TUYA-W (02391) announced its fourth quarter performance, with a net profit of 9.8 million US dollars, turning losses into profits compared to the same period last year.

TUYA-W (02391) released its fourth quarter performance ending December 31, 2024, with total revenue of 82.1 million US dollars, an increase of approximately 27.4% year-on-year; overall gross profit margin was 47.8%, up by 0.5 percentage points year-on-year; net profit was 9.8 million US dollars, turning from a loss to a profit year-on-year. The IoT PaaS revenue in the fourth quarter of 2024 increased by 25.7% to 59.3 million US dollars compared to the same period in 2023, mainly due to the global economic recovery driving demand growth and the company's strategic focus on customer needs and product enhancement. As a result, the DBNER for the company's IoT PaaS increased from 103% in the 12 months ending December 31, 2023, to 122% in the 12 months ending December 31, 2024. The SaaS and other revenue in the fourth quarter of 2024 increased by 21.1% to 11.5 million US dollars compared to the same period in 2023, primarily due to the increase in revenue from cloud software products. In this quarter, the company continued to provide its customers with valuable value-added services and diversified software products. The revenue from smart solutions in the fourth quarter of 2024 increased by 45.5% to 11.3 million US dollars compared to the same period in 2023, mainly due to increasing demand from customers for intelligent devices with integrated smart software capabilities developed by the company.