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Tuya Inc. (NYSE: TUYA; HKEX: 2391) is a global leader in IoT cloud development, dedicated to building an ecosystem that empowers developers to create smart products. Headquartered in Hangzhou, China, Tuya provides a comprehensive suite of services including Platform-as-a-Service (PaaS) and Software-as-a-Service (SaaS) solutions. The company's mission is to enable everything to be smart, transforming consumer electronics, household items, and industrial devices into intelligent products.
Tuya's IoT cloud platform is designed to support brands, OEMs, and retail chains by offering tools for hardware access, cloud services, and app software development. This closed-loop service system spans over 200 countries, including China, the United States, and Europe, serving more than 10,000 clients and millions of consumers. Tuya processes over 20 billion device requests and 6 million AI interactions daily, with accumulated data reaching 1 petabyte.
Recent achievements highlight Tuya's commitment to innovation and sustainability. The company has integrated Google's Device and Structure APIs to enhance its Smart Home sector, offering developers new opportunities while ensuring seamless connectivity and user-friendly experiences. Tuya's Smart App Solution helps developers reduce R&D costs and time by providing an inclusive service platform for app construction.
Financially, Tuya has shown resilience with a significant reduction in net losses and successful treasury strategies that bolster interest income. Partnerships with tech giants like Google, Amazon, and Alibaba, along with recent collaborations with the UN Global Compact, underscore its dedication to sustainable development and corporate social responsibility.
Tuya continues to drive industry change through its annual Global Developer Summit, which gathers experts to discuss GenAI, large language models, and green development. This event showcases Tuya's cutting-edge innovations and collaborations aimed at fostering a smarter, more sustainable world.
Tuya Inc. (NYSE: TUYA; HKEX: 2391), a global cloud platform service provider, has announced significant changes to its board and senior management. Ms. Yao (Jessie) Liu has resigned as director, Chief Financial Officer, and senior vice president, effective September 16, 2024, to focus on personal endeavors. Her 5-year tenure included leading Tuya's public listings on the NYSE and HKEX.
Following Ms. Liu's departure, Mr. Yi (Alex) Yang, a director and co-founder, will assume the additional role of Chief Financial Officer. Mr. Yang brings extensive operational leadership experience and a deep understanding of Tuya's business and financial operations. The company affirms its commitment to its long-term strategic vision and maintaining its position as a leading cloud platform service provider.
Tuya Inc. (NYSE: TUYA; HKEX: 2391), a global cloud platform service provider, has announced a special cash dividend of US$0.0589 per ordinary share or ADS. The total dividend amount is approximately US$33 million, to be paid from the company's share premium account. The record date is set for September 11, 2024, with payment expected around October 9, 2024 for ordinary shareholders and October 15, 2024 for ADS holders. This decision reflects Tuya's financial strength and commitment to shareholder returns. The dividend distribution considers factors such as GAAP and Non-GAAP net profits, cash flows, and overall financial conditions.
Tuya Inc. (NYSE: TUYA; HKEX: 2391) reported strong Q2 2024 financial results:
- Total revenue up 28.6% YoY to $73.3 million
- IoT PaaS revenue up 32% YoY to $54.3 million
- Overall gross margin increased to 48.0%
- Achieved first positive quarterly non-GAAP operating margin of 10.0%
- Net profit of $3.1 million, compared to net loss of $23.5 million in Q2 2023
- Non-GAAP net profit up 1,276.5% to $20.8 million
The company declared a special cash dividend of $0.0589 per share. Tuya's strong performance was driven by reduced inventory backlog, economic recovery, strategic focus on customers, and product enhancements. Management expressed confidence in future growth and profitability.
Tuya Smart (NYSE: TUYA, HKEX: 2391) has been recognized in Gartner's 'Hype Cycle for Smart City and Sustainability in China, 2024' for the third consecutive year. This acknowledgment highlights Tuya's role in advancing smart city technologies and sustainable development in China.
Tuya's solutions span various urban settings, including traffic optimization, smart streetlights, community enhancements, and office automation. The company's smart streetlight solutions offer intelligent control, energy conservation, and data monitoring. Tuya also facilitates smart community upgrades, covering homes, parking lots, and access control.
