Latest news with #TuyaInc
Yahoo
10-07-2025
- Business
- Yahoo
Tuya Inc. (NYSE:TUYA) Among Forbes China Top 50 AI Tech Enterprises
Tuya Inc. (NYSE:TUYA) is one of the 11 Hot Penny Stocks to Buy Right Now. On May 27, Forbes China released its China AI Tech Enterprises Top 50 list for 2025. The list recognized Tuya Inc. (NYSE:TUYA) as one of China's top AI technology companies. Tuya Inc. (NYSE:TUYA) was the only notable AI cloud platform featured in the list. The company's platform integrates cutting-edge AI technologies with IoT, enabling developers and businesses to create smart, AI-driven products efficiently. The Forbes China list highlighted outstanding companies driven by AI innovation. It noted that companies that combine advanced technologies with industry expertise are poised to shape the technological era. A computer engineer working intently on a smart home device. Tuya Inc. (NYSE:TUYA) is also supporting developers through events like the TUYA Global Developer Summit and AI Innovation Hardware Competition. Eva Na, Vice President of Marketing and Strategic Cooperation and CMO of Tuya Smart, noted that they will continue to leverage their technological strengths and open ecosystem to lower barriers of entry to AI adoption. While we acknowledge the potential of TUYA as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now. Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
21-05-2025
- Business
- Yahoo
Q1 2025 Tuya Inc Earnings Call
Reg Chai; Director, Investor Relations; Tuya Inc Xueji Wang; Co-Chairman of the Board, Chief Executive Officer, Founder; Tuya Inc Yi Yang; Director, Co-Founder, Chief Operation Officer, Chief Financial Officer; Tuya Inc Yang Liu; Analyst; Morgan Stanley Timothy Zhao; Analyst; Goldman Sachs Kai Hsiao; Analyst; CICC John Roy; Analyst; Water Tower Research Operator Good morning and good evening, ladies and gentlemen. Thank you for standing by and welcome to Tuya Inc.'s first-quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I'll now turn the call over to your first speaker today, Mr. Reg Chai, Investor Relations Director of Tuya. Please go ahead, Reg. Reg Chai Thank you. Hello, everyone. Welcome to our first-quarter 2025 earnings call. Joining us today are founder and CEO of Tuya, Ms. Jerry Wang; and our co-Founder and CFO, Ms. Alex Yang. The first quarter of 2025 financial results in the webcast of this conference call are available at A replay of this call will also be available on our website in a few hours. Before we continue, I refer you to our Safe Harbor statement in our earnings press release, which applies to this call, as we will make for a looking statement. With that, I will now turn the call to our founder and CEO, Ms. Jerry Wang. Jerry will deliver his remarks in Chinese, which will be followed by corresponding English translation. Jerry, please. Xueji Wang (spoken in Chinese) Hello, everyone. This quarter, building in a high growth base from Q1 last year, we achieved approximately 21% year-over-year revenue growth, while maintaining a solid growth margin. Our stable team structure and organizational management supported a strong operating leverage, coupled with the continued declining historical share-based compensation expenses will achieve the record GAAP net profit in what is traditionally an off-season, with a net profit margin of around 15%, a significant improvement. From the rapid advancement of AI technology to treat fluctuations under geopolitical pressures, the smart consumer electronics sector, and its upstream and downstream supply chains have faced immense challenges. Some of these we can manage through internal adjustments, while others require an industry-wide response. In such a context, it's even more critical for us to stay the course strategically and leverage our unique value to navigate uncertainties and embrace a new landscape. Following the launch of our AI agent development platform last year, we continued to expand our AI capabilities from cloud to device in Q1, covering a wide range of AI agents and smart solutions. On April 23, we hosted our first Global Developer Conference of 2025, unveiling four AIoT development engines and a series of AI hardware solutions to support global developers and partners in commercializing AI-powered products. The conference attracted over 2,700 on-site attendees, including enthusiastic participations from customers across Europe, Latin America, South Africa, and Asia Pacific. We firmly believe that Tuya's unique platform model, not only facilitates the deep integration of AI and smart hardware, but also drives continuous improvement in industry-wide intelligence adoption. Operationally, we will maintain efficient organization execution, safeguard a favorable environment for R&D and technology development amid external uncertainties, and remain disciplined in managing costs to maximize operating profits and shareholder returns. Now, I will turn it over to Tuya's co-Founder and CFO, Alex Yang, who will walk you through the financial results and business highlights. Yi Yang Hello, everyone. This is Alex. Please note that all the figures I mentioned below is in US dollars and all the compensation year-over-year based. In Q1 of 2025, we delivered approximately USD74.7 million revenue and representing a year-over-year growth of about 21.1%. The past revenue grows by roughly 70.9% with strong performance across major categories led by home appliances, and followed by security sensor, and then electrical and lighting products. Such and others generated about USD10 million revenue, growing approximately 15.5% year over year, primarily driven by the steady growth of in. Smart solution revenue reaches approximately USD11 million, with a year-over-year increase of about 47.1%, with excellent growth in smart video products, central control, innovative appliances, and professional lighting solutions. From a regional revenue source perspective, Europe accounted for about one-third of the of the total revenue, and then come after that is Asia Pacific, excluding China, and then China, and Latin America, each of them contributing around 15%. And then with many regions such as the Pacific and the Middle East contributing in a combined of 5%, maintaining our diversified revenue structures in regional basis. It is worth to mention that since we empower and serve the smart hardware sector, our revenue also reflects a unique pattern and the seasonality of the hardware industry, especially on the international manufacturing, representing the results of the business actions and strategies from the past several quarters or even longer. In Q1, the blended gross margin stood at about 48.5%. with all three revenue lines maintain steady margins. Specifically, this quarter's past growth margin rose to 48.4%, primarily due to structural improvements raised by product mix change. Smart Solutions and SaaS had a growth margin of 25.7% and 74.4%, continually to demonstrate the value proposition related through software and technology. In the meantime, our net operation expenses for this quarter were USD37.7 million, a nearly 18% decrease from the same period last year, primarily benefiting from a substantial reduction in share-based compensation expenses, a trend that is expected to continue. Excluding equity incentives and other non-operational business factors, our non-GAAP net operational expenses were USD29.4 million, down 2% year over year. The vast majority of our operational expenses are related to product development and technical teams. Thanks to the groundwork led during our AI transformation since 2023, we have completed the foundational AI product development and service system, while maintaining a good discipline in ongoing development. Those structural improvements directly drive the release of upgrading average, enabling us to achieve over USD11 million in GAAP net profit in Q1, more than double that of last years full year. Non-GAAP net profit reaches USD19.3 million, a nearly 60% year-to-year increase, with a non-GAAP net profit margin of 25.8%. This matrix provides strong support of the company's future business operations, capital expenditures, and shareholder returns. So that includes a brief overview of Q1 financial performance. And also, in Q1 is a typical off-season for the industry we serve. So we