SANTA CLARA, Calif., Feb. 26, 2025 /PRNewswire/ --

TUYA INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2023 AND 2024
(All amounts in US$ thousands ("US$"),
except for share and per share data, unless otherwise noted)

	As of December 31,	As of December 31,
	2023	2024

ASSETS
Current assets:
Cash and cash equivalents	498,688	653,334
Restricted cash	–	50
Short-term investments	291,023	194,536
Accounts receivable, net	9,214	7,592
Notes receivable, net	4,955	7,485
Inventories, net	32,865	23,840
Prepayments and other current assets, net	11,053	16,179
Total current assets	847,798	903,016
Non-current assets:
Property, equipment and software, net	2,589	6,619
Land use rights, net	–	8,825
Operating lease right-of-use assets, net	7,647	4,550
Long-term investments	207,489	180,092
Other non-current assets, net	877	678
Total non-current assets	218,602	200,764
Total assets	1,066,400	1,103,780

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable	11,577	19,051
Advances from customers	31,776	31,346
Deferred revenue, current	6,802	7,525
Accruals and other current liabilities	32,807	32,257
Incomes tax payables	689	360
Lease liabilities, current	3,883	3,798
Total current liabilities	87,534	94,337
Non-current liabilities:
Lease liabilities, non-current	3,904	851
Deferred revenue, non-current	506	377
Other non-current liabilities	3,891	767
Total non-current liabilities	8,301	1,995
Total liabilities	95,835	96,332

TUYA INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) AS OF DECEMBER 31, 2023 AND 2024
(All amounts in US$ thousands ("US$"),
except for share and per share data, unless otherwise noted)

	As of December 31,	As of December 31,
	2023	2024

Shareholders' equity:
Ordinary shares	–	–
Class A ordinary shares	25	25
Class B ordinary shares	4	4
Treasury stock	(53,630)	(15,726)
Additional paid-in capital	1,616,105	1,612,712
Accumulated other comprehensive loss	(17,091)	(19,716)
Accumulated deficit	(574,848)	(569,851)

Total shareholders' equity	970,565	1,007,448

Total liabilities and shareholders' equity	1,066,400	1,103,780

TUYA INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME
(All amounts in US$ thousands ("US$"),
except for share and per share data, unless otherwise noted)

	For the Three Months Ended		For the Year Ended
	December 31,	December 31,	December 31,	December 31,
	2023	2024	2023	2024

Revenue	64,411	82,059	229,990	298,617
Cost of revenue	(33,948)	(42,821)	(123,335)	(157,187)

Gross profit	30,463	39,238	106,655	141,430

Operating expenses:
Research and development expenses	(22,806)	(23,705)	(102,277)	(95,049)
Sales and marketing expenses	(10,937)	(9,048)	(40,440)	(37,081)
General and administrative expenses	(23,754)	(13,618)	(80,663)	(68,254)
Other operating incomes, net	3,410	3,337	10,901	11,334

Total operating expenses	(54,087)	(43,034)	(212,479)	(189,050)

Loss from operations	(23,624)	(3,796)	(105,824)	(47,620)

Other income/(loss)
Other non-operating income, net	778	767	3,113	4,180
Financial income, net	13,135	12,474	44,976	50,718
Foreign exchange gain/(loss), net	17	864	669	(136)

(Loss)/profit before income tax expense	(9,694)	10,309	(57,066)	7,142
Income tax expense	(1,122)	(524)	(3,249)	(2,145)

Net (loss)/profit	(10,816)	9,785	(60,315)	4,997

Net (loss)/profit attributable to Tuya Inc.	(10,816)	9,785	(60,315)	4,997

Net (loss)/profit attribute to ordinary shareholders	(10,816)	9,785	(60,315)	4,997

Net (loss)/profit	(10,816)	9,785	(60,315)	4,997

Other comprehensive (loss)/income
Changes in fair value of long-term investments	(5,321)	153	(7,791)	14
Transfer out of fair value changes of long-term investments	7,487	–	15,537	65
Foreign currency translation	1,772	(4,450)	(2,722)	(2,574)

Total comprehensive (loss)/income attributable to Tuya Inc.	(6,878)	5,488	(55,291)	2,372

TUYA INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME (CONTINUED)
(All amounts in US$ thousands ("US$"),
except for share and per share data, unless otherwise noted)

	For the Three Months Ended		For the Year Ended
	December 31,	December 31,	December 31,	December 31,
	2023	2024	2023	2024

Net (loss)/profit attributable to Tuya Inc.	(10,816)	9,785	(60,315)	4,997

Net (loss)/profit attributable to ordinary shareholders	(10,816)	9,785	(60,315)	4,997

