According to Tuya’s official announcement, the previously severe macroeconomic situation has moderated, and along with further destocking, the confidence of some brands and consumers has begun to improve. However, the first quarter of 2023 and even the first half of the optional consumer electronics supply chain from upstream to downstream are anticipated to remain under pressure, with the industry still experiencing economic uncertainty.
Tuya Inc. (hereinafter referred to as "Tuya", Chinese: 涂鸦智能, NYSE: TUYA, HKEx: 2391), headquartered in Hangzhou, China, recently announced its unaudited financial results for the first quarter ended March 31, 2023. The financial results show that in Q1 2023, Tuya reported revenue of USD 47.5 million (CNY 339.15 million), down 14.0% year-over-year; a net loss of USD 21 million, narrowing 61.7% from a net loss of USD 55 million in the same period of the prior year; and an adjusted net loss of USD 3.7 million, narrowing 90% from an adjusted net loss of USD 37.3 million from the same period last year.
In terms of the main business segments, in Q1 2023, Tuya's IoT Platform-as-a-service (“PaaS”) revenue was USD 33.6 million, up 19.6% from USD 41.8 million in the same period last year, while Software-as-a-service (“SaaS”) and others revenue was USD 8.5 million, up 47.2% from USD 5.8 million in the previous year.
Founded in 2014, Tuya is a global leading IoT cloud development platform that connects the intelligent needs of consumers, manufacturers, brands, OEMs, and retail chains. The platform provides developers with a one-stop IoT PaaS-level solution that contains hardware development tools, global cloud services, and smart business platform development, offering comprehensive ecosystem empowerment from technology to marketing channels to build the world's leading IoT PaaS. In March 2021, Tuya landed on the New York Stock Exchange. In July 2022, the company completed its dual listing on the main board of the Hong Kong Stock Exchange.
In terms of overseas business, Tuya has been accelerating its internationalization. At present, Tuya has set up headquarters in six countries, including China (Hangzhou & Shenzhen), the United States, Japan, Germany, India and Colombia, and cooperates with over fifty Fortune 500 companies. Its products have covered nearly 200 countries and regions, serving more than 10,000 customers worldwide and reaching tens of millions of consumers. In 2020, Tuya established a deep cooperation with Hongyan Electric and Crestin LLC, an American smart home company, to jointly introduce Chinese smart home products into the U.S. market. In 2022, Tuya and Lamptime Elektrik A.S., a leading company in the Turkish lighting industry, announced a partnership on the site of the International Lighting and Building Technology and Equipment Exhibition in Frankfurt. In the same year, Tuya and T3 Technologies, a leading telecommunications solution provider in Southeast Asia, announced a strategic partnership to provide innovative IoT products and services to five Southeast Asian countries.
The major competitors of Tuya include Chinese companies such as Alibaba (Chinese: 阿里巴巴), Huawei (Chinese: 华为) and Baidu (Chinese: 百度), as well as international players such as Amazon, Microsoft and Google from the US.
As of press time, Tuya closed at USD 1.88 apiece, with a market cap of USD 1.08 billion.