Tuya Posts $80.1M Record Net Income with 7.8% Revenue Growth
Tuya generated Q4 revenue of $48.5 million, up 3% year-over-year, and full-year revenue of $320 million, up 7.8%, with record non-GAAP net income of $80.1 million and a 48.2% blended gross margin. Its AI+IoT platform now supports 1.8 million developers and drove 37% recurring services growth.
1. Financial Performance Highlights
In Q4 2025, Tuya generated $48.5 million in revenue, up 3% year-over-year, contributing to full-year revenue of $320 million, a 7.8% increase. Record non-GAAP net income reached $80.1 million, with a blended gross margin of 48.2%, non-GAAP operating margin of 10.5%, and net margin of 24.9%.
2. Segment and Recurring Revenue Growth
Full-year PaaS revenue exceeded $230 million, up 6.5%, serving 291 premium customers. SaaS revenue rose 13.4% to $44.8 million, and recurring services grew 37% year-over-year, driven by an expanding device base and enhanced pricing power.
3. AI+IoT Platform Initiatives
Tuya’s AI+IoT ecosystem now includes over 1.8 million registered developers—a 37% increase—and 16,000 AI agents on the platform. The 'Hey Tuya' Smart Life Assistant and upcoming AI coding tools aim to accelerate low-code/no-code hardware development and deepen AI integration across its device ecosystem.
4. Cash Flow and Shareholder Returns
Tuya reported 11 consecutive quarters of positive operating cash flow, with $23.5 million in Q4. The company holds $1.017 billion in cash and declared dividends, reflecting disciplined expense management and ongoing commitment to shareholder returns despite dynamic demand conditions.