decrease of 12.7% quarter-over-quarter.
• Net loss attributable to ordinary shareholders of UP Fintech was US$26.9 million compared to a net income attributable to ordinary shareholders of UP Fintech of US$30.4 million in the same quarter of last year.
• Non-GAAP net loss attributable to ordinary shareholders of UP Fintech was US$23.8 million, compared to a non-GAAP net income attributable to ordinary shareholders of UP Fintech of US$36.0 million in the same quarter of last year. A reconciliation of non-GAAP financial metrics to the most comparable GAAP metrics is set forth below.

Operating Highlights for Q1 2026

• Total account balance increased 28.4% year-over-year to US$58.9 billion.
• Total margin financing and securities lending balance increased 19.5% year-over-year to US$6.2 billion.
• Total number of customers with deposit increased 11.3% year-over-year to 1,282.8 thousand.

The full UP Fintech / Tiger Brokers press release detailing its Q1 2026 results can be seen here.

About Tiger Brokers

UP Fintech owns the Tiger Brokers online brokerage brand, which operates licensed subsidiaries in the US, Australia, New Zealand, Hong Kong and Singapore. (The company sold its FCA licensed UK operation in 2025 to Ultima Markets). Tiger Brokers targets mainly Chinese traders, and other selected markets in the Far East. The company is controlled by Beijing based founder and majority shareholder Wu Tianhua.