SANTA CLARA, Calif., Nov. 24, 2025 /PRNewswire/ -- Tuya Inc. ("Tuya" or the "Company") (NYSE: TUYA; HKEX: 2391), a global leading AI cloud platform service provider, today announced its unaudited financial results for the third quarter ended September 30, 2025.
Third Quarter 2025 Financial Highlights
-- Total revenue was US$82.5 million, up approximately 1.1% year-over-year
(3Q2024: US$81.6 million).
-- Platform-as-a-service ("PaaS") revenue was US$59.2 million, up
approximately 2.4% year-over-year (3Q2024: US$57.9 million).
-- Software-as-a-service ("SaaS") and others revenue was US$11.5 million, up
approximately 15.4% year-over-year (3Q2024: US$9.9 million).
-- Smart solution revenue was US$11.8 million, down approximately 14.6%
year-over-year (3Q2024: US$13.8 million).
-- Overall gross margin was 48.3%, up 2.3 percentage point year-over-year
(3Q2024: 46.0%). Gross margin of PaaS increased to 48.8%, up 1.9
percentage points year-over-year (3Q2024: 46.9%).
-- Operating margin was 4.6%, improved by 25.6 percentage points
year-over-year (3Q2024: negative 21.0%). Non-GAAP operating margin was
10.8% (3Q2024: 9.1%).
-- Net margin was 18.2%, improved by 23.6 percentage points year-over-year
(3Q2024: negative 5.4%). Non-GAAP net margin was 24.4% (3Q2024: 24.7%).
-- Net profits were US$15.0 million, compared to a loss of US$4.4 million in
the same period of 2024. Non-GAAP net profits were US$20.1 million
(3Q2024: US$20.1 million).
-- Net cash generated from operating activities was US$30.0 million, up
approximately 25.7% year-over-year (3Q2024: US$23.9 million).
-- Total cash and cash equivalents, time deposits and treasury securities
recorded as short-term and long-term investments were US$1,026.5 million
as of September 30, 2025, compared to US$1,016.7 million as of December
31, 2024.
For further information on the non-GAAP financial measures presented above, see the section headed "Use of Non-GAAP Financial Measures."
Third Quarter 2025 Operating Highlights
-- PaaS customers1 for the third quarter of 2025 were approximately 2,200
(3Q2024: approximately 2,200). Total customers for the third quarter of
2025 were approximately 3,100 (3Q2024: 3,100).
-- Premium PaaS customers2 for the trailing 12 months ended September 30,
2025 were 280 (3Q2024: 286). In the third quarter of 2025, the Company's
premium PaaS customers contributed approximately 88.0% of its PaaS
revenue (3Q2024: approximately 85.6%).
-- Dollar-based net expansion rate ("DBNER")3 of PaaS for the trailing 12
months ended September 30, 2025 was 109% (3Q2024: 124%).
-- Registered AI developers were over 1,622,000 as of September 30, 2025, up
23% from approximately 1,316,000 developers as of December 31, 2024.
1. The Company defines a PaaS customer for a given period as a customer who
has directly placed orders for PaaS with the Company during that period.
2. The Company defines a premium PaaS customer as a customer as of a given
date that contributed more than US$100,000 of PaaS revenue during the
immediately preceding 12-month period.
3. The Company calculates DBNER of PaaS for a trailing 12-month period by
first identifying all customers in the prior 12-month period (i.e., those
have placed at least one order for PaaS during that period), and then
calculating the quotient from dividing the PaaS revenue generated from
such customers in the current trailing 12-month period by the PaaS
revenue generated from the same group of customers in the prior 12-month
period. The Company's DBNER may change from period to period, due to a
combination of various factors, including changes in the customers'
purchase cycles and amounts and the Company's customer mix, among other
things. DBNER indicates the Company's ability to expand customer use of
the Tuya platform over time and generate revenue growth from existing
customers.
