Tuya Reports Third Quarter 2024 Unaudited Financial Results By Investing.com

SANTA CLARA, Calif., Nov. 18, 2024 /PRNewswire/ — Tuya Inc. (“Tuya” or the “Company“) (NYSE: TUYA; HKEX: 2391), a global leading cloud platform service provider, today announced its unaudited financial results for the third quarter ended September 30, 2024.

Third Quarter 2024 Financial Highlights

• Total (EPA:) revenue was US$81.6 million, up approximately 33.6% year over year (3Q2023: US$61.1 million).
• IoT platform-as-a-service (“PaaS”) revenue was US$57.9 million, up approximately 26.4% year over year (3Q2023: US$45.8 million).
• Software-as-a-service (“SaaS”) and others revenue was US$9.9 million, up approximately 16.7% year over year (3Q2023: US$8.5 million).
• Smart solution revenue was US$13.8 million, up approximately 102.9% year over year (3Q2023: US$6.8 million).
• Overall gross margin was 46.0%, down 0.7 percentage points year over year (3Q2023: 46.7%). Gross margin of IoT PaaS increased to 46.9%, up 2.3 percentage points year over year (3Q2023: 44.6%).
• Operating margin was negative 21.0%, improved by 9.3 percentage points year over year (3Q2023: negative 30.3%). Non-GAAP operating margin was 9.1%, improved by 14.8 percentage points year over year (3Q2023: negative 5.7%).
• Net margin was negative 5.4%, improved by 2.6 percentage points year over year (3Q2023: negative 8.0%). Non-GAAP net margin was 24.7%, improved by 8.2 percentage points year over year (3Q2023: 16.5%).
• Net cash generated from operating activities was US$23.9 million (3Q2023: US$16.1 million).
• Total cash and cash equivalents, time deposits and treasury securities recorded as short-term and long-term investments were US$1,023.9 million as of September 30, 2024, compared to US$984.3 million as of December 31, 2023.

For further information on the non-GAAP financial measures presented above, see the section headed “Use of Non-GAAP Financial Measures.”

Third Quarter 2024 Operating Highlights

• IoT PaaS customers^[1] for the third quarter of 2024 were approximately 2,200 (3Q2023: approximately 2,100). Total customers for the third quarter of 2024 were approximately 3,100 (3Q2023: approximately 3,000).
• Premium IoT PaaS customers^[2] for the trailing 12 months ended September 30, 2024 were 286 (3Q2023: 263). In the third quarter of 2024, the Company’s premium IoT PaaS customers contributed approximately 85.6% of its IoT PaaS revenue (3Q2023: approximately 83.5%).
• Dollar-based net expansion rate (“DBNER”)^[3] of IoT PaaS for the trailing 12 months ended September 30, 2024 was 124% (3Q2023: 78%).
• Registered IoT…