Tuya Inc. Reports Impressive Annual Growth and Announces Dividend for 2024
Tuya Inc. Reports Impressive Annual Growth and Announces Dividend for 2024
Tuya Inc., a renowned global AI cloud platform service provider, recently revealed its fourth-quarter and overall fiscal results for 2024, highlighting an impressive growth trajectory across various revenue streams. The company reported total revenues of $298.6 million for the fiscal year, representing a robust 29.8% increase compared to $230.0 million in 2023.
Financial Results Overview
For the fourth quarter ending December 31, 2024, Tuya achieved $82.1 million in total revenue, marking a 27.4% rise from $64.4 million in the previous year. This revenue surge can be attributed to a significant increase in the Internet of Things platform-as-a-service (IoT PaaS) revenue, which rose 25.7% year-over-year to reach $59.3 million. Furthermore, the software-as-a-service (SaaS) revenue grew by 21.1%, yielding $11.5 million, while smart solutions saw a dramatic increase of 45.5%, bringing in $11.3 million.
The overall gross margin stood at 47.8%, a slight increase from 47.3% in the same period last year. In terms of operational profitability, the company made strides with a non-GAAP operating margin of 10.3%, a significant improvement from negative margins in previous years.
Notable Profitability Achievements
Tuya reported net profits of $9.8 million for the fourth quarter, compared to a net loss of $10.8 million in the same period last year. Notably, non-GAAP net profits soared to $22.1 million, reflecting a staggering 75.8% growth from $12.6 million in Q4 2023. The impressive performance also translated to a net cash generation from operating activities of $30.2 million during the quarter.
Strategic Focus and Business Outlook
Looking forward, Tuya's management emphasized the importance of innovation, particularly in the realm of artificial intelligence, which they see as a pivotal opportunity to enhance user interactions with smart devices. Founder and CEO Xueji Wang stated that Tuya is committed to continuously improving its platform-driven business model and empowering its developers to create competitive smart hardware products. He expressed confidence in the company's ability to maintain growth amid the evolving market dynamics.
Dividend Declaration
In a significant announcement, Tuya's Board of Directors declared a dividend of $0.0608 per ordinary share. This decision, applicable to shareholders by March 13, 2025, indicates the company's dedication to returning value to its shareholders. The total dividend payout is expected to be around $37 million, funded through its surplus cash reserves.
Conclusion
With a solid foundation of revenue growth and improved profitability, Tuya Inc. not only demonstrates resilience in a competitive landscape but also positions itself for sustained future advancements. The strategic focus on AI innovation coupled with their commitment to enhancing customer experience provides a promising outlook for investors and stakeholders alike.
As Tuya continues to build its global developer ecosystem, the company is well on its way to realizing its mission of enabling everything to become smart through innovative AI and IoT solutions.
Topics Business Technology）
【About Using Articles】
You can freely use the title and article content by linking to the page where the article is posted.
※ Images cannot be used.
【About Links】
Links are free to use.