格隆汇5月21日丨涂鸦智能-W(02391.HK)发布公告，2025年第一季度，总收入为7470万美元，同比增长 约21.1%。其中，物联网平台即服务("PaaS")收入为5370万美元，同比增长约17.9%；软件即服务 ("SaaS")及其他收入为1000万美元，同比增长约15.5%；智慧解决方案收入为1100万美元，同比增长约 47.1%。期内，净利润为1100万美元(2024年第一季度：负350万美元)；非公认会计准则净利润为1930万 美元，同比上升约57.2%。 Tuya董事兼首席财务官杨懿先生补充道："2025年第一季度，我们实现了稳健的财务表现，总收入同比 增长21.1%至7470万美元，综合毛利率保持在48.5%。持续可控的成本管理和费用结构优化推动公认会 计准则净利润达1100万美元，约为2024年全年水平的两倍，公认会计准则净利润率也达到新高的 14.8%。我们连续八个季度实现正向经营现金流，期末亦保持稳健的净现金水平。这些成果使我们能够 坚定投入AI创新和Smart Solution业务拓展，在不确定的宏观环境中持续为股东创造可穿越周期的长期 价值。" Tuya创始人兼首席执行官王学集先 ...

Financial Performance - Total revenue for Q1 2025 was $74.7 million, representing a year-over-year increase of approximately 21.1% compared to $61.7 million in Q1 2024[12] - Net profit for Q1 2025 was $11.0 million, a significant improvement from a net loss of $3.5 million in Q1 2024[12] - Non-GAAP net profit for Q1 2025 was $19.3 million, a 57.2% increase from $12.3 million in Q1 2024, demonstrating sustained profitability under non-GAAP measures[24] - Revenue for Q1 2024 was $61,662,000, an increase from $74,687,000 in Q1 2025, representing a growth of 21.0%[41] - Net loss for Q1 2024 was $(3,543,000), which turned into a net profit of $11,017,000 in Q1 2025, marking a significant turnaround[41] Revenue Breakdown - IoT Platform as a Service (PaaS) revenue reached $53.7 million, up about 17.9% from $45.6 million in the same quarter last year[12] - Software as a Service (SaaS) and other revenue amounted to $10.0 million, reflecting a year-over-year growth of approximately 15.5% from $8.6 million[12] - Total revenue for Q1 2025 increased by 21.1% to $74.7 million from $61.7 million in Q1 2024, driven by growth in IoT PaaS and smart solutions revenue[15] - IoT PaaS revenue grew by 17.9% to $53.7 million in Q1 2025, with a DBNER increase from 116% to 118% year-over-year[19] Profitability Metrics - Gross margin for the overall business was 48.5%, an increase of 0.7 percentage points from 47.8% in Q1 2024[12] - Operating profit margin improved to negative 1.9%, a 24.6 percentage point increase from negative 26.5% in Q1 2024[12] - Net profit for Q1 2025 was $11.0 million, a significant turnaround from a net loss of $3.5 million in Q1 2024, resulting in a net profit margin of 14.8%[24] - Non-GAAP net profit for Q1 2024 was $12,271,000, with a non-GAAP net profit margin of 19.9%, compared to $19,292,000 and 25.8% in Q1 2025[48] Cost Management - Operating costs rose by 19.5% to $38.4 million in Q1 2025, up from $32.2 million in Q1 2024, aligning with the overall revenue increase[16] - Operating expenses decreased by 17.8% to $37.7 million in Q1 2025, down from $45.9 million in Q1 2024, reflecting operational efficiencies[21] - R&D expenses slightly decreased by 2.8% to $22.8 million in Q1 2025, compared to $23.5 million in Q1 2024, primarily due to reduced stock-based compensation[23] Cash and Liquidity - The company maintained a net cash position of $1,023.7 million as of March 31, 2025, compared to $1,016.7 million at the end of 2024[12] - Cash and cash equivalents, along with short-term and long-term investments, totaled $1,023.7 million as of March 31, 2025, up from $1,016.7 million at the end of 2024, indicating strong liquidity[26] - Cash and cash equivalents increased from $653,334,000 to $763,788,000, representing a rise of about 16.9%[37] - The company experienced a significant increase in cash flow from investing activities, rising from $16,195,000 in Q1 2024 to $101,183,000 in Q1 2025[45] Asset and Liability Management - As of March 31, 2025, Tuya Inc. reported total assets of $1,118,403,000, an increase from $1,103,780,000 as of December 31, 2024, reflecting a growth of approximately 1.2%[37] - Total liabilities rose from $96,332,000 to $128,386,000, marking an increase of approximately 33.3%[39] - Shareholders' equity decreased from $1,007,448,000 to $990,017,000, indicating a decline of about 1.7%[39] - The total current liabilities increased significantly from $94,337,000 to $126,091,000, a rise of about 33.7%[37] Strategic Focus - The company plans to enhance its product and service offerings, particularly in AI capabilities, to adapt to changing market conditions and consumer spending patterns[28] - Tuya Inc. continues to focus on building a vibrant global developer community through its AI IoT developer platform, enhancing its service offerings[31] - The company emphasizes the use of non-GAAP financial metrics to assess operational performance, which may not reflect all expenses impacting operations[32]

