Financial Data and Key Metrics Changes - In Q1 2025, the company achieved approximately $74.7 million in revenue, representing a year-over-year growth of about 21.1% [7] - The net profit reached over $11 million, more than double that of last year's full year, with a net profit margin of around 15% [4][11] - Non-GAAP net profit was approximately $19 million, reflecting a nearly 60% year-over-year increase, with a non-GAAP net profit margin of 25.8% [11] Business Line Data and Key Metrics Changes - Revenue from home appliances led the growth, with a total revenue increase of roughly 70.9% across major categories [8] - SaaS and other services generated about $10 million in revenue, growing approximately 15.5% year-over-year [8] - Smart solutions revenue reached approximately $11 million, with a year-over-year increase of about 47.1% [8] Market Data and Key Metrics Changes - Europe accounted for about one-third of total revenue, followed by Asia Pacific (excluding China), China, and Latin America, each contributing around 15% [8] - The company maintained a diversified revenue structure across various regions, with emerging markets contributing an additional 5% [9] Company Strategy and Development Direction - The company is focusing on AI integration into its product offerings, emphasizing the development of AI capabilities from cloud to device [5][14] - Strategic partnerships and collaborations are being pursued to enhance AI applications in various sectors, including energy management and smart home solutions [18][19] - The company aims to maintain efficient organizational execution and safeguard R&D amid external uncertainties [5] Management Comments on Operating Environment and Future Outlook - Management noted that the macro environment has been volatile, influenced by AI advancements and geopolitical trade fluctuations [4] - The company is committed to a long-term approach to technology-driven developments, aiming to create long-term value [20] - Management expressed optimism about the future, highlighting the potential for AI to drive growth in the smart hardware sector [20] Other Important Information - The company recently received an upgrade in its ESG rating from MSCI from single A to double A, achieving a full score in compliance [20] - The company is actively expanding its developer ecosystem, with over 10,000 new members joining since the launch of its AI developer boards [17] Q&A Session Summary Question: Insights on AIoT hardware performance and customer behavior amid tariff volatility - Management indicated that audio and video interaction devices are performing well, with a focus on educational toys using large language models [24][26] - Customers have become more conservative in their purchasing decisions due to tariff uncertainties, leading to a pause in order shipments [28][30] Question: Monetization of AI opportunities and outlook on revenue and profitability - The company plans to integrate AI capabilities into existing business models, offering seamless transitions for customers [38] - Short-term demand may be impacted by tariffs, but long-term growth is expected once negotiations are settled [42][44] Question: Progress on cooperation with Singapore and Chile - The partnership with Singapore's Home Development Bureau focuses on centralized energy management solutions for public apartments [51][52] - The company plans to replicate successful models in other Southeast Asian markets [54] Question: Development of AI applications in domestic vs. overseas markets - The company is seeing increased interest from global customers in AI capabilities, with a focus on educating developers about integration into existing products [58][60]

Group 1 - Chao Hongji is planning to issue H-shares for listing on the Hong Kong Stock Exchange, with details yet to be confirmed [3] - K-Bank is seeking to relaunch its IPO after previous delays, having sent out its prospectus to major underwriters [4] - Ningde Times debuted on the Hong Kong stock market with an opening price of 263 HKD per share, closing at 306.2 HKD, marking a 16.43% increase [9] Group 2 - The new "National Emergency Broadcasting Warning" mini-program has been launched to provide disaster warning services [12] - The "Private Economy Promotion Law" has officially come into effect, establishing the legal status of the private economy in China [14] - Meituan is set to launch a new AI programming tool named "NoCode" aimed at enhancing coding efficiency [21] Group 3 - Douyu reported a total revenue of 947 million CNY for Q1 2025, with innovative business and advertising revenue reaching 383 million CNY, a 60.2% year-on-year increase [22] - Zero Run Auto's founder confirmed he is alive after rumors of his death circulated [8] - Xiaomi's self-developed 3nm flagship chip, the Xiaomi Xuanjie O1, has begun mass production [7]

