Did Tuya beat or miss consensus estimates last quarter?

What does Tuya do and what are its main business segments?

What is Tuya's gross profit margin?

What were the key takeaways from Tuya's earnings call?

What guidance did Tuya's management provide for the next earnings period?

What is Tuya's latest dividend and current dividend yield?

What factors drove the changes in Tuya's revenue and profit?

What is the market's earnings forecast for Tuya next quarter?

- **Revenue Resilience**: USD 82.5 million Q3 revenue, 9th straight quarter of growth, with AI driving 93.99% of device shipments.
- **Profitability Boost**: 24.4% non-GAAP net margin, 34.1% YoY expense decline, and USD 30 million cash flow growth.
- **AI Innovation**: CES 2026 launch of universal AI assistant app; 135M daily AI interactions across 12,000 developer-created agents.
- **Strategic Expansion**: North America AI product growth; 1.62M developers advancing AIoT ecosystem.
- **2026 Outlook**: AI adoption to accelerate, with AI becoming a default feature in consumer electronics.

**【CEO Summary Section】**
- Total revenue reached USD 82.5 million, marking the 9th consecutive quarter of year-over-year growth, despite a challenging global macro environment.
- Gross margin remained above 48%, with non-GAAP net margin at 24.4% and GAAP net margin at 18.2%, reflecting improved expense efficiency and scale leverage.
- AI adoption accelerated, with 93.99% of smart devices shipping featuring AI capabilities, up from the previous quarter. The company's AI agent service handles 135 million daily interactions across diverse scenarios.
- Strategic focus on AI-enabled solutions, including the upcoming release of a universal AI life assistance app at CES 2026, targeting the North American market with niche products like smart bird feeders.

**【CFO Financial Commentary】**
- PaaS revenue grew 2.4% YoY to USD 59.2 million, driven by customer demand and product optimization. SaaS and others revenue increased 15.4% YoY to USD 11.5 million, supported by recurring revenue from installed devices.
- Smart Solutions revenue was USD 11.8 million, with a strategic shift to high-value AI solutions like energy management and spatial AI, improving gross margin to 23.8%.
- Operating expenses declined 34.1% YoY to USD 36 million, with GAAP operating margin improving to 4.6%. Cash flow grew 25.7% YoY to USD 30 million, maintaining a net cash balance above USD 1 billion.
- Global developer ecosystem expanded to 1.62 million registered developers, with 12,000 AI agents created across product categories.

**【Q&A Key Highlights】**
- **2026 Outlook**: CFO expects sustained growth driven by AI adoption, with AI becoming a default feature for major brands. The new AI assistant app aims to lower entry barriers for smart home users.
- **AI Impact on Business**: AI-enabled products contributed to revenue growth, with 93% of Q3 shipments featuring AI. Gross margin improvements reflect cost optimization and revenue mix shifts.
- **Market Recovery**: CFO notes cautious demand in Q4 2025 but optimistic for 2026, citing reduced macroeconomic uncertainty and AI-driven innovation. North America shows promise for niche AI products.
- **Smart Solutions Growth**: Focus on high-value AI solutions like energy management and spatial AI, with plans to expand into new categories in 2026.


Tuya Inc. (TUYA) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

TUYA

TUYA fundamentals

You can ask Aime