TUYA-W：INSIDEINFORMATIONUNAUDITEDFINANCIALRESULTSFORTHEQUARTERENDEDMARCH312025.pdf

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1、1Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement,make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in relia

2、nce upon the whole or any part of the contents of this announcement.Tuya Inc.塗鴉智能*(A company controlled through weighted voting rights and incorporated in the Cayman Islands with limited liability)(HKEX Stock Code:2391)(NYSE Stock Ticker:TUYA)INSIDE INFORMATIONUNAUDITED FINANCIAL RESULTS FOR THE QUA

3、RTER ENDED MARCH 31,2025This announcement is issued pursuant to Rule 13.09 of the Rules Governing the Listing of the Securities on The Stock Exchange of Hong Kong Limited and under Part XIVA of the Securities and Futures Ordinance(Cap.571 of the Laws of Hong Kong).Tuya Inc.(“Tuya”or the“Company”)is

4、pleased to announce the unaudited condensed consolidated results of the Company and its subsidiaries and consolidated affiliated entities(the“Group”)for the three months ended March 31,2025.The Company is pleased to announce the unaudited condensed consolidated results of the Group for the three mon

5、ths ended March 31,2025(the“Q1 Results”)published in accordance with applicable rules of the U.S.Securities and Exchange Commission(the“SEC”).The Q1 Results have been prepared in accordance with generally accepted accounting principles in the United States of America(“U.S.GAAP”),which are different

6、from the International Financial Reporting Standards.Attached hereto as Schedule I is the full text of the press release issued by the Company on May 20,2025(U.S.Eastern Time)in relation to the Q1 Results,some of which may constitute material inside information of the Company.This announcement conta

7、ins forward-looking statements.These statements are made under the“safe harbor”provisions of the U.S.Private Securities Litigation Reform Act of 1995.Statements that are not historical facts,including statements about the Companys beliefs,and expectations,are forward-looking statements.Forward-looki

8、ng statements involve inherent risks and uncertainties,and a number of factors could cause actual results to differ materially from those contained in any forward-looking statements.In some cases,forward-looking statements can be identified by words or phrases such as“may”,“will”,“expect”,“anticipat

9、e”,“target”,“aim”,“estimate”,“intend”,“plan”,“believe”,“potential”,“continue”,“is/are likely to”or other similar expressions.Further information regarding these and other risks,uncertainties or factors is included in the Companys filings with the SEC.The forward-looking statements included in this a

10、nnouncement are only made as of the date hereof,and the Company disclaims any obligation to publicly update any forward-looking statements to reflect subsequent events or circumstances,except as required by law.All forward-looking statements should be evaluated with the understanding of their inhere

11、nt uncertainty.2The Companys shareholders and potential investors are advised not to place undue reliance on theQ1 Results and to exercise caution in dealing in securities in the Company.By Order of the BoardTuya Inc.WANG XuejiChairmanHong Kong,May 20,2025As at the date of this announcement,the Boar

12、d comprises Mr.WANG Xueji,Mr.CHEN Liaohan,Mr.YANG Yi and Ms.ZHANG Yan as executive Directors;and Mr.HUANG Sidney Xuande,Mr.QIU Changheng,Mr.KUOK Meng Xiong(alias GUO Mengxiong)and Mr.YIP Pak Tung Jason as independent non-executive Directors.*For identification purpose only.3SCHEDULE ITuya Reports Fi

13、rst Quarter 2025 Unaudited Financial ResultsSANTA CLARA,Calif.,May 20,2025/PRNewswire/Tuya Inc.(“Tuya”or the“Company”)(NYSE:TUYA;HKEX:2391),a global leading cloud platform service provider,today announced its unaudited financial results for the first quarter ended March 31,2025.First Quarter 2025 Fi

14、nancial Highlights Total revenue was US$74.7 million,up approximately 21.1%year-over-year(1Q2024:US$61.7 million).IoT platform-as-a-service(“PaaS”)revenue was US$53.7 million,up approximately 17.9%year-over-year(1Q2024:US$45.6 million).Software-as-a-service(“SaaS”)and others revenue was US$10.0 mill

15、ion,up approximately 15.5%year-over-year(1Q2024:US$8.6 million).Smart solution revenue was US$11.0 million,up approximately 47.1%year-over-year(1Q2024:US$7.5 million).Overall gross margin was 48.5%,up 0.7 percentage point year-over-year(1Q2024:47.8%).Gross margin of IoT PaaS increased to 48.4%,up 2.

