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TUYA

Tuya Inc.

TUYA

Tuya Inc. • NYSE
$2.25 ▲ 1.81% (+0.04)
Market Cap $1.37 B
52w High $4.63
52w Low $1.57
Dividend Yield 0.11%
P/E 28.13
Volume 595.53K
Outstanding Shares 609.16M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $82.487M ▲ $-36.005M ▼ $0 ▼ 0% ▼ $0 ▼ $0 ▼
Q2-2025 $80.13M ▲ $37.658M ▼ $12.631M ▲ 15.763% ▲ $0.021 ▲ $1.088M ▲
Q1-2025 $74.687M ▼ $37.703M ▼ $11.017M ▲ 14.751% ▲ $0.018 ▲ $-1.452M ▲
Q4-2024 $82.059M ▲ $43.034M ▼ $9.785M ▲ 11.924% ▲ $0.017 ▲ $-3.796M ▲
Q3-2024 $81.617M $54.628M $-4.373M -5.358% $-0.008 $-16.501M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $957.669M ▲ $1.127B ▲ $127.612M ▲ $0 ▼
Q2-2025 $834.409M ▼ $1.104B ▼ $93.736M ▼ $1.01B ▲
Q1-2025 $853.773M ▲ $1.118B ▲ $128.386M ▲ $990.017M ▼
Q4-2024 $847.87M ▲ $1.104B ▼ $96.332M ▼ $1.007B ▲
Q3-2024 $812.015M $1.116B $125.954M $989.749M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $12.587M ▲ $18.191M ▲ $-21.215M ▼ $-36.914M ▼ $-39.882M ▼ $18.191M ▲
Q1-2025 $11.017M ▲ $9.352M ▼ $101.183M ▲ $2K ▲ $110.569M ▲ $9.352M ▼
Q4-2024 $9.785M ▲ $30.182M ▲ $45.556M ▲ $-33.022M ▼ $42.329M ▲ $30.182M ▲
Q3-2024 $0 ▼ $23.851M ▲ $-28.213M ▼ $-328K ▼ $-3.864M ▼ $23.851M ▲
Q2-2024 $3.128M $11.829M $73.89M $-104K $85.418M $11.829M

Five-Year Company Overview

Income Statement

Income Statement Tuya’s income statement shows a company moving from heavy investment mode toward break-even. Revenue dipped after its IPO year but has been climbing again, suggesting the business has stabilized and is growing off a more focused base. Profitability has improved steadily: losses have narrowed each year, and the latest period is roughly at break-even at the net level. Gross margins look healthy for a software‑driven platform, but operating costs are still sizable, reflecting ongoing spend on growth, cloud infrastructure, and product development. Overall, the trend is clearly toward better efficiency and more disciplined spending, but the business is still in a transition phase rather than firmly in mature, steady profitability.

Balance Sheet

Balance Sheet The balance sheet is a clear strength. Tuya holds a large cash position relative to its size and carries virtually no financial debt, giving it a strong safety cushion and flexibility to invest through industry cycles. Equity has remained solid and has grown modestly, indicating that past losses have not seriously eroded the company’s capital base. The balance sheet profile is that of a well‑funded tech platform with room to absorb setbacks and continue funding R&D and sales efforts without relying heavily on borrowing.

Cash Flow

Cash Flow Cash flow has improved meaningfully. After earlier years of cash burn, Tuya has turned operating cash flow positive and is now generating free cash flow, helped by tight control of investments in physical assets and a more efficient cost structure. Capital spending needs are low, which fits a cloud‑ and software‑centric model. While the absolute level of cash generation is still modest, the direction is favorable: the business is increasingly able to support itself from its own operations rather than from external capital.

Competitive Edge

Competitive Edge Tuya has carved out a differentiated niche in IoT by offering an open, neutral cloud platform that lets device makers and developers quickly build smart products without doing all the heavy lifting themselves. Its no‑code and low‑code tools, broad protocol support, and backing of standards like Matter make it easy for partners to join and stay on the platform. The growing base of “Powered by Tuya” devices and registered developers creates network effects: more partners attract more end customers, which in turn draw in even more partners. At the same time, Tuya operates in a fiercely competitive space against global tech ecosystems and other IoT platforms, so maintaining these network effects and partner loyalty will be critical. Its choice not to compete directly with its customers (brands) is a strategic plus, but scale and differentiation must keep improving to fend off larger rivals.

Innovation and R&D

Innovation and R&D Innovation is at the core of Tuya’s strategy. The company is pushing hard into AI‑driven IoT, offering tools that let partners embed intelligence into smart home, commercial, and industrial solutions. Its emphasis on AI agents, spatial intelligence, and vertical solutions (such as smart hotels, commercial lighting, and energy management) shows a move from generic connectivity toward higher‑value, use‑case‑specific software. The low‑code platform and AI‑enhanced developer tools are designed to make building on Tuya faster and stickier. With a strong cash position, Tuya has the means to keep funding this R&D push. The main uncertainty is execution: turning a rich pipeline of AI features and devices into widely adopted, consistently profitable services in a market where technologies and standards evolve quickly.

Summary

Tuya looks like a maturing platform company that has come through its heaviest investment years and is now edging toward sustainable profitability. Revenues are recovering after an earlier slowdown, losses have narrowed dramatically, and cash flow has swung from negative to positive. The balance sheet is robust, with substantial cash and almost no debt, giving the firm resilience and room to experiment. Strategically, Tuya benefits from an expanding ecosystem, strong partner relationships, and a clear focus on AI‑powered IoT solutions, but it operates in a crowded, fast‑moving arena dominated by powerful global players. The key questions going forward are whether Tuya can keep deepening its ecosystem, scale its higher‑margin SaaS and AI offerings, and convert its innovation engine into stable, durable earnings without overextending in such a competitive market.

NEWS

November 24, 2025 · 5:00 PM UTC

Tuya Reports Third Quarter 2025 Unaudited Financial Results

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November 20, 2025 · 12:30 AM UTC

Tuya Smart Attends COP30 and the Official Launch of the United Nations Solutions Hub, Leveraging AI Capabilities for Global Sustainability

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November 10, 2025 · 5:00 AM UTC

Tuya to Report Third Quarter 2025 Financial Results on November 24, 2025 Eastern Time

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October 8, 2025 · 2:05 AM UTC

Dialogue on AI & Cyber Governance in the Physical AI Era: Tuya Smart Delivers Strategic Insights on Emerging Global AI Cybersecurity Paradigms

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