Revenue Growth - Total revenue for Q3 2024 was US$81.6 million, representing a year-over-year increase of approximately 33.6% from US$61.1 million in Q3 2023[14] - IoT platform-as-a-service (PaaS) revenue reached US$57.9 million, up approximately 26.4% year-over-year from US$45.8 million[14] - Smart solution revenue surged by 102.9% year-over-year to US$13.8 million, compared to US$6.8 million in Q3 2023[15] - Revenue for the three months ended September 30, 2024, increased to $81,617 thousand, up 33.5% from $61,090 thousand in the same period of 2023[60] Profitability Metrics - Overall gross margin was 46.0%, a slight decrease of 0.7 percentage points from 46.7% in Q3 2023[15] - Non-GAAP operating margin improved to 9.1%, up 14.8 percentage points year-over-year from negative 5.7%[16] - Operating margin in Q3 2024 was negative 21.0%, an improvement of 9.3 percentage points from negative 30.3% in Q3 2023[37] - The Company reported a net loss of US$4.4 million in Q3 2024, compared to a net loss of US$4.9 million in Q3 2023[38] - Non-GAAP net profit for Q3 2024 was US$20.1 million, up 99.5% from US$10.1 million in Q3 2023[39] - Net margin in Q3 2024 was negative 5.4%, improving by 2.6 percentage points from negative 8.0% in Q3 2023[40] - Non-GAAP net profit for the three months ended September 30, 2024, was $20,143 thousand, a significant increase from $10,095 thousand in the same period of 2023, marking a 99.9% growth[67] - Non-GAAP net margin for the three months ended September 30, 2024, improved to 24.7%, compared to 16.5% in the same period of 2023[67] Cash Flow and Liquidity - Net cash generated from operating activities was US$23.9 million, an increase from US$16.1 million in Q3 2023[17] - Cash and cash equivalents, time deposits, and treasury securities totaled US$1,023.9 million as of September 30, 2024, up from US$984.3 million as of December 31, 2023[42] - Net cash generated from operating activities for the three months ended September 30, 2024, was $23,851 thousand, compared to $16,070 thousand for the same period in 2023, reflecting a 48.1% increase[64] - Cash and cash equivalents at the end of the period for September 30, 2024, were $611,055 thousand, compared to $166,274 thousand at the end of the same period in 2023, indicating a substantial increase in liquidity[64] Customer and Market Metrics - The number of IoT PaaS customers increased to approximately 2,200, up from approximately 2,100 in Q3 2023[18] - The Dollar-based net expansion rate (DBNER) for IoT PaaS was 124%, significantly up from 78% in the previous year[19] - Registered IoT device and software developers exceeded 1,260,000, reflecting a 26.9% increase from approximately 993,000 developers as of December 31, 2023[19] Assets and Equity - Total assets increased from US$1,066.4 million as of December 31, 2023, to US$1,115.7 million as of September 30, 2024[56] - Total shareholders' equity rose from US$970.6 million as of December 31, 2023, to US$989.7 million as of September 30, 2024[58] Operating Expenses - Total operating expenses for the nine months ended September 30, 2024, decreased to $146,016 thousand, down from $158,392 thousand in the same period of 2023, a reduction of 7.8%[60] - Research and development expenses for the nine months ended September 30, 2024, were $71,344 thousand, down from $79,471 thousand in the same period of 2023, a decrease of 10.3%[60] Future Outlook - The Company aims to enhance software and hardware capabilities, expand its customer base, and invest in innovations and new opportunities[45] - The Company is optimistic about its business prospects due to a stabilizing macroeconomic environment and effective implementation of customer and product strategies[44]

SANTA CLARA, Calif., Nov. 18, 2024 /PRNewswire/ -- Tuya, Inc. ("Tuya" or the "Company", together with its subsidiaries and consolidated affiliated entities, the "Group") (NYSE: TUYA; HKEX: 2391), a global leading cloud platform service provider, today announced that the board (the "Board") of directors of the Company has appointed Ms. Zhang Yan ("Ms. Zhang") to serve as a director with immediate effect.Ms. Zhang has been serving as the vice president of finance of the Company and several major subsidiaries ...

SANTA CLARA, Calif., Nov. 18, 2024 /PRNewswire/ -- Tuya Inc. ("Tuya" or the "Company") (NYSE: TUYA; HKEX: 2391), a global leading cloud platform service provider, today announced its unaudited financial results for the third quarter ended September 30, 2024.Third Quarter 2024 Financial Highlights Total revenue was US$81.6 million, up approximately 33.6% year over year (3Q2023: US$61.1 million). IoT platform-as-a-service ("PaaS") revenue was US$57.9 million, up approximately 26.4% year over year (3Q2023: US$ ...