usually focus our efforts on exploring ideas, opportunities across our product lines. And then next, I'll talk about some key moves that we made in our business over the past few months. As we anticipated at the beginning of this year, 2025 marks as a structural transformation year for the entire industry to embrace AI. so AI is penetrating various industries at pretty decent speed, and for Tuya and the smart sector. This presents a clear window of strategic opportunity for the future. Although the physical nature of hardware devices means that the commercialization of AI capability on devices is a gradual and long-term process, technical and product reserves in software can take the lead, and then that is precisely our strategy. So first, we are committed to foundationizing and generalizing the AI capability needed in the smart era to solve the end users' problems and issues. This allows developers to select whatever they needed based on their commercial goals and product designs, thereby promoting the AI adoption. So focus on four-core areas. So large language model integration, hardware development, edge deployment, and open source ecosystems. We released our four-core engines at the end of April Developer Conference globally, the Tuya AI agent development platform, the Tuya Open, and Hedwig. So the Tuya AI agent development platform significantly reduced the technical threshold for developers to access any mainstream logic-language model and build various intelligence agents functions, such as semantic understandings and image recognitions. So that is for the agent development. To add to AI, the second one provides a full-process toolchain from high-performance edge AI modeling to smart cloud deployment, greatly lowering the difficulty and social time for AI hardware development. And to Open, as our open-source framework enables developers to perform differentiated development innovations and integrate into the ecosystem. The Hedwig platform offers a controllable and secure edge AI computing environment for enterprise customers requiring localized deployment and data platforms and compliances. This entire system forms the technical foundations of our AI platform capabilities that provides a solid support for the large-scale implementation of AI products in the long term. At the same time, we're increasing investment in the development ecosystem, developer ecosystem around 2.0 OS, 2.0 Open, and the T5AI development boards. Initially, establishing a content-plus-tools-plus-community trialed framework for the developers. Since the developer conference, we have released eight open-source DIY projects, such as open-source desktop packs, AI wash boxes, and AI robots, aimed at building a developer creativity incubation system Our T5AI developer board has started to be adapted throughout collaborations with multiple developer platforms and communities, and our AI developer community has grown by more than 10,000 new members. Next, we are also committed to identifying the product-specific opportunities and driving customers' product launches through our smart solution offerings, directly increasing our revenue and gross profit and achieving high-quality commercial conversions. For example, in the energy domain, we launched the [CoreNow] AI Energy Assistant with features like the strategy recommendation, power generation forecasting, load identification, and energy consumption diagnostics, combined with supporting hardware such as all-in-one energy storage system, circuit breaker, and energy data controllers. It forms a comprehensive integrated hardware software solution, primarily tacking in Europe and Southeast Asia market. In video-related AI products, we continue to advance the AI capability of smart screens and video devices, focusing on models for detecting objectives, vehicles, birds, and flames combined with sound recognition and anomaly detections to build an integrated hardware and software general production solutions that covers basic home safety needs and extends it to semi-commercial scenarios, like hotels and real estate. In the meantime, we are also actively promoting external ecosystem collaborations to amplify the enabled efforts of the AI platform. For example, in Q1, we partnered with Volcano Engine under ByteDance to integrate with the dual biologic language model into our AI agent development platform, further enhancing the multi-modeling, understanding, and interaction capabilities of our AI agents. In addition, we are collaborating commercially with leading players in retail and marginal infant industries to join development of smart hardware, such as AI wearables and home robots, advancing the application of AI in children and families and salaries. Collaborations with upstream and downstream partners will further enrich our capabilities and ecosystem scope, strengthen Tuya's strategies' depth in the smart hardware sector that creates explanatory projects that global developers and customers can refer and replicate. Although the AI hardware ecosystem, community, and product developments are still in the early stage, we believe that explorations in functionality, experience, and business models will open up space for Tuya and the entire industry's future business exchanges, laying in the foundation of new engines of long-term growth. So there above is our sharing on Tuya's Q1 2025 financial performance and recent company developments. Although, there has been partial improvements in the existential environment recently, yncertainty remains. In response, we will continue to operate diligently and to long-term approach of the technique-driven and platform-enabled developments, laying a solid foundation on the AIoT track, continuously capturing industry certainty trends and creating long-term value for Tuya. Finally, a piece of good news. MSCI recently upgraded updated our 2025 ESG rating from a single A into a double A, particularly in the fields of secure and compliance to achieve a full score of 10 points. Thanks to its extensive compliance experience and through our framework. We believe that whether in business, operations, or emerging areas such as ESG, steady, fast progress will bring rewards and recognition. Thank you all, operators, and right now we can begin our Q&A section. Operator (Operator Instructions) Yang Liu, Morgan Stanley. Yang Liu (spoken in Chinese) Let me translate my question. I have two questions here. The first one is regarding the AIoT development. To have a development platform, could management share what kind of AIoT hardware is doing well in terms of our shipment, or is there any signposts to observe what kind of AI hardware can outperform relatively fast? The second question is regarding the customer's behavior in the past one or two months, given the huge volatility in tariffs. Could management share what the customer is doing in the past two months? Yi Yang Thank you. Thank you, Liu. So for the first questions, what we see here for the AI sectors, we found that there will be two major directions that show more interest. The first one is that the audio and the video interaction -- interacted experiences. So one example is battlefield, which we mentioned in the past quarter. So to be able to help people to recognize the white lives and to interact with it, and that will be one thing. And the second one, second typical use cases would be like the toys or any type of use cases for kids that use the large language model capabilities that you can have a new way to interact with the kids, show as education, as entertainment, and as a companion as well. So that would be the one. Updateabout the kits is that in China, we already signed a strategic partnership with , which we talked to the toy group in China. And we're looking forward to helping them to launch the products into the market pretty soon. And so that'd be one thing. So any type of audio, video, new interactive experience based on language model. And the second is on the data-based dynamic decision-making. So one typical use case will be the energy management system for our CoreNow. And through that, the AI agents, based on the new modeling, will be able to continue to, not only collect analysis at all those data from either the energy generators, but also from the energy consumptive consumption