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TUYA
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174 days

Tuya Inc. headline

1. Tuya's revenue jumped 29.7% in year-over-year comparison. 2. Net profit turned positive in Q4 2024, totaling $9.8 million. 3. Operating expenses decreased significantly by 11% year-over-year. 4. Shareholders' equity rose to $1 billion, reflecting improved financial health. 5. Cash and cash equivalents increased 31% to $653 million.

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Why Bullish?

Tuya's strong revenue growth and positive net profit indicate a turnaround, similar to historical recoveries like those during 2021's tech bounce-back.

How important is it?

The article highlights crucial financial metrics that significantly influence investor perception and short-term stock performance.

Why Short Term?

Immediate investor sentiment may improve due to recent positive financial results, but sustainability needs monitoring.

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, /PRNewswire/ --  TUYA INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2023 AND 2024 (All amounts in US$ thousands ("US$"), except for share and per share data, unless otherwise noted) As of December 31, As of December 31, 2023 2024 ASSETS Current assets: Cash and cash equivalents 498,688 653,334 Restricted cash – 50 Short-term investments 291,023 194,536 Accounts receivable, net 9,214 7,592 Notes receivable, net 4,955 7,485 Inventories, net 32,865 23,840 Prepayments and other current assets, net 11,053 16,179 Total current assets 847,798 903,016 Non-current assets: Property, equipment and software, net 2,589 6,619 Land use rights, net – 8,825 Operating lease right-of-use assets, net 7,647 4,550 Long-term investments 207,489 180,092 Other non-current assets, net 877 678 Total non-current assets 218,602 200,764 Total assets 1,066,400 1,103,780 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable 11,577 19,051 Advances from customers 31,776 31,346 Deferred revenue, current 6,802 7,525 Accruals and other current liabilities 32,807 32,257 Incomes tax payables 689 360 Lease liabilities, current 3,883 3,798 Total current liabilities 87,534 94,337 Non-current liabilities: Lease liabilities, non-current 3,904 851 Deferred revenue, non-current 506 377 Other non-current liabilities 3,891 767 Total non-current liabilities 8,301 1,995 Total liabilities 95,835 96,332 TUYA INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) AS OF DECEMBER 31, 2023 AND 2024 (All amounts in US$ thousands ("US$"), except for share and per share data, unless otherwise noted) As of December 31, As of December 31, 2023 2024 Shareholders' equity: Ordinary shares – – Class A ordinary shares 25 25 Class B ordinary shares 4 4 Treasury stock (53,630) (15,726) Additional paid-in capital 1,616,105 1,612,712 Accumulated other comprehensive loss (17,091) (19,716) Accumulated deficit (574,848) (569,851) Total shareholders' equity 970,565 1,007,448 Total liabilities and shareholders' equity 1,066,400 1,103,780 TUYA INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME (All amounts in US$ thousands ("US$"), except for share and per share data, unless otherwise noted) For the Three Months Ended For the Year Ended December 31, December 31, December 31, December 31, 2023 2024 2023 2024 Revenue 64,411 82,059 229,990 298,617 Cost of revenue (33,948) (42,821) (123,335) (157,187) Gross profit 30,463 39,238 106,655 141,430 Operating expenses: Research and development expenses (22,806) (23,705) (102,277) (95,049) Sales and marketing expenses (10,937) (9,048) (40,440) (37,081) General and administrative expenses (23,754) (13,618) (80,663) (68,254) Other operating incomes, net 3,410 3,337 10,901 11,334 Total operating expenses (54,087) (43,034) (212,479) (189,050) Loss from operations (23,624) (3,796) (105,824) (47,620) Other income/(loss) Other non-operating income, net 778 767 3,113 4,180 Financial income, net 13,135 12,474 44,976 50,718 Foreign exchange gain/(loss), net 17 864 669 (136) (Loss)/profit before income tax expense (9,694) 10,309 (57,066) 7,142 Income tax expense (1,122) (524) (3,249) (2,145) Net (loss)/profit (10,816) 9,785 (60,315) 4,997 Net (loss)/profit attributable to Tuya Inc. (10,816) 9,785 (60,315) 4,997 Net (loss)/profit attribute to ordinary shareholders (10,816) 9,785 (60,315) 4,997 Net (loss)/profit (10,816) 9,785 (60,315) 4,997 Other comprehensive (loss)/income Changes in fair value of long-term investments (5,321) 153 (7,791) 14 Transfer out of fair value changes of long-term investments 7,487 – 15,537 65 Foreign currency translation 1,772 (4,450) (2,722) (2,574) Total comprehensive (loss)/income attributable to Tuya Inc. (6,878) 5,488 (55,291) 