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Tuya (TUYA) investor relations material
Tuya Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary25 Nov, 2025
Executive summary
Q3 2025 revenue reached $82.5M–$83M, marking the ninth consecutive quarter of year-over-year growth amid a volatile global consumer electronics market.
Gross margin improved to 48%–48.3%, reflecting better product mix and operational efficiency.
Net profit reached $15.0M, a turnaround from a $4.4M loss in Q3 2024, with non-GAAP net margin at 24%–24.4%.
Robust net cash position above $1.0B as of September 30, 2025, with no debt.
AI integration accelerated, with 93.99% of shipped smart devices featuring AI and 155M daily AI Agent interactions.
Financial highlights
Total revenue grew 1.1% YoY to $82.5M; PaaS revenue was $59.2M (+2.4% YoY); SaaS and others reached $11.5M (+15.4% YoY); Smart solutions revenue was $11.8M.
Gross margin: 48%–48.3%; PaaS gross margin: 48.8%; SaaS and others: 70.8%; Smart solutions: 23.8%.
Operating margin: 4.6% (up 25.6pp YoY); Non-GAAP operating margin: 10.8%–11%.
Net cash from operating activities grew 25.7% YoY to $30.0M.
Operating expenses declined 34.1% YoY to $36M, supporting profitability for six consecutive quarters.
Outlook and guidance
Q4 2025 is expected to see soft demand due to macroeconomic uncertainties, but a more positive outlook is anticipated for 2026 as AI and smart home adoption trends accelerate.
Management anticipates AI features will become default in the sector, driving long-term growth.
Multi-year project pipeline and ecosystem expansion provide stable recurring revenue visibility.
How will Tuya mitigate DBNER decline from tariffs?
Reason for Smart Solution revenue decline?
What drove higher premium PaaS revenue share?
Smart Solutions revenue decline and future focus
AI's impact on GPM and new market segments
2026 demand outlook and tariff policy impact
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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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