Tuya, Inc. · NYSE:TUYA

Tuya — Q2 2025 Earnings Presentation

41 slides from Tuya's earnings presentation, 2025

  1. 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 Second Quarter 2025

  2. Slide 2: Build an AI Developer Ecosystem, Enable Everything to Be Smart

    Build an AI Developer Ecosystem Enable Everything to Be Smart 1

  3. Slide 3: Company Introduction

    Company Introduction

  4. Slide 4: Dual-Primary Listed, R&D Driven Innovator with Strong Global Presence

    We Are Dual-Primary Listed, R&D Driven Innovator with Strong Global Presence TUYA / 2391 1,400+ NYSE/HKEX Stock Ticker Employees Worldwide 1,514,000 70%+ Düsseldorf Global AI Developers In R&D/Product Team Europe Tokyo East Asia, North Asia, APAC ~7,000 8 Countries/Regions Hangzhou & Shenzhen Global

  5. Slide 5: Our Esteemed Global Customers

    Our Esteemed Global Customers 4

  6. Slide 6: Solid Founding Team with Three Successful Entrepreneurial Experiences

    Solid Founding Team with Three Successful Entrepreneurial Experiences Jerry Wang Leo Chen Alex Yang Ruixin Zhou Yaona Lin Co-Founder, CEO Co-Founder, President Co-Founder, CFO & COO Co-Founder Co-Founder 2003 2008 2014 The biggest open-source Alibaba Cloud & The largest 3rd-party BBS software in Chi

  7. Slide 7: Ready to Thrive in the Next Era — Bring Intelligence to Physical World

    We're Ready to Thrive in the Next Era — Bring Intelligence to Physical World AI Intelligent Era Mobile Internet PC Internet … … AIoT Infrastructure 1×N×N 2×4×N 1×N×N 6

  8. Slide 8: 2 Steps, 3 Business Models to Bring AI to Physical World

    2 Steps, 3 Business Models to bring AI to Physical World Unified System, One Neutral Platform, All Smart PaaS Solution SaaS Dev Kit for Device Manufacturers Turnkey Solution for Smart Device Subscribed Software Service on Devices Device Edge AIoT Cloud User Interaction PaaS + Hardware Design for Con

  9. Slide 9: Business Growth Driven by AIoT Penetration

    Business Growth Driven by AIoT Penetration Our Growth Strategies • Price. Increase average revenue per device through smart solutions • Volume. Drive AI device growth by acquiring new customers and enhancing existing customer value with tailored solutions • Time. Enhance software capabilities with A

  10. Slide 10: 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, Cooking Machines, Pets, Outdoor, Energy Saving +3% CAGR Gateways, Wellness, … Volume of New Consumer Electronic Devices ~20Billion New

  11. Slide 11: 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" ~17% Smart Devices (>50% of 3rd-Party Platforms) ~68% In-House Other Platforms in The Markets • AWS IoT – Collaboration outweighs competition; minimal customer overlap. • Other service providers in nic

  12. Slide 12: Leveraging Supply Chain Integration to Deliver Cross-Tier Value

    Leveraging Supply Chain Integration to Deliver Cross-Tier Value 2. OEM/ODM 3. Brands/Importers • RD efficiency • A neutral platform detached from • Break through technical thresholds hardware vendors • Achieve better technological leadership • Unified user system • Flexible development capabilities

  13. Slide 13: Expanding from Home to All Scenarios Where AIoT is Needed

    ​Expanding from Home to All Scenarios Where AIoT is Needed 12

  14. Slide 14: Our Agnostic, Agile, Open Architecture

    Our Agnostic, Agile, Open Architecture Agnostic • Cloud • AI LLMs • Edge (connectivity protocols, OS) Agile & Flexible • Turnkey • SDK/API kit • Unified framework • Reference design Open • Open APIs • Open Source Project 13

