Financial Data and Key Metrics Changes - In Q2 2024, total revenue reached $73.3 million, reflecting a year-over-year growth of 28.6%, with a non-GAAP operational profit margin of 10% achieved for the first time [22][19][30] - Non-GAAP net profit reached $20.8 million, setting a new quarterly record, while operating cash flow exceeded $10 million [30] - The company maintained a stable gross margin of 71% for SaaS and other services, with IoT PaaS gross margin at 47.6%, showing a year-over-year improvement of around 3 percentage points [26][24] Business Line Data and Key Metrics Changes - IoT PaaS revenue was $54.3 million, up 32% year-over-year, with home appliances showing the highest growth at approximately 65% [22][23] - Smart solutions segment recorded revenue of $9.4 million, increasing by about 44.2% year-over-year, driven by strong demand for outdoor and energy-saving device solutions [25] - SaaS and other sectors generated $9.6 million in revenue, remaining stable due to adjustments in revenue structuring [26] Market Data and Key Metrics Changes - Europe remains the largest market, accounting for about one-third of total revenue, while Asia Pacific and Latin America showed accelerated demand growth, with Latin America's contribution increasing to nearly 10-15% [23] - The Asia Pacific region accounted for around one-third of total revenue demand, indicating a balanced regional revenue structure [23] Company Strategy and Development Direction - The company aims to enhance long-term revenue growth and profit margins while focusing on smart technology integration, particularly through GenAI [5][10] - Tuya's strategy includes leveraging its established ecosystem to win with volume and pricing, enhancing customer stickiness through smart solutions [25][26] - The company plans to continue investing in devices and edge AI to improve product competitiveness and user experience [15][17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about sustaining year-over-year growth despite a high base from the previous year, citing a stable macroeconomic environment and strong demand in emerging markets [33][38] - The company is positioned to capitalize on opportunities in the smart technology landscape, with a focus on customer needs across various industries [36][38] Other Important Information - A special cash dividend of approximately $33 million was announced, reflecting the company's non-GAAP net profit for the first half of 2024 [19][45] - The current CFO will step down, with the co-founder Alex Yang set to succeed, indicating a transition in leadership [20][31] Q&A Session Summary Question: Future demand outlook and sustainability of growth - Management acknowledged the challenges of maintaining growth rates due to high bases but remained optimistic about continued year-over-year growth in core business [33][38] Question: Forward-looking operating profitability and cash dividend - Management emphasized that achieving profitability is a long-term goal, with a focus on balancing growth and profitability while maintaining cost control [41][42] - The special dividend was based on non-GAAP net profit, with plans for sustainable shareholder returns while ensuring the company can invest in growth [45] Question: Progress on GenAI and monetization strategies - Management detailed ongoing development of smart devices with GenAI capabilities, with plans for trial productions and revenue generation expected to begin next year [49][51]

Exhibit 99.1 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. Tuya Inc. 塗鴉智能* (A company controlled through weighted voting rights and incorporated in the Cayman Islands with limited liability ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容所產生或因依 賴該等內容而引致的任何損失承擔任何責任。 Tuya Inc. 塗鴉智能* （於開曼群島註冊成立以不同投票權控制的有限責任公司） （香港聯交所股份代號：2391） （紐約證券交易所股票代碼：TUYA） 截至2024年6月30日止六個月中期業績公告 及 宣派特別股息 全球領先雲平台服務提供商Tuya Inc.（「Tuya」或「本公司」，聯交所代號：2391及 紐交所代號：TUYA）今日公佈本公司、其附屬公司及合併聯屬實體（「本集團」） 截至2024年6月30日止六個月（「報告期」）的未經審計財務業績連同截至2023年6 月30日止六個月之比較數字，以及宣派特別現金股息。 | --- | --- | |-------|---------------------------------------------------------------------------------------------------------------------- ...

