Tuya, Inc. · NYSE:TUYA
Tuya — Q3 2025 Earnings Presentation
37 slides from Tuya's earnings presentation, Nov 24, 2025
Slide 1: Tuya Smart - Third Quarter 2025
NYSE: TUYA / HKEX: 2391.HK TUYA SMART THE GLOBAL LEADING AI CLOUD PLATFORM SERVICE PROVIDER Third Quarter 2025
Slide 2: Build an AI Developer Ecosystem
Build an AI Developer Ecosystem Enable Everything to Be Smart 1
Slide 3: Company Introduction
Company Introduction
Slide 4: Tuya at a Glance
Tuya at a Glance KEY FINANCIAL METRICS BUSINESS 1 Unique AI Cloud Platform Providing Turnkey Solutions Q3'25 USD'M Margin +YoY / YTD Worldwide Largest 3rd Physical AI developer platform globally Total Revenue 82.5 - +1% / +10% Limited/Eliminated competition Gross Margin - 48% - Irreplaceable/H
Slide 5: 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 1,622,000 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
Slide 6: Our Esteemed Global Customers
Our Esteemed Global Customers 5
Slide 7: 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
Slide 8: We're Ready to Thrive in the Next Era
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 7
Slide 9: Steps, 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
Slide 10: 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
Slide 11: 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
Slide 12: 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
Slide 13: 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
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
Slide 15: 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 6tobat Feat-tine At mteimodat vodels & Cloud Agent Development rua AT PeeS Services & Enterprise Tone bata Preprocessing Service plecform
Slide 16: 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. 15
Slide 17: 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 16
Slide 18: 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
Slide 19: 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 –
Slide 20: Our Global Partnership Footprint
Our Global Partnership Footprint Marketing Events and Direct Partnerships Cover 40+ Major Countries 19
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 20
Slide 22: 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 21
Slide 23: Financial Updates
Financial Updates
Slide 24: Strong Growth and Continued Profitability in Q3'25
Strong Growth and Continued Profitability in Q3'25 The Third Quarter, 2025 $83Mn 48% Q3'24: $82Mn Q3'24: 46% Total Revenue Overall Gross Margin 11% 24% 18% $1.03Bn Q3'24: 9% Q3'24: 25% Q3'24: -5% Non-GAAP1 Operating Non-GAAP1 Net Margin GAAP Net Margin Net Cash Balance2 Margin 1. Non-GAAP measures.
Slide 25: Sustained YoY Revenue Growth for Consecutive Quarters
Sustained YoY Revenue Growth for 9 Consecutive Quarters Total Revenue by Quarter (USD'M) +39% +30% +10%* Y/Y Growth 81.6 82.1 82.5 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 Q3'25 *Policy Impact Note: YoY comparisons are made against the same period o
Slide 26: 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% 46.0% 48.4% 48.3% 12% 14% 14% 14% 15% 13% 14% 14% By Revenue Stream 74.2% 71.9% 72.3% 71.6% 72.0% 70.8% 47.1% 48.6% 46.
Slide 27: 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 1,415 58.1 54.1 54.6 53.3 Imm. 8.1 108 47.0 111 119 7.4 45.9 45.5 Imm. 43.0 310 284 17.3 2.3 256 Imm. 17.0 37.7 37.7 14.9 36.0 15.9 15.8 14.8 12.2 GAAP 15.4 36.0 8.3 7.5 5.1 33.0
Slide 28: Maintained Profitability For Six Consecutive Quarters
Maintained Profitability For Six Consecutive Quarters Operating Profits, GAAP and Non-GAAP1 (USD'M) 8.5 8.6 8.9 7.4 7.4 6.8 11% Achieved profitability for the second 3.8 Non-GAAP consecutive quarter under both GAAP 1.1 OP Margin and non-GAAP measures, mainly thanks to — (0.3) (0.6) (1.5) (3.5) (3.8)
Slide 29: Sustained Operating Leverage
Sustained Operating Leverage Net Profits, GAAP and Non-GAAP1 (USD'M) 22.1 20.8 20.1 20.1 20.1 19.3 24% 15.0 Non-GAAP 12.6 12.3 12.6 Net Margin 10.1 11.0 9.8 Net profit (GAAP) increased for the 4 18% consecutive quarter, an improvement of GAAP 1.5 3.1 Net Margin USD 19.4M year over year, reflects sus
Slide 30: 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 30.0 1,024 1,024 1,027 1,017 23.9 1,007 1,006 1,010 999 1,000 1,000 999 990 990 18.2 982 7.5 16.1 14.5 11.8 Q3: Dividends accrued
Slide 31: 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 - Semiconductor Average - Software 14.2 66 65 13.1 60 60 61 60 60 12.6 58 65 57 11.3 52 10.1 10.0 55 56 9.6 9.2 50 49 49 49 47 46 45 7.6 7.6 6.8 29 26 23 20 20 15 15
Slide 32: Recent Updates
Recent Updates
Slide 33: Commitment to an Open and Thriving Physical AI Developer Ecosystem
Commitment to an Open and Thriving Physical AI Developer Ecosystem TuyaOpen - Growing Open-Source Community Growing AI Developer Adoption AI developers continue to expand across TuyaOS, TuyaOpen, and T-series AI development boards. Commercial developers have built 12,000+ AI Agents across multiple p
Slide 34: The Expansion of Tuya's Physical AI Ecosystem
The Expansion of Tuya’s Physical AI Ecosystem IPC Solutions: From Detection AI for Industry Scenarios: to Understanding Energy Management & Space Intelligence Evolving from basic object Space intelligence solutions detection to semantic-level event expand adoption across understanding commercial set
Slide 35: HDB Collaboration: Multi-track Deployment with Long-Term Scale Potential
HDB Collaboration: Multi-track Deployment with Long-Term Scale Potential Scaled Deployment Underway First two phases fully confirmed and under continuous production and delivery ·2,000+ households entered installation & commissioning. ·Multi-year delivery pipeline providing stable recurring project
Slide 36: IFA 2025
Showcasing Tuya’s Physical AI Capabilities AI Note AI Smart Control Panel Max AI Earbuds AI Self-driving Pet Robot AI-Driven Smart Living Innovation Led by Tuya IFA 2025 • Demonstrated Tuya’s full-stack Physical AI capabilities • Introduced new AI devices—— covering communication, productivity, and
Slide 37: 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