TUYA-W(02391) released its third quarter financial results, with a net loss of 43.73 million US dollars, a year-on-year decrease of 10.85%.

TUYA-W (02391) released its third quarter results for the period ending September 30, 2024. The group's total revenue for the period was $81.617 million, a year-on-year increase of approximately 33.6%; net loss was $43.73 million, a year-on-year reduction of 10.85%; basic and diluted net loss per American Depositary Share was $0.01. The announcement stated that the increase in total revenue was mainly due to the growth in Internet of Things (IoT) PaaS revenue and smart solution revenue. In the third quarter of 2024, there were approximately 2,200 IoT PaaS customers (third quarter of 2023: approximately 2,100). The total number of customers in the third quarter of 2024 was approximately 3,100 (third quarter of 2023: approximately 3,000). For the consecutive 12 months ending September 30, 2024, there were 286 high-quality IoT PaaS customers (third quarter of 2023: 263). In the third quarter of 2024, the company's high-quality IoT PaaS customers contributed approximately 85.6% of IoT PaaS revenue (third quarter of 2023: approximately 83.5%).