香港交易及結算所有限公司以及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不會就因本公告全部或任何部分內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 Tuya Inc. 塗鴉智能* （於開曼群島註冊成立以不同投票權控制的有限責任公司） （香港聯交所股份代號：2391） （紐約證券交易所股票代碼：TUYA） 內幕消息 截至2024年6月30日止季度的未經審計財務業績 及 宣派特別股息 | --- | --- | |-----------------------------------------------------------------------------------------------------------|----------------------------------------------| | | | | 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.09 例（香港法例第 571 章）第 XIVA 部刊發。 | 條及證券及期貨條 | | Tuya Inc. （「 Tuya 」或「 本公司 （「 本集團 」）截至 ...

Exhibit 99.1 Tuya Reports First Quarter 2024 Unaudited Financial Results SANTA CLARA, Calif., May, 20, 2024/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, 2024. First Quarter 2024 Financial Highlights · Total revenue was US61.7 million, up approximately 29.9% year over year (1Q2023: US$47.5 million). · IoT platform-as-a-service ("PaaS") revenue w ...

Tuya Inc (NYSE:TUYA) Q1 2024 Results Conference Call May 20, 2024 8:30 PM ET Company Participants Reg Chai - Investor Relations Director Xueji Wang - Founder, Co-Chairman & CEO Yao Liu - Senior VP, CFO & Director Conference Call Participants Yang Liu - Morgan Stanley Eunice Liu - Goldman Sachs Kai Qian - CICC Operator Good morning and good evening, ladies and gentlemen. Thank you for standing by and welcome to Tuya Inc.'s First Quarter 2024 Earnings Conference Call. My name is Fayde and I will be coordinati ...

Financial Performance - Total revenue for Q1 2024 was $61.7 million, representing a year-over-year growth of approximately 29.9% compared to $47.5 million in Q1 2023[6] - IoT Platform as a Service (PaaS) revenue reached $45.6 million, a year-over-year increase of about 35.7% from $33.6 million in Q1 2023[6] - Gross profit rose by 40.2% to $29.5 million, with a gross margin improvement from 44.3% to 47.8%[11] - SaaS and other revenue slightly increased by 1.8% to $8.6 million, primarily due to higher cloud software product revenue[10] - Smart solutions revenue grew by 37.3% to $7.5 million, compared to $5.4 million in Q1 2023, reflecting increased demand for integrated smart software features[10] - Revenue increased from $47,485K in Q1 2023 to $61,662K in Q1 2024, representing a growth of 30%[32] - Gross profit rose from $21,028K in Q1 2023 to $29,485K in Q1 2024, an increase of 40%[32] - Operating loss decreased from $32,295K in Q1 2023 to $16,367K in Q1 2024, showing an improvement of 49%[32] - Net loss narrowed significantly from $21,045K in Q1 2023 to $3,543K in Q1 2024, a reduction of 83%[34] - Cash flow from operating activities improved from a negative $18,882K in Q1 2023 to a positive $14,490K in Q1 2024[35] - Basic and diluted net loss per share improved from $(0.04) in Q1 2023 to $(0.01) in Q1 2024[33] - Non-GAAP operating loss improved from $(32,295K) in Q1 2023 to $(16,367K) in Q1 2024, reflecting a better operational efficiency[36] - Non-GAAP net loss per share improved from $(0.01) in Q1 2023 to $0.02 in Q1 2024, indicating a positive shift in profitability[38] Customer Metrics - The number of IoT PaaS customers remained stable at approximately 2,000, while total customers increased to about 3,000 from 2,800 in Q1 2023[8] - The net expansion rate for IoT PaaS based on revenue was 116%, significantly up from 49% in Q1 2023[8] - The number of registered IoT devices and software developers grew by 8.2% to approximately 1,074,000 from about 993,000 as of December 31, 2023[8] Cash and Investments - Cash and cash equivalents, along with short-term and long-term investments, totaled $998.8 million as of March 31, 2024, compared to $984.3 million as of December 31, 2023[6] - Cash and cash equivalents increased from $498,688 thousand to $529,501 thousand, representing a growth of about 6.2%[27] - The company’s long-term investments increased from $207,489 thousand to $217,320 thousand, marking a growth of approximately 4.0%[27] - Total cash and cash equivalents increased from $79,245K at the end of Q1 2023 to $529,501K at the end of Q1 2024, a rise of 570%[35] Operating Expenses and Profitability - Operating expenses decreased by 