Tuya, Inc. · NYSE:TUYA
Tuya — Q1 2025 Earnings Presentation
38 slides from Tuya's earnings presentation, May 2025
Slide 1: Tuya Smart: The Global Leading AI Cloud Platform Service Provider
NYSE: TUYA / HKEX: 2391.HK TUYA SMART THE GLOBAL LEADING AI CLOUD PLATFORM SERVICE PROVIDER First Quarter 2025
Slide 2: Build an AIoT Developer Ecosystem, Enable Everything to Be Smart
Under Editing editing World's Largest 3rd-party AI Cloud Platform Service Provider Build an AIoT Developer Ecosystem Enable Everything to Be Smart
Slide 3: Tuya at a Glance
Tuya at a Glance BUSINESS KEY FINANCIAL METRICS 1 Unique AI Cloud Platform Providing Turnkey Solutions Q1'25 USD'M +YoY / Margin Worldwide Total Revenue 74.700 +21% Largest 3rd AIoT developer platform globally Limited/Eliminated competition Gross Margin 48% Irreplaceable/Highly sticky/Neutral
Slide 4: Our Global Footprint & Established Developer Ecosystem
Our Global Footprint & Established Developer Ecosystem 200+ Düsseldorf Europe Tokyo Countries and Regions East Asia, North Asia, APAC of Smart Devices Coverage Hangzhou & Shenzhen China Medellín Latin America Singapore 5,800+ 3,000+ Global Customers Categories Australia Served in The Year 2024 of Sm
Slide 5: Company Introduction
Company Introduction
Slide 6: Solid Management Team with Three Successful Entrepreneurial Experiences
Solid Management Team with Three Successful Entrepreneurial Experiences Jerry Wang Leo Chen Alex Yang Ruixin Zhou Yaona Lin Co-Founder, Co-Founder, Co-Founder, Co-Founder Co-Founder CEO President CFO & COO 2003 2008 2014 The biggest open-source One of the global largest The largest 3rd-party forum s
Slide 7: We're Ready to Thrive in the Next Era: AI Intelligent Transformation
We're Ready to Thrive in the Next Era — AI Intelligent Transformation AI Intelligent Era Mobile Internet PC Internet … … IoT System Windows 1+N 4+N N×N Hardware + Software Hardware + Software Hardware + Software 6
Slide 8: Tuya Smart AI Cloud Platform
Tuya Smart AI Cloud Platform Unified System, One Neutral Platform, All Smart Perception layer: Application Layer: IoT PaaS for Smart Device Smart Solution for Device Business Ecosystem based on Devices Device Edge Cloud User Interaction IoT Capabilities Device Capabilities AI Value Added Experie
Slide 9: Our Evolution From Home To Space
Our Evolution From Home To Space Smart Smart Smart Smart Smart Smart Home Apartment Commercial Park & Campus Building Energy Management 8
Slide 10: Tuya's Full-Stack & Agnostic AI Architecture
Tuya's Full-Stack & Agnostic AI Architecture Enabling ■ audio-visual interaction and ■ asynchronous decision intelligence —— the two promising AI innovation directions we believe in 9
Slide 11: All Smart Devices Developed on Tuya Connected Across Brands and Protocols
All Smart Devices Developed on Tuya AI Cloud Platform are Connected across Brands, Categories, Regions & Protocols, Chips, IaaS and LLMs 10
Slide 12: Massive Array of Categories Powered by Tuya
Massive Array of Categories Powered by Tuya Note: Categories selected and graphics for illustrative purpose only. 11
Slide 13: Unified All-in-One Experiences
Unified All-in-One Experiences Search All Living room Bedroom Kitchen … Refrigerator 1-Group Living room Refrigerator 2-Group Living room Controller Bedroom SC015-WD1 Smart IPC Outside Body Fat Scale Bedroom Home Scene Smart Me One App, All Smart Smart Energy Saving Application Based on Tuya Ecosyst
Slide 14: Hardware Journey and Ecosystem Make Built-in Smart Technology Unswitchable
Hardware Journey and Ecosystem Make Built-in Smart Technology Unswitchable 2 Global OEMs • Supply chain with thousands of manufactures 3 Global Brands/Conglomerates/… worldwide 1 Semiconductor – Chip … • Across various communication protocol 4/5G NB ••• 4 Distribution • Online/Offline Channel • Syst
Slide 15: Endorsed by Global Leading Customers