Mr. Xueji (Jerry) Wang, Founder and Chief Executive Officer of Tuya, commented, "Amid ongoing global trade uncertainties, Tuya delivered another quarter of strong execution and resilient performance. We achieved our ninth consecutive quarter of year-over-year revenue growth, driven by steady demand for our core PaaS and SaaS offerings and the continued enhancement of our product portfolio. Looking ahead, we remain focused on deepening our relationships with core customers, strengthening our global presence, and advancing product innovation, particularly in AI-driven software and developer services. Through disciplined operations and sustained investment in key technologies, we aim to further enhance the value we create for customers, partners, and shareholders."
Mr. Yi (Alex) Yang, Director and Chief Financial Officer of Tuya, added, "In the third quarter, Tuya maintained a solid financial foundation. Gross margin improved to 48.3% year over year, and we continued to expand operating leverage through disciplined cost management. GAAP net profit turned positive and showed a significant improvement from the prior year, while non-GAAP profitability remained strong with a net margin of 24.4%. We generated US$30 million in operating cash flow during the quarter and maintained a robust net cash position of over US$1.0 billion. These financial strengths provide us the flexibility to navigate external uncertainties and continue investing in long-term growth initiatives."
Third Quarter 2025 Unaudited Financial Results
REVENUE
Total revenue in the third quarter of 2025 increased by 1.1% to US$82.5 million from US$81.6 million in the same period of 2024.
-- PaaS revenue in the third quarter of 2025 increased by 2.4% to US$59.2
million from US$57.9 million in the same period of 2024, primarily due to
increasing demand compared with the same period of 2024 and the Company's
strategic focus on customer needs and product enhancements, despite the
disruptions in the international business environment due to
tariff-related headwinds since this April. As a result, the Company's
DBNER of PaaS for the trailing 12 months ended September 30, 2025
softened to 109%, compared to 124% for the trailing 12 months ended
September 30, 2024.
-- SaaS and others revenue in the third quarter of 2025 increased by 15.4%
to US$11.5 million from US$9.9 million in the same period of 2024,
primarily due to an increase in revenue from cloud software products.
During the quarter, the Company remained committed to offering
value-added services and a diverse range of software products with
compelling value propositions to its customers.
-- Smart solution revenue in the third quarter of 2025 decreased by 14.6% to
US$11.8 million from US$13.8 million in the same period of 2024.
COST OF REVENUE
Cost of revenue in the third quarter of 2025 decreased by 3.2% to US$42.7 million from US$44.1 million in the same period of 2024.
GROSS PROFIT AND GROSS MARGIN
Total gross profit in the third quarter of 2025 increased by 6.1% to US$39.8 million from US$37.5 million in the same period of 2024. The gross margin in the third quarter of 2025 was 48.3%, compared to 46.0% in the same period of 2024.
-- PaaS gross margin in the third quarter of 2025 was 48.8%, compared to
46.9% in the same period of 2024.
-- SaaS and others gross margin in the third quarter of 2025 was 70.8%,
compared to 71.6% in the same period of 2024.
-- Smart solution gross margin in the third quarter of 2025 was 23.8%,
compared to 23.5% in the same period of 2024.
Gross margin of each revenue stream increased or fluctuated primarily due to changes in products and solutions mix. As an AI developer platform with rich ecosystem of smart devices and applications, the Company is committed to focusing on software products with compelling value propositions while maintaining cost efficiency.
OPERATING EXPENSES
Operating expenses decreased by 34.1% to US$36.0 million in the third quarter of 2025 from US$54.6 million in the same period of 2024. Non-GAAP operating expenses increased by 2.6% to US$30.9 million in the third quarter of 2025 from US$30.1 million in the same period of 2024. For further information on the non-GAAP financial measures presented above, see the section headed "Use of Non-GAAP Financial Measures."
-- Research and development expenses in the third quarter of 2025 were
US$22.8 million, down 8.4% from US$24.9 million in the same period of
2024, primarily because of (i) the lower share-based compensation
expenses as equity incentive awards granted at higher valuations in
previous years have been gradually amortized and (ii) partially offset by
employee-related costs due to regular team movements. Non-GAAP adjusted
research and development expenses in the third quarter of 2025 were
US$21.7 million, compared to US$19.9 million in the same period of 2024.