16、0 percentage points year-over-year(1Q2024:46.4%).Operating margin was negative 1.9%,improved by 24.6 percentage points year-over-year(1Q2024:negative 26.5%).Non-GAAP operating margin was 9.1%,improved by 10.0 percentage points year-over-year(1Q2024:negative 0.9%).Net margin was 14.8%,improved by 20.

17、5 percentage points year-over-year(1Q2024:negative 5.7%).Non-GAAP net margin was 25.8%,improved by 5.9 percentage points year-over-year(1Q2024:19.9%).Net profits were US$11.0 million(1Q2024:negative US$3.5 million).Non-GAAP net profits were US$19.3 million,up approximately 57.2%year-over-year(1Q2024

18、:US$12.3 million).Net cash generated from operating activities was US$9.4 million(1Q2024:US$14.5 million).Total cash and cash equivalents,time deposits and treasury securities recorded as short-term and long-term investments were US$1,023.7 million as of March 31,2025,compared to US$1,016.7 million

19、as of December 31,2024.For further information on the non-GAAP financial measures presented above,see the section headed“Use of Non-GAAP Financial Measures.”4First Quarter 2025 Operating Highlights IoT PaaS customers1 for the first quarter of 2025 were approximately 2,000(1Q2024:approximately 2,000)

20、.Total customers for the first quarter of 2025 were approximately 2,800(1Q2024:3,000).The Companys key-account strategy has enabled it to focus on serving strategic customers.Premium IoT PaaS customers2 for the trailing 12 months ended March 31,2025 were 287(1Q2024:269).In the first quarter of 2025,

21、the Companys premium IoT PaaS customers contributed approximately 88.7%of its IoT PaaS revenue(1Q2024:approximately 85.1%).Dollar-based net expansion rate(“DBNER”)3 of IoT PaaS for the trailing 12 months ended December 31,2025 was 118%(1Q2024:116%).Registered IoT device and software developers were

22、over 1,417,000 as of March 31,2025,up 7.7%from approximately 1,316,000 developers as of December 31,2024.1.The Company defines an IoT PaaS customer for a given period as a customer who has directly placed orders for IoT PaaS with the Company during that period.2.The Company defines a premium IoT Paa

23、S customer as a customer as of a given date that contributed more than US$100,000 of IoT PaaS revenue during the immediately preceding 12-month period.3.The Company calculates DBNER of IoT PaaS for a trailing 12-month period by first identifying all customers in the prior 12-month period(i.e.,those

24、have placed at least one order for IoT PaaS during that period),and then calculating the quotient from dividing the IoT PaaS revenue generated from such customers in the current trailing 12-month period by the IoT PaaS revenue generated from the same group of customers in the prior 12-month period.T

25、he Companys DBNER may change from period to period,due to a combination of various factors,including changes in the customers purchase cycles and amounts and the Companys customer mix,among other things.DBNER indicates the Companys ability to expand customer use of the Tuya platform over time and ge

26、nerate revenue growth from existing customers.Mr.Xueji(Jerry)Wang,Founder and Chief Executive Officer of Tuya,commented,“In the first quarter,typically a seasonally soft period,we delivered steady growth in GAAP net profit,driven by sustained revenue growth and healthy operating leverage under Tuyas

27、 differentiated business model.Amid ongoing macroeconomic uncertainties and rapid AI evolution,we remain focused on building differentiated AIoT capabilities and empowering global developers.Tuyas platform model continues to facilitate deeper integration of AI and smart devices,accelerating the inte

28、lligent transformation of the industry.”Mr.Yi(Alex)Yang,Director and Chief Financial Officer of Tuya,added,“We delivered solid financial results in the first quarter of 2025,with revenue increasing 21.1%year-over-year to US$74.7 million and gross margin remaining stable at 48.5%.Continued cost disci

