Tuya Inc. Earnings Recaps
Q2 2026
Aug 26, 2026
Tuya's shares declined modestly by 0.6% as investors digested a mixed quarter marked by solid top-line growth but ongoing margin pressures and uneven demand recovery across key product categories.
Key takeaways
- Total revenue grew 16% year-over-year to $92.9 million, accelerating from 8.3% growth in Q1.
- PaaS revenue increased 16.9% year-over-year to approximately $67.9 million, driven by smart home, robot product segments, and expanded customer adoption.
- Growth in smart home and robot products was strong at 23.2% YoY, supported by smart security and energy-related devices, though traditional lighting and IP camera segments showed slower demand recovery.
- Gross margin stood at 46.3%, affected by semiconductor cost volatility and shifts in business mix; smart home and robot product margins remained relatively low at 21.9%.
- Early signs of consumer acceptance emerged in AI companion products, but wider monetization and margin improvement appear gradual amid ongoing execution challenges.
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.