reports
- John Roy
- Ph.D
Developer Summit Shows How AI Has the Potential to Drive 20%+ Growth i...
Tuya, Inc. (TUYA: NYSE, 2391: HK), the global cloud platform service provider, hosted the TUYA Global Developer Summit in Futian, Shenzhen, China in May. As the largest third-party Internet of Things (IoT) cloud platform with a large TAM and network effects, consensus expects revenue growth of 20%+ in 2024, as the company implements a number of Artificial Intelligence (AI) initiatives. With the highest attendance in Tuya’s history, the Shenzhen edition of the summit attracted more than 3,000 dev...
- John Roy
- Ph.D
1Q24 Earnings Strong; Record Non-GAAP Net Margin of 20% Shows Business...
Tuya reported a strong 1Q24, with revenue of $61.7 million, up 30% Y/Y (consensus was for ~15% Y/Y growth). Gross margin continued to grow, up 360 bps Y/Y to 47.8% (a company record). IoT PaaS revenue grew 36% Y/Y to $45.6 million. Its 590-bp Y/Y margin improvement was significant to corporate margin growth. Cash and equivalents grew to $998.8 million, up $14.5 million in 1Q24, and the company has no debt. Founder and CEO Jerry Wang sounded upbeat and highlighted the strong financial quarter, wh...
- John Roy
- Ph.D
CFO Provides Comprehensive Business, Financial, and Growth Prospects O...
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 fir...
- Yuecong (Marco) Zhang
4Q23 Beats: Well Positioned for 2024
Tuya 4Q23 beats. Tuya reported 4Q23 revenue of $64 million, up 42% Y/Y, while overall gross margin reached a historical high of 47.3% and non-GAAP net profit reached a new peak of $12.6 million, representing 19.5% of non-GAAP net margin, driven by a global downstream demand recovery, the end of industry restocking, and Tuya’s successful execution of its big customer-focused strategy and earlier restructuring. IoT PaaS contributed $47 million of revenue in 4Q23, up 45% Y/Y, driven by the normaliz...
- Yuecong (Marco) Zhang
Winter Is Over: IoT Ecosystem Builder Pioneers the Next Stage of Growt...
Tuya is a leading Internet of Things (IoT) ecosystem builder that enables businesses to quickly design networked intelligence into their products, creating competitive advantages for themselves and added benefits for end customers. Traditionally, brands and OEMs have invested significant effort and budget to make their products smart and provide end customers with a unified experience. Tuya attempts to address this market fragmentation through its one-stop platform and neutral infrastructure, wh...
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