NEW YORK, June 7, 2024 /PRNewswire/ -- On May 29, 2024, Tuya Smart (NYSE: TUYA, HKEX: 2391), a leading global cloud platform service provider, hosted the 2024 TUYA Global Developer Summit in Futian, Shenzhen. The summit featured a collaboration with industry leaders through a series of themed forums. The main forum was structured into two sessions, the first focusing on "GenAI+IoT: Driving Smarter Spaces," which emphasized the integration of emerging technologies like GenAI with smart devices to foster a lo ...

NEW YORK, June 7, 2024 /PRNewswire/ -- On May 29, 2024, Tuya Smart (NYSE: TUYA, HKEX: 2391)，the global cloud platform service provider, hosted the TUYA Global Developer Summit in Futian, Shenzhen. The second half of the summit was centered around the theme of "Embracing Emerging Technologies for Sustainable Growth". Tuya partnered with leading companies in the global technology sector to focus on emerging technology trends worldwide and collaboratively examine how groundbreaking technologies, including gene ...

NEW YORK, June 4, 2024 /PRNewswire/ -- Tuya Smart (NYSE: TUYA, HKEX: 2391), a global cloud platform service provider, hosted the signature 2024 TUYA Global Developer Summit at the Shangri-La Hotel in Futian, Shenzhen. The summit attracted an array of esteemed guests from top domestic and international companies, including Amazon, Lenovo, Haier, Silicon Labs, TÜV SÜD, Alibaba Cloud, Tencent Cloud, Texas Instruments, Google Cloud, Goneo Group, Geely, Enerlution, Cerence, Mentech, Secure Net, BangBang, Sixeco, ...

NEW YORK, May 28, 2024 /PRNewswire/ -- Tuya Smart (NYSE: TUYA, HKEX: 2391), a leading global cloud platform service provider, today announced it has formally joined the United Nations Global Compact (UNGC), pledging to uphold the UNGC's "Ten Principles" on human rights, labor, environment, and anti-corruption.Joining the UNGC marks a significant milestone for Tuya, as the company's longstanding efforts to actively fulfill corporate social responsibility gain global recognition. It also provides a broader pl ...

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 ...

SANTA CLARA, Calif., May 21, 2024 /PRNewswire/ -- Tuya Inc. ("Tuya" or the "Company") (NYSE: TUYA; HKEX: 2391), a global leading cloud platform service provider, today announced that it will hold an annual general meeting of the Company's shareholders (the "AGM") at 3:00 p.m. (Hong Kong time) on Thursday, June 20, 2024 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 Resolutio ...

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]

Core Viewpoint - Tuya Inc. reported strong financial results for Q1 2024, with significant year-over-year growth in revenue and improvements in profit margins, driven by the recovery in consumer electronics demand and strategic advancements in their IoT platform services [2][5][6]. Financial Performance - Total revenue for Q1 2024 was US$61.7 million, a 29.9% increase from US$47.5 million in Q1 2023 [2][7]. - IoT platform-as-a-service (PaaS) revenue reached US$45.6 million, up 35.7% from US$33.6 million in the same period last year [2][8]. - Software-as-a-service (SaaS) and others revenue was US$8.6 million, a slight increase of 1.8% year-over-year [2][8]. - Smart solution revenue grew by 37.3% to US$7.5 million from US$5.4 million in Q1 2023 [2][8]. - Overall gross margin improved to 47.8%, up 3.5 percentage points from 44.3% in Q1 2023 [2][10]. Profitability Metrics - Operating margin was negative 26.5%, an improvement of 41.5 percentage points from negative 68.0% in Q1 2023 [2][13]. - Non-GAAP operating margin improved to negative 0.9%, up 30.6 percentage points from negative 31.5% year-over-year [2][13]. - Net loss narrowed by 83.2% to US$3.5 million from US$21.0 million in the same period last year [2][14]. - Non-GAAP net profit was US$12.3 million, compared to a non-GAAP net loss of US$3.7 million in Q1 2023 [2][14]. Customer Metrics - IoT PaaS customers remained stable at approximately 2,000, while total customers increased to approximately 3,000 from 2,800 in Q1 2023 [3]. - Premium IoT PaaS customers increased to 269, contributing approximately 85.1% of IoT PaaS revenue [3]. - The dollar-based net expansion rate (DBNER) for IoT PaaS was 116%, significantly up from 49% in the previous year [3][8]. Cash Flow and Liquidity - Net cash generated from operating activities was US$14.5 million, a turnaround from net cash used of US$18.9 million in Q1 2023 [2][18]. - Total cash and cash equivalents, along with short-term and long-term investments, amounted to US$998.8 million as of March 31, 2024, up from US$984.3 million at the end of 2023 [2][17]. Strategic Outlook - The company aims to leverage technology innovation, particularly generative AI, to enhance its product offerings and customer engagement [6][19]. - Tuya is focused on expanding its customer base, optimizing operational efficiency, and diversifying revenue streams to sustain long-term growth [6][19].

NEW YORK, May 17, 2024 /PRNewswire/ -- Tuya Smart (NYSE: TUYA, HKEX: 2391), the global cloud developer service provider, demonstrated how it will use Google's new Device and Structure APIs in the Smart Home sector. Through new APIs released at the Google I/O 2024, Tuya will further extend the boundaries of the ecosystem and give developers additional opportunities to explore the smart home market.The worldwide smart home market is currently seeing a robust expansion due to the emergence of increasingly matu ...

SANTA CLARA, Calif., May 6, 2024 /PRNewswire/ -- Tuya Inc. ("Tuya" or the "Company") (NYSE: TUYA; HKEX: 2391), a global leading IoT cloud development platform, today announced that it will report its first quarter 2024 unaudited financial results after the market closes on Monday, May 20, 2024.Tuya's management will hold a conference call at 08:30 P.M. Eastern Time on Monday, May 20, 2024 (08:30 A.M. Hong Kong Time on Tuesday, May 21, 2024) to discuss the financial results. In advance of the conference call ...