涂鸦智能创始人兼CEO王学集表示："2024年第三季度是一个‘务实’的季度，各业务板块均实现了强劲的财务表现，展现了我们稳健的增长、稳固的利润率以及严格的经营预算管理，再次证明了我们作为一家具备明确战略和坚定执行力的成长型、盈利型智慧云平台领导者的地位。我们的业绩得益于现有客户对涂鸦产品的强劲需求，124%的美元基础净扩张率则是很好的佐证。展望未来，我们将继续致力于加强全球合作，专注于赋能开发者，并提供创新解决方案，以满足市场对智能产品日益增长的需求。"On November 18th, USA time, the global cloud development platform Tuya Inc (NYSE: TUYA, HKEX: 2391) released the unaudited financial report for the third quarter of 2024.
The financial report shows that the total revenue for the third quarter of 2024 was $81.6 million, an increase of approximately 34% year-on-year. Non-GAAP net income was $20.1 million, with a net income margin increasing by 8.2 percentage points to 24.7% year-on-year. Net cash flow from operating activities was $23.9 million, steadily increasing year-on-year.
Among them, IoT PaaS revenue was $57.9 million, a 26.4% year-on-year increase; SaaS and other revenue was $9.9 million, with core cloud software value-added services growing by over 50% year-on-year. As of September 30, 2024, the company's total net cash (including cash and cash equivalents and term deposits and government bonds classified as short-term and long-term investments) was approximately $1.024 billion, providing ample financial reserves to support the company's technological innovation and sustainable development.
Tuya Inc's founder and CEO, Wang Xueji, stated: "The third quarter of 2024 was a 'pragmatic' quarter, with strong financial performance in all business sectors, demonstrating our stable growth, solid profit margins, and strict operational budget management. This once again proves our position as a growth-oriented, profitable smart cloud platform leader with a clear strategy and firm execution capabilities. Our performance benefited from strong demand for Tuya products from existing customers, with a good proof of 124% USD-based net expansion rate. Looking ahead, we will continue to strengthen global cooperation, focus on empowering developers, and provide innovative solutions to meet the growing market demand for smart products."
Empowering Developers
Building a Global Smart Ecosystem
As of September 30, 2024, the number of registered developers on the Tuya developer platform exceeded 1.26 million, a 26.9% growth from the approximately 0.993 million at the end of 2023. The steady growth in the number of developers further proves the superiority of Tuya's open and neutral platform.
In the third quarter, to better meet the demands of global developers, Tuya Inc. held two heavyweight developer conferences in Berlin and Suzhou, committed to building an active developer community, providing the latest cutting-edge information to every developer aspiring in the smart area. At the same time, tuya inc released a newly upgraded AI Agent development platform, utilizing AI for decision support, significantly enhancing the user experience and value of intelligent products in interaction, efficiency, and functionality, further promoting the prosperity and development of the global smart ecosystem.
Exploring Customer Value
Steady Expansion of Business Territory
As of September 30, 2024, in the past 12 months, Tuya Inc.'s IoT PaaS net revenue expansion rate (DBNER) has increased to 124%, compared to the third quarter of 2023, achieving a growth of 46 percentage points, maintaining a healthy level, demonstrating Tuya's continuous expansion of the customer base for its platform and the ability to generate revenue growth from existing customer groups.
Europe, as tuya inc.'s main market, has stable demand, smooth progress in cooperation with both new and existing customers. In other regions around the globe, several top customers in key regions have actively deployed on the Tuya platform, including Canada's leading channel private label brands, major home appliance groups in emerging markets like Brazil in Latin America, prominent consumer-level security product brands in Chile. In addition, Tuya's HEMS business has made substantial progress in Singapore.
In the third quarter of 2024, Tuya's various business sectors have achieved satisfactory results, continuing the steady momentum since the recovery. In the future, Tuya will actively iterate its products and services, continue to expand into high-potential business areas such as energy, collaborate with global developers, and win in the sustainable future of the smart race track.
Practical progress
Welcome investor feedback
On November 18, 65 Equity Partners, an independently operated wholly-owned investment platform under Temasek, signed an agreement with NEA, Tuya's main shareholder since its founding in 2014, to purchase approximately 13% of Tuya's total shares. This investment reflects their high recognition of Tuya's vision and is highly in line with Tuya's international expansion strategy.
Tuya Inc's founder and CEO, Wang Xueji, said, "We are delighted to welcome 65EP, a subsidiary of Temasek, as a significant shareholder of Tuya Inc. The Asia-Pacific region, especially Southeast Asia, is a rapidly growing emerging market with tremendous opportunities for Tuya. Tuya will continue to seize growth opportunities in the international market, drive the development of global AIoT, smart devices, commercial and industrial applications, and strive to bring returns to all shareholders who have long supported Tuya."
Source: WeChat Official Account, Tuya Inc.