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 ...

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 Resolu ...

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 th ...

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 it will report its first quarter 2025 unaudited financial results after the market closes on Tuesday, May 20, 2025.Tuya's management will hold a conference call at 08:30 P.M. Eastern Time on Tuesday, May 20, 2025 (08:30 A.M. Hong Kong Time on Wednesday, May 21, 2025) to discuss the financial results. In advance of the confer ...

Core Insights - The rise of AI large models is driving a new trend in the integration of AI and hardware, leading to the emergence of phenomenon-level AI hardware products [1][2] - Tuya Smart is leveraging cutting-edge AI technologies to assist B-end customers in rapidly responding to market changes, enhancing the deployment of AI hardware in daily life [1][2] - The transition from traditional AI to AI large models is expected to significantly lower the barriers for users to adopt smart hardware, facilitating widespread adoption [2][3] Company Developments - Tuya Smart launched four major products at its global developer conference, including the TuyaOpen open-source development framework and the HEDV edge computing platform, aimed at capturing new opportunities in the AI Agent era [1][2] - The company has integrated several global mainstream large language models into its AI Agent development platform, enabling developers to create popular AI products such as smart rings and AI dolls [2][3] - Tuya Smart has established a comprehensive cooperation agreement with Kid King to advance the development of AI companion smart hardware and related technologies [2][3] Industry Trends - The integration of AI large models into smart hardware is enhancing device capabilities, allowing for multi-modal interactions and expert-level efficiency optimization [3][4] - The overall penetration rate of AI Agent applications in the smart hardware industry is still below 5%, indicating that the industry is in the early stages of exploring these applications [3][4] - The market is expected to see a surge in new AI hardware categories by 2025, following validation or invalidation by the market, which will lead to the emergence of scalable new AI hardware products [5]

Group 1 - Tuya Inc. filed its annual report on Form 20-F for the fiscal year ended December 31, 2024, with the SEC on April 24, 2025 [1] - The annual report includes complete audited financial statements and is available on the company's investor relations website and the SEC's website [1] - Tuya Inc. will provide a hard copy of the annual report free of charge to shareholders upon written request [1] Group 2 - Tuya Inc. released its Environmental, Social and Governance (ESG) Report to showcase its ESG strategies, accomplishments, and progress towards sustainability goals [2] - The ESG report can be accessed on the company's investor relations website [2] Group 3 - Tuya Inc. is a leading AI cloud platform service provider focused on building an AIoT developer ecosystem [3] - The company offers a purpose-built AI cloud platform with cloud and generative AI capabilities, providing Platform-as-a-Service (PaaS), Software-as-a-Service (SaaS), and smart solutions [3] - Tuya has activated a global developer community that includes brands, OEMs, AI agents, system integrators, and independent software vendors, promoting a smart solutions ecosystem based on principles of green and low-carbon, security, high efficiency, agility, and openness [3]

