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Tuya Reports Second Quarter 2026 Unaudited Financial Results

TUYA
  • Tuya Inc. reported total revenue of US$92.9 million for the second quarter ended June 30, 2026, an increase of 16.0% year-over-year.
  • PaaS revenue reached US$67.9 million, up 16.9% year-over-year, serving as the primary growth driver.
  • Smart home & robot product revenue grew 23.2% year-over-year to US$13.5 million.
  • AI application & others revenue increased 3.9% year-over-year to US$11.5 million.
  • Overall gross margin was 46.3%, a decrease of 2.1 percentage points year-over-year, attributed to semiconductor supply-chain pricing fluctuations.
  • Operating margin improved to 10.0%, an increase of 8.6 percentage points year-over-year, driven by lower operating expenses.
  • Net profit totaled US$18.6 million for the quarter, representing a 48.0% increase from the same period in 2025.
  • Registered AI developers reached over 2,092,000 as of June 30, 2026, up 16.2% from December 31, 2025.
  • Premium PaaS customers numbered 318 for the trailing 12 months ended June 30, 2026, contributing approximately 89.5% of PaaS revenue.
  • Total cash, cash equivalents, time deposits, and treasury securities stood at US$976.1 million as of June 30, 2026.
  • Net cash generated from operating activities was US$6.2 million for the second quarter of 2026, down from US$18.2 million in the prior year period.
  • Operating expenses decreased by 10.4% to US$33.7 million, primarily due to reduced share-based compensation expenses.
  • The company highlighted the launch of Tuya Cobuilder to lower barriers for AI hardware development.
  • Management noted a complex global operating environment but observed normalized project execution and demand recovery in core categories.