29、pline and an optimized expense structure supported steady improvement in GAAP net profit,which reached US$11.0 million,nearly double the full-year total for 2024,with a GAAP net margin reached record high of 14.8%.We also generated positive operating cash flow for the eighth consecutive quarter and

30、ended the period with a healthy net cash position.These results provide both a solid execution base and financial flexibility to support sustained investment in AI innovation and Smart Solution expansion,and to deliver long-term shareholder value across macro volatility.”5First Quarter 2025 Unaudite

31、d Financial ResultsREVENUETotal revenue in the first quarter of 2025 increased by 21.1%to US$74.7 million from US$61.7 million in the same period of 2024,mainly due to the increase in IoT PaaS revenue and smart solution revenue.IoT PaaS revenue in the first quarter of 2025 increased by 17.9%to US$53

32、.7 million from US$45.6 million in the same period of 2024,primarily due to increasing demand compared with the same period of 2024 and the Companys strategic focus on customer needs and product enhancements.As a result,the Companys DBNER of IoT PaaS for the trailing 12 months ended March 31,2025 in

33、creased to 118%from 116%for the trailing 12 months ended March 31,2024.SaaS and others revenue in the first quarter of 2025 increased by 15.5%to US$10.0 million from US$8.6 million in the same period of 2024,primarily due to an increase in revenue from cloud software products.During the quarter,the

34、Company remained committed to offering value-added services and a diverse range of software products with compelling value propositions to its customers.Smart solution revenue in the first quarter of 2025 increased by 47.1%to US$11.0 million from US$7.5 million in the same period of 2024,primarily d

35、ue to the increasing customer demand for smart devices with integrated intelligent software capabilities the Company developed beyond IoT.COST OF REVENUECost of revenue in the first quarter of 2025 increased by 19.5%to US$38.4 million from US$32.2 million in the same period of 2024,generally in line

36、 with the increase in the Companys total revenue.GROSS PROFIT AND GROSS MARGINTotal gross profit in the first quarter of 2025 increased by 22.9%to US$36.3 million from US$29.5 million in the same period of 2024.The gross margin in the first quarter of 2025 was 48.5%,compared to 47.8%in the same peri

37、od of 2024,reaching a record high since the establishment of the Company.IoT PaaS gross margin in the first quarter of 2025 was 48.4%,compared to 46.4%in the same period of 2024.SaaS and others gross margin in the first quarter of 2025 was 74.4%,compared to 72.3%in the same period of 2024.Smart solu

38、tion gross margin in the first quarter of 2025 was 25.7%,remained relatively steady sequentially,and compared to 28.3%in the same period of 2024.Gross margin of each revenue stream increased or fluctuated primarily due to changes in products and solutions mix.As a developer platform with rich ecosys

39、tem of smart devices and applications,the Company is committed to focusing on software products with compelling value propositions while maintaining cost efficiency.6OPERATING EXPENSESOperating expenses decreased by 17.8%to US$37.7 million in the first quarter of 2025 from US$45.9 million in the sam

40、e period of 2024.Non-GAAP operating expenses decreased by 2.0%to US$29.4 million in the first quarter of 2025 from US$30.0 million in the same period of 2024.For further information on the non-GAAP financial measures presented above,see the section headed“Use of Non-GAAP Financial Measures.”Research

41、 and development expenses in the first quarter of 2025 were US$22.8 million,down 2.8%from US$23.5 million in the same period of 2024,primarily because of(i)the lower share-based compensation expenses as equity incentive awards granted at higher valuations in previous years have been gradually amorti

42、zed and(ii)partially offset by an increase in cloud services costs.Non-GAAP adjusted research and development expenses in the first quarter of 2025 were US$20.8 million,compared to US$20.0 million in the same period of 2024.Sales and marketing expenses in the first quarter of 2025 were US$8.3 millio

43、n,down 7.1%from US$9.0 million in the same period of 2024,primarily because of(i)the decrease in employee-related costs,(ii)the lower share-based compensation expenses as equity incentive awards granted at higher valuations in previous years have been gradually amortized,and(iii)partially offset by

44、increased spending in marketing events compared to the same period of 2024.Non-GAAP adjusted sales and marketing expenses in the first quarter of 2025 were US$7.6 million,compared to US$7.6 million in the same period of 2024.General and administrative expenses in the first quarter of 2025 were US$8.

