Tuya Q4 Revenue Up 3% to $84.5M as Net Profit Rises to $19.3M
Tuya’s Q4 revenue grew 3.0% to $84.5M driven by PaaS, SaaS, and smart solution increases, with net profit jumping to $19.3M and operating margin turning positive at 9.5%. For FY2025, revenue rose 7.8% to $321.8M, net profit soared to $57.9M and company declared cash dividend.
1. Fourth Quarter 2025 Results
In the fourth quarter ended December 31, 2025, Tuya reported total revenue of $84.5 million, up 3.0% year-over-year. PaaS revenue reached $60.1 million (+1.4%), SaaS and other services grew 8.2% to $12.4 million, and smart solution sales increased 6.0% to $12.0 million. Gross margin dipped slightly to 47.6%, while operating margin swung to a positive 9.5% from negative 4.6% and net profit more than doubled to $19.3 million.
2. Full Year 2025 Results
For the full year, Tuya’s revenue rose 7.8% to $321.8 million, driven by a 6.5% increase in PaaS revenue to $231.2 million and a 13.4% jump in SaaS and other services to $44.9 million. Gross margin expanded to 48.2%, operating margin improved by 19.5 percentage points to 3.6%, and annual net profit surged to $57.9 million from $5.0 million a year earlier.
3. Operating Metrics and Dividend
Tuya ended 2025 with approximately 2,100 PaaS customers and 3,000 total customers, while its dollar-based net expansion rate eased to 102%. Registered AI developers climbed 37% to 1.80 million, and the board declared a cash dividend as part of its capital return strategy.