Tuya Inc.

Tuya operates a software-and-hardware integrated business model, focusing on AI-related initiatives. In 2025, the company integrated its Spatial LLM and On-Device AI capabilities into its platform and expanded into new product categories, such as AI-powered toys. These efforts aimed to enhance the functionality of its offerings and support engagement within its ecosystem, including its registered AI developer community. In 2025, Tuya generated total revenue of approximately US$321.8 million, representing a 7.8% year-over-year growth. The overall gross margin remained stable at around 48.2%. Annual operating expenses declined by approximately 24.1% year-over-year. Non-GAAP profit from operations reached US$33.7 million, with a non-GAAP operating margin of 10.5%. Non-GAAP net profit in 2025 was US$80.1 million, a year-over-year growth of around 6.4%. The company also achieved a GAAP net profit of US$57.9 million, representing a year-over-year growth of over ten times. Tuya generated approximately US$81.0 million in positive operating cash flow in 2025. After paying dividends declared in February and August, the company ended the year with a net cash balance exceeding US$1,017.3 million.