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Tuya (TUYA) investor relations material

Tuya Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary27 Aug, 2025

Executive summary

  • Q2 2025 revenue was $80.1 million, up 9.3% year-over-year, with all business segments showing growth and first-half revenue at $155 million, a 15% increase year-over-year.

  • Net profit (GAAP) surged 302% year-over-year to $12.6 million, with non-GAAP net profit at $20.1 million and non-GAAP net margin at 25%.

  • Gross margin improved to 48.4% in Q2, with non-GAAP operating margin at 10.7% and operating margin turning positive at 1.4%.

  • Ended the quarter with a net cash balance above $1 billion and declared a $0.054 per share/ADS cash dividend, totaling $33 million.

  • Maintained resilience and growth despite global trade uncertainties, advancing AI product and ecosystem development.

Financial highlights

  • Q2 blended gross margin was 48.4%, with PaaS at 48.7%, Smart Solutions at 22.5%, and SaaS at 72%.

  • Non-GAAP operating profit grew 127% year-over-year to $8.6 million (11% margin); GAAP net profit was $12.6 million (16% margin).

  • Operating cash flow exceeded $18 million in Q2; net cash from operations was $18.2 million, up 53.8% year-over-year.

  • Operating expenses fell 17.3% to $37.7 million; non-GAAP operating expenses rose 8.3% to $30.2 million.

  • Receivable turnover days improved to 13, outperforming industry averages.

Outlook and guidance

  • Management expects continued uncertainty from tariffs and global trade into Q3, with cautious demand from retailers and brands.

  • Q3 is expected to remain pressured, but improvement is anticipated in Q4 as tariff negotiations progress.

  • Focus remains on product innovation, AI capabilities, and expanding the customer base to drive future growth.

  • Sustained operating leverage and profitability expected, supported by a diversified revenue structure and strong cash position.

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Frequently asked questions

Tuya Inc. is a global provider of cloud development platforms for the Internet of Things (IoT). The company offers Platform-as-a-Service (PaaS) and Software-as-a-Service (SaaS) solutions, enabling businesses, original equipment manufacturers (OEMs), brands, and developers to create, launch, manage, and monetize smart devices and services. Tuya's platform supports a wide range of applications, including smart homes, smart businesses, renewable energy, education, agriculture, outdoor activities, and entertainment sectors. Tuya Inc. is headquartered in Hangzhou, China, and its shares are listed on the New York Stock Exchange.

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