14.0% to $45.9 million, with R&D expenses down 16.3% to $23.5 million[13] - The company achieved a non-GAAP operating profit margin of -0.9%, an improvement of 30.6 percentage points from -31.5% in Q1 2023[6] - The company reported a net profit margin of -5.7%, an increase of 38.6 percentage points from -44.3% in Q1 2023[6] - Operating loss narrowed by 49.3% to $16.4 million, with a non-GAAP operating loss reduction of 96.3% to $0.6 million[14] - Net loss decreased by 83.2% to $3.5 million, with a non-GAAP net profit of $12.3 million compared to a net loss of $3.7 million in Q1 2023[16] Strategic Focus and Future Outlook - The CEO highlighted a focus on technological innovation, particularly in generative AI, to enhance user interaction and explore new business opportunities[9] - The company remains optimistic about future growth, focusing on product iteration, service improvement, and leveraging emerging technologies like AI[20] - Tuya Inc. emphasizes the use of non-GAAP financial metrics to assess operational performance, which may not reflect all expenses impacting operations[23] - The company is focused on expanding its market presence and developing new smart solutions through its proprietary cloud platform[22] - Tuya Inc. will hold a conference call on May 20, 2024, to discuss financial performance, indicating ongoing engagement with investors[21] Balance Sheet Highlights - As of March 31, 2024, Tuya Inc. reported total assets of $1,077,221 thousand, an increase from $1,066,400 thousand as of December 31, 2023, reflecting a growth of approximately 1.1%[27] - Total current liabilities slightly increased from $87,534 thousand to $88,116 thousand, indicating a marginal rise of 0.7%[29] - Non-current liabilities decreased from $8,301 thousand to $6,712 thousand, showing a reduction of approximately 19.1%[30] - Shareholders' equity increased from $970,565 thousand to $982,393 thousand, reflecting a growth of about 1.2%[31] Developer Community - The company has a vibrant global developer community, enhancing its cloud developer platform capabilities, including PaaS and SaaS offerings[22]

Financial Performance - Revenue for 2023 reached $229.99 million, an increase of 10.5% compared to $208.17 million in 2022[7] - Gross profit for 2023 was $106.66 million, up from $89.42 million in the previous year, reflecting a gross margin improvement[7] - Operating loss decreased to $105.82 million in 2023 from $168.19 million in 2022, indicating improved operational efficiency[7] - Net loss for 2023 was $60.32 million, significantly reduced from $146.18 million in 2022[7] - Total revenue for the year ended December 31, 2023, was $230.0 million, an increase of approximately 10.5% year-over-year from $208.2 million[8] - The overall gross margin improved to 46.4%, up 3.4 percentage points from 43.0% in the previous year[8] - The company achieved a non-GAAP net profit margin of 8.9%, marking the first time it reached annual breakeven[11] - The net loss was $60.3 million for the year ended December 31, 2023, a reduction of 58.7% compared to $146.2 million in 2022[23] - The operating loss narrowed by 37.1% to $105.8 million for the year ended December 31, 2023, from $168.2 million in 2022[22] - The adjusted net profit under non-GAAP was $20.4 million for the year ended December 31, 2023, compared to a non-GAAP net loss of $77.2 million in 2022[23] Assets and Liabilities - Total assets as of December 31, 2023, amounted to $1.07 billion, slightly up from $1.06 billion in 2022[7] - Current assets decreased to $847.80 million from $1.02 billion in 2022, indicating a shift in asset management[7] - Total liabilities increased marginally to $95.84 million from $93.97 million in 2022, maintaining a stable financial position[7] - Cash and cash equivalents, along with short-term and long-term investments, totaled $984.3 million as of December 31, 2023, compared to $952.0 million as of December 31, 2022[25] - The company had no interest-bearing bank or other borrowings as of December 31, 2023, resulting in a debt-to-equity ratio of zero[29] Revenue Streams - IoT PaaS revenue reached $167.7 