Tuya Inc. (TUYA) Reports $320M Annual Revenue and 25% Non-GAAP Net Margin

Financial Performance - Tuya Inc. reported a total revenue of $320 million for the full year 2025, reflecting a 7.8% year-over-year increase [1] - The company achieved a non-GAAP net margin of 24.9% and a net income of $80.1 million [1] - By the end of 2025, Tuya maintained over $1 billion in cash and cash equivalents, providing financial flexibility [1] Revenue Growth Segments - Growth was driven by multiple segments, with PaaS revenue exceeding $230 million [2] - SaaS and other business revenue rose 13.4% to $44.8 million [2] - Recurring services revenue surged by 37%, and the developer ecosystem expanded to over 1.8 million registered AI + IoT developers [2] AI Initiatives - Tuya introduced 'Hey Tuya,' an AI-powered Smart Life assistant, with approximately 16,000 active AI agents on its platform [2] - The company has partnered with Shanghai Luobo Intelligent Technology Co., Ltd. for the development of an AI companion powered by cellular connectivity [4] Challenges and Market Conditions - The company faces challenges such as conservative customer procurement cycles and geopolitical risks affecting international operations [3] - Recent tariff reductions are viewed positively, but market demand has not reacted immediately due to customer caution [3] - Tuya is monitoring semiconductor and chipset supply constraints while maintaining stable inventory levels [3]