Summary by Moomoo AI
Tuya Inc. reported strong Q2 2024 financial results with total revenue increasing 28.6% YoY to $73.3 million. IoT PaaS revenue grew 32% to $54.3 million, while smart solution revenue rose 44.2% to $9.4 million. The company achieved its first positive non-GAAP operating margin of 10% and recorded a net profit of $3.1 million.The company's operational metrics showed solid performance with 280 premium IoT PaaS customers contributing 84.8% of IoT PaaS revenue. The dollar-based net expansion rate reached 127%, while registered IoT developers grew 20.1% to over 1.19 million. Gross margin improved to 48%, with IoT PaaS gross margin increasing to 47.6%.The Board declared a special cash dividend of $0.0589 per ordinary share, with an aggregate amount of approximately $33 million. The dividend will be paid on or around October 9, 2024, for ordinary shareholders and October 15, 2024, for ADS holders. The company maintained a strong balance sheet with cash and investments of $1 billion as of June 30, 2024.