  15. Slide 15: AI Device Architecture

    Client-eide App App SDK Device-side SOK RTC SDK Al Device Architecture Conversation Ar Wodels & Cloud ‘Agent Development. Enterprise Engine service Platform self-buslt Platforns = vAD RAG Cloud Server TTS/STT ans Prompts Cloud Database Management AL VAD Real-time Long noma Cara Communication Memory

  16. Slide 16: AI Device Architecture

    Pc/Web/Pan-terninal Tuya API Pan-terminal. SOK (Pending Launch) Client-side App Tuys App. Al Device Architecture ‘Sk Intelligent Hardware Toya0s: kong AT SOK Tuya 6tobalResl-tine At mteimodat vodels & Cloud Agent Development tuya AT PeeS Services & Enterprise Tonemlscion watwor bata Preprocessing Se

  17. Slide 17: Integrate a Diverse Hardware Ecosystem into a Unified User Portal

    Integrate A Diverse Hardware Ecosystem into A Unified User Portal Massive Array of Categories Powered by Tuya Note: Categories selected and graphics for illustrative purpose only. 16

  18. Slide 18: Integrate a Diverse Hardware Ecosystem into a Unified User Portal

    Integrate A Diverse Hardware Ecosystem into A Unified User Portal My Home My Home My Home One App Smart Energy Saving Application Case One Smart Home based on Tuya Ecosystem 17

  19. Slide 19: One App User Experience + Large Customer Base = Network Effects

    One App User Experience + Large Customer Base = 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 Powered by Tuya ("PBT

  20. Slide 20: Full Stack Offering Brings Strategic Depth

    Full Stack Offering Brings Strategic Depth 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 –

  21. Slide 21: Our Global Partnership Footprint

    Our Global Partnership Footprint Marketing Events and Direct Partnerships Cover 40+ Major Countries 20

  22. Slide 22: 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 21

  23. Slide 23: Industry Leaders in Global AIoT Security Compliance

    Tuya as Best Practice and Industry Leaders in Global AIoT Security Compliance NLD US GER US CN IN Global Data Centers 22

  24. Slide 24: Financial Updates

    Financial Updates

  25. Slide 25: Strong Growth and Continued Profitability in Q2'25

    Strong Growth and Continued Profitability in Q2'25 The Second Quarter, 2025 $80Mn +9% 48% $1.01Bn Q2'24: $73Mn Q2'24: 48% Total Revenue Total Revenue Overall Gross Margin Net Cash Balance2 YoY Growth 11% 25% 16% $33Mn Q2'24: 10% Q2'24: 28% Q2'24: 4% Non-GAAP1 Operating Non-GAAP1 Net Margin GAAP Net

  26. Slide 26: Solid YoY Revenue Growth for 8 Consecutive Quarters

    Solid YoY Revenue Growth for 8 Consecutive Quarters Total Revenue by Quarter (USD'M) Y/Y Growth +39% +30% +15% 81.6 82.1 80.1 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 Q2'25 Note: Numbers are rounded for presentation purposes. 26

  27. Slide 27: Revenue Breakdown

    Revenue Breakdown Revenue Breakdown, The Second Quarter (USD'M) Total Revenue PaaS Smart Solution SaaS and Others YoY YoY YoY YoY +9% +7% +17% +16% 80.1 73.3 58.1 54.3 9.4 10.9 9.6 11.1 Q2'24 Q2'25 Q2'24 Q2'25 Q2'24 Q2'25 Q2'24 Q2'25 Note: Numbers are rounded for presentation purposes. 27

  28. 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% 48.4% 48.0% 48.4% 12% 14% 14% 13% 15% 13% 14% 14% By Revenue Stream 74.2% 71.9% 73.2% 72.0% 71.0% 47.1% 48.6% 47.6% 48.7% 43.

