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Tuya Reports Second Quarter 2026 Unaudited <a href="https://bitcomme.com/we-are-changing-the-way-the-financial-system-works-bitgo-ceo/” title=”We are changing the way the financial system works: BitGo CEO”>Financial Results
SANTA CLARA, Calif., Aug. 24, 2026 /PRNewswire/ — Tuya Inc. (“Tuya” or the “Company”) (NYSE: TUYA; HKEX: 2391), a global leading AI cloud platform service provider, today announced its unaudited financial results for the second quarter ended June 30, 2026.
Second Quarter 2026 Financial Highlights
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Totalrevenue was US$92.9 million, up approximately 16.0% year-over-year (2Q2025: US$80.1 million).
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Platform-as-a-service(“PaaS”)revenue was US$67.9 million, up approximately 16.9% year-over-year (2Q2025: US$58.1 million).
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AIapplication&othersrevenue was US$11.5 million, up approximately 3.9% year-over-year (2Q2025: US$11.1 million).
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Smarthome&robotproductrevenue was US$13.5 million, up approximately 23.2% year-over-year (2Q2025: US$10.9 million).
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Overallgrossmargin was 46.3%, down 2.1 percentage points year-over-year (2Q2025: 48.4%). Gross margin of PaaS was 46.8% (2Q2025: 48.7%).
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Operatingmargin was 10.0%, up 8.6 percentage points year-over-year (2Q2025: 1.4%). Non-GAAPoperatingmargin was 10.3% (2Q2025: 10.7%).
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Netmargin was 20.1%, improved by 4.4 percentage points year-over-year (2Q2025: 15.7%). Non-GAAPnetmargin was 20.4% (2Q2025: 25.1%).
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Net profitswere US$18.6 million (2Q2025: US$12.6 million). Non-GAAP net profitswere US$18.9 million (2Q2025: US$20.1 million).
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Netcashgeneratedfromoperatingactivities was US$6.2 million (2Q2025: US$18.2 million).
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Totalcashandcashequivalents,timedepositsandtreasurysecuritiesrecordedas short-termand long-terminvestments were US$976.1 million as of June 30, 2026, compared to US$1,017.3 million as of December 31, 2025.
For further information on the non-GAAP financial measures presented above, see the section headed “Use of Non-GAAP Financial Measures.”
Second Quarter 2026 Operating Highlights
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PremiumPaaScustomers[1] for the trailing 12 months ended June 30, 2026 were 318 (2Q2025: 285). In the second quarter of 2026, the Company’s premium PaaS customers contributed approximately 89.5% of its PaaS revenue (2Q2025: approximately 88.6%).
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Registered AI developerswere over 2,092,000 as of June 30, 2026, up 16.2% from approximately 1,801,000 developers as of December 31, 2025.
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The Company defines a premium PaaS customer as a customer as of a given date that contributed more than US$100,000 of PaaS revenue during the immediately preceding 12-month period.
Mr. Xueji (Jerry) Wang, Founder and Chief Executive Officer of Tuya, commented, “In the second quarter, despite a complex global operating environment, the Company continued to demonstrate solid growth momentum. Total revenue increased by 16.0% year over year to US$92.9 million, with PaaS revenue increasing by 16.9% and remaining the Company’s primary growth driver. This performance reflected resilient demand across selected home appliance categories and increasing adoption of differentiated, AI-enabled products and solutions.