-- Sales and marketing expenses in the third quarter of 2025 were US$8.0
million, down 17.3% from US$9.7 million in the same period of 2024,
primarily because of (i) the decrease in employee-related costs due to
regular team movements, (ii) the lower share-based compensation expenses
as equity incentive awards granted at higher valuations in previous years
have been gradually amortized. Non-GAAP adjusted sales and marketing
expenses in the third quarter of 2025 were US$7.5 million, compared to
US$8.0 million in the same period of 2024.
-- General and administrative expenses in the third quarter of 2025 were
US$8.5 million, down 62.0% from US$22.3 million in the same period of
2024, primarily because of (i) the lower share-based compensation
expenses as equity incentive awards granted at higher valuations in
previous years have been gradually amortized, (ii) a decrease in
professional service costs, among other things. Non-GAAP adjusted general
and administrative expenses in the third quarter of 2025 were US$4.9
million, compared to US$4.4 million in the same period of 2024.
-- Other operating income, net in the third quarter of 2025 was US$3.2
million, primarily due to the receipt of software value-added tax
refunds.
LOSS/PROFIT FROM OPERATIONS AND OPERATING MARGIN
Profit from operations in the third quarter of 2025 was US$3.8 million, compared to a loss of US$17.1 million in the same period of 2024. The Company had a non-GAAP profit from operations of US$8.9 million in the third quarter of 2025, compared to a non-GAAP profit from operations of US$7.4 million in the same period of 2024, consistently achieving operating profitability and leverage.
Operating margin in the third quarter of 2025 was 4.6%, improved by 25.6 percentage points from negative 21.0% in the same period of 2024. Non-GAAP operating margin in the third quarter of 2025 was 10.8%, improved by 1.7 percentage points from 9.1% in the same period of 2024.
NET LOSS/PROFIT AND NET MARGIN
Net profit in the third quarter of 2025 was US$15.0 million, compared to a loss of US$4.4 million in the same period of 2024. Non-GAAP net profit in the third quarter of 2025 was US$20.1 million, compared to US$20.1 million in the same period of 2024, consistently demonstrating profitability and improved leverage, despite being partially impacted by interest rate cuts.
Net margin in the third quarter of 2025 was 18.2%, improved by 23.6 percentage points from negative 5.4% in the same period of 2024. Non-GAAP net margin in the third quarter of 2025 was 24.4%, compared to 24.7% in the same period of 2024.
BASIC AND DILUTED NET LOSS/PROFIT PER ADS
Basic and diluted net profit per ADS was US$0.02 in the third quarter of 2025, compared to basic and diluted net loss of US$0.01 in the same period of 2024. Each ADS represents one Class A ordinary share.
Non-GAAP basic and diluted net profit per ADS was US$0.03 in the third quarter of 2025, compared to non-GAAP basic and diluted net profit of US$0.04 in the same period of 2024.
CASH AND CASH EQUIVALENTS, TIME DEPOSITS AND TREASURY SECURITIES RECORDED AS SHORT-TERM AND LONG-TERM INVESTMENTS
Cash and cash equivalents, time deposits and treasury securities recorded as short-term and long-term investments were US$1,026.5 million as of September 30, 2025, compared to US$1,016.7 million as of December 31, 2024. The Company believes its current cash position is sufficient to meet its current liquidity and working capital needs.
NET CASH GENERATED FROM OPERATING ACTIVITIES
Net cash generated from operating activities in the third quarter of 2025 was US$30.0 million, compared to US$23.9 million in the same period of 2024. The net cash generated from operating activities for the third quarter of 2025 mainly due to working capital changes in the ordinary course of business.
For further information on non-GAAP financial measures presented above, see the section headed "Use of Non-GAAP Financial Measures."
