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 ...

Core Insights - Tuya Inc. has filed its annual report on Form 20-F for the fiscal year ended December 31, 2023, with the SEC on April 24, 2024 [1] - The company has released its inaugural Environmental, Social and Governance (ESG) Report to showcase its ESG strategies and sustainability goals [1] Company Overview - Tuya Inc. is a global leading IoT cloud development platform focused on building an IoT developer ecosystem [2] - The company offers a comprehensive suite of services including Platform-as-a-Service (PaaS), Software-as-a-Service (SaaS), and smart solutions for IoT devices [2] - Tuya enables developers to create a vibrant IoT ecosystem involving brands, OEMs, partners, and end users through a wide range of smart devices [2]

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 ...

THE HAGUE, Netherlands, March 21, 2024 /PRNewswire/ -- Tuya Smart (NYSE: TUYA, HKEX: 2391), a global IoT developer service provider, shared front-line insights at a cyber norms forum co-hosted by the Research Center for Global Cyberspace Governance (RCGCG) and the Cyber Security Governance of Leiden University to further advance discussions on cybersecurity regulation in Europe. The forum gathered experts in cybersecurity and international relations from institutions, organizations and enterprises to deepen ...

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].

Financial Data and Key Metrics Changes - The total revenue for Q4 2023 was approximately $64.4 million, reflecting a year-over-year increase of 42.2% [4][18] - Non-GAAP net profit reached around $12.6 million, a quarter-over-quarter increase of about 25% [5] - The blended gross margin achieved a new high of 47.3% [5][24] - Net cash from operating activities was approximately $31.8 million, contributing to a total net cash position of about $984 million by the end of Q4 [6][28] Business Line Data and Key Metrics Changes - IoT PaaS revenue in Q4 was $47.2 million, representing a year-over-year increase of 44.6% [18] - The smart device distribution segment generated revenue of approximately $7.8 million, achieving a year-over-year growth of 64.6% [22] - SaaS and other sectors recorded revenue of $9.5 million in Q4, reflecting a 19.3% year-over-year increase [23] Market Data and Key Metrics Changes - The company observed stronger growth momentum in Southeast Asia and Latin America compared to Europe and America [31] - Inventory normalization began in Q3 2023, leading to healthy restocking activities in retail channels [34] Company Strategy and Development Direction - The company is focusing on engaging high-quality customers, enhancing product offerings, and improving cost efficiency [7] - A key account strategy has been implemented to secure and better serve large customers with long-term potential [8] - The company aims to expand into new smart domains beyond consumer electronics [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in emerging from the industry downturn, with expectations of moderate growth in global discretionary smart device spending for 2024 [31][35] - The company anticipates that the inventory level will remain healthy, with downstream enterprises optimistic about their smart business outlook for 2024 [34] Other Important Information - The company has seen a significant increase in its developer community, with approximately 993,000 registered developers by Q4 [15] - The company has established partnerships with major telecom operators and industry leaders to enhance its smart solutions [9][10] Q&A Session Summary Question: 2024 revenue growth outlook and margin expectations - Management expects moderate growth in global discretionary smart device spending, with Southeast Asia and Latin America showing stronger momentum [31][35] - The gross margin is expected to remain stable, with contributions from IoT PaaS and SaaS segments [36][38] Question: Impairment loss and balance sheet outlook - The company reported a total credit loss of around $15.5 million in 2023, primarily due to strategic investments in underperforming partners [39][40] Question: SaaS segment outlook and key customer progress - The SaaS segment is expected to maintain good momentum, with a steady increase in enterprise customers using cloud storage technology [42][44] Question: Operating expenses and headcount plans for 2024 - Operating expenses are expected to remain stable, with a focus on maintaining the current team size and moderate investments in marketing [48][49]