TUYA

MKT CAP:$1B

Tuya Inc.

Market Cap

$1B

Technology·Software - Infrastructure·🇨🇳 China·NYSE

Technology·Software Infra·🇨🇳·NYSE

Stock Price

$2.44+$0.25 (+11.64%)

Apr 21, 2026

Company Details

Tuya Inc. develops Internet of Things (IoT) cloud platform worldwide. The company provides IoT Platform-as-a-Service that enables brands, original equipment manufacturers, and developers to develop, launch, manage, and monetize smart device...

CEO

Xueji Wang

IPO Date

Mar 19, 2021

Website

www.tuya.com

Key Metrics TTM

Revenue

$322M

+15.9% YoY

Net Income

$58M

EPS (Diluted)

$0.09

Free Cash Flow

$0

Revenue / Share

$0.52

Gross Margin

48.2%

Operating Margin

1.8%

Net Margin

18.0%

FCF Margin

0.0%

P/S

4.5x

P/E

25.2x

Earnings Reports

FY 2025

Dec 30, 2025

$323M+8.0%EPS $0.09

Q4 2025

Mar 2, 2026

$85M+3.4%EPS $0.03

Q3 2025

Nov 24, 2025

$83MEPS $0.02

Q2 2025

Aug 26, 2025

$80M+9.3%EPS $0.02

Q1 2025

May 20, 2025

$75M+21.1%EPS $0.02

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 21	$57M	$23M	-$41M
Q2 21	$85M	$36M	-$42M
Q3 21	$86M	$36M	-$49M
Q4 21	$75M	$32M	-$52M
Q1 22	$55M	$23M	-$55M
Q2 22	$63M	$27M	-$39M
Q4 22	$45M	$20M	-$33M
Q1 23	$47M	$21M	-$32M
Q3 23	$61M	$29M	-$18M
Q1 24	$62M	$29M	-$16M
Q2 24	$73M	$35M	-$10M
Q4 24	$82M	$39M	-$4M
Q1 25	$75M	$36M	-$1M
Q2 25	$80M	$39M	$1M
Q3 25	$83M	$40M	$540.6K
Q4 25	$85M	$40M	$5M

Valuation

Quarter	P/S	P/E
Q1 21	8.2x	—
Q2 21	6.0x	—
Q3 21	5.0x	—
Q4 21	4.8x	—
Q1 22	4.9x	—
Q2 22	5.2x	—
Q4 22	6.1x	—
Q1 23	6.9x	—
Q3 23	6.7x	—
Q1 24	6.8x	—
Q2 24	6.0x	—
Q4 24	5.3x	327.0x
Q1 25	5.0x	71.6x
Q2 25	4.7x	39.9x
Q3 25	4.6x	30.2x
Q4 25	4.5x	25.2x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 20	-$7M	-$7M
Q4 20	$0	$0
Q1 21	-$33M	$0
Q2 21	$6M	$0
Q3 21	-$46M	$0
Q4 21	-$53M	$0
Q1 22	-$57M	$0
Q2 22	$401.0K	$0
Q4 22	-$138.0K	$0
Q1 23	-$19M	$0
Q3 23	$0	$0
Q1 24	$14M	$0
Q2 24	$12M	$0
Q4 24	$30M	$0
Q1 25	$9M	$0
Q2 25	$18M	$0

