Tuya, Inc. · NYSE:TUYA
Tuya — Q4 2024 Earnings Presentation
52 slides from Tuya's earnings presentation, 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 Fourth Quarter 2024
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 Smart Cloud Platform Service Provider Period Q4'24 FY2024 Providing Turnkey Solutions Worldwide Revenue Y/Y Growth +27% +30% Largest 3rd cloud developer platform globally Limited/Eliminated competition Gross Margin 48% 47% Irreplaceab
Slide 4: Company Introduction
Company Introduction
Slide 5: 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 6: We Aim for Universal Connectivity
We Aim for — 1 universal connectivity to overcome device isolation; Hundreds of 2 empowering enterprises with essential intelligent technologies; and Smart Devices per Family 3 building a solid foundation for future intelligent applications. Ten thousands of Smart Devices per One Single "Space" <10
Slide 7: Software in The Intelligent Era Will Unlock Immense Commercial Potential
Software in The Intelligent Era Will Unlock Immense Commercial Potential Intelligent Era Mobile Internet PC Internet … … IoT System Windows 1+N 4+N N×N Hardware + Software Hardware + Software Hardware + Software 6
Slide 8: Intelligence Thrives on Collaborative Device Networks, Not Isolation
Intelligence Thrives on Collaborative Device Networks, Not Isolation Smart Eldercare Home Energy Management Smart Community Strategy & Algorithm Gateway Gateway Heater Inverter & Battery Electric Breakers Light Bulb: Door Lock: Air Conditioner Washing Machine Meters "No manual operation" "No person
Slide 9: Tuya Smart AI Cloud Platform
Tuya Smart AI Cloud Platform Unified System, One Neutral Platform, All Smart Perception layer: Smart Device Application Layer: Business Ecosystem based on Devices Device Edge Cloud User Interaction AI+ Commercial Scenarios AI Powered Device Experience • IoTOS • IoT Core • License Management Syst
Slide 10: Smart Devices We Powered Are The Infrastructure of The Smart World
Smart Devices We Powered Are The Infrastructure of The Smart World We are highly capable of connecting and integrating things, systems, and platforms ASSETS SMART SPACE COMMERCIAL together through software, by PORTAL HOME MANAGEMENT BUILDINGS LIGHTING … using SDKs, APIs and other technical developme
Slide 11: Devices on Tuya AI Cloud Platform Connected across Brands, Categories and Regions
All Smart Devices Developed on Tuya AI Cloud Platform are Connected across Brands, Categories and Regions 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: Develop Your Smart Pet Feeder on Tuya AI Cloud Platform
Develop Your Smart Pet Feeder on Tuya AI Cloud Platform Note: Graphics for illustrative purpose only. 12
Slide 14: Hardware Journey and Ecosystem Make Built-in Smart Software Unswitchable
Hardware Journey and Ecosystem Make Built-in Smart Software Unswitchable 2 OEMs • Supply chain with thousands of manufactures 3 Brands/Conglomerates/MNCs in/abroad China 1 Semiconductor – Chip • Across various communication protocol 4 Distribution • Online/Offline Channel • System Integrator/Install
Slide 15: Pave the Way for the Future Opportunities of Applications
Pave the Way for the Future Opportunities of Applications Air Conditioner Group A Home Appliance Group F Smart Security Company B Isolated self-developed devices complicate tasks, undermining the essence of being smart. Global Lighting Closed Group C Thousands of PBT brands worldwide Ecosystem spann
Slide 16: All-in-One App
All-in-One App 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 Case based on Tuya Ecosystem 15
Slide 17: 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 18: 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 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: Endorsed by Global Leading Customers
Endorsed by Global Leading Customers Conglomerates/Global Groups Local Kings Special Channels 19
Slide 21: Global Services, Localized Operations, Covering All Continents