million, up about 9.7% from $152.9 million in the previous year[8] - SaaS and other revenue grew to $35.8 million, reflecting a year-over-year increase of approximately 20.0% from $29.8 million[8] - Smart device distribution revenue rose 4.2% to $26.5 million in 2023, from $25.4 million in 2022, mainly due to increased smart device solution revenues[17] Customer and Market Dynamics - The number of IoT PaaS customers decreased to approximately 4,000 from 5,100 in the previous year, while total customers fell to about 6,100 from 7,600[9] - The number of registered IoT developers increased by 40.3% to approximately 993,000 from about 708,000[9] - The net expansion rate for IoT PaaS based on revenue was 103%, significantly up from 51% in the previous year[9] - The company has established a large active community of approximately 993,000 registered IoT developers, supporting a diverse customer base across various industries[10] Research and Development - Management highlighted ongoing research and development efforts aimed at enhancing technology offerings and market competitiveness[5] - The research and development expenses decreased by 29.4% to $102.3 million for the year ended December 31, 2023, from $144.9 million in 2022[20] - The company continues to enhance its product offerings, including the development of energy-saving solutions and smart temperature control devices[14] Corporate Governance - The company is committed to maintaining high standards of corporate governance to enhance performance, transparency, and accountability[120] - The board includes independent directors with diverse backgrounds in finance, technology, and management[115][116] - The company has established a written guideline for employees regarding securities trading to prevent insider trading[123] - The company has received annual independence confirmations from all independent non-executive directors, affirming their compliance with independence guidelines[129] Future Outlook - The company plans to expand its market presence and invest in new product development to drive future growth[5] - Future outlook indicates a focus on product iteration, service improvement, and expanding quality customer base amidst ongoing economic challenges[16] Legal and Compliance - The company is involved in a securities class action lawsuit filed in the U.S. District Court for the Southern District of New York, which alleges misleading statements in the registration statement related to its U.S. listing[110] - The company is subject to regulatory scrutiny regarding its contractual arrangements with consolidated affiliated entities, which may impact its financial condition and investment value[50] Shareholder Information - The company has not declared or paid any cash or stock dividends in the past and does not plan to do so in the near future, retaining most available funds for business operations and expansion[148] - The board of directors does not recommend the distribution of a final dividend for the year ending December 31, 2023[72] Employee and Workforce - The workforce consisted of 1,465 employees as of December 31, 2023, with 1,047 in research and development[34] - The company has a gender ratio of approximately 2.2 males for every female employee[147] Financial Reporting and Audit - The consolidated financial statements for the fiscal year ending December 31, 2023, were audited by PwC, with no changes in auditors over the past three years[81] - The independent auditor has confirmed the company's responsibility for the preparation of the consolidated financial statements for the year ending December 31, 2023[155] Risk Management - The company has established a risk management and internal control system to identify, manage, and mitigate risks associated with business operations and financial reporting[156] - The internal audit department conducts independent reviews of the adequacy and effectiveness of internal controls, reporting any issues to the audit committee[157]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐ SECURITIES EXCHANGE ACT OF 1934 E-mail: ir@tuya.com 10/F, Building A, Hua ...