devices, but also in the same time that the agent will be able to come out different type of strategy and turn that into the specific actions and continues to re-analysis the new strategy and improve that. So that can help to do a lot to improve the energy efficiency, whether it's saving the total consumptions, be more greener, or saving the energy bill directly. So that would be the two very typical trends that we found to show more interest and have more short-term interactions coming directly from the customers and to the market as well. So that would be the first question. And the second one, yes, the tariffs has become a major topic for the entire market, not only the United States. So in the past couple of years, In the past four or five weeks right after the new tariff topic raised, I think the very direct reaction from the customers is that every people on the international trading pipeline become more concerned and hesitate because nobody knows what comes out. So right now, people are waiting for some certainty. And even now we have 90 days of certainty between China and the US. So people are trying to do some very careful decisions based on the 90 days terms. But I think the longer terms, I think we need to wait for the final answers between the national negotiations. That would be one thing. But I have to mention that for the short term, every people are slowing down or become more conscious about any and proactive or aggressive decisions. But the unique business model and a better position for Tuya is that the first one, the tariffs are not directly acted on us because what we deliver will be a portion or key component and technology, especially the software, of the finished goods. So the tariffs are more directly related to my customers either my brand customers or my manufacturer customers. So that'll be one thing. So we are like the indirectly connected. And the second one is that, so for us in the past couple of years, what we have been doing is we just follow the flow that if there's the trend that the entire global economy are re-localizing manufacturing supply chain. We just follow the customers to do that. So not have to be stick to one or some specific manufacturers in specific locations. So right now, the manufacturers we should already cover over 11 countries out there. That would be the second one. And the third one is that so the tablets are majorly focused on the finished goods. And it's only a portion of the cost of that goods. So that would be, that's one. But for the tariffs, for us that will pay more attention on the macro impact, so starting from the buying forces demand impact on the US market. So whether that will bring into the retail price raising and to lower the buying forces for the end-user of the American barrels, and also whether that kind of single-nation economy impact is going to bring a wider, multinational macroeconomy slowing down or recession. So I think that would be the more long-term. Yang Liu Got it. Thank you. Operator Timothy Zhao, Goldman Sachs. Timothy Zhao (spoken in Chinese) Thank you, management, for taking my question and congrats on the very strong quarterly results. Two questions here. The first question is on the AI monetization. Wondering how or in which area that we would have to plan to monetize the opportunities bring by AI and what is the difference in terms of the pricing model and cost between the new AIoT portal and services versus the traditional IoT PaaS services that you provide? And secondly is on your full year and second quarter outlook on revenue and profitability. Could measurement share any color? And specifically, on the AIoT path segment, we have seen very steady upward trend in gross margin of this segment. Could measurement provide an outlook for this segment as well? Thank you. Yi Yang Yeah, thank you. I think that for the first question, it's a good one. That's all my customers being asking at the end of last year. So what we are offering for the AI capabilities to the customers, that we seamlessly integrate the AI capabilities into my existing three business models. So I still offer that as a patch, as a solution. So for the customers, it will be very, very friendly. They don't have to be educated for a new type of business model and how can mix that with their existing one. So it's like a seamless transition. And for the AI income that even I offer as a -- maybe it's AI-empowered new patch or AI new SaaS that we will consider some of the repricing. Some example is that recently we offered for the audio-interacted AI based on the LLMs so the patch pricing will be different than the regular, my regular patch in the same categories. So that would be one. So we can look forward that either we use the seamless AI offering to speed up the penetrating of the entire smart devices' penetration in the global market, or we use that to repricing some of the offerings. So that would be one thing. And so also that will be very easy to continue to enlarge our partnership with the upstream providers. Because right now the major -- like the larger language model are providing through the major cloud guy. So this is the same way like how we cooperate with them on the cloud infrastructures. Right now we cooperate with them in the same model with a larger language model. So that'd be the first answer for the first question. And on the second one, yes, let's combine with a tariff. Even we don't involve in the international supply chain or training business directly, but we are very deeply integrated into that part. We are a core part of that. So the tariffs indeed bring the short-term bumping about the demand cycle. So I can describe that very typically in the major weeks of April, for all those kind of order shipments to United States. And a lot of people, most people put a pause button on that and wait and see until the two countries make agreement. So we're seeing that this will have topics globally, majorly from China and US, but also side impact into the Southeast Asia and Mexico. and a partial US cash flow. So that type of topics will bring a bumping rise in the short term, maybe in a quarter or two. It depends on how soon that we can make an agreement and provide the certainty for the commercial -- for the commerce world. All the businessmen are waiting to see what type of price that they can pay extra and how they can observe that. So, for the short term, there will be a bumping, but it's not the first time we experienced that. So, this kind of new type of terms, challenge, are really starting to take place since 2018. So -- but this seems like the harsher bumping point. So for the short term, there's still uncertainty for that, and even US market only covers less than 20% of our business, but yeah, that's still 20%. So that's certainly, it's the same for us and my customers. We just wait and see, and every people are trying to take more careful actions and decisions every single day or week. So that's what you see. Then challenge exists. But for the long term, we believe that in a year or next year until -- I mean, right after the negotiations being settled and the entire demand and the penetrations will put it back into the normal model. And all the buying cycles and GTMs will get into the normal cycles again. So that would be what we see for the short term. And for the past margin, I think that the past historical records have already proven that we take the high value propositions of an entire industrial cycle. We're good with it and we're satisfied with that. For us, we don't think it will be very necessary to have to continue to push the margin into a higher cycle because we'll really be in the highest value proposition in the entire one. including my suppliers and my customers. We really take a very high position for that. So we think that the key part is to maintain the position but also in the same time be able to motivate either my suppliers or my customers to continue to invest in these sectors. I think that would be more important for us because their activity will ensure that where continuous to improve the penetrations, continuous to find more innovations, to turn that into reality, and bring that into market. So for the past, we think that it will be fine for us just to maintain at the right range. And for us, how we