Endorsed by Global Leading Customers Conglomerates/Global Groups Local Kings/Leading Brands Special Channels 14
Slide 16: Unified User Experience + Large Customer Base = Strong Network Effects
Unified User Experience + Large Customer and User Base = Strong Network Effects Various Smart Scenes Freely Composed by PBT Devices … … Better User Higher PBT Experience & Brands Sales More User Purchase Brand B … End User Larger PBT Market Share & More Brands More Products Join Tuya Developed Power
Slide 17: A Highly Promising Total Addressable Market
A Highly Promising Total Addressable Market New Smart Devices per Year New Consumer Electronic Devices per Year Lighting, Electrics, Consumer Safety, Home Appliance, Cocking Machines, Pets, Outdoor, Energy Saving +3% CAGR Gateways, Wellness, … Volume of New Consumer Electronic Devices ~20Billion New
Slide 18: We Are a Clear Market Leader with Favorable Competition Landscape
We Are a Clear Market Leader with Favorable Competition Landscape ~15% Other 3rd-Party "Platforms" ~15% Smart Devices (~50% of 3rd-Party Platforms) Discontinued Platforms • Google IoT, SAP IoT, Ericson IoT, IBM IoT, ~70% Alibaba IoT disconnected their platforms In-House Platforms in/before 2023. Oth
Slide 19: Tuya's Competition Advantages
Tuya's Competition Advantages Technology Product Business Model Full-stack Cloud- Stability at Compliance Independent Cloud – Device Edge Interaction Smart Smart Neutrality Unified User Scalability & Times for Cost Agnostic Massive Scale & Security Technological Thing Model Interface – Applications
Slide 20: Our Global Partnership Footprint
Our Global Partnership Footprint Marketing Events and Direct Partnerships Cover 40+ Major Countries 20
Slide 21: Committed To Driving Global Impact Through ESG Sustainability
Committed To Driving Global Impact Through ESG Sustainability AA A The Sustainability Yearbook 2025 China Edition Selected Enterprise 2025 ESG Ratings Note: Latest Ratings. 21
Slide 22: Industry Leaders in Global IoT Security Compliance
Tuya as Best Practice and Industry Leaders in Global IoT Security Compliance NLD US GER US CN IN Global Data Centers 22
Slide 23: Financial Updates
Financial Updates
Slide 24: Strong Growth and Continued Profitability in Q1'25
Strong Growth and Continued Profitability in Q1'25 The First Quarter, 2025 $75Mn +21% Q1'24: $62Mn Total Revenue Total Revenue YoY Growth 9% 26% 15% $1.02Bn Q1'24: -0.9% Q1'24: 20% Non-GAAP1 Operating Non-GAAP1 Net Margin GAAP Net Margin Net Cash Balance2 Margin 1. Non-GAAP measures. Please refer to
Slide 25: Solid YoY Revenue Growth
Solid YoY Revenue Growth Total Revenue by Quarter (USD'M) +21% Y/Y Growth +30% +39% 81.6 82.1 73.3 74.7 64.4 61.1 61.7 Total Revenue Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Note: Numbers are rounded for presentation purposes. 26
Slide 26: Revenue Update
Revenue Update Revenue Breakdown, The First Quarter (USD'M) Total Revenue IoT PaaS Smart Solution SaaS and Others YoY YoY YoY YoY +21% +18% +47% +16% 74.7 61.7 53.7 45.6 11.0 8.6 10.0 7.5 Q1'24 Q1'25 Q1'24 Q1'25 Q1'24 Q1'25 Q1'24 Q1'25 Note: Numbers are rounded for presentation purposes. 27
Slide 27: Steady and Strong Existing Customers Stickiness
Steady and Strong Existing Customers Stickiness Dollar-Based Net Expansion Rate, at Each Quarter End 127% 124% 122% 118% 97% 116% Retention Rate among the top 10% customers ranked by contribution in 2024 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Note: The Group calculates DBNER of IoT PaaS for a trailing 12-mon
Slide 28: Steady Gross Margin Secures Long-term Profitability
Steady Gross Margin Secures Long-term Profitability Gross Margin Revenue Contribution Overall Blended More diverse revenue structure in line with growing strategy 46.4% 47.4% 47.8% 48.5% 42.3% 43.0% 34.4% 26.3% 7% 12% 12% 14% 15% 6% By Revenue Stream 14% 15% 13% 13% 79.0% 75.8% 75.6% 73.7% 74.2% 71.
