SANTA CLARA, Calif., Feb. 26, 2025 /PRNewswire/ --
TUYA INC. | |||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | |||
(All amounts in US$ thousands ("US$"), | |||
except for share and per share data, unless otherwise noted) | |||
As of December 31, | As of December 31, | ||
2023 | 2024 | ||
ASSETS | |||
Current assets: | |||
Cash and cash equivalents | 498,688 | 653,334 | |
Restricted cash | – | 50 | |
Short-term investments | 291,023 | 194,536 | |
Accounts receivable, net | 9,214 | 7,592 | |
Notes receivable, net | 4,955 | 7,485 | |
Inventories, net | 32,865 | 23,840 | |
Prepayments and other current assets, net | 11,053 | 16,179 | |
Total current assets | 847,798 | 903,016 | |
Non-current assets: | |||
Property, equipment and software, net | 2,589 | 6,619 | |
Land use rights, net | – | 8,825 | |
Operating lease right-of-use assets, net | 7,647 | 4,550 | |
Long-term investments | 207,489 | 180,092 | |
Other non-current assets, net | 877 | 678 | |
Total non-current assets | 218,602 | 200,764 | |
Total assets | 1,066,400 | 1,103,780 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
Current liabilities: | |||
Accounts payable | 11,577 | 19,051 | |
Advances from customers | 31,776 | 31,346 | |
Deferred revenue, current | 6,802 | 7,525 | |
Accruals and other current liabilities | 32,807 | 32,257 | |
Incomes tax payables | 689 | 360 | |
Lease liabilities, current | 3,883 | 3,798 | |
Total current liabilities | 87,534 | 94,337 | |
Non-current liabilities: | |||
Lease liabilities, non-current | 3,904 | 851 | |
Deferred revenue, non-current | 506 | 377 | |
Other non-current liabilities | 3,891 | 767 | |
Total non-current liabilities | 8,301 | 1,995 | |
Total liabilities | 95,835 | 96,332 | |
TUYA INC. | |||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) | |||
(All amounts in US$ thousands ("US$"), | |||
except for share and per share data, unless otherwise noted) | |||
As of December 31, | As of December 31, | ||
2023 | 2024 | ||
Shareholders' equity: | |||
Ordinary shares | – | – | |
Class A ordinary shares | 25 | 25 | |
Class B ordinary shares | 4 | 4 | |
Treasury stock | (53,630) | (15,726) | |
Additional paid-in capital | 1,616,105 | 1,612,712 | |
Accumulated other comprehensive loss | (17,091) | (19,716) | |
Accumulated deficit | (574,848) | (569,851) | |
Total shareholders' equity | 970,565 | 1,007,448 | |
Total liabilities and shareholders' equity | 1,066,400 | 1,103,780 | |
TUYA INC. | |||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME | |||||||
(All amounts in US$ thousands ("US$"), | |||||||
except for share and per share data, unless otherwise noted) | |||||||
For the Three Months Ended | For the Year Ended | ||||||
December 31, | December 31, | December 31, | December 31, | ||||
2023 | 2024 | 2023 | 2024 | ||||
Revenue | 64,411 | 82,059 | 229,990 | 298,617 | |||
Cost of revenue | (33,948) | (42,821) | (123,335) | (157,187) | |||
Gross profit | 30,463 | 39,238 | 106,655 | 141,430 | |||
Operating expenses: | |||||||
Research and development expenses | (22,806) | (23,705) | (102,277) | (95,049) | |||
Sales and marketing expenses | (10,937) | (9,048) | (40,440) | (37,081) | |||
General and administrative expenses | (23,754) | (13,618) | (80,663) | (68,254) | |||
Other operating incomes, net | 3,410 | 3,337 | 10,901 | 11,334 | |||
Total operating expenses | (54,087) | (43,034) | (212,479) | (189,050) | |||