do that in the past two or three years. So we're satisfied with that. We don't have to ensure we push to the next level. Timothy Zhao Thank you. That's very helpful. Operator (Operator Instructions) Kai Hsiao, CICC. Kai Hsiao (spoken in Chinese) So thanks, management, and congratulations for the jump quarter. I have two questions. First, could you share the progress of your cooperation with Singapore and Chery, and any similar projects can we expect in the coming quarters? And second one is, could you share the geography expansion of Tuya's AI developers? And is there any difference on the development of AI applications between domestic markets and overseas markets? Thank you. Yi Yang Yeah. So thank you for the questions. So the first one is talking about the Singapore use cases. I like to put it into vital coverage. So Singapore use case will be a typical progress we like to take in places for the commercial or industrial OT solutions. So the partnership we had or the contract we signed with the Singapore government is from the HDB, so it's Singapore Home Development Bureau. And they're managing over 1.4 million Singapore public apartments. So the majority of Singapore citizens living in the government-provided rental apartments. And it's actually managed that. And what we're offering is that it's a centralized energy management platform. That helps them to enable not only censoring the different consumptions in each of the apartments that might contribute a significant consumption of the total Singaporean nation power, but also, we offer them some controller. So to help them to identify how each of the households been using the power through what type of devices, by what purpose, and then through some AI-enabled modeling and control actions to reduce that. And sue our over one and a half years POC with HDB before we sign the contract, that there will be significant reductions about the total consumption of the powers, which can help the Singapore government to reach, we want to be the pioneer of ESG nation or smart nation. So that's what we want. And the HDB's plan is that we're ready We're finalizing the deployment implementation of the entire platforms and we're really starting to produce the first shipment of the devices. It's an energy hub in the home. And so the first implementation about the software platform and the hardware into the first part of the household were taken places around the end of the Q3. And their plan is to be able to finish the phase one entire penetration of the homes in three years. Yeah, so that'll be one stuff. And we are very excited by it because that will be show that, not only providing our DIY devices to penetrate in homes improvement through those kinds of decentralized devices, but we should be able to provide a centralized solutions through the right channels, like HDBs, to have an entire and regional end users to improve their lives. Yeah, so that would be one. And also, we found that using Singapore as a perfect use cases spot. We can and will be able to duplicate that and to influence that the other Southeast Asian countries, like the rental apartments, what we call, spatial management solutions, and really show a good potential of growth in Southeast Asia. So that's one thing. And not only for the apartments management, but also, we're really penetrating quite well in some of the telecoms players in that area too. So that would be one thing. And also at the same time, two weeks later, we will open our new Singapore offices and by providing more local resources to supporting our customers, penetrations, implementations, but also at the same time to search for all business opportunities in that area and expanding to global market. Yeah. So that would be the answers for the Singapore parts. Yeah, so that's it for that. And then for the -- could you repeat the question? So the second one is about returns, right? The shareholders' returns, right? Kai Hsiao The expansion of AI developers and the different. -- Yi Yang Yeah, so AI developers, what we hear is that I think it's just started. I think right after the Deep Six exposure in January. And so the first one is that we found majority of my customers and developers are reaching out to back to us to asking about all the AI capability offering. Because in the past, on the recognition side is that they know AI is there and a lot of news about AI, but they don't really think that the AI offering will be connected to their existing business. Either it's more expensive, too expensive, unaffordable, or it will be too difficult. So I think that right after the Deep Six exposure, both in America and the China market, every person is aware that they can bring AI into the physical use cases. And then I think the first one is that we get so many calls. And then we use that time windows to launch, either launch our new platform, the AI agent development platform, but also to hold our -- to launch that at our developer conference. So that brings up very positive and very active feedback. And so right now, the AI developer penetration is that we're trying to educate those customers who calls and by telling them what capabilities are out there in the platform and how they can develop upon those capabilities to turn that into the real devices use cases. It's more like an educating period. And right now, we see that the demand comes from the global market. So majority of my major or key customers either from Europe, from America, from Latin America, and Southeast Asia. Those customers will have very strong retention channels, will have very strong brands who can do quite well about the end users' education and marketing. So those customers will be the major cost on the demanding side. And on the technical development side, so in two parts. The first part is that those ones who are focused on turn the AI or integrate the AI capability into the device. So it's more following the right penetration on the device development and manufacturing. So maybe a bigger portion come from mainland China, but still we got multiple ones from Korea, from Turkey, from Southeast Asia too. And so that following the perfectly -- fit the penetration about the hardware manufacturing deployment. That's the first one. And the second one is about software. So software, I'll say that it's more diversified and either it's through different type of software innovators through the MCP protocols and more come from the mobile internet developer ecosystem and also the cloud-based developers and who come through the cloud infrastructures into us. Yeah, so it's more diversified on a global basis. I think that's for the first quarter or including till now. It's shown in the phase one. It's about the recognition about capability, education about the developer kit, and then a lot of prototype, POC, and demonstration deployment. Operator John Roy, Water Tower Research. John Roy Yeah. I have a slightly different question. I was wondering if you could give us any insight into how you're using AI internally, internal processes, documents, code development, et cetera, and if that can really possibly increase margins and decrease costs going forward? Thank you. Yi Yang Yeah, thank you, John. So I think that every single department within the company is trying to use different types of AI tools. I can take some of the examples, right? Like for marketing team, right now, the majority of all the marketing resources we use are generated through AI. So we don't require a lot of labor-based designers to do that. And including our operations team to do all the online training, webinars, I think a big portion of the webinar content are generated through AI too. And also, we have our TikTok live view to the end users, the AI helps a lot too. And that's the marketing side. And including the legal and human resources side, we're using AI to help us either to do the research and review on the candidate's resume and with the key words that we identify. And also to help us to double-check with all those standardized contracts that come directly from the customer side to see whether there's any modifications, et cetera. So use that to improve the efficiency about the internal processing of either the HR and the legal process. So that'd be one thing. And another use case is about the