45、9 million,down 42.3%from US$15.5 million in the same period of 2024,primarily because of(i)the lower share-based compensation expenses as equity incentive awards granted at higher valuations in previous years have been gradually amortized and(ii)operational optimization.Non-GAAP adjusted general and

46、 administrative expenses in the first quarter of 2025 were US$3.4 million,compared to US$4.6 million in the same period of 2024.Other operating income,net in the first quarter of 2025 was US$2.4 million,primarily due to the receipt of software value-added tax refunds and various general subsidies fo

47、r enterprises.LOSS/PROFIT FROM OPERATIONS AND OPERATING MARGINLoss from operations in the first quarter of 2025 narrowed by 91.1%to US$1.5 million from US$16.4 million in the same period of 2024.The Company had a non-GAAP profit from operations of US$6.8 million in the first quarter of 2025,compared

48、 to a non-GAAP loss from operations of US$0.6 million in the same period of 2024,consistently achieving operating profitability on a non-GAAP basis.Operating margin in the first quarter of 2025 was negative 1.9%,improved by 24.6 percentage points from negative 26.5%in the same period of 2024.Non-GAA

49、P operating margin in the first quarter of 2025 was 9.1%,improved by 10.0 percentage points from negative 0.9%in the same period of 2024.7NET LOSS/PROFIT AND NET MARGINThe Company had a net profit of US$11.0 million in the first quarter of 2025,compared to a net loss of US$3.5 million in the same pe

50、riod of 2024.The difference between loss from operations and net profit in the first quarter of 2025 was primarily because of a US$12.4 million interest income achieved mainly due to well implemented treasury strategies on the Companys cash,time deposits and treasury securities recorded as short-ter

51、m and long-term investments.The Company had a non-GAAP net profit of US$19.3 million in the first quarter of 2025,up 57.2%compared to US$12.3 million in the same period of 2024,demonstrating the Companys ability to sustain strong profitability on a non-GAAP basis.Net margin in the first quarter of 2

52、025 was 14.8%,improving by 20.5 percentage points from negative 5.7%in the same period of 2024.Non-GAAP net margin in the first quarter of 2025 was 25.8%,improving by 5.9 percentage points from 19.9%in the same period of 2024.BASIC AND DILUTED NET LOSS/PROFIT PER ADSBasic and diluted net profit per

53、ADS was US$0.02 in the first quarter of 2025,compared to basic and diluted net loss of US$0.01 in the same period of 2024.Each ADS represents one Class A ordinary share.Non-GAAP basic and diluted net profit per ADS was US$0.03 in the first quarter of 2025,compared to non-GAAP basic and diluted net p

54、rofit of US$0.02 in the same period of 2024.CASH AND CASH EQUIVALENTS,TIME DEPOSITS AND TREASURY SECURITIES RECORDED AS SHORT-TERM AND LONG-TERM INVESTMENTSCash and cash equivalents,time deposits and treasury securities recorded as short-term and long-term investments were US$1,023.7 million as of M

55、arch 31,2025,compared to US$1,016.7 million as of December 31,2024,which the Company believes is sufficient to meet its current liquidity and working capital needs.NET CASH GENERATED FROM OPERATING ACTIVITIESNet cash generated from operating activities in the first quarter of 2025 was US$9.4 million

56、,compared to US$14.5 million in the same period of 2024.The net cash generated from operating activities for the first quarter of 2025 mainly due to working capital changes in the ordinary course of business.For further information on non-GAAP financial measures presented above,see the section heade

57、d“Use of Non-GAAP Financial Measures.”8Business OutlookFrom the initial enthusiasm at the beginning of the year about the accelerated evolution of AI technologies,to the shift in sentiment and industry slowdown caused by global trade fluctuations under geopolitical policy influences in early April,t