Business Outlook
Based on recent trends, the overall operating environment for connected devices and intelligent solutions remains complex but is demonstrating greater stability compared with earlier in the year. Participants across the value chain -- including manufacturers, brands, and channel partners -- maintain a cautious approach to planning; however, we are observing a normalization in project execution and clearer demand visibility in several of our core categories.
At the same time, enterprises and consumers worldwide are accelerating their adoption of AI technologies and smart hardware. In the third quarter, Tuya continued to advance its AI and platform strategy by enhancing its AI-powered PaaS and SaaS offerings, expanding industry-focused solutions such as space-intelligence, and further cultivating its global developer and partner ecosystem. These initiatives are designed to reinforce our position as a leading AI developer platform and drive diversified, higher-value revenue streams over the long term.
Building on the progress achieved in recent quarters, including sustained profitability, an improved margin profile, and strong operating cash flow, the Company remains focused on disciplined execution while selectively investing in key product, technology, and market growth opportunities. Tuya believes that its platform capabilities, ecosystem strengths, and solid financial position provide a strong foundation to navigate near-term uncertainties and capture long-term structural opportunities in the global intelligent technology market.
In response to this evolving market environment, the Company will remain committed to continuously iterating and improving its products and services and further enhancing software and hardware capabilities, particularly by leveraging the AI capabilities, expanding key customer base, investing in innovations and new opportunities, diversifying revenue streams, and further optimizing operating efficiency. At the same time, the Company understands that future trajectories may encounter challenges, including shifting consumer spending patterns, regional economic disparities, inventory management, foreign exchange rate and interest rates volatility, the imposition of new tariffs, or adjustments in existing tariffs or trade barriers, and broader geopolitical uncertainties.
Conference Call Information
The Company's management will hold a conference call at 07:30 P.M. Eastern Time on Monday, November 24, 2025 (08:30 A.M. Hong Kong Time on Tuesday, November 25, 2025) to discuss the financial results. In advance of the conference call, all participants must use the following links to complete the online registration process. Upon registering, each participant will receive the dial-in information and a unique PIN (personal access code) to join the call, and an email confirmation with the details.
Participants Online Webcast Registration:
https://edge.media-server.com/mmc/p/qmezjvzg
Participants Call Registration:
https://register-conf.media-server.com/register/BI86c04c19c52a48c6bb64d46104c02dff
A live and archived webcast of the conference call will also be available at the Company's investor relations website at https://ir.tuya.com, and a replay of the webcast will be available following the session.
About Tuya Inc.
Tuya Inc. (NYSE: TUYA; HKEX: 2391) is a global leading AI cloud platform service provider with a mission to build an AI developer ecosystem and enable everything to be smart. Tuya has pioneered a purpose-built AI cloud platform with cloud and generative AI capabilities that delivers a full suite of offerings, including Platform-as-a-Service, or PaaS, Software-as-a-Service, or SaaS, and smart solutions for developers of smart device, commercial applications, and industries. Through its AI developer platform, Tuya has activated a vibrant global developer community of brands, OEMs, AI agents, system integrators and independent software vendors to collectively strive for smart solutions ecosystem embodying the principles of green and low-carbon, security, high efficiency, agility, and openness.
Use of Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses non-GAAP financial measures, such as non-GAAP operating expenses, non-GAAP profit from operations (including non-GAAP operating margin), non-GAAP net profit (including non-GAAP net margin), and non-GAAP basic and diluted net profit per ADS, as supplemental measures to review and assess its operating performance. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"). The Company defines non-GAAP financial measures by excluding the impact of share-based compensation expenses, credit-related impairment of long-term investments and litigation costs from the respective GAAP financial measures. The Company presents the non-GAAP financial measures because they are used by the management to evaluate its operating performance and formulate business plans. The Company also believes that the use of the non-GAAP financial measures facilitates investors' assessment of its operating performance.