development, for sure. That we're using AI toolkit, different UI kits to do the project management and anonymizing about the progress of the development; and the coding, double-checking, debugging, presetting, and maintenance of the cloud infrastructure, so, what we call, the auto-patrolling on the maintenance of the cloud services as well. Yeah, so that would be typical things. We believe that in the future, like we mentioned, not only providing the AI capability to help the customers to build more commercialized or more higher ROI products, but also in the same time, that we continue to use AI internally to improve our operation efficiency. And so, either lowering the cost of the operation or to increase the income for our customers to enhance our lab operating average. That'd be some basic -- John Roy Excellent. Thank you so much, and congratulations on the quarter. Yi Yang Thank you for that. We're excited about the long-term future, because this is the only very starting point for the AI penetration for the physical world, very, very early. We're very excited about it. Operator All right, thank you. There are no additional questions at this time. I'll now hand back to the management team for closing remarks. Xueji Wang Thank you, everyone. Thank you, operator. And thanks for all of you for participating our first quarter. See ou next week. See you next quarter. And have a nice day today. Bye. Thanks. Operator Thank you for your participation in today's conference. This concludes the program. You may now disconnect your lines. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
20-05-2025
- Business
- Yahoo
Tuya Reports First Quarter 2025 Unaudited Financial Results
SANTA CLARA, Calif., May 20, 2025 /PRNewswire/ -- Tuya Inc. ("Tuya" or the "Company") (NYSE: TUYA; HKEX: 2391), a global leading cloud platform service provider, today announced its unaudited financial results for the first quarter ended March 31, 2025. First Quarter 2025 Financial Highlights Total revenue was US$74.7 million, up approximately 21.1% year-over-year (1Q2024: US$61.7 million). IoT platform-as-a-service ("PaaS") revenue was US$53.7 million, up approximately 17.9% year-over-year (1Q2024: US$45.6 million). Software-as-a-service ("SaaS") and others revenue was US$10.0 million, up approximately 15.5% year-over-year (1Q2024: US$8.6 million). Smart solution revenue was US$11.0 million, up approximately 47.1% year-over-year (1Q2024: US$7.5 million). Overall gross margin was 48.5%, up 0.7 percentage point year-over-year (1Q2024: 47.8%). Gross margin of IoT PaaS increased to 48.4%, up 2.0 percentage points year-over-year (1Q2024: 46.4%). Operating margin was negative 1.9%, improved by 24.6 percentage points year-over-year (1Q2024: negative 26.5%). Non-GAAP operating margin was 9.1%, improved by 10.0 percentage points year-over-year (1Q2024: negative 0.9%). Net margin was 14.8%, improved by 20.5 percentage points year-over-year (1Q2024: negative 5.7%). Non-GAAP net margin was 25.8%, improved by 5.9 percentage points year- over-year (1Q2024: 19.9%). Net profits were US$11.0 million (1Q2024: negative US$3.5 million). Non-GAAP net profits were US$19.3 million, up approximately 57.2% year-over-year (1Q2024: US$12.3 million). Net cash generated from operating activities was US$9.4 million (1Q2024: US$14.5 million). Total cash and cash equivalents, time deposits and treasury securities recorded as short- term and long-term investments were US$1,023.7 million as of March 31, 2025, compared to US$1,016.7 million as of December 31, 2024. For further information on the non-GAAP financial measures presented above, see the section headed "Use of Non-GAAP Financial Measures." First Quarter 2025 Operating Highlights IoT PaaS customers1 for the first quarter of 2025 were approximately 2,000 (1Q2024: approximately 2,000). Total customers for the first quarter of 2025 were approximately 2,800 (1Q2024: 3,000). The Company's key-account strategy has enabled it to focus on serving strategic customers. Premium IoT PaaS customers2 for the trailing 12 months ended March 31, 2025 were 287 (1Q2024: 269). In the first quarter of 2025, the Company's premium IoT PaaS customers contributed approximately 88.7% of its IoT PaaS revenue (1Q2024: approximately 85.1%). Dollar-based net expansion rate ("DBNER")3 of IoT PaaS for the trailing 12 months ended December 31, 2025 was 118% (1Q2024: 116%). Registered IoT device and software developers were over 1,417,000 as of March 31, 2025, up 7.7% from approximately 1,316,000 developers as of December 31, 2024. The Company defines an IoT PaaS customer for a given period as a customer who has directly placed orders for IoT PaaS with the Company during that period. The Company defines a premium IoT PaaS customer as a customer as of a given date that contributed more than US$100,000 of IoT PaaS revenue during the immediately preceding 12-month period. The Company calculates DBNER of IoT PaaS for a trailing 12-month period by first identifying all customers in the prior 12-month period (i.e., those have placed at least one order for IoT PaaS during that period), and then calculating the quotient from dividing the IoT PaaS revenue generated from such customers in the current trailing 12-month period by the IoT PaaS revenue generated from the same group of customers in the prior 12-month period. The Company's DBNER may change from period to period, due to a combination of various factors, including changes in the customers' purchase cycles and amounts and the Company's customer mix, among other things. DBNER indicates the Company's ability to expand customer use of the Tuya platform over time and generate revenue growth from existing customers. Mr. Xueji (Jerry) Wang, Founder and Chief Executive Officer of Tuya, commented, "In the first quarter, typically a seasonally soft period, we delivered steady growth in GAAP net profit, driven by sustained revenue growth and healthy operating leverage under Tuya's differentiated business model. Amid ongoing macroeconomic uncertainties and rapid AI evolution, we remain focused on building differentiated AIoT capabilities and empowering global developers. Tuya's platform model continues to facilitate deeper integration of AI and smart devices, accelerating the intelligent transformation of the industry." Mr. Yi (Alex) Yang, Director and Chief Financial Officer of Tuya, added, "We delivered solid financial results in the first quarter of 2025, with revenue increasing 21.1% year-over-year to US$74.7 million and gross margin remaining stable at 48.5%. Continued cost discipline and an optimized expense structure supported steady improvement in GAAP net profit, which reached US$11.0 million, nearly double the full-year total for 2024, with a GAAP net margin reached record high of 14.8%. We also generated positive operating cash flow for the eighth consecutive quarter and ended the period with a healthy net cash position. These results provide both a solid execution base and financial flexibility to support sustained investment in AI innovation and Smart Solution expansion, and to deliver long-term shareholder value across macro volatility." First Quarter 2025 Unaudited Financial Results REVENUE Total revenue in the first quarter of 2025 increased by 21.1% to US$74.7 million from US$61.7 million in the same period of 2024, mainly due to the increase in IoT PaaS revenue and smart solution revenue. IoT PaaS revenue in the first quarter of 2025 increased by 17.9% to US$53.7 million from US$45.6 million in the same period of 2024, primarily due to increasing demand compared with the same period of 2024 and the Company's strategic focus on customer needs and product enhancements. As a result, the Company's DBNER of IoT PaaS for the trailing 12 months ended March 31, 2025 increased to 118% from 116% for the trailing 12 months ended March 31, 2024. SaaS and others revenue in the first quarter of 2025 increased by 15.5% to US$10.0 million from US$8.6 million in the same period of 2024, primarily due to an increase in revenue from cloud software products. During the quarter, the Company remained committed to offering value-added services and a diverse range of software products with compelling value propositions to its customers. Smart solution revenue in the first quarter of 2025 increased by 47.1% to US$11.0 