Loss from operations | (23,624) | (3,796) | (105,824) | (47,620) | |||
Other income/(loss) | |||||||
Other non-operating income, net | 778 | 767 | 3,113 | 4,180 | |||
Financial income, net | 13,135 | 12,474 | 44,976 | 50,718 | |||
Foreign exchange gain/(loss), net | 17 | 864 | 669 | (136) | |||
(Loss)/profit before income tax expense | (9,694) | 10,309 | (57,066) | 7,142 | |||
Income tax expense | (1,122) | (524) | (3,249) | (2,145) | |||
Net (loss)/profit | (10,816) | 9,785 | (60,315) | 4,997 | |||
Net (loss)/profit attributable to Tuya Inc. | (10,816) | 9,785 | (60,315) | 4,997 | |||
Net (loss)/profit attribute to ordinary shareholders | (10,816) | 9,785 | (60,315) | 4,997 | |||
Net (loss)/profit | (10,816) | 9,785 | (60,315) | 4,997 | |||
Other comprehensive (loss)/income | |||||||
Changes in fair value of long-term investments | (5,321) | 153 | (7,791) | 14 | |||
Transfer out of fair value changes of long-term investments | 7,487 | – | 15,537 | 65 | |||
Foreign currency translation | 1,772 | (4,450) | (2,722) | (2,574) | |||
Total comprehensive (loss)/income attributable to Tuya Inc. | (6,878) | 5,488 | (55,291) | 2,372 | |||
TUYA INC. | |||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME (CONTINUED) | |||||||
(All amounts in US$ thousands ("US$"), | |||||||
except for share and per share data, unless otherwise noted) | |||||||
For the Three Months Ended | For the Year Ended | ||||||
December 31, | December 31, | December 31, | December 31, | ||||
2023 | 2024 | 2023 | 2024 | ||||
Net (loss)/profit attributable to Tuya Inc. | (10,816) | 9,785 | (60,315) | 4,997 | |||
Net (loss)/profit attributable to ordinary shareholders | (10,816) | 9,785 | (60,315) | 4,997 | |||
Weighted average number of ordinary shares used in | |||||||
computing net (loss)/profit per share, basic and diluted | |||||||
– basic | 557,103,923 | 587,987,654 | 555,466,061 | 573,782,783 | |||
– diluted | 557,103,923 | 589,689,036 | 555,466,061 | 591,006,801 | |||
Net (loss)/profit per share attributable to | |||||||
ordinary shareholders, basic and diluted | |||||||
– Basic | (0.02) | 0.02 | (0.11) | 0.01 | |||
– Diluted | (0.02) | 0.02 | (0.11) | 0.01 | |||
Share-based compensation expenses were included in: | |||||||
Research and development expenses | 3,446 | 2,487 | 14,734 | 14,347 | |||
Sales and marketing expenses | 1,462 | 869 | 5,446 | 5,098 | |||
General and administrative expenses | 11,028 | 8,855 | 45,036 | 48,305 | |||
TUYA INC. | |||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(All amounts in US$ thousands ("US$"), | |||||||
except for share and per share data, unless otherwise noted) | |||||||
For the Three Months Ended | For the Year Ended | ||||||
December 31, | December 31, | December 31, | December 31, | ||||
2023 | 2024 | 2023 | 2024 | ||||
Net cash generated from operating activities | 31,760 | 30,182 | 36,443 | 80,352 | |||
Net cash generated from investing activities | 299,763 | 45,556 | 332,455 | 107,428 | |||
Net cash generated from/(used in) financing activities | 162 | (33,022) | (2,223) | (33,200) | |||
Effect of exchange rate changes on cash and cash equivalents, restricted cash | 729 | (387) | (1,148) | 116 | |||
Net increase in cash and cash equivalents, restricted cash | 332,414 | 42,329 | 365,527 | 154,696 | |||
Cash and cash equivalents, restricted cash at the beginning of period | 166,274 | 611,055 | 133,161 | 498,688 | |||