Weighted average number of ordinary shares used in
computing net (loss)/profit per share, basic and diluted
– basic	557,103,923	587,987,654	555,466,061	573,782,783
– diluted	557,103,923	589,689,036	555,466,061	591,006,801
Net (loss)/profit per share attributable to
ordinary shareholders, basic and diluted
– Basic	(0.02)	0.02	(0.11)	0.01
– Diluted	(0.02)	0.02	(0.11)	0.01
Share-based compensation expenses were included in:
Research and development expenses	3,446	2,487	14,734	14,347
Sales and marketing expenses	1,462	869	5,446	5,098
General and administrative expenses	11,028	8,855	45,036	48,305

TUYA 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 Ended		For the Year Ended
	December 31,	December 31,	December 31,	December 31,
	2023	2024	2023	2024

Net cash generated from operating activities	31,760	30,182	36,443	80,352
Net cash generated from investing activities	299,763	45,556	332,455	107,428
Net cash generated from/(used in) financing activities	162	(33,022)	(2,223)	(33,200)
Effect of exchange rate changes on cash and cash equivalents, restricted cash	729	(387)	(1,148)	116

Net increase in cash and cash equivalents, restricted cash	332,414	42,329	365,527	154,696

Cash and cash equivalents, restricted cash at the beginning of period	166,274	611,055	133,161	498,688


Cash and cash equivalents, restricted cash at the end of period	498,688	653,384	498,688	653,384

TUYA 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 noted)

	For the Three Months Ended		For the Year Ended
	December 31,	December 31,	December 31,	December 31,
	2023	2024	2023	2024

Reconciliation of operating expenses to non-GAAP operating expenses
Research and development expenses	(22,806)	(23,705)	(102,277)	(95,049)
Add: Share-based compensation expenses	3,446	2,487	14,734	14,347

Adjusted Research and development expenses	(19,360)	(21,218)	(87,543)	(80,702)

Sales and marketing expenses	(10,937)	(9,048)	(40,440)	(37,081)
Add: Share-based compensation expenses	1,462	869	5,446	5,098

Adjusted Sales and marketing expenses	(9,475)	(8,179)	(34,994)	(31,983)

General and administrative expenses	(23,754)	(13,618)	(80,663)	(68,254)
Add: Share-based compensation expenses	11,028	8,855	45,036	48,305
Add: Credit-related impairment of long-term investments	7,435	72	15,537	261
Add: Litigation costs	–	–	–	2,300

Adjusted General and administrative expenses	(5,291)	(4,691)	(20,090)	(17,388)

Reconciliation of loss from operations to non-GAAP (loss)/profit from operations
Loss from operations
	(23,624)	(3,796)	(105,824)	(47,620)
Operating margin	(36.70 %)	(4.60 %)	(46.00 %)	(15.90 %)
Add: Share-based compensation expenses	15,936	12,211	65,216	67,750
Add: Credit-related impairment of long-term investments	7,435	72	15,537	261
Add: Litigation costs	–	–	–	2,300
Non-GAAP (loss)/profit from operations	(253)	8,487	(25,071)	22,691

Non-GAAP Operating margin	(0.40 %)	10.30 %	(10.90 %)	7.60 %

TUYA INC.
UNAUDITED RECONCILIATION OF NON-GAAP MEASURES TO THE MOST DIRECTLY COMPARABLE FINANCIAL MEASURES (CONTINUED)
(All amounts in US$ thousands ("US$"),
except for share and per share data, unless otherwise noted)

	For the Three Months Ended		For the Year Ended
	December 31,	December 31,	December 31,	December 31,
	2023	2024	2023	2024

Reconciliation of net (loss)/profit to non-GAAP net profit
Net (loss)/profit	(10,816)	9,785	(60,315)	4,997
Net margin	(16.8 %)	11.9 %	(26.2 %)	1.7 %
Add: Share-based compensation expenses	15,936	12,211	65,216	67,750
Add: Credit-related impairment of long-term investments	7,435	72	15,537	261
Add: Litigation costs	–	–	–	2,300
Non-GAAP Net profit	12,555	22,068	20,438	75,308

Non-GAAP Net margin	19.5 %	26.9 %	8.9 %	25.2 %

Weighted average number of ordinary shares used in computing non-GAAP net profit per share,
– Basic	557,103,923	587,987,654	555,466,061	573,782,783
– Diluted	589,438,606	589,689,036	586,431,849	591,006,801

Non-GAAP net profit per share attributable to ordinary shareholders
– Basic	0.02	0.04	0.04	0.13
– Diluted	0.02	0.04	0.03	0.13

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SOURCE Tuya Inc.