million from US$7.5 million in the same period of 2024, primarily due to the increasing customer demand for smart devices with integrated intelligent software capabilities the Company developed beyond IoT. COST OF REVENUE Cost of revenue in the first quarter of 2025 increased by 19.5% to US$38.4 million from US$32.2 million in the same period of 2024, generally in line with the increase in the Company's total revenue. GROSS PROFIT AND GROSS MARGIN Total gross profit in the first quarter of 2025 increased by 22.9% to US$36.3 million from US$29.5 million in the same period of 2024. The gross margin in the first quarter of 2025 was 48.5%, compared to 47.8% in the same period of 2024, reaching a record high since the establishment of the Company. IoT PaaS gross margin in the first quarter of 2025 was 48.4%, compared to 46.4% in the same period of 2024. SaaS and others gross margin in the first quarter of 2025 was 74.4%, compared to 72.3% in the same period of 2024. Smart solution gross margin in the first quarter of 2025 was 25.7%, remained relatively steady sequentially, and compared to 28.3% in the same period of 2024. Gross margin of each revenue stream increased or fluctuated primarily due to changes in products and solutions mix. As a developer platform with rich ecosystem of smart devices and applications, the Company is committed to focusing on software products with compelling value propositions while maintaining cost efficiency. OPERATING EXPENSES Operating expenses decreased by 17.8% to US$37.7 million in the first quarter of 2025 from US$45.9 million in the same period of 2024. Non-GAAP operating expenses decreased by 2.0% to US$29.4 million in the first quarter of 2025 from US$30.0 million in the same period of 2024. For further information on the non-GAAP financial measures presented above, see the section headed "Use of Non-GAAP Financial Measures." Research and development expenses in the first quarter of 2025 were US$22.8 million, down 2.8% from US$23.5 million in the same period of 2024, primarily because of (i) the lower share-based compensation expenses as equity incentive awards granted at higher valuations in previous years have been gradually amortized and (ii) partially offset by an increase in cloud services costs. Non-GAAP adjusted research and development expenses in the first quarter of 2025 were US$20.8 million, compared to US$20.0 million in the same period of 2024. Sales and marketing expenses in the first quarter of 2025 were US$8.3 million, down 7.1% from US$9.0 million in the same period of 2024, primarily because of (i) the decrease in employee-related costs, (ii) the lower share-based compensation expenses as equity incentive awards granted at higher valuations in previous years have been gradually amortized, and (iii) partially offset by increased spending in marketing events compared to the same period of 2024. Non-GAAP adjusted sales and marketing expenses in the first quarter of 2025 were US$7.6 million, compared to US$7.6 million in the same period of 2024. General and administrative expenses in the first quarter of 2025 were US$8.9 million, down 42.3% from US$15.5 million in the same period of 2024, primarily because of (i) the lower share-based compensation expenses as equity incentive awards granted at higher valuations in previous years have been gradually amortized and (ii) operational optimization. Non- GAAP adjusted general and administrative expenses in the first quarter of 2025 were US$3.4 million, compared to US$4.6 million in the same period of 2024. Other operating income, net in the first quarter of 2025 was US$2.4 million, primarily due to the receipt of software value-added tax refunds and various general subsidies for enterprises. LOSS/PROFIT FROM OPERATIONS AND OPERATING MARGIN Loss from operations in the first quarter of 2025 narrowed by 91.1% to US$1.5 million from US$16.4 million in the same period of 2024. The Company had a non-GAAP profit from operations of US$6.8 million in the first quarter of 2025, compared to a non-GAAP loss from operations of US$0.6 million in the same period of 2024, consistently achieving operating profitability on a non-GAAP basis. Operating margin in the first quarter of 2025 was negative 1.9%, improved by 24.6 percentage points from negative 26.5% in the same period of 2024. Non-GAAP operating margin in the first quarter of 2025 was 9.1%, improved by 10.0 percentage points from negative 0.9% in the same period of 2024. NET LOSS/PROFIT AND NET MARGIN The Company had a net profit of US$11.0 million in the first quarter of 2025, compared to a net loss of US$3.5 million in the same period of 2024. The difference between loss from operations and net profit in the first quarter of 2025 was primarily because of a US$12.4 million interest income achieved mainly due to well implemented treasury strategies on the Company's cash, time deposits and treasury securities recorded as short-term and long-term investments. The Company had a non-GAAP net profit of US$19.3 million in the first quarter of 2025, up 57.2% compared to US$12.3 million in the same period of 2024, demonstrating the Company's ability to sustain strong profitability on a non-GAAP basis. Net margin in the first quarter of 2025 was 14.8%, improving by 20.5 percentage points from negative 5.7% in the same period of 2024. Non-GAAP net margin in the first quarter of 2025 was 25.8%, improving by 5.9 percentage points from 19.9% in the same period of 2024. BASIC AND DILUTED NET LOSS/PROFIT PER ADS Basic and diluted net profit per ADS was US$0.02 in the first quarter of 2025, compared to basic and diluted net loss of US$0.01 in the same period of 2024. Each ADS represents one Class A ordinary share. Non-GAAP basic and diluted net profit per ADS was US$0.03 in the first quarter of 2025, compared to non-GAAP basic and diluted net profit of US$0.02 in the same period of 2024. CASH AND CASH EQUIVALENTS, TIME DEPOSITS AND TREASURY SECURITIES RECORDED AS SHORT-TERM AND LONG-TERM INVESTMENTS Cash and cash equivalents, time deposits and treasury securities recorded as short-term and long-term investments were US$1,023.7 million as of March 31, 2025, compared to US$1,016.7 million as of December 31, 2024, which the Company believes is sufficient to meet its current liquidity and working capital needs. NET CASH GENERATED FROM OPERATING ACTIVITIES Net cash generated from operating activities in the first quarter of 2025 was US$9.4 million, compared to US$14.5 million in the same period of 2024. The net cash generated from operating activities for the first quarter of 2025 mainly due to working capital changes in the ordinary course of business. For further information on non-GAAP financial measures presented above, see the section headed "Use of Non-GAAP Financial Measures." Business Outlook From the initial enthusiasm at the beginning of the year about the accelerated evolution of AI technologies, to the shift in sentiment and industry slowdown caused by global trade fluctuations under geopolitical policy influences in early April, the macro environment has undergone frequent and dramatic changes. These shifts have posed significant challenges to the cycles of the smart consumer electronics sector and its upstream and downstream supply chains. Although the external environment has shown some recent signs of improvement, uncertainties remain. We will continue to monitor developments in the entire business environment. Nonetheless, we remain positive on the long-term value that intelligent technologies can bring to all stakeholders. Therefore, with the effective implementation of the Company's customer and product strategies, along with the utilization and innovation of emerging technologies like AI, the Company is confident in its long-term business prospects. In response to this evolving market environment, the Company will remain committed to continuously iterating and improving its products and services and further enhancing software and hardware capabilities, particularly by leveraging the AI capabilities, expanding key customer base, investing in innovations and new opportunities, diversifying revenue streams, and further optimizing operating efficiency. At the same time, the Company understands that future trajectories may encounter challenges, including shifting consumer