Tuya reported FY 2025 unaudited results with total revenue of USD 321.8 million (+7.8%), including PaaS revenue of USD 231.2 million (+6.5%), SaaS and others revenue of USD 44.9 million (+13.4%), and smart solution revenue of USD 45.7 million (+8.9%). FY 2025 gross margin was 48.2%, operating margin was 3.6%, and net profit was USD 57.9 million; non-GAAP net profit was USD 80.1 million (+6.4%). In Q4 2025, revenue was USD 84.5 million (+3.0%), with PaaS revenue of USD 60.1 million (+1.4%), SaaS and others revenue of USD 12.4 million (+8.2%), and smart solution revenue of USD 12.0 million (+6.0%). Q4 gross margin was 47.6%, operating margin was 9.5%, and net profit was USD 19.3 million; non-GAAP net profit was USD 20.6 million. Cash and cash equivalents, time deposits and treasury securities recorded as short-term and long-term investments totaled USD 1.0 billion as of Dec. 31, 2025, and net cash generated from operating activities was USD 81.0 million for FY 2025. Operationally, Tuya reported approximately 2,100 PaaS customers in Q4, 291 premium PaaS customers (trailing 12 months), and a PaaS dollar-based net expansion rate of 102% (trailing 12 months). Registered AI developers exceeded 1.8 million as of year-end 2025, and the company said about 16,000 AI Agents have been cumulatively developed on its platform. Tuya highlighted its AI+IoT strategy, including the introduction of “Hey Tuya” and its Physical AI Engine architecture at CES, and noted tariff-related headwinds since April affecting the international business environment and customer purchasing behavior. The board declared a cash dividend of USD 0.0605 per ordinary share or ADS, with a March 18, 2026 record date and expected payment around April 15, 2026 for ordinary shares and around April 21, 2026 for ADSs.

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