Core Insights - Tuya Smart (02391) reported total revenue of $74.7 million for the three months ending March 31, 2025, representing a year-on-year increase of approximately 21.1% [1] - The overall gross margin was 48.5%, an increase of 0.7 percentage points year-on-year, with net profit reaching $11 million, compared to a net loss of $3.5 million in the first quarter of 2024 [1][2] - The growth in revenue was primarily driven by increases in IoT PaaS revenue and smart solution revenue [1] Revenue and Customer Metrics - The number of IoT PaaS customers remained stable at approximately 2,000, while the total number of customers was around 2,800, down from 3,000 in the first quarter of 2024 [1] - The company focused on a large customer strategy, which allowed it to concentrate on serving strategic clients [1] - Over the last 12 months, there were 287 high-quality IoT PaaS customers, up from 269 in the first quarter of 2024, contributing approximately 88.7% of IoT PaaS revenue in the first quarter of 2025, compared to 85.1% in the previous year [1] Developer and Device Growth - As of March 31, 2025, the number of registered IoT devices and software developers exceeded 1.417 million, a growth of 7.7% from approximately 1.316 million developers as of December 31, 2024 [1] Financial Performance and Strategy - The CEO highlighted the company's ability to achieve net profit growth during the traditional off-season, attributing this to sustained revenue growth and a unique business model that leverages operational efficiency [2] - The CFO noted that the net profit of $11 million for the first quarter of 2025 was approximately double that of the entire year of 2024, with a net profit margin reaching a new high of 14.8% [2] - The company has maintained positive operating cash flow for eight consecutive quarters and has a strong net cash position, enabling continued investment in AI innovation and Smart Solution business expansion [2]

Core Insights - Tuya Smart-W (02391.HK) reported a total revenue of $74.7 million for Q1 2025, representing a year-over-year increase of approximately 21.1% [1] - The revenue breakdown includes $53.7 million from PaaS, up about 17.9%; $10 million from SaaS and other services, up about 15.5%; and $11 million from smart solutions, up approximately 47.1% [1] - The company achieved a net profit of $11 million, a significant improvement from a net loss of $3.5 million in Q1 2024, and a non-GAAP net profit of $19.3 million, up about 57.2% year-over-year [1] Financial Performance - The comprehensive gross margin for Q1 2025 was maintained at 48.5% [1] - The net profit margin reached a new high of 14.8%, with net profit for the quarter being approximately double that of the entire year of 2024 [1] - The company has achieved positive operating cash flow for eight consecutive quarters and maintained a strong net cash position at the end of the period [1] Strategic Focus - The CEO emphasized the company's commitment to building differentiated AIoT capabilities to empower global developers amidst global macroeconomic uncertainties and rapid AI advancements [1] - The CFO highlighted the importance of cost management and expense structure optimization in driving financial performance and enabling continued investment in AI innovation and Smart Solution business expansion [1]

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]

Financial Performance - Company reported total revenue of US$74.7 million for Q1 2025, a 21.1% increase from US$61.7 million in Q1 2024, driven by growth in IoT PaaS and smart solution revenues [6][5] - IoT PaaS revenue reached US$53.7 million, up 17.9% year-over-year, while smart solution revenue surged 47.1% to US$11.0 million [6][7] - Gross margin improved to 48.5%, up from 47.8% in the same period last year, with IoT PaaS gross margin increasing to 48.4% [9][16] Profitability Metrics - Company achieved a GAAP net profit of US$11.0 million, compared to a net loss of US$3.5 million in Q1 2024, with a net margin of 14.8% [13][14] - Non-GAAP net profit was US$19.3 million, reflecting a 57.2% increase year-over-year, with a non-GAAP net margin of 25.8% [14][19] - Operating margin improved significantly to negative 1.9%, up 24.6 percentage points from negative 26.5% in Q1 2024 [12] Cost Management - Operating expenses decreased by 17.8% to US$37.7 million, contributing to improved profitability [11] - Research and development expenses were reduced by 2.8% to US$22.8 million, while sales and marketing expenses fell by 7.1% to US$8.3 million [17] Cash Flow and Liquidity - Company generated US$9.4 million in net cash from operating activities, down from US$14.5 million in Q1 2024 [19] - Total cash and cash equivalents, including short-term and long-term investments, stood at US$1,023.7 million as of March 31, 2025, slightly up from US$1,016.7 million at the end of 2024 [18] Business Outlook - Company remains optimistic about long-term growth despite macroeconomic uncertainties and industry challenges, focusing on AI and smart technology integration [20][21] - Plans to enhance product offerings and expand customer base while optimizing operational efficiency [21]

