TUYA-W (02391) has announced its annual performance with a net profit attributable to ordinary shareholders of $4.997 million, turning a loss into a profit compared to the previous year.

TUYA-W(02391) released its unaudited preliminary full-year results for the year ending December 31, 2024, with revenue of 299 million US dollars, an increase of 29.84% year-on-year; net profit attributable to ordinary shareholders was 4.997 million US dollars, compared to a net loss of 60.315 million US dollars in the same period last year, turning from loss to profit; basic earnings per share was 0.01 US dollars. As of the end of the year ending December 31, 2024, there were approximately 3700 IoT PaaS customers (as of the year ending December 31, 2023: 4000). The total number of customers as of the end of the year ending December 31, 2024, was approximately 5800 (as of the year ending December 31, 2023: approximately 6100). The group's focus on major customers enables it to provide dedicated services to strategic customers. The announcement stated that the increase in revenue was mainly due to the increase in revenue from IoT PaaS and smart solution businesses. IoT PaaS revenue for the year ending December 31, 2024, increased by 29.4% from 168 million US dollars in the same period of 2023 to 217 million US dollars, primarily driven by global economic recovery driving demand growth, as well as the strategic focus on customer needs and product enrichment. Based on these factors, the group's DBNER for IoT PaaS increased from 103% for the 12 months ending December 31, 2023, to 122% for the 12 months ending December 31, 2024.