Global Services, Localized Operations, Covering All Continents Düsseldorf Europe Tokyo East Asia, North Asia, APAC Hangzhou & Shenzhen China Medellín Latin America Singapore Australia 200+ 5,800+ 1,316,000 Countries and Regions Global Customers Global Developers of Smart Devices Coverage Served in T
Slide 22: Our Global Partnership Footprint
Our Global Partnership Footprint Marketing Events and Direct Partnerships Cover 40+ Major Countries 21
Slide 23: Expanding Tuya's Innovative Global Influence
Expanding Tuya's Innovative Global Influence Light + Building 2024 & Tuya Europe Developer Day CES 2025, AI Dive In Frankfort Las Vegas IFA Innovation for All 2024 Berlin 22
Slide 24: Committed To Driving Global Impact Through ESG Sustainability
Committed To Driving Global Impact Through ESG Sustainability A A The Sustainability Yearbook 2024 China Edition Selected Enterprise 2024 ESG Ratings Note: Ratings updated in 2024. 23
Slide 25: 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 24
Slide 26: 2,000+ Intellectual Property
2,000+Intellectual Property (Patents, Copyrights, Trademarks, etc.) 25
Slide 27: Financial Updates
Financial Updates
Slide 28: First-Ever Annual Non-GAAP Operating Profitability and GAAP Net Profit
First-Ever Annual Non-GAAP Operating Profitability and GAAP Net Profit Fiscal Year 2024 $299Mn +30% FY23: $230Mn Total Revenue Total Revenue YoY Growth 8% First-Time Achieved Annual Profitability 25% +268% $5Mn First-Time Achieved Annual Profitability FY23: -11% FY23: 9% FY23: $-60Mn Non-GAAP1 Opera
Slide 29: Strong Growth and Continued Profitability in Q4'24
Strong Growth and Continued Profitability in Q4'24 The Fourth Quarter, 2024 $82Mn +27% Q4'23: $64Mn Total Revenue Total Revenue YoY Growth 10% 27% $30Mn $1.02Bn FY23: -0.4% FY23: 19% Non-GAAP1 Operating Non-GAAP1 Net Margin Net Operating Cash Flow Net Cash Balance2 Margin 1. Non-GAAP measures. Pleas
Slide 30: Solid YoY Revenue Growth
Solid YoY Revenue Growth Total Revenue by Quarter (USD'M) End of Macroeconomic Downturn Beginning of the New Cycle — Inflation Easing & Inventory Clearing — Strong Rebounds and Growth, Leveraging Tuya's Own Strengths +30% Y/Y Growth +39% 81.6 82.1 -11% 73.3 61.1 64.4 61.7 57.0 YoY 47.5 +27% Total Re
Slide 31: Revenue Update: FY24 Breakdown
Revenue Update Revenue Breakdown, FY24 (USD'M) Total Revenue IoT PaaS Smart Solution SaaS and Others YoY YoY YoY YoY +30% +29% +58% +11% 298.6 230.0 217.1 167.7 42.0 35.8 39.6 26.5 FY23 FY24 FY23 FY24 FY23 FY24 FY23 FY24 Note: Numbers are rounded for presentation purposes. 30
Slide 32: Revenue Update: Fourth Quarter Breakdown
Revenue Update Revenue Breakdown, The Fourth Quarter (USD'M) Total Revenue IoT PaaS Smart Solution SaaS and Others YoY YoY YoY YoY +27% +26% +45% +21% 82.1 59.3 64.4 47.2 11.3 9.5 11.5 7.8 Q4'23 Q4'24 Q4'23 Q4'24 Q4'23 Q4'24 Q4'23 Q4'24 Note: Numbers are rounded for presentation purposes. 31
Slide 33: PaaS Business — More Balanced Categories
PaaS Business — More Balanced Categories Proportion by Category, FY22 to FY24 24% 26% 25% Lighting & Electricals Consumer Safety and Sensor Big & Small Appliances 34% 24% 29% 25% 28% 30% Others (Sports and Wellness, Wearable, Entertainment, Outdoor Transportation, Agriculture, Industrial,…) 18% 20%
Slide 34: Balanced Geographic Revenue Contribution under Clear Regional Strategy
Balanced Geographic Revenue Contribution under Clear Regional Strategy Revenue Contribution by Geographic Ultimate Demand, FY22 to FY24 36% 32% 30% 25% 20% 20% 19% 17% 16% 14% 13% 12% 11% 10% 9% 6% 5% 5% FY22 FY23 FY24 FY22 FY23 FY24 FY22 FY23 FY24 FY22 FY23 FY24 FY22 FY23 FY24 FY22 FY23 FY24 Europe
Slide 35: Strong Existing Customers Stickiness Forms The Backbone of Revenue Growth
Strong Existing Customers Stickiness Forms The Backbone of Revenue Growth Dollar-Based Net Expansion Rate, at Each Quarter End 127% 124% 122% 116% 97% 103% Retention Rate among Top 10% customers Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Note: The Group calculates DBNER of IoT PaaS for a trailing 12-month period
Slide 36: 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% 47.3% 47.8% 42.3% 43.0% 34.4% 26.3% 7% 12% 12% 14% 14% 6% By Revenue Stream 14% 15% 13% 14% 79.0% 75.8% 75.6% 73.7% 74.2% 71.
