Core Insights - Tuya Smart (TUYA.US) reported Q2 financial results with a revenue increase of 9.3% year-over-year to $80.13 million, slightly below market expectations [1] - Non-GAAP earnings per ADS were $0.03, in line with market expectations [1] Revenue Breakdown - PaaS business revenue reached $58.1 million, a year-over-year increase of approximately 7.0% [1] - SaaS and other business revenue was $11.1 million, reflecting a year-over-year growth of about 15.6% [1] - Smart solutions business revenue amounted to $10.9 million, up approximately 16.7% year-over-year [1] Profitability Metrics - Overall gross margin was 48.4%, an increase of 0.4 percentage points from the previous year [1] - PaaS gross margin improved to 48.7%, up 1.1 percentage points year-over-year [1] - Operating profit margin was 1.4%, a significant increase of 15.5 percentage points from the previous year [1] Net Profit and Cash Flow - Net profit margin was 15.7%, an increase of 11.4 percentage points year-over-year [2] - Net profit reached $12.6 million, a year-over-year growth of approximately 302.4% [2] - Operating cash flow generated was $18.2 million, a year-over-year increase of about 53.8% [3] Customer Metrics - As of June 30, 2025, the total number of PaaS customers was approximately 2,100, unchanged from the previous year [3] - The number of premium PaaS customers was 285, slightly up from 280 in the previous year [3] - Premium PaaS customers contributed approximately 88.6% of PaaS revenue, compared to 84.8% in the previous year [3] Developer Engagement - The number of registered AI developers exceeded 1.514 million, a growth of 15% from approximately 1.316 million as of December 31, 2024 [3]