Tuya Q1 Revenue Climbs 8.3% to $80.9M, Net Profit at $15.8M
TUYA•Tuya posted Q1 2026 revenue of US$80.9 million, up 8.3% year over year, driven by 9.8% growth in PaaS revenue to US$59.0 million and a 16.9% rise in AI application & others to US$11.6 million. Net profit increased to US$15.8 million and operating margin improved to 9.2%, while gross margin narrowed to 46.9%.
1. Financial Highlights
Tuya recorded Q1 2026 revenue of US$80.9 million, an 8.3% increase year over year, and net profit of US$15.8 million, up from US$11.0 million in Q1 2025. Operating margin improved to 9.2% from negative 1.9%, and non-GAAP net margin was 20.3%.
2. Segment Revenue Growth
Platform-as-a-service revenue rose 9.8% to US$59.0 million, while AI application & others jumped 16.9% to US$11.6 million. Smart home & robot product revenue declined 6.9% to US$10.2 million as the company pivots to AI-enabled consumer electronics.
3. Profitability Metrics
Overall gross margin narrowed to 46.9% from 48.5% year over year, with PaaS gross margin at 46.1%. Non-GAAP operating margin of 10.0% demonstrated disciplined cost management and operating leverage.
4. Liquidity and Operational Metrics
Tuya ended the quarter with US$1.0171 billion in cash, cash equivalents and investments. Premium PaaS customers grew to 306 and registered AI developers increased by 9.4% to over 1.97 million.
