TUYA-W (02391) announced its performance for 2025, with a net profit of 57.89 million US dollars, an increase of 1058.5% year-on-year.

TUYA-W(02391) announced that in the fourth quarter of 2025, total revenue was 84.5 million US dollars, an increase of approximately 3.0% year-on-year; overall gross profit margin was 47.6%, a decrease of 0.2 percentage points year-on-year; net profit was 19.3 million US dollars (compared to 9.8 million US dollars in the fourth quarter of 2024). For the full year of 2025, total revenue was 321.8 million US dollars, a year-on-year increase of approximately 7.8%; the overall gross profit margin increased to 48.2%, a year-on-year increase of 0.8 percentage points; net profit was 57.89 million US dollars, a year-on-year increase of 1058.5%. In the fourth quarter of 2025, there were approximately 2100 PaaS customers (compared to approximately 2100 in the fourth quarter of 2024). The total number of customers in the fourth quarter of 2025 was approximately 3000 (the same as in the fourth quarter of 2024). As of December 31, 2025, there were 291 high-quality PaaS customers for the consecutive 12 months (compared to 298 in the fourth quarter of 2024). In the fourth quarter of 2025, high-quality PaaS customers contributed approximately 88.3% of PaaS revenue (compared to approximately 87.3% in the fourth quarter of 2024). As of December 31, 2025, the revenue-based PaaS net expansion rate (DBNER) was 102% (compared to 122% in the fourth quarter of 2024). As of December 31, 2025, the number of registered AI developers exceeded 1.801 million, a 37% increase from approximately 1.316 million developers as of December 31, 2024. Mr. Wang Xueji, Founder and CEO of Tuya, said: "We have continued to make steady progress in a complex and fast-changing business environment, achieving robust revenue growth for the year and further enhancing profitability and operational efficiency. The stability and improvement of gross profit margin reflect our value positioning and technology pricing capabilities in the industry, as well as the resilience of the core platform business structure. The continued healthy net profit and operational cash flow further validate the sustainability of the company's business model and its ability to transform rigorous operations into robust financial performance. At the strategic level, we continue to advance the path of "platform empowerment + application expansion" for AI+IoT, accelerating the systematic integration of AI capabilities into the platform and device ecosystem. We launched the AI-powered smart life assistant Hey Tuya at CES, showcasing the Physical AI Engine (PAE) architecture that supports its operation, signalling the company's extension of AI capabilities from the platform layer to cross-device, scenario-based product experiences, marking an important step for the company from technology capability output to the landing of scenario-based products. By the end of 2025, the number of AI+IoT developers registered on the platform reached 1.800 million, an increase of 37% year-on-year. The number of AI agents developed on the Tuya platform has reached approximately 16,000. The penetration of AI capabilities in end products continues to increase, and the pace of commercialization is steadily advancing. AI is gradually evolving from simple feature stacking to replicable AI applications and sustainable sources of revenue, driving the upgrading of platform value to higher-quality structures. Looking ahead, we will continue to strengthen our AI-native platform capabilities and developer ecosystem, enhance long-term value creation under the support of robust business models and solid financial foundations." Mr. Yang Yi, Director and CFO of Tuya, added: "In the fourth quarter, the company's profitability continued to improve, with GAAP operating profit margin turning positive year-on-year and net profit margin significantly increasing, mainly due to the optimization of cost structure and the release of operating leverage. On the basis of stable revenue growth, we achieved a phase-based improvement in profit margins. For the full year of 2025, the company achieved repair of profitability under GAAP, while maintaining stable growth in operating cash flow. This reflects our continuous optimization in cost discipline and resource allocation. At the same time, based on the continuous iteration of AI capabilities, we are accelerating the push towards a sustainable revenue model represented by cloud software and value-added services on top of existing customer and developer ecosystems. SaaS and other revenue in 2025 experienced double-digit growth year-on-year, with growth rate higher than the overall revenue level, demonstrating the continued optimization of revenue structure. By the end of the year, the company's balance sheet remains solid, with cash and liquid investments exceeding 1 billion US dollars, and no interest-bearing debt. Strong liquidity provides ample protection for the company's long-term strategic investments and response to external fluctuations."