TUYA.US has achieved a 21% year-on-year growth in revenue in Q1, with profits exceeding expectations.

According to the Wise Finance APP, Tuya Smart (TUYA.US) has released its financial performance for the first quarter. Q1 total revenue was $74.7 million, an increase of approximately 21.1% year-on-year, exceeding expectations. The overall gross profit margin was 48.5%, up 0.7 percentage points year-on-year. Net profit was $11 million (Q1 2024: -$3.5 million). Non-GAAP earnings per ADS were $0.03, higher than expected.