Core Viewpoint - Tuya Inc. has entered into a definitive agreement for a strategic investment by 65 Equity Partners, acquiring approximately 13% of Tuya's total issued shares from New Enterprise Associates (NEA) [1] Group 1: Investment Details - 65 Equity Partners is a wholly-owned investment platform of Temasek, focusing on supporting founders and investing in family-owned and entrepreneur-led businesses across various sectors [2][5] - The investment aligns with 65 Equity Partners' mandate to support high-quality businesses seeking a listing on the Singapore Exchange (SGX) [3] - Tuya's CEO expressed delight in welcoming 65 Equity Partners as a significant shareholder, highlighting the investment's alignment with Tuya's international expansion strategy [3] Group 2: Company Overview - Tuya Inc. is a leading global cloud platform service provider, aiming to build a cloud developer ecosystem and enable smart solutions [6] - The company offers a comprehensive suite of services, including Platform-as-a-Service (PaaS) and Software-as-a-Service (SaaS), targeting developers of smart devices and commercial applications [6][7] - Tuya has activated a global developer community, striving for a smart solutions ecosystem characterized by green and low-carbon principles, security, efficiency, agility, and openness [7] Group 3: Strategic Importance - The investment from 65 Equity Partners is seen as a significant endorsement of Tuya's vision to capture growing international markets, particularly in the Asia-Pacific region [3] - Tuya aims to empower over one million developers worldwide through its unique cloud platform, positioning itself as a key enabler of global AIoT and intelligent devices [3] - NEA remains a significant shareholder, having been a key stakeholder since Tuya's founding in 2014, indicating ongoing support for Tuya's strategic priorities [3][4]

NEW YORK, Nov. 11, 2024 /PRNewswire/ -- From November 11 to 22, 2024, the 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) is set to commence in Baku, the capital of Azerbaijan. Tuya Smart (NYSE: TUYA, HKEX: 2391), a leading global cloud platform service provider, is poised to make a significant appearance at this pivotal event, representing the technology sector. The company will host and participate in a series of high-level events within the COP29 blue a ...

SANTA CLARA, Calif., Nov. 5, 2024 /PRNewswire/ -- Tuya Inc. ("Tuya" or the "Company") (NYSE: TUYA; HKEX: 2391), a global leading cloud platform service provider, today announced that it will report its third quarter 2024 unaudited financial results after the market closes on Monday, November 18, 2024.Tuya's management will hold a conference call at 07:30 P.M. Eastern Time on Monday, November 18, 2024 (08:30 A.M. Hong Kong Time on Tuesday, November 19, 2024) to discuss the financial results. In advance of th ...

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The shares of several Chinese technology companies experienced significant declines. Notably, Tuniu (TOUR, Financial) dropped by nearly 8%, and Tiger Securities (TIGR) saw a decrease of close to 7%. Other companies such as Bilibili (BILI), DouYu (DOYU), and Zeekr fell by over 5%. Additionally, iQIYI (IQ), Weibo (WB), KE Holdings (BEKE), XPeng Motors (XPEV), NIO Inc. (NIO), Pinduoduo (PDD), Miniso Group (MNSO), Futu Holdings (FUTU), and Baidu (BIDU) all experienced declines exceeding 3%.These market moves hi ...

Tuya Inc. Sponsored ADR (TUYA) could be a solid addition to your portfolio given a notable revision in the company's earnings estimates. While the stock has been gaining lately, the trend might continue since its earnings outlook is still improving.The rising trend in estimate revisions, which is a result of growing analyst optimism on the earnings prospects of this company, should get reflected in its stock price. After all, empirical research shows a strong correlation between trends in earnings estimate ...

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company has shown a significant turnaround in profitability, with adjusted net income reaching $33.1 million in H1 2024, compared to a net loss of $40 million [3][4] - Revenue growth is driven by IoT PaaS and smart solutions, with IoT PaaS revenue growing 33.7% YoY to $99.9 million and smart solutions revenue growing 41.1% YoY to $16.8 million in H1 2024 [3] - The company achieved its first positive adjusted operating profit of $7.4 million in Q2 2024, marking a significant operational inflection point [4] - The company declared its first cash dividend of $0.0589 per ADS, totaling approximately $33 million, reflecting confidence in future growth [6] Financial Performance - H1 2024 revenue reached $135 million, a 29.1% YoY increase, with IoT PaaS contributing 74% of total revenue [3] - Gross margin improved to 47.9% in H1 2024, up 2.3 percentage points YoY, driven by IoT PaaS margin expansion to 47.1% [3] - R&D expenses decreased by 14.8% YoY to $46.5 million, with R&D expense ratio dropping to 34.44% [3] - The company expects revenue to grow to $280 million in 2024, $332 million in 2025, and $389 million in 2026, representing a CAGR of 18.4% [5][6] Business Strategy - The company is focusing on expanding its high-quality customer base, non-consumer electronics sectors, and developer platform, with 1.192 million developers on its platform as of Q2 2024, a 40.8% YoY increase [4] - The company is leveraging generative AI to enhance its IoT offerings, with applications in smart pet cameras, bird feeders, and lighting systems [6] - The company has empowered 1 million AIoT device SKUs as of Q2 2024, reflecting its leadership in the IoT platform space [4] Valuation - The report values the company at a 2024 dynamic PS ratio of 5-6x, with a fair value range of $2.44-$2.93 per share [6] - The company's PS ratio is significantly lower than peers, with a 2024E PS of 3x compared to the peer average of 16x [7] Industry Position - The company is positioned as a leader in the neutral AIoT platform space, with a strong focus on IoT PaaS and smart solutions [1][3] - The company's strategic focus on high-margin IoT PaaS and smart solutions is expected to drive long-term revenue and profit growth [3][4]