Tuya Inc. (HKEX: 2391; NYSE: TUYA) released its preliminary unaudited annual results for the year ended December 31, 2025. Total revenue grew 7.80% year-over-year to US$321.80 million, supported by PaaS revenue of US$231.20 million (up 6.50%), SaaS and others revenue of US$44.90 million (up 13.40%), and smart solution revenue of US$45.70 million (up 8.90%). Overall gross margin improved from 47.40% a year ago to 48.20%.
During this period, net profit reached US$57.90 million, compared to US$5.00 million in 2024, resulting in a net margin of 18.00%. Non-GAAP net profit stood at US$80.10 million, representing a 6.40% year-over-year increase. Operating margin rose to 3.60% from negative 15.90% last year, and non-GAAP operating margin reached 10.50%. Net cash generated from operating activities was US$81.00 million, while total cash, cash equivalents, and investments were US$1.02 billion as of December 31, 2025.
The company recorded approximately 3,700 PaaS customers during the reporting period and 5,900 total customers. Premium PaaS customers contributed around 88.20% of PaaS revenue. The dollar-based net expansion rate of PaaS was 102.00%. Registered AI developers exceeded 1.80 million, up from 1.32 million at the end of 2024.
The board approved a cash dividend of US$0.0605 per ordinary share (or per ADS), with an aggregate dividend amount of approximately US$37.00 million. Shareholders as of March 18, 2026 (Hong Kong Time) and March 18, 2026 (New York Time) will qualify for the dividend. The company plans to disburse the dividend from its share premium account on or around April 15, 2026 for holders of ordinary shares and on or around April 21, 2026 for holders of ADSs.
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