  29. Slide 29: Operating Expense by Quarters

    Operating Expense by Quarters Operating Expenses, GAAP and Non-GAAP1 Headcounts at Period End (USD'M) Total= 1,465 1,435 1,438 58.1 One-time ESOP 54.6 repricing impact 53.3 54.1 8.1 Imm. 108 111 112 47.0 7.4 Imm. 45.9 45.5 17.3 2.3 43.0 310 259 2.3 Imm. 284 17.0 14.9 37.7 37.7 15.9 15.8 14.8 12.2 GA

  30. 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 8.6 6.8 Achieved an operating profit of $1.1 11% Non-GAAP million in Q2'25, compared to an operating 1.1 OP Margin loss of $10.3 million in Q2'24, mainly thanks to — (0.3) (0.6) (1.5) (3

  31. Slide 31: Sustained Operating Leverage

    Sustained Operating Leverage Net Profit/(Loss), GAAP and Non-GAAP1 (USD'M) 22.1 20.8 20.1 20.1 19.3 25% Non-GAAP 12.6 12.3 12.6 Net Margin 11.0 10.1 9.8 Net profit (GAAP) in Q2'25 16% improved by 302% Y/Y to $12.6 million, GAAP 1.5 3.1 Net Margin mainly thanks to — • Improvement in operating profits

  32. Slide 32: Operating Cash Flow per Quarter

    Operating Cash Flow per Quarter Net Operating Cash Flows Net Cash1 and Shareholder Equities at Period End (USD'M) (USD'M) Net Cash Balance Shareholder Equities 31.8 30.2 1,024 1,024 1,017 23.9 1,007 1,006 1,010 999 1,000 1,000 990 990 18.2 984 982 971 Q3: Dividends accrued 7.5 16.1 Q1: Dividends acc

  33. 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 66 65 13.1 60 60 61 60 60 12.6 58 65 57 11.3 10.1 55 56 9.6 9.2 50 49 49 47 46 45 7.6 7.6 6.8 29 26 23 20 20 15 15 16 13 13

  34. Slide 34: Recent Updates

    Recent Updates

  35. Slide 35: Tuya AI Toy Solution Showcases in The Market

    Tuya AI Toy Solution Showcases in The Market BebeMoo Pleasant Goat &Buddies Series Kidswant AlphaGroup (奥飞) WAKUKU Flying DongDong Letsvan Egg Party by NetEase Games 35

  36. Slide 36: Empowers AI to Blend into Everything — Super Entry to AI-Powered Living

    Empowers AI to Blend into Everything — The Super Entry to AI-Powered Living AI Agents All-in-One Tuya AI Agent AI Home Agent Developer Platform • Embedded in Tuya Super AI App • Enables AI developers to create custom AI Agents on Tuya standards • Decoupled hardware: full flexibility across all Power

  37. Slide 37: Building the Super AI Home Agent for End User

    Building the Super AI Home Agent for End User All-in-One AI Home Assistant Centralizes smart features like notes, translation, health, and scheduling for everyday needs. Smart Home Lifestyle Hub Positioned as the go-to app that empowers users to manage and enrich all aspects of daily life. 37

  38. Slide 38: Commitment to an Open and Thriving AI Hardware Ecosystem

    Tuya's Commitment to an Open and Thriving AI Hardware Ecosystem TuyaOpen - Open Source Framework Innovative AI Device Prototype Showcase by AI Developers *Multimodal AI Robotic Dog *Intelligent companion robot with robotic arm for tasks like delivering cups • Growing Developer Community Expanding Tu

  39. Slide 39: Appendix

    Appendix

  40. Slide 40: Tuya at a Glance

    Tuya at a Glance BUSINESS KEY FINANCIAL METRICS 1 Unique AI Cloud Platform Providing Turnkey Solutions Q2'25 USD'M +YoY / Margin Worldwide Total Revenue 80.1 +9%  Largest 3rd AIoT developer platform globally  Limited/Eliminated competition Gross Margin 48%  Irreplaceable/Highly sticky/Neutral Non

  41. Slide 41: 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

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