58、he macro environment has undergone frequent and dramatic changes.These shifts have posed significant challenges to the cycles of the smart consumer electronics sector and its upstream and downstream supply chains.Although the external environment has shown some recent signs of improvement,uncertaint

59、ies remain.We will continue to monitor developments in the entire business environment.Nonetheless,we remain positive on the long-term value that intelligent technologies can bring to all stakeholders.Therefore,with the effective implementation of the Companys customer and product strategies,along w

60、ith the utilization and innovation of emerging technologies like AI,the Company is confident in its long-term business prospects.In response to this evolving market environment,the Company will remain committed to continuously iterating and improving its products and services and further enhancing s

61、oftware and hardware capabilities,particularly by leveraging the AI capabilities,expanding key customer base,investing in innovations and new opportunities,diversifying revenue streams,and further optimizing operating efficiency.At the same time,the Company understands that future trajectories may e

62、ncounter challenges,including shifting consumer spending patterns,regional economic disparities,inventory management,foreign exchange rate and interest rates volatility,the imposition of new tariffs,or adjustments in existing tariffs or trade barriers,and broader geopolitical uncertainties.Conferenc

63、e Call InformationThe Companys management will hold a conference call at 08:30 P.M.U.S.Eastern Time on Tuesday,May 20,2025(08:30 A.M.Beijing Time on Wednesday,May 21,2025)to discuss the financial results.In advance of the conference call,all participants must use the following link to complete the o

64、nline registration process.Upon registering,each participant will receive access details for this conference including a conference access code,a PIN number(personal access code),the dial-in number,and an e-mail with detailed instructions to join the conference call.Online registration:https:/regist

65、er-conf.media- live and archived webcast of the conference call will be available on the Companys investor relations website at https:/,and a replay of the webcast will be available following the session.9About Tuya Inc.Tuya Inc.(NYSE:TUYA;HKEX:2391)is a global leading AI cloud platform service prov

66、ider with a mission to build an AIoT developer ecosystem and enable everything to be smart.Tuya has pioneered a purpose-built AI cloud platform with cloud and generative AI capabilities that delivers a full suite of offerings,including Platform-as-a-Service,or PaaS,Software-as-a-Service,or SaaS,and

67、smart solutions for developers of smart device,commercial applications,and industries.Through its AIoT developer platform,Tuya has activated a vibrant global developer community of brands,OEMs,AI agents,system integrators and independent software vendors to collectively strive for smart solutions ec

68、osystem embodying the principles of green and low-carbon,security,high efficiency,agility,and openness.Use of Non-GAAP Financial MeasuresIn evaluating the business,the Company considers and uses non-GAAP financial measures,such as non-GAAP operating expenses,non-GAAP(loss)/profit from operations(inc

69、luding non-GAAP operating margin),non-GAAP net profit(including non-GAAP net margin),and non-GAAP basic and diluted net profit per ADS,as supplemental measures to review and assess its operating performance.The presentation of non-GAAP financial measures is not intended to be considered in isolation

70、 or as a substitute for the financial information prepared and presented in accordance with generally accepted accounting principles in the United States of America(“U.S.GAAP”).The Company defines non-GAAP financial measures by excluding the impact of share-based compensation expenses and credit-rel

71、ated impairment of long-term investments from the respective GAAP financial measures.The Company presents the non-GAAP financial measures because they are used by the management to evaluate its operating performance and formulate business plans.The Company also believes that the use of the non-GAAP

72、financial measures facilitates investors assessment of its operating performance.Non-GAAP financial measures are not defined under U.S.GAAP and are not presented in accordance with U.S.GAAP.Non-GAAP financial measures have limitations as analytical tools.One of the key limitations of using the afore

73、mentioned non-GAAP financial measures is that they do not reflect all items of expenses that affect the Companys operations.Share-based compensation expenses and credit-related impairment of long-term investments have been and may continue to be incurred in the business and are not reflected in the

74、presentation of non-GAAP measures.Further,the non-GAAP financial measures may differ from the non-GAAP information used by other companies,including peer companies,and therefore their comparability may be limited.The Company compensates for these limitations by reconciling the non-GAAP measures to t

