Tuya Inc. Earnings Recaps
Q3 2025
Nov 26, 2025
Tuya Inc. reported a total revenue of approximately $82.5 million in Q3 2025, marking its ninth consecutive quarter of year-over-year growth despite a challenging macroeconomic environment.
Key takeaways
- Total revenue rose 1.1% year-over-year, driven by a resilient PaaS business, which generated $59.2 million.
- Non-GAAP net margin improved to 24.4%, while GAAP net margin expanded significantly to 18.2%, reflecting strong operational efficiency.
- AI-equipped smart devices constituted 93.99% of total shipments, highlighting the rapid integration of AI across Tuya’s product offerings.
- SaaS and other revenues surged by 15.4%, fueled by increased device installations and a growing share of recurring revenues.
- Continued investment in AI solutions, including the upcoming universal AI life assistance app set for release at CES, positions Tuya for enhanced market relevance and innovation momentum.