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Tuya Inc. (NYSE: TUYA; HKEX: 2391) is a global leader in IoT cloud development, dedicated to building an ecosystem that empowers developers to create smart products. Headquartered in Hangzhou, China, Tuya provides a comprehensive suite of services including Platform-as-a-Service (PaaS) and Software-as-a-Service (SaaS) solutions. The company's mission is to enable everything to be smart, transforming consumer electronics, household items, and industrial devices into intelligent products.
Tuya's IoT cloud platform is designed to support brands, OEMs, and retail chains by offering tools for hardware access, cloud services, and app software development. This closed-loop service system spans over 200 countries, including China, the United States, and Europe, serving more than 10,000 clients and millions of consumers. Tuya processes over 20 billion device requests and 6 million AI interactions daily, with accumulated data reaching 1 petabyte.
Recent achievements highlight Tuya's commitment to innovation and sustainability. The company has integrated Google's Device and Structure APIs to enhance its Smart Home sector, offering developers new opportunities while ensuring seamless connectivity and user-friendly experiences. Tuya's Smart App Solution helps developers reduce R&D costs and time by providing an inclusive service platform for app construction.
Financially, Tuya has shown resilience with a significant reduction in net losses and successful treasury strategies that bolster interest income. Partnerships with tech giants like Google, Amazon, and Alibaba, along with recent collaborations with the UN Global Compact, underscore its dedication to sustainable development and corporate social responsibility.
Tuya continues to drive industry change through its annual Global Developer Summit, which gathers experts to discuss GenAI, large language models, and green development. This event showcases Tuya's cutting-edge innovations and collaborations aimed at fostering a smarter, more sustainable world.
Tuya Smart and Copilot.cx announced a strategic partnership aimed at revolutionizing consumer electronics brands. This collaboration allows brands to quickly integrate IoT capabilities through Tuya's platform while gaining consumer insights via Copilot.cx. The partnership targets enhanced customer engagement, reducing product returns, and boosting sales. Notably, Tzumi Electronics praised the partnership for shifting focus from mere transactions to maximizing customer relationships. The initiative is anticipated to streamline brand operations and improve customer lifetime value, aligning with modern consumer expectations.
Tuya Smart (NYSE: TUYA) will return to the Consumer Electronics Show (CES) in Las Vegas from January 5-8, 2022, showcasing innovative IoT products and services. The company emphasizes safety protocols amid COVID-19 and aims to enhance enterprise solutions, connectivity, and data security. With over 3,800 brands using its IoT platform, Tuya is positioned to support various industries, including residential and commercial sectors. The booth will highlight new partnerships, demonstrate case studies, and introduce advanced security measures for smart devices.
On December 8, 2021, Tuya Smart (NYSE: TUYA) announced the launch of the Khaleeji Arabic language for Alexa in Saudi Arabia and the UAE. This integration allows global partners, particularly in the Middle East, to enhance their products through the Tuya Smart Life App.
Tuya has implemented customized services for developers and has facilitated Alexa integration for several partners, aiding their market expansion. Additionally, Tuya provides solutions for faster product certification with Alexa, strengthening its position in the Middle East smart home market.
Tuya Smart (NYSE: TUYA) has entered a strategic partnership with TÜV SÜD to enhance safety certification for its IoT devices. The initial focus is on the Wi-Fi+Bluetooth module WBR3, which has received TÜV SÜD's ETSI EN 303 645 evaluation. This collaboration aims to provide certification services to Tuya's ecosystem partners, ensuring compliance with industry standards. Key executives highlighted the importance of security in IoT products and the necessity for a global security ecosystem. Tuya's solutions are available through over 100,000 channels worldwide, contributing to a growing smart devices market.
Tuya Inc. (NYSE: TUYA) reported a strong performance in the third quarter of 2021, achieving total revenues of US$85.6 million, a 44.9% increase year-over-year. IoT PaaS revenue rose 37.4% to US$72.6 million, while SaaS and other revenues surged 214.2% to US$5.6 million. Gross margin improved to 42.6%, an increase of 8.2 percentage points from the previous year. However, net loss reached US$47.9 million, up from US$13.2 million in Q3 2020. The company expects fourth-quarter revenue between US$72 million and US$77 million.
Tuya Smart (NYSE: TUYA) has been recognized as a Sample Vendor in the Gartner Hype Cycle for Digital Business Capabilities, 2021. The report notes that digitally connected products currently have a market penetration of only 1% to 5%. Tuya's IoT platform has established a strong ecosystem in the US and Europe, facilitating partnerships with leaders like Calex and Orange Belgium. These partnerships enhance product offerings, with Calex reaching over 5 million products distributed. Tuya prioritizes security and interoperability, addressing challenges in the IoT landscape.
Tuya Inc. (NYSE: TUYA), a leading global IoT cloud development platform, will release its unaudited financial results for Q3 2021 on November 22, 2021, after U.S. market close. A conference call to discuss these results is scheduled for 7:00 P.M. ET on the same day. Participants must register online to obtain access details. The replay will be available until November 29, 2021. Tuya's innovative platform enables developers to build a robust IoT ecosystem.
Tuya Smart (NYSE: TUYA) reported a remarkable 118% year-over-year revenue growth in Q2 2021, totaling USD 84.7 million. This announcement was made during their second earnings call since going public in March 2021. The company has initiated a MCU chipset replacement plan to address the ongoing semiconductor shortage, allowing clients to maintain production efficiency while reducing costs. Despite recent challenges with Amazon banning some Chinese merchants, the company remains confident about its full-year results, attributing only minor impacts on Q3 guidance.
Tuya Smart (NYSE: TUYA) and CLEANLIFE® have formed a strategic partnership aimed at enhancing consumer and business lighting experiences. This collaboration capitalizes on the advancements in IoT, 5G, and smart lighting technologies. CLEANLIFE® plans to launch various smart lighting products using Tuya's components, expanding its market presence in North America. The partnership will enable CLEANLIFE® to tap into Tuya's extensive ecosystem of over 410,000 smart devices and 384,000 developers, enhancing innovation and international reach in the smart lighting sector.
Tuya Inc. (NYSE: TUYA) reported a 118.0% year-over-year increase in total revenue for Q2 2021, totaling US$84.7 million. The IoT PaaS segment saw a remarkable growth of 163.9%, reaching US$76.9 million. Gross margin rose to 42.2%, up from 30.3% in Q2 2020, while the operating margin was -49.0%, reflecting an 8.9 percentage point decline. Despite a net loss of US$38.1 million, cash reserves increased significantly to US$1,256.1 million. The outlook for Q3 2021 anticipates revenue between US$83 million and US$86 million.
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