75、he most directly comparable U.S.GAAP measures,all of which should be considered when evaluating the Companys performance.The Company encourages you to review its financial information in its entirety and not rely on a single financial measure.Reconciliations of Tuyas non-GAAP financial measures to t

76、he most comparable U.S.GAAP measures are included at the end of this press release.10Safe Harbor StatementThis press release contains forward-looking statements.These statements are made under the“safe harbor”provisions of the U.S.Private Securities Litigation Reform Act of 1995.Statements that are

77、not historical facts,including statements about the Companys beliefs,and expectations,are forward-looking statements.Forward-looking statements involve inherent risks and uncertainties,and a number of factors could cause actual results to differ materially from those contained in any forward-looking

78、 statements.In some cases,forward-looking statements can be identified by words or phrases such as“may”,“will”,“expect”,“anticipate”,“target”,“aim”,“estimate”,“intend”,“plan”,“believe”,“potential”,“continue”,“is/are likely to”or other similar expressions.Further information regarding these and other

79、 risks,uncertainties or factors is included in the Companys filings with the SEC.The forward-looking statements included in this press release are only made as of the date hereof,and the Company disclaims any obligation to publicly update any forward-looking statements to reflect subsequent events o

80、r circumstances,except as required by law.All forward-looking statements should be evaluated with the understanding of their inherent uncertainty.Investor Relations ContactTuya Inc.Investor RelationsEmail:The Blueshirt GroupGary Dvorchak,CFAPhone:+1(323)240-5796Email:garyblueshirtgroup.coHL Strategy

81、Haiyan LI-LABBEEmail:hlhl-11TUYA INC.UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETSAS OF DECEMBER 31,2024 AND MARCH 31,2025(All amounts in US$thousands(“US$”),except for share and per share data,unless otherwise noted)As ofDecember 31,As ofMarch 31,20242025ASSETSCurrent assets:Cash and cash equival

82、ents653,334763,788 Restricted cash50165 Short-term investments194,53689,985 Accounts receivable,net7,5929,591 Notes receivable,net7,4859,766 Inventories,net23,84021,583 Prepayments and other current assets,net16,17918,738Total current assets903,016913,616Non-current assets:Property,equipment and sof

83、tware,net6,6198,557 Land use rights,net8,8258,793 Operating lease right-of-use assets,net4,5505,248 Long-term investments180,092181,875 Other non-current assets,net678314Total non-current assets200,764204,787Total assets1,103,7801,118,403LIABILITIES AND SHAREHOLDERS EQUITYCurrent liabilities:Account

84、s payable19,05119,457 Advances from customers31,34627,145 Deferred revenue,current7,5257,797 Accruals and other current liabilities32,25767,806 Incomes tax payables360483 Lease liabilities,current3,7983,403Total current liabilities94,337126,091Non-current liabilities:Lease liabilities,non-current851

85、1,835 Deferred revenue,non-current377460 Other non-current liabilities767Total non-current liabilities1,9952,295Total liabilities96,332128,38612TUYA INC.UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(CONTINUED)AS OF DECEMBER 31,2024 AND MARCH 31,2025(All amounts in US$thousands(“US$”),except for sh

86、are and per share data,unless otherwise noted)As ofDecember 31,As ofMarch 31,20242025Shareholders equity:Ordinary shares Class A ordinary shares2527 Class B ordinary shares44 Treasury stock(15,726)(1,050)Additional paid-in capital1,612,7121,569,409 Accumulated other comprehensive loss(19,716)(19,539

87、)Accumulated deficit(569,851)(558,834)Total shareholders equity1,007,448990,017Total liabilities and shareholders equity1,103,7801,118,40313TUYA INC.UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OFCOMPREHENSIVE(LOSS)/INCOME(All amounts in US$thousands(“US$”),except for share and per share data,unless

88、otherwise noted)For the Three Months EndedMarch 31,2024March 31,2025Revenue61,66274,687Cost of revenue(32,177)(38,436)Gross profit29,48536,251Operating expenses:Research and development expenses(23,474)(22,810)Sales and marketing expenses(8,983)(8,347)General and administrative expenses(15,474)(8,92