Non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. Non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using the aforementioned non-GAAP financial measures is that they do not reflect all items of expenses that affect the Company's operations. Share-based compensation expenses, credit-related impairment of long-term investments and litigation costs have been and may continue to be incurred in the business and are not reflected in the presentation of non-GAAP measures. Further, the non-GAAP financial measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP measures to the most directly comparable U.S. GAAP measures, all of which should be considered when evaluating the Company's performance. The Company encourages you to review its financial information in its entirety and not rely on a single financial measure.
Reconciliations of Tuya's non-GAAP financial measures to the most comparable U.S. GAAP measures are included at the end of this press release.
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statements. In some cases, forward-looking statements can be identified by words or phrases such as "may", "will", "expect", "anticipate", "target", "aim", "estimate", "intend", "plan", "believe", "potential", "continue", "is/are likely to" or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC. The forward-looking statements included in this press release are only made as of the date hereof, and the Company disclaims any obligation to publicly update any forward-looking statements to reflect subsequent events or circumstances, except as required by law. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty.
Investor Relations Contact
Tuya Inc.
Investor Relations
Email: ir@tuya.com
HL Strategy
Haiyan LI-LABBE
Email: hl@hl-strategy.com
Piacente Financial Communications
China Tel: +86-10-6508-0677
U.S. Tel: +1-212-481-2050
Email: tuya@thepiacentegroup.com
TUYA INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2024 AND SEPTEMBER 30, 2025
(All amounts in US$ thousands ("US$"),
except for share and per share data, unless otherwise noted)
As of December 31, As of
September 30,
2024 2025
ASSETS
Current assets:
Cash and cash equivalents 653,334 845,274
Restricted cash 50 --
Short-term investments 194,536 112,395
Accounts receivable, net 7,592 9,999
Notes receivable, net 7,485 11,952
Inventories, net 23,840 23,138
Prepayments and other
current assets, net 16,179 17,839
---------------------- -------------------------
Total current assets 903,016 1,020,597
---------------------- -------------------------
Non-current assets:
Restricted cash -- 243
Property, equipment and software, net 6,619 11,424
Land use rights, net 8,825 8,792
Operating lease right-of-use assets,
net 4,550 3,729
Long-term investments 180,092 81,397
Other non-current assets, net 678 668
---------------------- -------------------------
Total non-current assets 200,764 106,253
---------------------- -------------------------
Total assets 1,103,780 1,126,850
====================== =========================
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable 19,051 23,285
Advances from customers 31,346 26,671
Deferred revenue, current 7,525 9,087
Accruals and other current
liabilities 32,257 64,227
Incomes tax payables 360 490
Lease liabilities, current 3,798 1,820
---------------------- -------------------------
Total current liabilities 94,337 125,580
---------------------- -------------------------
Non-current liabilities:
Lease liabilities, non-current 851 1,631
Deferred revenue, non-current 377 401
Other non-current liabilities 767 --
---------------------- -------------------------
Total non-current liabilities 1,995 2,032
---------------------- -------------------------
Total liabilities 96,332 127,612
====================== =========================
TUYA INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
AS OF DECEMBER 31, 2024 AND SEPTEMBER 30, 2025
(All amounts in US$ thousands ("US$"),
except for share and per share data, unless otherwise noted)
As of As of
December 31, September 30,
2024 2025
Shareholders' equity:
Class A ordinary shares 25 27
Class B ordinary shares 4 4
Treasury stock (15,726) --
Additional paid-in capital 1,612,712 1,548,005
Accumulated other comprehensive loss (19,716) (17,523)
Accumulated deficit (569,851) (531,275)
============= ==============
Total shareholders' equity 1,007,448 999,238
============= ==============
Total liabilities and shareholders' equity 1,103,780 1,126,850
============= ==============
TUYA INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE (LOSS)/INCOME
