Financial Performance - Total revenue for Q4 2023 was $64.4 million, representing a year-over-year increase of approximately 42.2% compared to $45.3 million in Q4 2022[6] - The company reported a non-GAAP net profit of $12.6 million in Q4 2023, compared to a non-GAAP net loss of $5.2 million in the same quarter last year[13] - The net loss narrowed by 52.4% to $10.8 million in Q4 2023, down from $22.7 million in Q4 2022[13] - Revenue for the three months ended December 31, 2023, was $64,411,000, representing a 42.3% increase from $45,286,000 in the same period of 2022[26] - Gross profit for the same period increased to $30,463,000, up from $20,186,000, indicating a significant improvement in profitability[26] IoT Platform as a Service (PaaS) Performance - IoT Platform as a Service (PaaS) revenue reached $47.2 million, up about 44.6% year-over-year from $32.6 million in Q4 2022[6] - The net expansion rate for IoT PaaS based on revenue was 103%, significantly up from 51% in Q4 2022[7] - The contribution of high-quality IoT PaaS customers to revenue was approximately 82.7%, up from 77.0% in Q4 2022[7] - The gross margin for the IoT PaaS segment improved to 44.8% in Q4 2023 from 41.5% in the same quarter last year[10] Cash Flow and Financial Position - Operating cash flow was $31.8 million, a significant improvement from a cash outflow of $0.1 million in Q4 2022[6] - 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[6] - Cash and cash equivalents increased significantly to $498,688,000 as of December 31, 2023, from $133,161,000 a year earlier, marking a growth of 274.5%[29] - Total assets rose slightly to $1,066,400,000 in 2023 from $1,056,139,000 in 2022, indicating stable asset management[25] Operating Expenses and Margins - Operating expenses rose by 2.0% to $54.1 million in Q4 2023, while non-GAAP operating expenses decreased by 13.5% to $30.7 million[11] - The company’s operating loss decreased by 28.0% to $23.6 million in Q4 2023, compared to $32.8 million in Q4 2022[12] - Non-GAAP operating margin improved to -0.4%, up 33.4 percentage points from -33.8% in Q4 2022[6] - The company reported a non-GAAP net loss margin of 16.8% for Q4 2023, an improvement from 50.2% in Q4 2022[30] Customer Metrics - The number of IoT PaaS customers was approximately 2,200, down from about 2,400 in Q4 2022, while total customers were around 3,200, down from 3,400[7] - The number of registered IoT devices and software developers grew to approximately 993,000, a 40.3% increase from about 708,000 developers as of December 31, 2022[7] Future Outlook and Strategy - The company expressed confidence in its financial foundation and growth momentum to support business expansion and product profitability in 2024[8] - The company anticipates continued inflation impacting discretionary consumer electronics spending, while downstream inventory levels are expected to normalize, providing greater flexibility for manufacturers and retailers[17] - The company is committed to iterating and improving its products and services, enhancing software and hardware capabilities, and diversifying revenue sources to optimize operational efficiency[17] Conference Call and Reporting - The upcoming earnings conference call is scheduled for February 27, 2024, at 7:30 PM EST, with access details provided for participants[18] General Information - Tuya Inc. is a leading IoT cloud development platform, offering a comprehensive suite of products including PaaS and SaaS to empower a vibrant IoT ecosystem[19] - The company uses non-GAAP financial metrics to assess business performance, which may not reflect all operating expenses and could limit comparability with other companies[20] - Forward-looking statements are subject to inherent risks and uncertainties, with actual results potentially differing significantly from those projected[21]
涂鸦智能-W(02391) - 2023 Q4 - 季度业绩