Financial Performance - Revenue for the year ended December 31, 2024, was $298.617 million, an increase of 29.9% compared to $229.990 million in 2023[8] - Gross profit for 2024 was $141.430 million, up from $106.655 million in 2023, reflecting a gross margin improvement[8] - The company reported a net profit of $4.997 million for 2024, a significant recovery from a net loss of $60.315 million in 2023[8] - Operating loss decreased to $47.620 million in 2024 from $105.824 million in 2023, indicating improved operational efficiency[8] - Total revenue for the year ended December 31, 2024, was $298.6 million, an increase of approximately 29.8% year-over-year (2023: $230.0 million) [10] - Gross profit margin improved to 47.4%, up 1.0 percentage points year-over-year (2023: 46.4%) [10] - Net profit was $5.0 million, marking the first fiscal year of net profitability under GAAP, compared to a net loss of $60.3 million in 2023 [10] - Operating cash flow net amount was $80.4 million, an increase of 120.5% year-over-year (2023: $36.4 million) [10] - The non-GAAP operating profit for the year was approximately $22.7 million, with an operating profit margin of about 7.6%[19] - The non-GAAP net profit reached $75.3 million, representing a year-over-year increase of approximately 268.5%[19] Assets and Liabilities - Total assets as of December 31, 2024, were $1.104 billion, slightly up from $1.066 billion in 2023[8] - Current assets increased to $903.016 million in 2024 from $847.798 million in 2023, showing better liquidity[8] - Total liabilities remained stable at $96.332 million in 2024 compared to $95.835 million in 2023[8] - Shareholders' equity rose to $1.007 billion in 2024 from $970.565 million in 2023, reflecting a strengthening balance sheet[8] - Cash and cash equivalents, along with short-term and long-term investments, totaled $1,016.7 million, up from $984.3 million in 2023, indicating sufficient liquidity for operational needs[40] Customer and Market Insights - The number of IoT PaaS customers was approximately 3,700, down from 4,000 in 2023, while total customers were about 5,800 (2023: approximately 6,100) [11] - High-quality IoT PaaS customers contributed approximately 86.9% of IoT PaaS revenue, up from 83.4% in 2023 [11] - The number of registered IoT developers exceeded 1,316,000, a growth of 32.6% from approximately 993,000 in 2023 [11] - The company serves approximately 5,800 customers, empowering around 3,700 brands to develop their smart devices [16] - The IoT PaaS currently supports the development of approximately 3,000 categories of smart devices across over 200 countries and regions [16] Strategic Plans and Future Outlook - The company plans to continue investing in new product development and market expansion strategies in the upcoming fiscal year[9] - Future guidance indicates a focus on achieving profitability while maintaining revenue growth momentum[9] - The company anticipates a stable macroeconomic environment in 2024, despite potential challenges from new U.S. tariff policies starting April 2025[26] - The company is actively expanding its market presence and exploring new business opportunities, as indicated by the diverse backgrounds of its leadership team[192][194] Corporate Governance and Compliance - The company has complied with relevant laws and regulations that significantly impact its operations during the reporting period[69] - The board of directors has undergone changes, with Liu Yao resigning as an executive director effective September 16, 2024, and Zhang Yan appointed as an executive director effective November 18, 2024[62] - The company is committed to corporate sustainability through strong relationships with stakeholders, including employees, customers, and suppliers[67] - The independent non-executive directors confirmed that the ongoing related party transactions were conducted in the ordinary course of business and on normal commercial terms[99] Shareholder Information and Equity Structure - The company has a dual-class share structure, with Class A shares having one vote per share and Class B shares having ten votes per share, allowing certain beneficiaries to exert significant control despite not holding a majority economic interest[104] - The total number of Class A and Class B shares controlled by key individuals represents approximately 24.19% of the company's issued shares and about 62.88% of the effective voting power[107] - The company will continue to disclose details related to the contractual arrangements and ongoing related party transactions as required[100] - The largest customer accounted for 3.2% of total revenue, while the top five customers together represented 13.0% of total revenue for the year ended December 31, 2024[109] Leadership and Management - The company has a strong leadership team with over 21 years of experience in software technology and more than 10 years in the IoT industry, led by CEO Wang Xueji[192] - The Chief Operating Officer and newly appointed Chief Financial Officer, Yang Yi, has extensive experience in capital markets and business development[194] - Independent non-executive directors bring over 20 years of experience in the technology and internet sectors, enhancing the board's expertise[197][199] - The leadership team has a strong academic background, with degrees from prestigious institutions, contributing to the company's strategic direction[193][200] Stock Options and Incentive Plans - The company adopted the 2024 Share Plan on June 20, 2024, terminating the 2015 Equity Incentive Plan, aligning with the current requirements of the Listing Rules[146] - The maximum number of Class A ordinary shares that may be issued to service providers under the 2024 Share Plan is 5,745,925 shares, equivalent to 1% of the total issued shares as of June 20, 2024[166] - The total number of options or awards that may be issued for the fiscal year 2024 under the 2015 Equity Incentive Plan and the 2024 Share Plan is 250,000 shares, representing approximately 0.05% of the weighted average of the issued Class A ordinary shares[146] - The total number of unexercised restricted stock units as of December 31, 2024, was 5,810,000 and 4,224,750, accounting for approximately 0.95% and 0.69% of the total shares issued, respectively[154]

