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Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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<ul><li>Tuya reported another solid quarter, with revenue of $82.1 million, up 27% Y/Y (revenue of $299 million in FY24 was up 30% Y/Y).</li><li>Gross margin stayed in the upper-40s (47.8%). IoT PaaS revenue grew 26% Y/Y to $59.3 million.</li><li>Cash and equivalents grew to $1,017 million, and the company has no debt. </li></ul>

Tuya reported another solid quarter, with revenue of $82.1 million, up 27% Y/Y (revenue of $299 million in FY24 was up 30% Y/Y).Gross margin stayed in the upper-40s (47.8%). IoT PaaS revenue grew 26% Y/Y to $59.3 million.Cash and equivalents grew to $1,017 million, and the company has no debt. 

Tuya, Inc. - 4Q24 Earnings Show Continued Strength with 27% Y/Y Revenue Growth and Expense Control

<ul><li>Tuya is accelerating its AI efforts, with the integration of DeepSeek and Mistral, its introduction of AI driven dolls, and its introduction of AI hardware development frameworks.</li><li>The company is fully embracing AI into its product to drive adoption growth.</li><li>The strategic integration of AI addresses market demands for greater automation and customization, boosting its product intelligence. </li></ul>

Tuya is accelerating its AI efforts, with the integration of DeepSeek and Mistral, its introduction of AI driven dolls, and its introduction of AI hardware development frameworks.The company is fully embracing AI into its product to drive adoption growth.The strategic integration of AI addresses market demands for greater automation and customization, boosting its product intelligence. 

Tuya, Inc. - AI Efforts Accelerating Adoption and Position It for More Growth

<ul><li>Tuya reported another strong quarter, with revenue of $81.6 million, up 34% Y/Y (1Q and 2Q were up 30% and 29%, respectively).</li><li>Gross margin stayed in the mid-40s (46%). IoT PaaS revenue grew 26% Y/Y to $57.9 million.</li><li>Its 230-bp Y/Y margin improvement was significant, coming in at 46.9%. </li></ul>

Tuya reported another strong quarter, with revenue of $81.6 million, up 34% Y/Y (1Q and 2Q were up 30% and 29%, respectively).Gross margin stayed in the mid-40s (46%). IoT PaaS revenue grew 26% Y/Y to $57.9 million.Its 230-bp Y/Y margin improvement was significant, coming in at 46.9%. 

Tuya, Inc. - Another Strong Quarter of Revenue Growth (+34%) And Stable Margins

<ul><li>Tuya reported another strong quarter, with revenue of $73.3 million, up 29% Y/Y (1Q24 was up 30%).</li><li>Gross margin continued to grow, up 130 bps Y/Y to 48.0% (a company 2Q record). IoT PaaS revenue grew 32% Y/Y to $54.3 million.</li><li>Its 320-bp Y/Y margin improvement was significant to corporate margin growth.</li></ul>

Tuya reported another strong quarter, with revenue of $73.3 million, up 29% Y/Y (1Q24 was up 30%).Gross margin continued to grow, up 130 bps Y/Y to 48.0% (a company 2Q record). IoT PaaS revenue grew 32% Y/Y to $54.3 million.Its 320-bp Y/Y margin improvement was significant to corporate margin growth.

Tuya, Inc. - 2Q24 Revenue Up 29% Y/Y; First Non-GAAP Profit

<ul><li>Tuya is leveraging GenAI technology to enhance user experiences and strengthen its footprint in the consumer electronics sector.</li><li>The strategic integration of GenAI addresses market demands for greater automation and customization, boosting Tuya’s product intelligence.</li><li>On July 18, at the CICC Consumer Sector Summit 2024, Tuya showcased several upcoming GenAI- powered functions in the pipeline, including smart multicolor LED strips, smart pet cameras, AI Developer and AI Business Analyst portals, and the App AI Assistant.</li></ul>

Tuya is leveraging GenAI technology to enhance user experiences and strengthen its footprint in the consumer electronics sector.The strategic integration of GenAI addresses market demands for greater automation and customization, boosting Tuya’s product intelligence.On July 18, at the CICC Consumer Sector Summit 2024, Tuya showcased several upcoming GenAI- powered functions in the pipeline, including smart multicolor LED strips, smart pet cameras, AI Developer and AI Business Analyst portals, and the App AI Assistant.

Tuya, Inc - Ramps Up GenAI Efforts as Valuation Analysis Has Tuya Below Comps

United States

Tuya Inc., doing business as Tuya Smart, provides IoT cloud platform. The Company offers solutions which enables brands, retailers, OEMs, and manufacturers to develop, launch, manage, and monetize software-enabled devices and services. Tuya Smart serves customers worldwide.

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Tuya Inc (TUYA US)

Tuya, Inc. - 4Q24 Earnings Show Continued Strength with 27% Y/Y Revenue Growth and Expense Control

Tuya reported another solid quarter, with revenue of $82.1 million, up 27% Y/Y (revenue of $299 million in FY24 was up 30% Y/Y).

Water Tower Research

Tuya, Inc. - AI Efforts Accelerating Adoption and Position It for More Growth

Tuya is accelerating its AI efforts, with the integration of DeepSeek and Mistral, its introduction of AI driven dolls, and its introduction of AI...

Water Tower Research

Tuya, Inc. - Another Strong Quarter of Revenue Growth (+34%) And Stable Margins

Tuya reported another strong quarter, with revenue of $81.6 million, up 34% Y/Y (1Q and 2Q were up 30% and 29%, respectively).

Water Tower Research

Tuya, Inc. - 2Q24 Revenue Up 29% Y/Y; First Non-GAAP Profit

Gross margin continued to grow, up 130 bps Y/Y to 48.0% (a company 2Q record). IoT PaaS revenue grew 32% Y/Y to $54.3 million.

Water Tower Research

Tuya, Inc - Ramps Up GenAI Efforts as Valuation Analysis Has Tuya Below Comps

Tuya is leveraging GenAI technology to enhance user experiences and strengthen its footprint in the consumer electronics sector.

Water Tower Research

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