Core Viewpoint - The article highlights the successful transformation of Tuya Smart, which has achieved significant revenue growth and profitability in 2024, driven by its focus on AI and IoT integration, despite previous losses [3][6][12]. Financial Performance - Tuya Smart reported preliminary unaudited revenue of $299 million for the fiscal year ending December 31, 2024, representing a year-over-year increase of 29.8% [3][8]. - The company turned a profit with a net income of $4.997 million, compared to a net loss of $60.315 million in the previous year [3][6]. - The operating loss for 2024 was $47.6 million, a significant reduction from the $106 million loss in 2023, indicating improved operational efficiency [6][11]. Quarterly Growth - In Q1 2024, Tuya Smart achieved total revenue of $61.7 million, a year-over-year increase of approximately 29.9%, marking its first Non-GAAP profit of $12.3 million [7]. - Q2 revenue continued to grow by 28.55% to $73.3 million, with a net profit of $3.128 million [8]. - Q3 revenue reached $81.6 million, up about 34%, with a Non-GAAP net profit of $20.1 million [8]. - Q4 revenue further increased to $82.1 million, with a total annual revenue of $299 million [8]. Business Segments - The IoT PaaS segment remains the core business, generating $217 million in revenue for 2024, a 29.4% increase from the previous year [10][11]. - The smart solutions segment saw the fastest growth, with a revenue increase of 58.3% to $42 million, driven by demand in various sectors including smart energy and smart retail [12]. - The software SaaS services and other businesses showed stable growth, with a year-over-year increase of approximately 10.6% to $39.6 million [12]. Market Position and Strategy - Tuya Smart's DBNER (Dollar-Based Net Expansion Rate) improved from 103% to 122%, indicating enhanced business expansion capabilities within existing customers [11]. - The company focuses on strategic customer engagement, leading to increased operational efficiency and profitability [11]. - Tuya Smart is actively investing in AI, cloud computing, and edge computing to enhance its technological capabilities and product competitiveness [13][14]. Future Outlook - The global IoT market is expected to continue its rapid growth, providing significant opportunities for Tuya Smart [13]. - The company plans to expand its presence in both domestic and international markets, leveraging its technological advantages [14]. - Tuya Smart's board has approved a dividend of $0.0608 per share, totaling approximately $37 million, reflecting its strong cash position of $1.017 billion as of December 31, 2024 [14][15].