Cash and cash equivalents, restricted cash at the end of period | 498,688 | 653,384 | 498,688 | 653,384 | |||
TUYA INC. | |||||||
UNAUDITED RECONCILIATION OF NON-GAAP MEASURES TO THE MOST DIRECTLY | |||||||
(All amounts in US$ thousands ("US$"), | |||||||
except for share and per share data, unless otherwise noted) | |||||||
For the Three Months Ended | For the Year Ended | ||||||
December 31, | December 31, | December 31, | December 31, | ||||
2023 | 2024 | 2023 | 2024 | ||||
Reconciliation of operating expenses to non-GAAP operating expenses | |||||||
Research and development expenses | (22,806) | (23,705) | (102,277) | (95,049) | |||
Add: Share-based compensation expenses | 3,446 | 2,487 | 14,734 | 14,347 | |||
Adjusted Research and development expenses | (19,360) | (21,218) | (87,543) | (80,702) | |||
Sales and marketing expenses | (10,937) | (9,048) | (40,440) | (37,081) | |||
Add: Share-based compensation expenses | 1,462 | 869 | 5,446 | 5,098 | |||
Adjusted Sales and marketing expenses | (9,475) | (8,179) | (34,994) | (31,983) | |||
General and administrative expenses | (23,754) | (13,618) | (80,663) | (68,254) | |||
Add: Share-based compensation expenses | 11,028 | 8,855 | 45,036 | 48,305 | |||
Add: Credit-related impairment of long-term investments | 7,435 | 72 | 15,537 | 261 | |||
Add: Litigation costs | – | – | – | 2,300 | |||
Adjusted General and administrative expenses | (5,291) | (4,691) | (20,090) | (17,388) | |||
Reconciliation of loss from operations to non-GAAP (loss)/profit from operations | |||||||
Loss from operations | |||||||
(23,624) | (3,796) | (105,824) | (47,620) | ||||
Operating margin | (36.70 %) | (4.60 %) | (46.00 %) | (15.90 %) | |||
Add: Share-based compensation expenses | 15,936 | 12,211 | 65,216 | 67,750 | |||
Add: Credit-related impairment of long-term investments | 7,435 | 72 | 15,537 | 261 | |||
Add: Litigation costs | – | – | – | 2,300 | |||
Non-GAAP (loss)/profit from operations | (253) | 8,487 | (25,071) | 22,691 | |||
Non-GAAP Operating margin | (0.40 %) | 10.30 % | (10.90 %) | 7.60 % | |||
TUYA INC. | |||||||
UNAUDITED RECONCILIATION OF NON-GAAP MEASURES TO THE MOST DIRECTLY | |||||||
(All amounts in US$ thousands ("US$"), | |||||||
except for share and per share data, unless otherwise noted) | |||||||
For the Three Months Ended | For the Year Ended | ||||||
December 31, | December 31, | December 31, | December 31, | ||||
2023 | 2024 | 2023 | 2024 | ||||
Reconciliation of net (loss)/profit to non-GAAP net profit | |||||||
Net (loss)/profit | (10,816) | 9,785 | (60,315) | 4,997 | |||
Net margin | (16.8 %) | 11.9 % | (26.2 %) | 1.7 % | |||
Add: Share-based compensation expenses | 15,936 | 12,211 | 65,216 | 67,750 | |||
Add: Credit-related impairment of long-term investments | 7,435 | 72 | 15,537 | 261 | |||
Add: Litigation costs | – | – | – | 2,300 | |||
Non-GAAP Net profit | 12,555 | 22,068 | 20,438 | 75,308 | |||
Non-GAAP Net margin | 19.5 % | 26.9 % | 8.9 % | 25.2 % | |||
Weighted average number of ordinary shares used in computing non-GAAP net profit per share, | |||||||
– Basic | 557,103,923 | 587,987,654 | 555,466,061 | 573,782,783 | |||
– Diluted | 589,438,606 | 589,689,036 | 586,431,849 | 591,006,801 | |||
Non-GAAP net profit per share attributable to ordinary shareholders | |||||||
– Basic | 0.02 | 0.04 | 0.04 | 0.13 | |||
– Diluted | 0.02 | 0.04 | 0.03 | 0.13 | |||
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SOURCE Tuya Inc.