UP FintechHolding Limited (NASDAQ: TIGR), theSingapore-based operator of Tiger Brokers, posted full-year 2025 revenue of$612.1 million, a 56.3% increase from $391.5 million in 2024, according to thecompany's unaudited earnings report released today (Thursday). Non-GAAP netincome attributable to shareholders reached $186.5 million for the year, up164.7% from $70.5 million the prior year.The resultscap a year of strong top-line growth for the online broker, but the quarterlypicture tells a more nuanced story. Fourth-quarter revenue came in at $175.6million, up 41.5% year-over-year but essentially unchanged from the thirdquarter's $175.2 million, suggesting the revenue acceleration that defined thefirst three quarters plateaued in the final stretch.Q4 Profit Slips FromRecord HighQ4 GAAP netincome came in at $45.2 million, up 61.3% year-over-year, but down roughly 16%from the $53.8 million recorded in Q3 2025, when the company had reported whatwas then its best quarteron record across both revenue and profit. On anon-GAAP basis, Q4 net income came to $48.9 million, compared with $57 millionin Q3. The company did not provide a specific explanation for the sequentialprofit decline in its earnings statement.“Both ofour financial and operating performance have achieved significant growth in thefull year of 2025,” Wu Tianhua, Chairman and CEO of UP Fintech, commented onthe results. “We are pleased to see significant breakthroughs in both ourannual and quarterly topline and bottom line compared to 2024.”Totalclient assets stood at $60.8 billion at the end of December, down slightly from$61.0 billion at the close of September, with the modest dip likely reflectingmarket-driven asset valuation changes during the quarter. Year-over-year,client assets were up 45.7% from $41.7 billion at year-end 2024. Marginfinancing and securities lending balances also eased from $5.7 billion at theend of Q3 to $5.4 billion at year-end, though they remained 21.5% aboveDecember 2024 levels, the company reported.Hong Kong Growth LeadsRegional ExpansionThe mostpronounced growth came from Hong Kong, where the company said full-year tradingvolume expanded 840.9% year-over-year, and Q4 trading volume rose 1,305%year-over-year. Average netasset inflows per new funded client in Hong Kong reached $43,000 in thequarter, while client assets in the city more than tripled year-over-year,according to the company. Virtual asset trading was also active, with cryptoorder volume growing 228% year-over-year in Q4 and 60.9% quarter-over-quarter.Singapore,where UP Fintech is headquartered, delivered what the company described as itseighth consecutive quarter of growth in trading orders and trading accounts.Full-year net profit in Singapore rose 96% year-over-year, with client assetsup 50% year-over-year in Q4, the company said. UP Fintechentered Singapore's securities market in 2021 and has since built a meaningful retailfootprint in the city-state. Client assets in Australia and New Zealand morethan doubled year-over-year, the company added.IPO Business DrivesCorporate Revenue SpikeThecompany's other revenue segment, covering investment banking, ESOP, andcorporate services, rose 220.6% year-over-year to $30.8 million in Q4. Thecompany said it completed 20 Hong Kong IPOs during the quarter, includingautonomous driving firm Pony.ai, described internally as the largest globalautonomous driving IPO of 2025, and HashKey Group, which the company said wasthe sole digital asset IPO in Hong Kong that year.Full-yearHong Kong IPO margin financing subscription reached HK$1.2 trillion, thecompany said, crossing the HK$1 trillion mark for the first time. UP Fintech'sgrowing role in the city's IPO pipeline reflects broader momentum in HongKong's listing market, a theme that also drove strongQ3 results for the broker. On the ESOPside, the company added 135 new clients for the full year, bringing its totalcorporate client base to 748. Annual ESOP net profit rose more than 400%year-over-year, the firm said.Scale Gap With FutuRemains WideWhile UPFintech's results reflect consistent expansion, the company operates at aconsiderably different scale than its nearest comparable, Futu Holdings. Futureported full-year 2025 revenue of HK$22.85 billion (approximately $2.94billion), an increase of 68.1% year-over-year, with net income more thandoubling to HK$11.3 billion. Futu's funded account base stood at 3.37 millionat year-end 2025, compared to UP Fintech's 1.25 million. Tiger Brokershad first crossed the one-million funded-client milestone in 2024.UP Fintechadded 29,700 funded accounts in Q4, its lowest quarterly addition since Q12025, and below the 40,000 added in Q2 2025 and 31,500 in Q3. The companyhas set a target of 150,000 new funded clients for 2026, in line with what itguided for 2025, and said it will prioritize user quality over volume in thecoming year.This article was written by Damian Chmiel at www.financemagnates.com.