Capital Expenditures

Quarter	CapEx
Q2 20	$0
Q4 20	$0
Q1 21	$33M
Q2 21	$6M
Q3 21	$46M
Q4 21	$53M
Q1 22	$57M
Q2 22	$401.0K
Q4 22	$138.0K
Q1 23	$19M
Q3 23	$0
Q1 24	$14M
Q2 24	$12M
Q4 24	$30M
Q1 25	$9M
Q2 25	$18M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 21	+346.9%	+209.8%
Q3 21	+120.4%	+147.7%
Q4 21	+19.0%	+54.8%
Q1 22	-2.7%	+12.9%
Q2 22	-26.1%	-19.2%
Q4 22	-47.1%	-42.0%
Q1 23	-36.7%	-36.9%
Q3 23	+10.4%	-28.2%
Q1 24	-1.4%	-23.5%
Q2 24	+61.8%	+7.0%
Q4 24	+72.8%	+7.6%
Q1 25	+22.3%	-4.3%
Q2 25	+30.0%	+1.3%
Q3 25	+12.7%	-1.9%
Q4 25	+3.4%	-7.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 20	$2M	4.4%
Q4 20	$0	0.0%
Q1 21	$0	0.0%
Q2 21	$0	0.0%
Q3 21	$0	0.0%
Q4 21	$0	0.0%
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q3 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 21	$35M	$16M	$16M	—
Q2 21	$43M	$16M	$19M	—
Q3 21	$51M	$18M	$21M	—
Q4 21	$46M	$21M	$18M	—
Q1 22	$48M	$18M	$15M	—
Q2 22	$37M	$17M	$15M	—
Q4 22	$28M	$16M	$11M	—
Q1 23	$28M	$17M	$10M	—
Q3 23	$25M	$16M	$9M	—
Q1 24	$23M	$15M	$9M	—
Q2 24	$23M	$17M	$9M	—
Q4 24	$24M	$14M	$9M	—
Q1 25	$23M	$9M	$8M	—
Q2 25	$22M	$9M	$8M	—
Q3 25	$23M	$8M	$8M	—
Q4 25	$22M	—	—	$13M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 21	—	-71.9%	—
Q2 21	346.9%	-48.1%	298.8
Q3 21	120.4%	-57.0%	63.4
Q4 21	19.0%	-67.6%	-48.7
Q1 22	-2.7%	-98.8%	-101.5
Q2 22	-26.1%	-61.5%	-87.6
Q4 22	-47.1%	-70.6%	-117.7
Q1 23	-36.7%	-66.2%	-102.9
Q3 23	10.4%	-28.9%	-18.4
Q1 24	-1.4%	-25.6%	-27.0
Q2 24	61.8%	-14.1%	47.7
Q4 24	72.8%	-4.6%	68.2
Q1 25	22.3%	-1.9%	20.3
Q2 25	30.0%	1.4%	31.3
Q3 25	12.7%	18.5%	31.2
Q4 25	3.4%	6.4%	9.8

Rule of 40

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$744M	$240M	$984M
Q2 22	$599M	$352M	$952M
Q3 22	$300M	$646M	$946M
Q4 22	$133M	$821M	$954M
Q1 23	$75M	$863M	$938M
Q2 23	$86M	$856M	$942M
Q3 23	$166M	$613M	$779M
Q4 23	$499M	$291M	$790M
Q1 24	$530M	$262M	$791M
Q2 24	$615M	$175M	$790M
Q3 24	$611M	$201M	$812M
Q4 24	$653M	$195M	$848M
Q1 25	$764M	$90M	$854M
Q2 25	$724M	$110M	$834M
Q3 25	$845M	$112M	$958M
Q4 25	$891M	$62M	$952M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 21	561M	0.0%	—
Q2 21	561M	-0.0%	+2.0%
Q3 21	561M	+0.1%	+2.0%
Q4 21	562M	+0.1%	+0.2%
Q1 22	557M	-0.9%	-0.8%
Q2 22	557M	0.0%	-0.7%
Q4 22	554M	-0.5%	-1.3%
Q1 23	554M	-0.0%	-1.4%
Q3 23	556M	+0.3%	-0.2%
Q1 24	559M	+0.6%	+0.4%
Q2 24	593M	+6.0%	+7.0%
Q4 24	590M	-0.5%	+6.4%
Q1 25	608M	+3.2%	+9.5%
Q2 25	610M	+0.3%	+9.2%
Q3 25	614M	+0.6%	+3.6%
Q4 25	616M	+0.3%	+4.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 21	—	—
Q2 21	—	—
Q3 21	—	—
Q4 21	$75	1.0M
Q1 22	$55	1.0M
Q2 22	$63	1.0M
Q4 22	$45	1.0M
Q1 23	$47	1.0M
Q3 23	$61	1.0M
Q1 24	$62	1.0M
Q2 24	$73	1.0M
Q4 24	$82	1.0M
Q1 25	$75	1.0M
Q2 25	$80	1.0M
Q3 25	$83	1.0M
Q4 25	$85	1.0M

Revenue / Employee