Tuya (TUYA) Q4 2025 earnings summary

Executive summary

• Achieved FY2025 revenue of $322 million, up 7.8–8% year-over-year, with 10 consecutive quarters of YoY growth and improved GAAP and non-GAAP profitability.

• Non-GAAP net margin reached 24.9–25% for FY2025, with GAAP net margin at 18%, both showing significant improvement from the prior year.

• Maintained a strong global presence, serving ~7,000 brands and powering ~920 million smart devices across 200+ countries, with over 85% of revenue from international markets.

• Advanced systematic AI capability framework, launched the AI-powered Smart Life Assistant Hey Tuya, and hosted major developer events.

• Declared a cash dividend of $0.0605 per share/ADS, totaling ~$37M, to be paid in April 2026.

Financial highlights

• FY2025 total revenue: $322 million (+7.8–8% YoY); Q4 revenue: $84.5–85 million (+3% YoY).

• Non-GAAP net profit for FY2025: $80.1 million; GAAP net profit: $57.9–58 million.

• Gross margin for FY2025: 48.2% (up 0.8 pts YoY); Q4 gross margin: 47.6–48%.

• Net cash from operating activities: $23.5 million in Q4; $81 million for FY2025; cash and equivalents at year-end: $1.017–1.02 billion.

• Recurring revenue accelerated, outpacing overall revenue growth, with recurring mix increasing.

Outlook and guidance

• Plans to strengthen AI-native platform capabilities, accelerate scalable AI application deployment, and expand recurring revenue streams.

• Focus on expanding developer ecosystem, supporting innovation, and investing in R&D and AI-driven solutions.

• Operating environment remains complex but shows signs of stabilization and clearer demand visibility in core categories.