Tuya Reports 7.8% Revenue Growth to $320M and 24.9% Net Margin
Tuya's full-year 2025 revenue rose 7.8% to $320M, with non-GAAP net margin of 24.9% yielding $80.1M net income. The company ended the year with over $1B cash, PaaS revenue above $230M, 37% growth in recurring services, and a 1.8M-strong developer ecosystem.
1. Financial Performance
Tuya delivered full-year 2025 revenue of $320 million, up 7.8% year-over-year, and achieved $80.1 million in net income on a non-GAAP net margin of 24.9%.
2. Segment Growth
PaaS revenue exceeded $230 million, while SaaS and other business grew 13.4% to $44.8 million; recurring services revenue surged 37%, and the registered AI + IoT developer base expanded to 1.8 million.
3. Cash Position and AI Initiatives
The company ended 2025 with over $1 billion in cash and cash equivalents, launched the AI-powered “Hey Tuya” smart life assistant, and reported about 16,000 active AI agents on its platform.
4. Risks and Outlook
Tuya faces conservative customer procurement cycles, geopolitical uncertainties, and potential semiconductor supply constraints, though stable inventory levels and purchasing power help mitigate margin pressures.