Summary by Moomoo AI
Tuya Inc. reported robust Q3 2024 financial results, with total revenue up 33.6% YoY to $81.6 million. IoT PaaS revenue grew 26.4% to $57.9 million, while smart solution revenue surged 102.9% to $13.8 million. The company achieved non-GAAP operating profitability with a 9.1% margin, up from -5.7% last year.Gross margin remained stable at 46.0%. Non-GAAP net profit doubled to $20.1 million, with a 24.7% margin. Cash flow from operations strengthened to $23.9 million. The company's cash position increased to $1.02 billion, supporting future growth initiatives.CEO Xueji Wang highlighted strong demand from existing customers, with a 124% dollar-based net expansion rate. The company expanded its developer community to 1.26 million. CFO Yi Yang emphasized the solid financial position and ongoing investments in product innovation to meet evolving market needs.