Slide 37: Operating Expense by Quarters
Operating Expense by Quarters Operating Expenses, GAAP and Non-GAAP1 Headcounts at Period End (USD'M) 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. 17.0 Imm. 138 43.4 14.9 15.9 15.8 14.
Slide 38: Streamlined Team with Improving Revenue Efficiency
Streamlined Team with Improving Revenue Efficiency Revenue per Headcount (USD'K) 56 57 51 44 43 39 33 26 24 24 19 17 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4‘24 Note: Numbers are rounded for presentation purposes. 37
Slide 39: 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 10% Non-GAAP OP Margin (0.3) (0.6) Operating loss (GAAP) in Q4'24 (15.3) (15.0) (3.5) (3.8) (6.4) narrowed by 83.9% Y/Y mainly thanks to — (22.3) (10.3) (23.7) (16.4) (17.1) • Gross prof
Slide 40: Non-GAAP Profitable for Seven Consecutive Quarters
Non-GAAP Profitable for Seven Consecutive Quarters Net Profit/(Loss), GAAP and Non-GAAP1 (USD'M) 20.8 22.1 20.1 27% Non-GAAP Net Margin 12.6 12.3 10.1 9.8 Net profit (GAAP) in Q4'24 3.1 1.5 turned positive mainly thanks to — (3.5) (4.4) • Improvement in operating losses; (15.9) (5.2) (3.7) (4.9) (18
Slide 41: 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 31.8 1,024 30.2 1,017 1,007 23.9 999 1,
Slide 42: Continually Improving Operating Leverage
Continually Improving Operating Leverage Non-GAAP Operating Leverage (%) 91% 81% 57% 47% GPM 42% 43% 46% OP Margin 40% OPEX % of Total Revenue FY21 FY22 FY23 FY24 Long-term 1. Please refer to the earning release or financial reports for reconciliations of these non-GAAP measures to their most compar
Slide 43: 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 17.1 65 66 65 63 60 60 61 58 57 14.2 13.1 58 12.6 55 56 56 12.2 55 50 10.1 47 46 45 45 9.2 7.6 7.6 6.8 33 29 26 23 20 20 15 13 13
Slide 44: Tuya AI Agent Development Platform
Tuya AI Agent Development Platform
Slide 45: Next Breakthrough of AI Devices & Applications Falls Within Tuya Ecosystem
Next Breakthrough of AI Devices & Applications Falls Within Tuya Ecosystem … … Child (Toy) Assets Space Central Control Management Office Pet … Safety Ambience Energy Log & Insights Cooking AI Agent Development Platform Cloud Agnostic LLM Agnostic Edge Agnostic … 4G 5G NB
Slide 46: Personalized Smart AI Device Serving Diverse Customized Application Needs
Personalized Smart AI Device Serving Diverse Customized Application Needs All-in-one AI Agents Dev. Platform AI Capabilities in Device Image Recognition Speech Transcription Knowledge Base Video Analysis Emotion Recognition Prompts NLP Action Recognition Cloud Agnostic Scene Management Image Generat
Slide 47: Two Ways to Build Your Own AI Agent
Two Ways to Build Your Own AI Agent Fully-Customized Creation Template-Based Creation Select a LLM Multiple Options Set Up Memory Cycles Usability-Validated Choose Tools Configuration Support Knowledge Base Further/Subsequent Modifications Customizations Workflow Design Custom Prompt
Slide 48: AI Companions Redefine Emotional Intelligence & Interaction
AI Companions Redefine Emotional Intelligence & Interaction
Slide 49: Appendix
Appendix
Slide 50: TuyaOS
TuyaOS Layered Architecture Underpins Extensive Subsystems and Third-Party Integrations TuyaOS adopts a layered architecture design, which shields the differences between the system and hardware, making the entire technology system have good cross-platform capabilities. At the same time, it provides
Slide 51: Categories Powered by Tuya (Energy Saving)
Categories Powered by Tuya (Energy Saving) PV & Inverter Smart Power Distribution Microinverter | MPPT Controller | String Inverter | PCS Circuit Breaker | Relay | RCCB | Dual Power Switch | Power Transformer | General Frequency Converter | Industrial Gateway | Others Storage Charging Residential En
Slide 52: 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