Slide 29: Operating Expense by Quarters
Operating Expense by Quarters Operating Expenses, GAAP and Non-GAAP1 Headcounts at Period End (USD'M) Total= 3,470 1,835 1,465 1,435 1,434 78.3 190 66.2 17.7 60.1 One-time ESOP 719 58.1 54.6 repricing impact 17.2 53.0 53.3 54.1 60.6 Imm. 8.1 16.7 47.0 7.4 45.9 45.5 9.5 Imm. 43.0 49.1 17.5 17.3 Imm.
Slide 30: Continued Quarterly Non-GAAP Operating Profits
Continued Quarterly Non-GAAP Operating Profits Operating Profits/(Losses), GAAP and Non-GAAP1 (USD'M) 7.4 7.4 8.5 6.8 9% Non-GAAP OP Margin (0.3) (0.6) (1.5) Operating loss (GAAP) in Q1'25 (15.3) (15.0) (3.5) (3.8) (6.4) narrowed by 91.1% Y/Y mainly thanks to — (22.3) (10.3) (23.7) (16.4) (17.1) • G
Slide 31: Sustained Profitability
Sustained Profitability Net Profit/(Loss), GAAP and Non-GAAP1 (USD'M) 20.8 22.1 26% 20.1 19.3 Non-GAAP Net Margin 12.6 12.3 11.0 10.1 9.8 15% GAAP Net Margin 3.1 1.5 Net profit (GAAP) in Q1'25 (15.9) (5.2) (3.7) (4.9) (3.5) (4.4) turned positive mainly thanks to — (18.7) (10.8) • Improvement in oper
Slide 32: Operating Cash Flow per Quarter
Operating Cash Flow per Quarter Net Operating Cash Flows Net Cash1 and Shareholder Equities (USD'M) (USD'M) Q3: Dividends accrued; Q4: Dividends paid. Net Cash Balance Shareholder Equities Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 31.8 1,024 1,024 30.2 1,017 1,007
Slide 33: Well-Controlled Receivables and Turnover Days
Well-Controlled Receivables and Turnover Days Receivables at Period End Account Receivable Turnover Days1 (USD'M) (Days) Tuya Average - Semiconductor2 Average - Software2 14.2 65 66 65 13.1 60 60 61 60 60 12.6 57 12.2 56 63 58 10.1 55 56 9.6 9.2 50 49 49 47 46 7.6 7.6 45 6.8 33 29 26 23 20 20 15 15
Slide 34: Recent Updates
Recent Updates
Slide 35: Tuya Investor Day 2025: Empowering the Era of AI Commercialization
Tuya Investor Day 2025: Empowering the Era of AI Commercialization 70+ / 90+ 90%+ 10+ 100% Investors Institutional AI-Device Capabilities Feedbacks Registered / Attended Investors Showcased
Slide 36: Tuya Global Developer Summit 2025 Shenzhen
Tuya Global Developer Summit ·2025 Shenzhen Unveils Four Pivotal AIoT Technology Engines, Empowering Developers to Reshape the Physical World with AI 37
Slide 37: Tuya AI Agent Development Platform
Tuya AI Agent Development Platform: Build Your Own Agent, Unlock AI’s Full Potential Create tailored AI agents in one line—connect any leading LLMs, unlock all-in- one capabilities. Tuya.AI: Full-Stack AI Hardware Enablement Build, scale, and deploy AI-powered devices with low-code tools and cloud-
Slide 38: Disclaimer
Disclaimer This presentation and the accompanying oral presentation (the “Presentation”) have been prepared by Tuya Inc. (the "Company") solely for informational purposes and have not been independently verified. No representations, warranties or undertakings, express or implied, are made by the Com