In the energy sector, Tuya has developed building and home energy management systems. These systems help optimize energy efficiency, reduce costs, and minimize waste. In Singapore, Tuya-enabled energy-saving kits have demonstrated up to 54% reduction in monthly electricity consumption.
Tuya has joined the United Nations Global Compact (UNGC), affirming its commitment to global sustainable development. The company's inclusion in multiple Gartner reports underscores its expertise in AI technology, smart home ecosystems, and innovative device development.
Tuya Inc. (NYSE: TUYA; HKEX: 2391), a global cloud platform service provider, has announced it will release its second quarter 2024 unaudited financial results on August 26, 2024, after market close. The company will host a conference call at 08:30 P.M. Eastern Time on the same day (08:30 A.M. Hong Kong Time on August 27, 2024) to discuss the results. Participants must register online to join the call and will receive dial-in information and a unique PIN upon registration. A live and archived webcast of the conference call will be available on Tuya's investor relations website.
Tuya, a global cloud platform service provider, announced the outcomes of its Annual General Meeting held on June 20, 2024, in Hangzhou, China. Held at 3:00 PM Hong Kong time, the meeting resulted in the approval of all resolutions proposed to shareholders. The resolutions were originally detailed in a notice dated May 21, 2024. Tuya is listed on both the NYSE under the symbol TUYA and on the HKEX under the symbol 2391.
On June 11, 2024, Tuya Smart (NYSE: TUYA, HKEX: 2391) launched the 'Tuya Ecosystem Partners Exhibition' at the 2024 TUYA Global Developer Summit in Shenzhen. This initiative aims to foster global developer collaboration and showcase technological advancements. The summit featured partnerships with industry leaders like Chli, Huizhu, Links Field, and Silicon Labs, presenting innovative products integrated with GenAI technology. Tuya's new platform strives to overcome challenges in brand influence and market expansion by providing a vibrant, interconnected smart ecosystem. The exhibition includes live streaming, media interviews, and other channels to enhance brand exposure and business connections.
Tuya Smart (NYSE: TUYA, HKEX: 2391) hosted the TUYA Global Developer Summit in Shenzhen, featuring a sub-forum on green and low-carbon living. Prominent figures from the smart industry, including Weiwei Xie from Goneo Group and Martin Li from Geely VREMT, discussed innovative energy solutions. Tuya highlighted its integrated energy management solutions combining AI and EMS systems to reduce energy consumption. Key products and insights were shared by industry leaders, focusing on renewable energy, smart mobility, and IoT applications. The event also featured cooperation agreements with leading companies to advance sustainable energy technologies.
On June 11, 2024, Tuya Smart hosted the 2024 TUYA Global Developer Summit in Shenzhen, showcasing advancements in smart hardware powered by generative AI (GenAI). The event featured hundreds of Tuya-enabled AI products across home, security, pets, energy, travel, office, and healthcare.
Notable products included a smart bird feeder capable of identifying over 10,000 bird species, a smart pet feeder promoting pet health through tailored feeding plans, a health-monitoring smart ring, and the TuyaGo smart control panel for comprehensive device control. These innovations highlight Tuya's ongoing commitment to enhancing smart living experiences.
Tuya Smart (NYSE: TUYA, HKEX: 2391) hosted the TUYA Global Developer Summit in Shenzhen, focusing on 'GenAI + IoT: Driving Smarter Spaces'. The event saw collaboration with global developers to explore generative AI applications across industries.
Keynote speeches included insights from industry leaders like Xue Ya of Delos Asia, Yuzhi Fang of Easyhome, and Thomas Tang of inSpace. Topics covered smart commercial deployment, smart home solutions, and technology integration in well-being and living environments.
Tuya introduced the Gsmart Lock App for residential and commercial spaces, flexible developer platforms, and collaborative efforts with partners like Simon, Chli, and Smartek to enhance smart ecosystems. The event culminated in a global partner consensus ceremony, emphasizing innovation and sustainable development in smart commerce.
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