Customer Metrics - The number of IoT PaaS customers decreased from 5,108 in 2022 to 3,966 in 2023, and is projected to decline slightly to 3,710 in 2024, primarily due to macroeconomic headwinds and a focus on high-quality customers [549]. - The number of premium IoT PaaS customers increased from 265 in 2023 to 298 in 2024, reflecting successful product enhancement efforts and a focus on long-term partnerships [551]. - The dollar-based net expansion rate for IoT PaaS improved significantly, reaching 122% as of December 31, 2024, compared to 51% in 2022, driven by increasing demand and effective customer-focused strategies [556]. Revenue and Profitability - Total revenue for 2023 was US$229.99 million, with IoT PaaS contributing US$167.69 million, representing 72.9% of total revenue [558]. - Revenue increased by 29.8% from US$230.0 million in 2023 to US$298.6 million in 2024, driven by growth in IoT PaaS and Smart Solution revenue [579]. - Net profit for 2024 was US$5.0 million, marking the first fiscal year of net profitability on a GAAP basis, compared to a net loss of US$60.3 million in 2023 [591]. - The company recorded a net loss of US$146.2 million in 2022, reduced to a net loss of US$60.3 million in 2023, and achieved a net profit of US$5.0 million in 2024, marking its first year of GAAP profitability [596][598]. - Non-GAAP adjusted profit improved from a loss of US$77.2 million in 2022 to a profit of US$20.4 million in 2023, and further to US$75.3 million in 2024 [596]. Cost and Efficiency - The cost of revenue for IoT PaaS decreased from 43.2% of revenue in 2022 to 38.4% in 2024, indicating improved efficiency and economies of scale [563]. - Cost of revenue rose by 27.4% from US$123.3 million in 2023 to US$157.2 million in 2024, in line with revenue growth [580]. - Gross profit for IoT PaaS increased from US$62.92 million in 2022 to US$102.26 million in 2024, with gross margin improving from 41.1% to 47.1% [565]. - Gross profit increased by 32.6% from US$106.7 million in 2023 to US$141.4 million in 2024, with gross margin improving from 46.4% to 47.4% [581]. - Research and development expenses are primarily driven by employee-related costs and cloud infrastructure, indicating a continued investment in innovation [566]. - Research and development expenses decreased by 7.1% from US$102.3 million in 2023 to US$95.0 million in 2024, due to strategic streamlining [585]. - General and administrative expenses fell by 15.4% from US$80.7 million in 2023 to US$68.3 million in 2024, primarily from reduced credit-related impairments [587]. Segment Performance - The Smart Solution segment, rebranded in 2024, generated revenue of US$41.97 million, accounting for 14.0% of total revenue [558]. - IoT PaaS revenue grew by 29.4% from US$167.7 million in 2023 to US$217.1 million in 2024, with a dollar-based net expansion rate increasing to 122% [583]. - Smart Solution revenue surged by 58.3% from US$26.5 million in 2023 to US$42.0 million in 2024, reflecting rising customer demand [583]. Cash Flow and Investments - As of December 31, 2024, the company had US$847.9 million in cash and cash equivalents and short-term investments, with US$537.7 million held in Hong Kong [597]. - The net cash generated from operating activities was US$36.4 million in 2023 and increased to US$80.4 million in 2024 [599][600]. - The company generated US$107.4 million from investing activities in 2024, primarily from the disposal of short-term investments [603]. - Capital expenditures increased significantly from US$0.7 million in 2022 to US$13.1 million in 2024, indicating a focus on growth and infrastructure [610]. - The company has US$6.7 million in remaining non-cancellable contractual commitments related to third-party cloud infrastructure agreements as of December 31, 2024 [611]. - The company incurred share-based compensation expenses of US$67.8 million in 2024, impacting the difference between net profit and cash generated from operating activities [600]. - The company aims to finance future working capital and capital expenditures through anticipated cash generated from operations and financing activities [598]. International Operations and Currency Impact - The company operates internationally with local offices in multiple regions, expecting continued growth in international activities [545]. - The financial statements are affected by currency translation, particularly as revenue is predominantly denominated in RMB while reporting is in U.S. dollars [545]. Strategic Focus - The company has prioritized enhancing its AI cloud platform and products to support long-term growth and efficiency [596].