Tuya Inc. (NYSE: TUYA; HKEX: 2391) Releases Q3 2025 Financial Results

Bulletin Express11-25

Tuya Inc. reported total revenue of US$82.5 million for the third quarter ended September 30, 2025, representing a 1.1% year-over-year increase. Platform-as-a-service revenue rose 2.4% to US$59.2 million, while software-as-a-service and others revenue grew 15.4% to US$11.5 million. Smart solution revenue decreased 14.6% to US$11.8 million.

Gross margin reached 48.3%, up from 46.0% a year earlier. Operating margin was reported at 4.6%, improving from negative 21.0% in the same period of 2024. Net margin was 18.2%, and net profits were US$15.0 million, reversing a US$4.4 million loss in the prior-year period. Non-GAAP net margin stood at 24.4%. Net cash generated from operating activities came in at US$30.0 million, and total cash, cash equivalents, time deposits, and treasury securities were US$1,026.5 million as of September 30, 2025.

During the quarter, the Company maintained a PaaS customer base of around 2,200 and recorded a dollar-based net expansion rate of 109% for PaaS over the trailing 12 months. It continued to see steady adoption of its offerings despite broader cautions in global markets. The Company noted that it remains focused on delivering enhanced solutions, strengthening a global developer ecosystem, and exercising disciplined operations as it moves forward.

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