Record Full-Year and Quarterly Revenue
Full year total revenue reached USD 612.1 million, up 56.3% year-over-year. Fourth quarter total revenue was USD 175.6 million, up 41.5% year-over-year and a slight quarter-over-quarter increase of 0.2%.
All-Time High Profitability
Full-year GAAP net income attributable to the company was ~USD 170.9 million and non-GAAP net income was ~USD 186.5 million (both reported as record highs). Year-over-year increases were pronounced (GAAP +81.4% YoY; non-GAAP +164.7% YoY as reported). Fourth quarter GAAP and non-GAAP net income were USD 45.2 million and USD 48.9 million, up ~61% YoY.
Strong Client Acquisition and Account Growth
Added 29,700 newly funded accounts in Q4 and 161,900 newly funded accounts for full year 2025, surpassing the annual target of 150,000. Total funded accounts exceeded 1.25 million, a 14.8% increase from end of 2024.
Robust Net Asset Inflows and Client Assets Expansion
Full-year net asset inflows exceeded USD 10 billion, including over USD 3 billion in Q4. Total client assets ended Q4 at USD 80.8 billion, up 45.7% year-over-year.
Outstanding Regional Performance (Hong Kong, Singapore, ANZ)
Hong Kong client assets more than tripled year-over-year and still rose >20% quarter-over-quarter in Q4 despite market pullback. Singapore and Australia/New Zealand delivered strong double-digit growth, with ANZ even more than doubling year-over-year. Q4 new funded account mix: Hong Kong 35%, Singapore 35%, ANZ ~25%, U.S. ~5%.
Improved User Quality and High Net Asset New Clients
Average net asset inflow of newly acquired clients in Hong Kong exceeded USD 43,000 in Q4 (a historic high, up from ~USD 30,000 previously), reflecting a shift toward higher-quality client acquisition.
Expanded Product and Service Offerings
Launched important product upgrades (options combo trading supporting combined orders with underlying equities), introduced market accounts in Australia, deployed Smart Fund AI for strategy generation, and grew structured notes trading (trading volume up >50% QoQ).
Investment Banking and ESOP Momentum
Underwrote 22 U.S. and Hong Kong IPOs in Q4 (47 for the full year), including notable deals. ESOP business added 39 clients in Q4 bringing total ESOP clients served to ~848 and other revenue rose materially (from a few million per quarter to ~USD 25–30 million per quarter).