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Tuya Inc.

Tuya Inc.

NYSE•TUYA
CEO: Mr. Xueji Wang
Sector: Technology
Industry: Software - Infrastructure
Listing Date: 2021-03-19
Tuya Inc. offers purpose-built Internet of Things (IoT) cloud development platform in the People's Republic of China and internationally. The company provides platform-as-a-service that enables business, original equipment manufacturers, brands, and developers to develop, launch, manage, and monetize software-enabled smart devices and services; and industry software-as-a-service, which enables businesses to deploy, connect, and manage various types of smart devices. It also offers cloud-based software value-added services that provides end users with smart features, such as cloud storage; and Cube Smart Private Cloud Solution which enables conglomerates to build their own autonomous and controllable IoT platforms; and could-based services to businesses, developers, and end users to develop and manage IoT experiences. In addition, the company provides smart solutions for IoT devices that integrates software capabilities; and enables developers to activate an IoT ecosystem of brands, OEMs, partners, and end users to engage and communicate through a range of smart devices, as well as sells finished smart devices. It offers its solutions to smart home, smart business, renewable energy, education, agriculture, outdoors and sport, and entertainment industries. The company was incorporated in 2014 and is based in Hangzhou, the People's Republic of China.
Contact Information
Building A, Huace Center, 10/F Xihu District, Hangzhou, 310012, China
86-84-4672-5646
www.tuya.com
Market Cap
$1.27B
P/E (TTM)
43.6
50
Dividend Yield
5.0%
52W High
$4.63
52W Low
$1.52
52W Range
18%
4.2
F-Score
Modified Piotroski Analysis
Based on 6-year fundamentals
Average • 4.2 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2019-2024

Financial Dashboard

Q2 2025 Data

Revenue

$80.41M+9.73%
4-Quarter Trend

EPS

$0.02+271.43%
4-Quarter Trend

FCF

$18.19M+53.78%
4-Quarter Trend

2024 Annual Earnings Highlights

Key Highlights

Achieved First GAAP Net Profit GAAP net profit reached US$5.0M in 2024, marking a historic financial milestone after prior losses.
Total Revenue Increased 29.8% Total revenue hit US$298.6M in 2024, driven by strong growth across IoT PaaS and Smart Solution segments.
IoT PaaS Margin Expansion IoT PaaS gross margin improved to 47.1% in 2024; net expansion rate ended at 122%.
Strong Operating Cash Flow Generated US$80.4M in positive operating cash flow in 2024, supporting liquidity and dividend payments.

Risk Factors

PRC VIE Structure Uncertainty PRC government scrutiny of VIE structure creates substantial uncertainty regarding enforceability and consolidation basis.
Regulatory Scrutiny and Compliance Evolving global data privacy, cybersecurity laws, and PRC regulatory actions pose ongoing compliance challenges and costs.
Customer Concentration Risk Reliance on top customers presents risk; five largest customers accounted for 13.0% of 2024 total revenue.
Supply Chain and Inventory Risks Dependence on third-party suppliers for modules creates risks of cost increases, supply disruption, and quality issues.

Outlook

Advancing AI Agent Platform Launching AI Agent development platform to enable LLM integration, accelerating personalized AI device innovation.
Expanding Developer Ecosystem Committed to nurturing developer community, which reached 1.32 million registered users by end of 2024.
Continued Customer Focus Strategy focuses on expanding usage within existing large, diversified customer base for long-term revenue growth.
Initiated Shareholder Dividends Board approved dividend payments in 2024 (US$0.0589/share) and early 2025 (US$0.0608/share).

Peer Comparison

Revenue (TTM)

TELUS International (Cda) Inc.TIXT
$2.73B
+2.6%
Benchmark Electronics, Inc.BHE
$2.61B
-2.9%
Verint Systems Inc.VRNT
$893.84M
-2.3%

Gross Margin (Latest Quarter)

Rezolve AI LimitedRZLV
95.6%
+25.9 pp
A10 Networks, Inc.ATEN
80.1%
-0.3 pp
Rapid7, Inc.RPD
70.2%
-0.5 pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
PAR$1.58B-18.7-9.9%29.2%
BHE$1.56B41.83.4%15.4%
DGII$1.42B33.37.1%6.8%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
-0.5%
Flat Growth
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
100%
Strong Cash Flow

Research & Insights

Reports
All Years

  • Form 20-F - FY 2024

    Period End: Dec 31, 2024|Filed: Apr 24, 2025|
    Revenue: $298.62M+29.8%
    |
    EPS: $0.01+107.9%
    Miss

  • Form 20-F - FY 2023

    Period End: Dec 31, 2023|Filed: Apr 24, 2024|
    Revenue: $229.99M+10.5%
    |
    EPS: $-0.11+57.7%
    Miss

  • Form 20-F - FY 2022

    Period End: Dec 31, 2022|Filed: Apr 26, 2023|
    Revenue: $208.17M-31.1%
    |
    EPS: $-0.26+27.8%
    Miss

  • Form 20-F - FY 2021

    Period End: Dec 31, 2021|Filed: Apr 28, 2022|
    Revenue: $302.08M+67.9%
    |
    EPS: $-0.36-200.0%
    Miss