spending patterns, regional economic disparities, inventory management, foreign exchange rate and interest rates volatility, the imposition of new tariffs, or adjustments in existing tariffs or trade barriers, and broader geopolitical uncertainties. Conference Call Information The Company's management will hold a conference call at 08:30 P.M. U.S. Eastern Time on Tuesday, May 20, 2025 (08:30 A.M. Beijing Time on Wednesday, May 21, 2025) to discuss the financial results. In advance of the conference call, all participants must use the following link to complete the online registration process. Upon registering, each participant will receive access details for this conference including a conference access code, a PIN number (personal access code), the dial-in number, and an e-mail with detailed instructions to join the conference call. Online registration: Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at and a replay of the webcast will be available following the session. About Tuya Inc. Tuya Inc. (NYSE: TUYA; HKEX: 2391) is a global leading AI cloud platform service provider with a mission to build an AIoT developer ecosystem and enable everything to be smart. Tuya has pioneered a purpose-built AI cloud platform with cloud and generative AI capabilities that delivers a full suite of offerings, including Platform-as-a-Service, or PaaS, Software-as-a-Service, or SaaS, and smart solutions for developers of smart device, commercial applications, and industries. Through its AIoT developer platform, Tuya has activated a vibrant global developer community of brands, OEMs, AI agents, system integrators and independent software vendors to collectively strive for smart solutions ecosystem embodying the principles of green and low-carbon, security, high efficiency, agility, and openness. Use of Non-GAAP Financial Measures In evaluating the business, the Company considers and uses non-GAAP financial measures, such as non-GAAP operating expenses, non-GAAP (loss)/profit from operations (including non-GAAP operating margin), non-GAAP net profit (including non-GAAP net margin), and non-GAAP basic and diluted net profit per ADS, as supplemental measures to review and assess its operating performance. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"). The Company defines non-GAAP financial measures by excluding the impact of share-based compensation expenses and credit-related impairment of long-term investments from the respective GAAP financial measures. The Company presents the non-GAAP financial measures because they are used by the management to evaluate its operating performance and formulate business plans. The Company also believes that the use of the non-GAAP financial measures facilitates investors' assessment of its operating performance. Non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. Non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using the aforementioned non-GAAP financial measures is that they do not reflect all items of expenses that affect the Company's operations. Share-based compensation expenses and credit-related impairment of long-term investments have been and may continue to be incurred in the business and are not reflected in the presentation of non-GAAP measures. Further, the non-GAAP financial measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP measures to the most directly comparable U.S. GAAP measures, all of which should be considered when evaluating the Company's performance. The Company encourages you to review its financial information in its entirety and not rely on a single financial measure. Reconciliations of Tuya's non-GAAP financial measures to the most comparable U.S. GAAP measures are included at the end of this press release. Safe Harbor Statement This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statements. In some cases, forward-looking statements can be identified by words or phrases such as "may", "will", "expect", "anticipate", "target", "aim", "estimate", "intend", "plan", "believe", "potential", "continue", "is/are likely to" or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC. The forward-looking statements included in this press release are only made as of the date hereof, and the Company disclaims any obligation to publicly update any forward-looking statements to reflect subsequent events or circumstances, except as required by law. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. Investor Relations Contact Tuya Relations Email: ir@ The Blueshirt Group Gary Dvorchak, CFAPhone: +1 (323) 240-5796Email: gary@ HL StrategyHaiyan LI-LABBEEmail: hl@ TUYA INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2024 AND MARCH 31, 2025(All amounts in US$ thousands ("US$"),except for share and per share data, unless otherwise noted)As of December 31,2024As of March 31,2025ASSETS Current assets: Cash and cash equivalents 653,334763,788Restricted cash 50165Short-term investments 194,53689,985Accounts receivable, net 7,5929,591Notes receivable, net 7,4859,766Inventories, net 23,84021,583Prepayments and other current assets, net 16,17918,738 Total current assets 903,016913,616 Non-current assets: Property, equipment and software, net 6,6198,557Land use rights, net 8,8258,793Operating lease right-of-use assets, net 4,5505,248Long-term investments 180,092181,875Other non-current assets, net 678314 Total non-current assets 200,764204,787 Total assets 1,103,7801,118,403 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable 19,05119,457Advances from customers 31,34627,145Deferred revenue, current 7,5257,797Accruals and other current liabilities 32,25767,806Incomes tax payables 360483Lease liabilities, current 3,7983,403 Total current liabilities 94,337126,091 Non-current liabilities: Lease liabilities, non-current 8511,835Deferred revenue, non-current 377460Other non-current liabilities 767– Total non-current liabilities 1,9952,295 Total liabilities 96,332128,386 TUYA INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) AS OF DECEMBER 31, 2024 AND MARCH 31, 2025(All amounts in US$ thousands ("US$"),except for share and per share data, unless otherwise noted)As of December 31, 2024As of March 31, 2025Shareholders' equity: Ordinary shares ––Class A ordinary shares 2527Class B ordinary shares 44Treasury stock (15,726)(1,050)Additional paid-in capital 1,612,7121,569,409Accumulated other comprehensive loss (19,716)(19,539)Accumulated deficit (569,851)(558,834) Total shareholders' equity 1,007,448990,017 Total liabilities and shareholders' equity 1,103,7801,118,403TUYA INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME(All amounts in US$ thousands ("US$"),except for share and per share data, unless otherwise noted)For the Three Months Ended March 31, 2024March 31, 2025Revenue 61,66274,687Cost of revenue (32,177)(38,436) Gross profit 29,48536,251 Operating expenses: Research and development expenses (23,474)(22,810)Sales and marketing expenses (8,983)(8,347)General and administrative expenses (15,474)(8,929)Other operating incomes, net 2,0792,383 Total operating expenses (45,852)(37,703) Loss from operations (16,367)(1,452) Other income Other non-operating income, net 778767Financial income, net 12,80712,395Foreign exchange (loss)/gain, net (105)44 (Loss)/profit before income tax expense (2,887)11,754Income tax expense (656)(737) Net (loss)/profit (3,543)11,017 Net (loss)/profit attributable to Tuya Inc. (3,543)11,017 Net (loss)/profit attribute to ordinary shareholders (3,543)11,017 Net (loss)/profit (3,543)11,017 Other comprehensive (loss)/income Transfer out of fair value changes of long-term investments (65)–Foreign currency translation (428)177 Total comprehensive (loss)/income attributable to Tuya Inc. (4036)11,194TUYA CONDENSED CONSOLIDATED STATEMENTS OFCOMPREHENSIVE (LOSS)/INCOME (CONTINUED)(All amounts in US$ thousands ("US$"),except for share and per share data, unless otherwise noted)For the Three Months Ended March 31, 2024March 31, 2025 Net (loss)/profit attributable to Tuya Inc. (3,543)11,017 Net (loss)/profit attributable to ordinary shareholders (3,543)11,017 Weighted average number of ordinary shares used in computing net (loss)/profit per share, basic and diluted – Basic 559,133,184606,308,258– Diluted 559,133,184608,490,640 Net (loss)/profit per share attributable to ordinary shareholders, basic and diluted – Basic (0.01)0.02– Diluted (0.01)0.02 Share-based compensation expenses were included in: Research and development expenses 3,5062,016Sales and marketing expenses 1,385738General and administrative expenses 10,9235,521 TUYA CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(All amounts in US$ thousands ("US$"),except for share and per share data, unless otherwise noted)For the Three Months Ended March 31, 2024March 31, 2025 Net cash generated from operating activities 14,4909,352Net cash generated from investing activities 16,195101,183Net cash generated from financing activities 2542Effect of exchange rate changes on cash and cash equivalents, restricted cash (126)32 Net increase in cash and cash equivalents, restricted cash 30,813110,569 Cash and cash equivalents, restricted cash at the beginning of period 498,688653,384 Cash and cash equivalents, restricted cash at the end of period 529,501763,953TUYA RECONCILIATION OF NON-GAAP MEASURES TO THE MOST DIRECTLY COMPARABLE FINANCIAL MEASURES(All amounts in US$ thousands ("US$"),except for share and per share data, unless otherwise noted)For the Three Months Ended March 31, 2024March 31, 2025 Reconciliation of operating expenses to non-GAAP operating expenses Research and development expenses (23,474)(22,810)Add: Share-based compensation expenses 3,5062,016 Adjusted Research and development expenses (19,968)(20,794) Sales and marketing expenses (8,983)(8,347)Add: Share-based compensation expenses 1,385738 Adjusted Sales and marketing expenses (7,598)(7,609) General and administrative expenses (15,474)(8,929)Add: Share-based compensation expenses 10,9235,521 Adjusted General and administrative expenses (4,551)(3,408) Reconciliation of loss from operations to non-GAAP (loss)/profit from operations Loss from operations (16,367)(1,452)Operating margin (26.5) %(1.9) %Add: Share-based compensation expenses 15,8148,275Non-GAAP (loss)/profit from operations (553)6,823 Non-GAAP Operating margin (0.9) %9.1 %For the Three Months Ended March 31, 2024March 31, 2025 Reconciliation of net (loss)/profit to non-GAAP net profit Net (loss)/profit (3,543)11,017Net margin (5.7) %14.8 %Add: Share-based compensation expenses 15,8148,275Non-GAAP Net profit 12,27119,292 Non-GAAP Net margin 19.9 %25.8 % Weighted average number of ordinary shares used in computing non-GAAP net profit per share – Basic 559,133,184606,308,258– Diluted 591,737,410608,490,640 Non-GAAP net profit per share attributable to ordinary shareholders – Basic 0.020.03– Diluted 0.020.03 View original content: SOURCE Tuya Inc. 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Yahoo
16-05-2025
- Business
- Yahoo
Tuya Inc. to Hold Annual General Meeting on June 19, 2025
SANTA CLARA, Calif., May 16, 2025 /PRNewswire/ -- Tuya Inc. ("Tuya" or the "Company") (NYSE: TUYA; HKEX: 2391), a global leading AI cloud platform service provider, today announced that it will hold an annual general meeting of the Company's shareholders (the "AGM") at 2:00 p.m. (Hong Kong time) on Thursday, June 19, 2025 at Huace Center, Building A, 3/F VVIP room, Xihu District, Hangzhou City, Zhejiang Province, China, for the purposes of considering and, if thought fit, passing each of the Proposed Resolutions as defined and set forth in the notice of the AGM (the "AGM Notice"). The AGM Notice and the form of proxy for the AGM are available on the Company's website at The board of directors of the Company fully supports the Proposed Resolutions and recommends that shareholders and holders of American depositary shares ("ADSs") vote in favor of the Proposed Resolutions. Holders of record of the Company's ordinary shares as of the close of business on May 20, 2025 (Hong Kong time) are entitled to receive notice of, and to attend and vote at, the AGM or any adjournment or postponement thereof. Holders of record of ADSs as of the close of business on May 20, 2025 (New York time) who wish to exercise their voting rights for the ADSs underlying Class A ordinary shares must give voting instructions directly to The Bank of New York Mellon, the depositary of the ADSs, if ADSs are held directly by holders on the books and records of The Bank of New York Mellon or indirectly through a bank, brokerage or other securities intermediary if the ADSs are held by any of them on behalf of holders. The Company has filed its annual report on Form 20-F, including its audited financial statements, for the fiscal year ended December 31, 2024, with the U.S. Securities and Exchange Commission (the "SEC"). The Company's annual report on Form 20-F can be accessed on the Company's website at and on the SEC's website at About Tuya Inc. Tuya Inc. (NYSE: TUYA; HKEX: 2391) is a global leading AI cloud platform service provider with a mission to build an AIoT developer ecosystem and enable everything to be smart. Tuya has pioneered a purpose-built AI cloud platform with cloud and generative AI capabilities that delivers a full suite of offerings, including Platform-as-a-Service, or PaaS, Software-as-a-Service, or SaaS, and smart solutions for developers of smart device, commercial applications, and industries. Through its AIoT developer platform, Tuya has activated a vibrant global developer community of brands, OEMs, AI agents, system integrators and independent software vendors to collectively strive for smart solutions ecosystem embodying the principles of green and low-carbon, security, high efficiency, agility, and openness. Investor Relations Contact Tuya RelationsE-mail: ir@ The Blueshirt GroupGary Dvorchak, CFAPhone: +1 (323) 240-5796Email: gary@ HL StategyHaiyan LI-LABBEEmail: hl@ View original content: SOURCE Tuya Inc.
Yahoo
13-05-2025
- Business
- Yahoo
Tuya Upgraded to 'AA' ESG Rating by MSCI
SANTA CLARA, Calif., May 13, 2025 /PRNewswire/ -- Tuya Inc. ("Tuya" or the "Company") (NYSE: TUYA; HKEX: 2391), a global leading AI cloud platform service provider, today announced that MSCI has upgraded its Environmental, Social, and Governance (ESG) rating to 'AA' from 'A'. This upgrade recognizes Tuya's efforts to build a more sustainable and responsible business and places Tuya among the ESG leaders in its sector. MSCI, a leading provider of research-driven indices and analytics, reviewed companies in the Software & Services industry as part of its latest ESG assessment. Tuya's improved rating reflects its strong performance in key areas including data privacy and security, governance enhancements, and contributions to energy efficiency through smart technology solutions. It also underscores Tuya's commitment to driving innovation-led, technology-enabled sustainability. "We're pleased to receive MSCI's recognition of our ESG progress." said Xueji (Jerry) Wang, Founder and CEO of Tuya. "Sustainability is part of how we operate and innovate every day. Looking ahead, we will continue to strengthen our ESG practices, aiming to deliver long-term value for our stakeholders and support global efforts towards a greener, more secure smart future powered by smart technology." MSCI ESG Ratings measure how effectively companies manage long-term ESG risks and opportunities relative to their peers. Ratings range from AAA (highest) to CCC (lowest), serving as a key benchmark for investors focused on sustainable and responsible business practices. About Tuya Inc. Tuya Inc. (NYSE: TUYA; HKEX: 2391) is a global leading AI cloud platform service provider with a mission to build an AIoT developer ecosystem and enable everything to be smart. Tuya has pioneered a purpose-built AI cloud platform with cloud and generative AI capabilities that delivers a full suite of offerings, including Platform-as-a-Service, or PaaS, Software-as-a-Service, or SaaS, and smart solutions for developers of smart device, commercial applications, and industries. Through its AIoT developer platform, Tuya has activated a vibrant global developer community of brands, OEMs, AI agents, system integrators and independent software vendors to collectively strive for smart solutions ecosystem embodying the principles of green and low-carbon, security, high efficiency, agility, and openness. Investor Relations Contact Tuya RelationsE-mail: ir@ The Blueshirt GroupGary Dvorchak, CFAPhone: +1 (323) 240-5796Email: gary@ HL StategyHaiyan LI-LABBEEmail: hl@ View original content: SOURCE Tuya Inc. Sign in to access your portfolio