Market Overview - US stock index futures showed mixed performance with Dow futures slightly up, S&P 500 futures down by 0.16%, and Nasdaq futures down by 0.66% [1] - European indices saw positive movement with Germany's DAX up by 0.61%, UK's FTSE 100 up by 0.60%, France's CAC40 up by 0.56%, and the Euro Stoxx 50 up by 0.50% [2][3] - WTI crude oil prices fell by 0.42% to $61.88 per barrel, while Brent crude oil dropped by 0.46% to $65.24 per barrel [3][4] Federal Reserve Insights - Federal Reserve officials indicated that interest rate cuts may not occur before September due to uncertain economic outlook, with current expectations for a rate cut in June being less than 10% [5] - The market anticipates two rate cuts by the end of the year, each by 25 basis points, which is lower than previous expectations of four cuts [5] Banking Sector Developments - Moody's downgraded the deposit ratings of major US banks, including Bank of America and JPMorgan Chase, citing reduced government support following the downgrade of the US credit rating [6] - The long-term deposit ratings for these banks were lowered to Aa2, which is Moody's third-highest rating [6] Currency and Economic Outlook - Deutsche Bank warned of potential depreciation risks for the US dollar, suggesting that upcoming budget negotiations will significantly impact the dollar's position [7] - Wells Fargo advised investors to reduce exposure to emerging market stocks in favor of US equities, predicting a stronger dollar and cautioning against overly optimistic sentiment towards emerging markets [7] Company-Specific News - Vodafone reported a decline in revenue in its key German market, forecasting minimal growth for the upcoming fiscal year and announcing a new €2 billion share buyback plan [8] - Yalla Technology's Q1 revenue grew by 6.5% year-over-year to $83.9 million, but paid user numbers fell by 8% [9] - Vipshop's Q1 net revenue decreased by 4.7% to RMB 26.3 billion (approximately $3.6 billion), with active customer numbers down by 4.2% [10] - Home Depot's sales fell short of expectations, indicating weakened consumer confidence, with comparable sales down by 0.3% [10] - Cathie Wood's ARK Invest made significant purchases of Taiwan Semiconductor Manufacturing Company (TSMC) shares, marking a shift in strategy amid easing trade tensions [11] Upcoming Economic Events - Key economic data releases include the US Redbook retail sales year-on-year and API crude oil inventory changes [12][14] - Notable speeches from Federal Reserve officials are scheduled, which may provide further insights into monetary policy [13][14]

Core Viewpoint - Tuya Inc. is set to hold its annual general meeting (AGM) on June 19, 2025, to discuss and vote on proposed resolutions, with full support from the board of directors [1][2]. Company Information - Tuya Inc. is a leading global AI cloud platform service provider focused on building an AIoT developer ecosystem [4]. - The company offers a comprehensive suite of services, including Platform-as-a-Service (PaaS), Software-as-a-Service (SaaS), and smart solutions for developers in various industries [4]. - Tuya has established a global developer community that includes brands, OEMs, AI agents, system integrators, and independent software vendors, promoting a smart solutions ecosystem that emphasizes green and low-carbon principles, security, efficiency, agility, and openness [4]. Financial Reporting - The company has filed its annual report on Form 20-F for the fiscal year ended December 31, 2024, which includes audited financial statements [3].

Core Viewpoint - Tuya Inc. has received an upgrade in its ESG rating from MSCI, moving from 'A' to 'AA', highlighting its commitment to sustainability and responsible business practices [1][2][3] Company Overview - Tuya Inc. is a leading global AI cloud platform service provider focused on building an AIoT developer ecosystem [4] - The company offers a comprehensive suite of services, including Platform-as-a-Service (PaaS), Software-as-a-Service (SaaS), and smart solutions for various industries [4] ESG Rating Improvement - The upgrade to 'AA' reflects Tuya's strong performance in data privacy, security, governance enhancements, and energy efficiency contributions through smart technology [2][3] - MSCI's ESG Ratings serve as a benchmark for investors interested in sustainable business practices, with ratings ranging from AAA to CCC [3] Commitment to Sustainability - The company emphasizes that sustainability is integral to its operations and innovation, aiming to deliver long-term value for stakeholders [3] - Tuya is dedicated to supporting global efforts towards a greener and more secure future through smart technology [3]

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 ...