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Tuya Reports Fourth Quarter and Fiscal 2024 Unaudited Financial Results and Declaration of Dividend
TUYATUYA(TUYA) Prnewswire·2025-02-26 14:04

Core Viewpoint - Tuya Inc. achieved significant financial milestones in 2024, including quarterly and full-year profitability on both GAAP and non-GAAP bases, driven by strong revenue growth across all segments and improved operational efficiency [5][21][30]. Financial Highlights Fourth Quarter 2024 - Total revenue increased by 27.4% year-over-year to 82.1million,upfrom82.1 million, up from 64.4 million in Q4 2023 [6][7]. - IoT platform-as-a-service (PaaS) revenue rose by 25.7% to 59.3million[15].−Software−as−a−service(SaaS)andothersrevenuegrewby21.159.3 million [15]. - Software-as-a-service (SaaS) and others revenue grew by 21.1% to 11.5 million [15]. - Smart solution revenue surged by 45.5% to 11.3million[15].−Overallgrossmarginimprovedto47.811.3 million [15]. - Overall gross margin improved to 47.8%, up from 47.3% in Q4 2023 [9]. - Non-GAAP operating margin reached 10.3%, a significant improvement from negative 0.4% in Q4 2023 [12]. - Net profit was 9.8 million, compared to a net loss of 10.8millioninthesameperiodlastyear[13][14].FullYear2024−Totalrevenuefortheyearwas10.8 million in the same period last year [13][14]. Full Year 2024 - Total revenue for the year was 298.6 million, reflecting a year-over-year growth of approximately 29.8% [21]. - IoT PaaS revenue increased by 29.4% to 217.1million[26].−SaaSandothersrevenueroseby10.6217.1 million [26]. - SaaS and others revenue rose by 10.6% to 39.6 million [26]. - Smart solution revenue increased by 58.3% to 42.0million[26].−Grossmarginfortheyearimprovedto47.442.0 million [26]. - Gross margin for the year improved to 47.4%, up from 46.4% in 2023 [23]. - The company reported a net profit of 5.0 million for the year, marking its first fiscal year of net profitability on a GAAP basis [30]. Operational Efficiency - Operating expenses decreased by 11.0% to 189.1millionfortheyear,reflectingthecompany′sfocusoncostmanagement[25].−Researchanddevelopmentexpenseswere189.1 million for the year, reflecting the company's focus on cost management [25]. - Research and development expenses were 95.0 million, down 7.1% from the previous year [27]. - Sales and marketing expenses decreased by 8.3% to 37.1million[27].−Generalandadministrativeexpensesfellby15.437.1 million [27]. - General and administrative expenses fell by 15.4% to 68.3 million [27]. Cash Flow and Liquidity - Net cash generated from operating activities was 80.4millionfortheyear,up120.580.4 million for the year, up 120.5% from 36.4 million in 2023 [35]. - As of December 31, 2024, total cash and cash equivalents were 1,016.7million,comparedto1,016.7 million, compared to 984.3 million at the end of 2023 [34]. Dividend Declaration - The Board declared a dividend of 0.0608perordinaryshare,amountingtoapproximately0.0608 per ordinary share, amounting to approximately 37 million, payable on or around April 9, 2025 [38][40].