2,372 TUYA INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME (CONTINUED) (All amounts in US$ thousands ("US$"), except for share and per share data, unless otherwise noted) For the Three Months Ended For the Year Ended December 31, December 31, December 31, December 31, 2023 2024 2023 2024 Net (loss)/profit attributable to Tuya Inc. (10,816) 9,785 (60,315) 4,997 Net (loss)/profit attributable to ordinary shareholders (10,816) 9,785 (60,315) 4,997 Weighted average number of ordinary shares used in computing net (loss)/profit per share, basic and diluted – basic 557,103,923 587,987,654 555,466,061 573,782,783 – diluted 557,103,923 589,689,036 555,466,061 591,006,801 Net (loss)/profit per share attributable to ordinary shareholders, basic and diluted – Basic (0.02) 0.02 (0.11) 0.01 – Diluted (0.02) 0.02 (0.11) 0.01 Share-based compensation expenses were included in: Research and development expenses 3,446 2,487 14,734 14,347 Sales and marketing expenses 1,462 869 5,446 5,098 General and administrative expenses 11,028 8,855 45,036 48,305 TUYA INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (All amounts in US$ thousands ("US$"), except for share and per share data, unless otherwise noted) For the Three Months Ended For the Year Ended December 31, December 31, December 31, December 31, 2023 2024 2023 2024 Net cash generated from operating activities 31,760 30,182 36,443 80,352 Net cash generated from investing activities 299,763 45,556 332,455 107,428 Net cash generated from/(used in) financing activities 162 (33,022) (2,223) (33,200) Effect of exchange rate changes on cash and cash equivalents, restricted cash 729 (387) (1,148) 116 Net increase in cash and cash equivalents, restricted cash 332,414 42,329 365,527 154,696 Cash and cash equivalents, restricted cash at the beginning of period 166,274 611,055 133,161 498,688 Cash and cash equivalents, restricted cash at the end of period 498,688 653,384 498,688 653,384 TUYA INC. UNAUDITED RECONCILIATION OF NON-GAAP MEASURES TO THE MOST DIRECTLY COMPARABLE FINANCIAL MEASURES (All amounts in US$ thousands ("US$"), except for share and per share data, unless otherwise noted) For the Three Months Ended For the Year Ended December 31, December 31, December 31, December 31, 2023 2024 2023 2024 Reconciliation of operating expenses to non-GAAP operating expenses Research and development expenses (22,806) (23,705) (102,277) (95,049) Add: Share-based compensation expenses 3,446 2,487 14,734 14,347 Adjusted Research and development expenses (19,360) (21,218) (87,543) (80,702) Sales and marketing expenses (10,937) (9,048) (40,440) (37,081) Add: Share-based compensation expenses 1,462 869 5,446 5,098 Adjusted Sales and marketing expenses (9,475) (8,179) (34,994) (31,983) General and administrative expenses (23,754) (13,618) (80,663) (68,254) Add: Share-based compensation expenses 11,028 8,855 45,036 48,305 Add: Credit-related impairment of long-term investments 7,435 72 15,537 261 Add: Litigation costs – – – 2,300 Adjusted General and administrative expenses (5,291) (4,691) (20,090) (17,388) Reconciliation of loss from operations to non-GAAP (loss)/profit from operations Loss from operations (23,624) (3,796) (105,824) (47,620) Operating margin (36.70 %) (4.60 %) (46.00 %) (15.90 %) Add: Share-based compensation expenses 15,936 12,211 65,216 67,750 Add: Credit-related impairment of long-term investments 7,435 72 15,537 261 Add: Litigation costs – – – 2,300 Non-GAAP (loss)/profit from operations (253) 8,487 (25,071) 22,691 Non-GAAP Operating margin (0.40 %) 10.30 % (10.90 %) 7.60 % TUYA INC. UNAUDITED RECONCILIATION OF NON-GAAP MEASURES TO THE MOST DIRECTLY COMPARABLE FINANCIAL MEASURES (CONTINUED) (All amounts in US$ thousands ("US$"), except for share and per share data, unless otherwise noted) For the Three Months Ended For the Year Ended December 31, December 31, December 31, December 31, 2023 2024 2023 2024 Reconciliation of net (loss)/profit to non-GAAP net profit Net (loss)/profit (10,816) 9,785 (60,315) 4,997 Net margin (16.8 %) 11.9 % (26.2 %) 1.7 % Add: Share-based compensation expenses 15,936 12,211 65,216 67,750 Add: Credit-related impairment of long-term investments 7,435 72 15,537 261 Add: Litigation costs – – – 2,300 Non-GAAP Net profit 12,555 22,068 20,438 75,308 Non-GAAP Net margin 19.5 % 26.9 % 8.9 % 25.2 % Weighted average number of ordinary shares used in computing non-GAAP net profit per share, – Basic 557,103,923 587,987,654 555,466,061 573,782,783 – Diluted 589,438,606 589,689,036 586,431,849 591,006,801 Non-GAAP net profit per share attributable to ordinary shareholders – Basic 0.02 0.04 0.04 0.13 – Diluted 0.02 0.04 0.03 0.13 SOURCE Tuya Inc. 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