After initially falling by more than 5% on Wednesday morning following the release of Q2 2026 results, shares of UP Fintech Holding Limited (NASDAQ:TIGR), operator of Far East focused online broker Tiger Brokers, recovered most of the losses and closed down just 0.1% on the day.

Tiger Brokers’ share price reaction is somewhat puzzling, as the company followed up a fairly weak Q1 2026 and reported record quarterly net Revenues of $160.7 million for Q2, alongside improved profitability. The Revenue figure was up by 18% over Q2’s $136.7 million, and Net Profit of $41.8 million beat analyst estimates, and was much improved over a Q1 loss of $28 million.

Tiger Brokers / UP Fintech shares are still down by more than 50% over the past year, and at $5.46 are well below their 52 week high of $13.42 set last September.

NASDAQ:TIGR 1-year share price chart. Source: Google Finance.

Q2 results review

In a statement explaining the results UP Fintech Chairman and CEO Wu Tianhua stated that in the second quarter Tiger Brokers saw substantial improvement in both commission income and interest related income compared with both the prior quarter and the same quarter of last year. Total revenue for the second quarter reached US$182.3 million, hitting an all-time high and representing a sequential increase of 17.7% and a year-over-year growth of 31.4%. Income from operations for the second quarter reached US$56.8 million, representing a quarter-over-quarter increase of 19.5% and year-over-year growth of 12.6%. GAAP and non-GAAP net income attributable to UP Fintech reached US$39.4 million and US$42.8 million respectively, versus the GAAP and non-GAAP net losses of US$26.9 million and US$23.8 million in the prior quarter.

Client activity

In the second quarter, Tiger Brokers added 32,600 new funded clients, the great majority of which came from Singapore and Hong Kong markets. Total funded accounts reached 1,315,400 at quarter end, representing a 10.3% year-over-year increase. Tiger Brokers continued to generate solid net asset inflows from overseas retail users, which amounted to over $1.5 billion in the second quarter. Fueled by mark-to-market gains, total client assets stood at US$60.7 billion at the end of the second quarter, reflecting a 3.1% quarter-over-quarter increase and a 16.7% year-over-year growth.

Client assets across all overseas markets posted quarter-over-quarter growth. In the Hong Kong market, the company rolled out more offline client-acquisition initiatives and expanded branding exposure, driving local client assets up by nearly 30% quarter-over-quarter. Client assets in the Australia-New Zealand market and the U.S. market grew by more than 30% and nearly 50% quarter-over-quarter, respectively. This demonstrates that thanks to the diversified development of core businesses and continued execution of an internationalization strategy, Tiger Brokers earned sustained trust and recognition from both new and existing users across all the markets we entered.

Corporate business

Tiger Brokers’ corporate business continued to perform well in the second quarter of 2026. The company underwrote 14 Hong Kong IPOs, including “CloudNavi” and “DeepZero”. Tiger Brokers also participated in the distribution of four U.S. IPOs, among which were “DSOCHE” and “Micware”. The ESOP business delivered steady growth during the quarter, adding 50 new ESOP clients in the second quarter, bringing aggregate ESOP clients served to 840 as of June 30, 2026.

Financial Highlights for Second Quarter 2026

• Total revenues were US$182.3 million, an increase of 31.4% year-over-year and an increase of 17.7% quarter-over-quarter.
• Total net revenues were US$160.7 million, an increase of 32.4% year-over-year and an increase of 17.6% quarter-over-quarter.
• Net income attributable to ordinary shareholders of UP Fintech was US$39.4 million compared to a net income of US$41.4 million in the same quarter of last year.
• Non-GAAP net income attributable to ordinary shareholders of UP Fintech was US$42.8 million, compared to a non-GAAP net income of US$44.5 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 Second Quarter 2026

• Total account balance increased 16.7% year-over-year to US$60.7 billion.
• Total margin financing and securities lending balance increased 28.9% year-over-year to US$7.4 billion.
• Total number of customers with deposit increased 10.3% year-over-year to 1,315.4 thousand.