(All amounts in US$ thousands ("US$"),
except for share and per share data, unless otherwise noted)
For the Nine Months
For the Three Months Ended Ended
September September
30, September 30, 30, September 30,
2024 2025 2024 2025
Revenue 81,617 82,487 216,558 237,304
Cost of revenue (44,102) (42,685) (114,366) (122,505)
----------- --------------- --------- -------------
Gross profit 37,515 39,802 102,192 114,799
----------- --------------- --------- -------------
Operating expenses:
Research and development expenses (24,877) (22,775) (71,344) (67,958)
Sales and marketing expenses (9,663) (7,993) (28,033) (24,165)
General and administrative expenses (22,301) (8,474) (54,636) (26,789)
Other operating incomes, net 2,213 3,237 7,997 7,546
----------- --------------- --------- -------------
Total operating expenses (54,628) (36,005) (146,016) (111,366)
----------- --------------- --------- -------------
(Loss)/profit from operations (17,113) 3,797 (43,824) 3,433
----------- --------------- --------- -------------
Other income
Other non-operating incomes, net 766 766 3,413 2,300
Financial income, net 12,985 11,376 38,244 34,532
Foreign exchange loss, net (638) (706) (1,000) (56)
----------- --------------- --------- -------------
(Loss)/profit before income tax expense (4,000) 15,233 (3,167) 40,209
Income tax expense (373) (261) (1,621) (1,633)
----------- --------------- --------- -------------
Net (loss)/profit (4,373) 14,972 (4,788) 38,576
=========== =============== ========= =============
Net (loss)/profit attributable to Tuya Inc. (4,373) 14,972 (4,788) 38,576
=========== =============== ========= =============
Net (loss)/profit attributable to
ordinary shareholders (4,373) 14,972 (4,788) 38,576
=========== =============== ========= =============
Net (loss)/profit (4,373) 14,972 (4,788) 38,576
=========== =============== ========= =============
Other comprehensive income Changes in fair
value of long-term investments -- -- (139) 91
Transfer out of fair value changes of
long-term investments -- -- (65) --
Foreign currency translation 2,904 1,703 1,876 2,102
----------- --------------- --------- -------------
Total comprehensive (loss)/income
attributable to Tuya Inc. (1,469) 16,675 (3,116) 40,769
=========== =============== ========= =============
TUYA INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE (LOSS)/INCOME (CONTINUED)
(All amounts in US$ thousands ("US$"),
except for share and per share data, unless otherwise noted)
For the Three Months Ended For the Nine Months Ended
September September
30, September 30, 30, September 30,
2024 2025 2024 2025
Net (loss)/profit attributable to Tuya
Inc. (4,373) 14,972 (4,788) 38,576
------------ -------------- ----------- -------------
Net (loss)/profit attributable to
ordinary shareholders (4,373) 14,972 (4,788) 38,576
============ ============== =========== =============
Weighted average number of ordinary
shares used in
computing net (loss)/profit per share
-- Basic 569,821,232 611,862,458 562,913,590 611,032,000
-- Diluted 569,821,232 614,106,059 562,913,590 613,156,826
Net (loss)/profit per share attributable
to
ordinary shareholders
-- Basic (0.01) 0.02 (0.01) 0.06
-- Diluted (0.01) 0.02 (0.01) 0.06
Share-based compensation expenses were
included in:
Research and development expenses 4,978 1,124 11,860 4,600
Sales and marketing expenses 1,675 469 4,229 1,789
General and administrative expenses 17,663 3,532 39,450 14,490
TUYA INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(All amounts in US$ thousands ("US$"),
except for share and per share data, unless otherwise noted)
For the Three Months Ended For the Nine Months Ended
September September
30, September 30, 30, September 30,
2024 2025 2024 2025
Net cash generated
from operating
activities 23,851 29,971 50,170 57,514
Net cash (used
in)/generated from
investing
activities (28,213) 91,424 61,872 171,392
Net cash used in
financing
activities (328) -- (178) (36,912)
Effect of exchange
rate changes on
cash and cash
equivalents,
restricted cash 826 51 503 139
------------ -------------- ----------- -------------
Net
(decrease)/increase
in cash and cash
equivalents,
restricted cash (3,864) 121,446 112,367 192,133
------------ -------------- ----------- -------------
Cash and cash 724,071
equivalents, 614,919 498,688 653,384
restricted cash at
the beginning of
period
------------ -------------- ----------- -------------
Cash and cash 845,517
equivalents, 611,055 611,055 845,517
restricted cash
at the end of
period
============ ============== =========== =============
TUYA INC.
