Tuya, Inc. Sponsored ADR Class A (TUYA.US) saw a 33.6% year-on-year increase in revenue in Q3, with a net loss of $4.4 million.

Tuya, Inc. Sponsored ADR Class A (TUYA.US) announced its financial performance for the third quarter of 2024. The financial report shows that the company's Q3 revenue was $81.6 million, a year-on-year increase of 33.6%; a net loss of $4.4 million, compared to a net loss of $4.9 million in the same period last year. Basic and diluted loss per ADS was $0.01, the same as the same period last year. Non-GAAP net profit was $20.1 million, an increase of 99.5% year-on-year, with basic and diluted earnings per ADS of $0.04, compared to earnings per ADS of $0.02 in the same period last year. By business segment, revenue from IoT PaaS was $57.9 million, up 26.4% year-on-year; SaaS and other revenue was $9.9 million, an increase of approximately 16.7%; revenue from smart solutions was $13.8 million, an increase of 102.9%. The overall gross profit margin was 46.0%, compared to 46.7% in the same period last year. The gross profit margin of IoT PaaS increased to 46.9%, compared to 44.6% in the same period last year. Net cash flow from operating activities was $23.9 million. As of September 30, 2024, the total amount of cash and cash equivalents, as well as term deposits and government bonds classified as short-term and long-term investments, was $1.0239 billion. In the third quarter, there were approximately 2,200 IoT PaaS customers, compared to approximately 2,100 in the same period last year. The total number of customers was approximately 3,100, compared to approximately 3,000 in the same period last year. In the 12 months ending on September 30, 2024, there were 286 high-quality IoT PaaS customers, compared to 263 in the same period last year. In the third quarter, high-quality IoT PaaS customers contributed approximately 85.6% of IoT PaaS revenue. In the 12 months ending on September 30, 2024, the revenue-based net expansion rate of IoT PaaS was 124%, compared to 78% in the same period last year. As of September 30, 2024, there were over 1,260,000 registered IoT devices and software developers, an increase of 26.9% from the approximately 993,000 developers as of December 31, 2023.