Tuya, Inc. · NYSE:TUYA
Tuya — Q4 2025 Earnings Presentation
38 slides from Tuya's earnings presentation, May 11, 2026
Slide 1: Tuya Smart: Fourth Quarter & Fiscal Year 2025 Results
NYSE: TUYA / HKEX: 2391.HK TUYA SMART THE GLOBAL LEADING AI CLOUD PLATFORM SERVICE PROVIDER Fourth Quarter & Fiscal Year 2025 Results
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: Dual-Primary Listed, R&D Driven Innovator with Strong Global Presence
We Are Dual-Primary Listed, R&D Driven Innovator with Strong Global Presence FY2025 TUYA / 2391 1,400+ NYSE/HKEX Stock Ticker Employees Worldwide 1,801,000 70%+ Düsseldorf Global AI Developers In R&D/Product Team Europe Tokyo East Asia, North Asia, APAC ~7,000 8 Countries/Regions Hangzhou & Shenzhen
Slide 5: FY2025 Financial Snapshot
FY2025 Financial Snapshot BUSINESS KEY FINANCIAL METRICS 1 Unique AI Smart Cloud Platform Service Provider Period FY2025 Providing Turnkey Solutions Worldwide Revenue Y/Y Growth $322 Mn/+8% Largest 3rd cloud developer platform globally Limited/Eliminated competition Gross Margin 48% Irreplacea
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: Ready to Thrive in the Next Era — Bring Intelligence to Physical World
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: 2 Steps, 3 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: One App One Smart Home Smart Energy Saving Application Case
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 CSA Score (S&P Global) 57 48 12 36 A The Sustainability Yearbook 2025 China Edition 2022 2025 2025 Selected Enterprise Significant and Sustained Improvement in CSA Performance ESG Ratings 20
Slide 22: Best Practice and Industry Leaders in Global AIoT Security Compliance
ChaitinCybersecurity Red Team/ Blue Team Exercise Report 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: Improving Operating Leverage
Improving Operating Leverage Fiscal Year $322Mn +8% FY24: $299Mn 2025 Total Revenue Total Revenue YoY Growth $58Mn 18% Third-Time Second-Time $80Mn 25% Achieved Annual Achieved Annual Profitability Profitability FY24: $75Mn FY24: 25% FY24: $5Mn FY24: 2% Non-GAAP1 Net Profit Non-GAAP1 Net Margin GAAP
Slide 25: Improving Operating Leverage (Fourth Quarter)
Improving Operating Leverage The Fourth $85Mn 48% Q4'24: $82Mn Q4'24: 48% Quarter 2025 Total Revenue Overall Gross Margin Maintained at a structurally high level 11% 24% 23% $1.02Bn Q4'24: 10% Q4'24: 27% Q4'24: 12% Non-GAAP1 Operating Non-GAAP1 Net Margin GAAP Net Margin Net Cash Balance2 Margin 1.
Slide 26: Sustained YoY Revenue Growth for 10 Consecutive Quarters
Sustained YoY Revenue Growth for 10 Consecutive Quarters Total Revenue by Quarter (USD'M) +30% +8% Y/Y Growth +39% 84.5 81.6 82.1 82.5 80.1 73.3 74.7 64.4 61.1 61.7 YoY +3% Total Revenue Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Note: Numbers are rounded for presentation purposes.
Slide 27: Recurring Revenue Accelerated in FY25
Recurring Revenue Accelerated in FY25 Revenue Breakdown, FY25 (USD'M) Recurring Revenue Growth YoY YoY YoY YoY 39%+ +8% +7% +9% +13% FY25 YOY 231.2 321.8 217.1 298.6 42.0 45.7 39.6 44.9 Outpaced overall revenue growth FY24 FY25 FY24 FY25 FY24 FY25 FY24 FY25 Increasing revenue visibility and recurrin
Slide 28: 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% 48.2% 47.8% 48.3% 47.6% 12% 14% 14% 14% 15% 13% 14% 15% By Revenue Stream 74.2% 71.9% 72.5% 72.7% 73.0% 70.8% 47.1% 48.3% 47.
Slide 29: 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 1,441 58.1 54.1 54.6 53.3 Imm. 8.1 108 111 127 47.0 7.4 Imm. 45.9 45.5 43.0 310 17.3 2.3 284 288 Imm. 17.0 37.7 37.7 36.0 14.9 32.2 15.9 15.8 14.8 12.2 GAAP 15.4 36.0 8.3 7.5 5.1
Slide 30: Operating Leverage Growing Further
Operating Leverage Growing Further Operating Profits, GAAP and Non-GAAP1 (USD'M) 11% Non-GAAP OP Margin 8.5 8.6 8.9 8.0 9.4 7.4 7.4 6.8 3.8 GAAP operating profit expanded in Q4’25 1.1 (0.3) (0.6) (1.5) • Higher gross profit year over year (3.5) (3.8) (6.4) • Continued operating expense discipline (1
Slide 31: Sustained Operating Leverage
Sustained Operating Leverage Net Profits, GAAP and Non-GAAP1 (USD'M) 22.1 20.8 20.1 20.1 20.1 19.320.6 19.3 24% Non-GAAP GAAP net profit achieved in FY25 12.6 15.0 12.3 12.6 Net Margin 10.1 11.0 9.8 • Improved operating performance 23% GAAP 1.5 3.1 Net Margin • Continued margin expansion • Supported
Slide 32: Positive Operating Cash Flows for 11 Consecutive Quarters
Positive Operating Cash Flows for 11 Consecutive Quarters Net Operating Cash Flows Net Cash1 and Shareholder Equities (USD'M) (USD'M) Net Cash Balance Shareholder Equities Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 1,024 1,027 1,023 1,017 1,017 30.2 30.0 1,007 1,0061,010
Slide 33: 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 - Semiconductor2 Average - Software2 14.2 66 65 13.1 13.2 60 60 61 60 60 12.6 58 65 57 11.3 52 53 10.1 10.0 55 56 9.6 54 9.2 50 49 49 49 47 46 45 7.6 7.6 6.8 29 26 23
Slide 34: Recent Updates
Recent Updates
Slide 35: Bringing AI into the Physical World
Cross-Device, Cross-Scenario Connectivity Hey Tuya isn’t limited to a single device. It can be activated through the Tuya App, smart speakers, control screens, and even wearable devices and AI toys. 01 02 Family Safety Family Energy The Super AI Life Guardian Efficiency Expert Assistantfor Every Bri
Slide 36: Advancing the Physical AI Developer Ecosystem in 2025
Advancing the Physical AI Developer Ecosystem in 2025 Expanding 10K+ GitHub Clones，indicating active developer adoption Open-Source Footprint 1.3K GitHub Stars，positioning TuyaOpen among leading AIoT open-source projects Growing Global 1.8M+ AI+IoT Developers (~37% YoY) Developer Engagement 10,000+
Slide 37: CES 2026: Global Validation of Tuya's Physical AI Platform
CES 2026: Global Validation of Tuya’s Physical AI Platform Global Ecosystem Recognition Multi - Scenario AI Device Product Highlight: Cellular - Deployment Enabled Fuzozo Hosted “Tuya Developer Day” at CES 2026 Showcased AI - enabled consumer and edge Strategic partnership with Luobo Intelligence de
Slide 38: 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