UNAUDITED RECONCILIATION OF NON-GAAP MEASURES TO THE MOST
DIRECTLY COMPARABLE FINANCIAL MEASURES
(All amounts in US$ thousands ("US$"),
except for share and per share data, unless otherwise noted)
For the Nine Months
For the Three Months Ended Ended
September September
30, September 30, 30, September 30,
2024 2025 2024 2025
Reconciliation of operating expenses to
non-GAAP operating expenses
Research and development expenses (24,877) (22,775) (71,344) (67,958)
Add: Share-based compensation expenses 4,978 1,124 11,860 4,600
Adjusted Research and development expenses (19,899) (21,651) (59,484) (63,358)
----------- --------------- --------- -------------
Sales and marketing expenses (9,663) (7,993) (28,033) (24,165)
Add: Share-based compensation expenses 1,675 469 4,229 1,789
Adjusted Sales and marketing expenses (7,988) (7,524) (23,804) (22,376)
----------- --------------- --------- -------------
General and administrative expenses (22,301) (8,474) (54,636) (26,789)
Add: Share-based compensation expenses 17,663 3,532 39,450 14,490
Add: Credit-related impairment of
long-term investments -- -- 189 27
Add: Litigation costs 200 -- 2,300 --
Adjusted General and administrative expenses (4,438) (4,942) (12,697) (12,272)
----------- --------------- --------- -------------
Reconciliation of (loss)/profit from
operations to non-GAAP profit from
operations
(Loss)/profit from operations (17,113) 3,797 (43,824) 3,433
Add: Share-based compensation expenses 24,316 5,125 55,539 20,879
Add: Credit-related impairment of
long-term investments -- -- 189 27
Add: Litigation costs 200 -- 2,300 --
Non-GAAP Profit from operations 7,403 8,922 14,204 24,339
----------- --------------- --------- -------------
Non-GAAP Operating margin 9.1 % 10.8 % 6.6 % 10.3 %
----------- --------------- --------- -------------
TUYA INC.
UNAUDITED RECONCILIATION OF NON-GAAP MEASURES TO THE MOST
DIRECTLY COMPARABLE FINANCIAL MEASURES (CONTINUED)
(All amounts in US$ thousands ("US$"),
except for share and per share data, unless otherwise noted)
For the Three Months Ended For the Nine Months Ended
September September
30, September 30, 30, September 30,
2024 2025 2024 2025
Reconciliation of net (loss)/profit to
non-GAAP net profit
Net (loss)/profit (4,373) 14,972 (4,788) 38,576
Add: Share-based compensation expenses 24,316 5,125 55,539 20,879
Add: Credit-related impairment of
long-term investments -- -- 189 27
Add: Litigation costs 200 -- 2,300 --
Non-GAAP Net profit 20,143 20,097 53,240 59,482
------------ -------------- ----------- -------------
Non-GAAP Net margin 24.7 % 24.4 % 24.6 % 25.1 %
------------ -------------- ----------- -------------
Weighted average number of ordinary shares
used in
computing non-GAAP net profit per share
-- Basic 569,821,232 611,862,458 562,913,590 611,032,000
-- Diluted 571,386,571 614,106,059 585,311,819 613,156,826
Non-GAAP net profit per share attributable to
ordinary shareholders
-- Basic 0.04 0.03 0.09 0.10
-- Diluted 0.04 0.03 0.09 0.10
View original content:https://www.prnewswire.com/news-releases/tuya-reports-third-quarter-2025-unaudited-financial-results-302624782.html
SOURCE Tuya Inc.
(END) Dow Jones Newswires
November 24, 2025 17:00 ET (22:00 GMT)