Revenue Growth - Total revenue for the year ended December 31, 2023, was $230.0 million, an increase of approximately 10.5% compared to $208.2 million for the year ended December 31, 2022[2]. - IoT PaaS revenue for the year ended December 31, 2023, was $167.7 million, up about 9.7% from $152.9 million for the year ended December 31, 2022[2]. - SaaS and other revenue for the year ended December 31, 2023, was $35.8 million, reflecting a growth of approximately 20.0% compared to $29.8 million for the year ended December 31, 2022[2]. - The company’s revenue growth is driven by its focus on IoT solutions and expanding its SaaS offerings[48]. Profitability and Loss - Operating loss margin improved to negative 46.0%, a 34.8 percentage point improvement from negative 80.8% for the year ended December 31, 2022[2]. - Net profit margin was negative 26.2%, improving by 44.0 percentage points from negative 70.2% for the year ended December 31, 2022[2]. - The company reported a net loss of $60.3 million for the year ended December 31, 2023, an improvement of 58.7% compared to a net loss of $146.2 million in 2022[8]. - The operating loss for the year ended December 31, 2023, was $105.8 million, narrowing by 37.1% from $168.2 million in the previous year[7]. - Non-GAAP operating loss improved from $99,167,000 in 2022 to $25,071,000 in 2023, representing a reduction of approximately 74.7%[66]. - Non-GAAP net loss margin improved from -37.1% in 2022 to 8.9% in 2023, indicating a significant turnaround[66]. Cash and Investments - Cash and cash equivalents, along with short-term and long-term investments, totaled $984.3 million as of December 31, 2023, compared to $952.0 million as of December 31, 2022[3]. - The company generated a net cash inflow from operating activities of $36.4 million for the year ended December 31, 2023, compared to a net cash outflow of $70.7 million for the year ended December 31, 2022[13]. - The company had no interest-bearing bank loans or other borrowings as of December 31, 2023, resulting in a debt-to-equity ratio of zero[15]. - Cash and cash equivalents increased to $498,688,000 as of December 31, 2023, up from $133,161,000 at the end of 2022, marking a growth of approximately 274.5%[45]. Customer Metrics - The number of IoT PaaS customers was approximately 4,000 as of December 31, 2023, down from 5,100 as of December 31, 2022[3]. - The number of registered IoT developers increased by 40.3% to approximately 993,000 as of December 31, 2023, compared to about 708,000 as of December 31, 2022[3]. - The company’s DBNER for IoT PaaS was 103% for the trailing twelve months, indicating revenue growth from existing customers[11]. Operating Expenses - Operating expenses for the year ended December 31, 2023, were $212.5 million, a decrease of 17.5% compared to $257.6 million for the same period in 2022[6]. - Research and development expenses for the year ended December 31, 2023, were $102.3 million, down 29.4% from $144.9 million in 2022, primarily due to strategic streamlining of the R&D team[6]. - Sales and marketing expenses adjusted for stock-based compensation decreased from $48,837,000 in 2022 to $34,994,000 in 2023, a reduction of approximately 28.5%[66]. - General and administrative expenses adjusted for stock-based compensation and long-term investment credit-related impairment increased from $20,011,000 in 2022 to $20,090,000 in 2023, a slight increase of approximately 0.4%[66]. Corporate Governance and Compliance - The company has adhered to all corporate governance codes as of December 31, 2023, with the exception of the separation of the roles of Chairman and CEO[22][23]. - The audit committee reviewed the unaudited consolidated financial statements for the reporting period, with no disagreements on accounting policies[26]. - The company is involved in an ongoing securities class action lawsuit filed in August 2022, with a partial approval of its motion to dismiss as of March 5, 2024[31]. Future Plans and Strategy - The company plans to continue iterating and improving its products and services while diversifying revenue sources and optimizing operational efficiency in response to market changes[12]. - The company aims to seek strategic partnerships and investments to implement its long-term growth strategy, with 15% of the net proceeds allocated for this purpose, amounting to HKD 10.5 million[29]. - The company plans to enhance IoT technology and infrastructure, allocating approximately 30% of the net proceeds for this purpose, which equates to HKD 21.0 million[29]. Taxation - The company has maintained a 15% preferential tax rate for its foreign-invested enterprise in China, valid until December 31, 2024[50]. - The company reported a current income tax expense of $3,249 for the year ended December 31, 2023, compared to $1,880 in 2022, indicating an increase of 72.5%[52]. - The actual tax rate for the year ended December 31, 2023, was (5.7%), compared to (1.3%) for the year ended December 31, 2022, reflecting changes in tax liabilities[54].