89、9)Other operating incomes,net2,0792,383 Total operating expenses(45,852)(37,703)Loss from operations(16,367)(1,452)Other income Other non-operating income,net778767 Financial income,net12,80712,395 Foreign exchange(loss)/gain,net(105)44(Loss)/profit before income tax expense(2,887)11,754 Income tax

90、expense(656)(737)Net(loss)/profit(3,543)11,017Net(loss)/profit attributable to Tuya Inc.(3,543)11,017Net(loss)/profit attribute to ordinary shareholders(3,543)11,017Net(loss)/profit(3,543)11,017Other comprehensive(loss)/income Transfer out of fair value changes of long-term investments(65)Foreign cu

91、rrency translation(428)177Total comprehensive(loss)/income attributable to Tuya Inc.(4,036)11,19414TUYA INC.UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OFCOMPREHENSIVE(LOSS)/INCOME(CONTINUED)(All amounts in US$thousands(“US$”),except for share and per share data,unless otherwise noted)For the Three

92、Months EndedMarch 31,2024March 31,2025Net(loss)/profit attributable to Tuya Inc.(3,543)11,017Net(loss)/profit attributable to ordinary shareholders(3,543)11,017Weighted average number of ordinary shares used in computing net(loss)/profit per share,basic and diluted Basic559,133,184606,308,258 Dilute

93、d559,133,184608,490,640Net(loss)/profit per share attributable to ordinary shareholders,basic and diluted Basic(0.01)0.02 Diluted(0.01)0.02Share-based compensation expenses were included in:Research and development expenses3,5062,016 Sales and marketing expenses1,385738 General and administrative ex

94、penses10,9235,52115TUYA INC.UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(All amounts in US$thousands(“US$”),except for share and per share data,unless otherwise noted)For the Three Months EndedMarch 31,2024March 31,2025Net cash generated from operating activities14,4909,352Net cash gene

95、rated from investing activities16,195101,183Net cash generated from financing activities2542Effect of exchange rate changes on cash and cash equivalents,restricted cash(126)32Net increase in cash and cash equivalents,restricted cash30,813110,569Cash and cash equivalents,restricted cash at the beginn

96、ing of period498,688653,384Cash and cash equivalents,restricted cash at the end of period529,501763,95316TUYA INC.UNAUDITED RECONCILIATION OF NON-GAAP MEASURES TO THE MOST DIRECTLY COMPARABLE FINANCIAL MEASURES(All amounts in US$thousands(“US$”),except for share and per share data,unless otherwise n

97、oted)For the Three Months EndedMarch 31,2024March 31,2025Reconciliation of operating expenses to non-GAAP operating expensesResearch and development expenses(23,474)(22,810)Add:Share-based compensation expenses3,5062,016Adjusted Research and development expenses(19,968)(20,794)Sales and marketing ex

98、penses(8,983)(8,347)Add:Share-based compensation expenses1,385738Adjusted Sales and marketing expenses(7,598)(7,609)General and administrative expenses(15,474)(8,929)Add:Share-based compensation expenses10,9235,521Adjusted General and administrative expenses(4,551)(3,408)Reconciliation of loss from

99、operations to non-GAAP (loss)/profit from operationsLoss from operations(16,367)(1,452)Operating margin(26.5)%(1.9)%Add:Share-based compensation expenses15,8148,275Non-GAAP(loss)/profit from operations(553)6,823Non-GAAP Operating margin(0.9)%9.1%17For the Three Months EndedMarch 31,2024March 31,2025

100、Reconciliation of net(loss)/profit to non-GAAP net profitNet(loss)/profit(3,543)11,017Net margin(5.7)%14.8%Add:Share-based compensation expenses15,8148,275Non-GAAP Net profit12,27119,292Non-GAAP Net margin19.9%25.8%Weighted average number of ordinary shares used in computing non-GAAP net profit per share Basic559,133,184606,308,258 Diluted591,737,410608,490,640Non-GAAP net profit per share attributable to ordinary shareholders Basic0.020.03 Diluted0.020.03