CFO Provides Comprehensive Business, Financial, and Growth Prospects Overview
CFO and Director Yao (Jessie) Liu presented an overview of Tuya, its business, its near-term prospects, and its financials (transcript follows). The presentation is available on demand. Tuya has three key competitive strengths: (1) extensive experience in Artificial Intelligence of Things or AIoT (think smart devices) platform; (2) it provides a unified a “one app for all” ecosystem that provides network effects; and (3) it serves and works with global leading companies. Tuya is the world’s first Internet of Things (IoT) cloud development platform, according to CIC, with substantial first-mover advantages in the global IoT PaaS space. Through its IoT cloud development platform, it delivers a variety of offerings. The company’s IoT PaaS enables brands, OEMs, and developers to develop, launch, manage, and monetize smart devices and services. Its Industry SaaS offering enables businesses to deploy, connect, and manage large numbers and different types of smart devices. Tuya offers businesses, developers, and end users a diverse range of cloud-based value-added services to improve their ability to develop and manage IoT experiences. The company has also enabled developers to activate an IoT ecosystem of brands, OEMs, partners, and end users to engage and communicate through a broad range of smart devices. Tuya uses a developer-first, cloud-agnostic AIoT platform approach. While AI is all the buzz, it is for good reason. AI is being used to automate and optimize many tasks previously thought to be beyond computers. AI can propel the business prospects of smaller companies. Large companies like Google and Microsoft are big in AI, but is that going to lead to outsized growth? Smaller companies have the chance to revolutionize their business and revenue growth with AI. Tuya has a substantial presence with more than 6,100 customers (265 more than $100,000 a year), FY23 revenue of $230 million (up 11% Y/Y), and gross margin of 46.4%. The company has a number of marquee customers, including Philips, ABB, Honeywell, Sharp, SoftBank, China Gas, Aldi, Orange, Telkom Indonesia, and Siemens. Tuya is investing heavily in AI, particularly Ai-Generated Content (AIGC). The company sees 1Q24 as a growth quarter as it takes share, and smart devices start to recover from a few tough years. The company has no debt, and its market cap is almost equal to its net cash. Water Tower Research’s AI & Technology Hybrid Investor Conference was held in New York City on April 10 and 11. The conference showcased a full day of live presentations by a select group of companies using AI, enabling crypto, or advancing technology. Those interested can find our reports on Tuya on the WTR website.
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