Tuya Inc.
tuya.comWhat Do They Do?
Provides software and development tools for brands, device manufacturers and developers to build and manage smart devices, plus cloud software and finished smart-device solutions for businesses.
20-F for FY2025, filed Apr 22, 2026
How Do They Make Money?
Brands and device manufacturers pay for PaaS products when accepted; connectivity services run over the device's estimated life. Brands pay for finished smart devices when accepted, while businesses pay annual fees for industry software and milestone payments for customized software.
20-F for FY2025, filed Apr 22, 2026PaaS combines cloud-based connectivity and basic IoT services, edge capabilities (embedded in modules), app development, and device…View ↗
In certain circumstances, the Group offers select brands, primarily customers who prefer not to deal with multiple OEMs, an option to…View ↗
Industry SaaS is a vertical-focused software solution that enables businesses to easily and securely deploy, connect, and manage large…View ↗
Customized software development and configuration mainly relate to contracts for the specific IT needs of the brands. The contracts…View ↗
$321.8M
-
20-F for FY2025, filed Apr 22, 2026
$321.8M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
PaaS
Mix
20-F for FY2025, filed Apr 22, 2026 |
72% |
PaaS, FY2025
$231.2M Sources
|
Mix |
|
Smart solution
|
14%
FY2022: 12%
|
Smart solution, FY2025
$45.7M Sources
|
|
|
SaaS and others
|
14%
FY2022: 14%
|
SaaS and others, FY2025
$44.9M Sources
|
|
|
Cloud-based connectivity and basic IoT services
Recurring
|
0.4% |
Cloud-based connectivity and basic IoT services, FY2025
$1.1M Sources
|
Recurring |
Who Are Their Customers?
Customers include brands, device manufacturers, industry operators and system integrators. Sales come mainly from direct marketing to brands and manufacturers; offline retail and e-commerce channels also generate customer leads.
20-F for FY2025, filed Apr 22, 2026
Do Revenues Turn Into Profits?
Yes. It kept 18 cents of every revenue dollar as net income in FY2025 and turned 23 cents into free cash flow.
20-F for FY2025, filed Apr 22, 2026
$11.5MView ↗
20-F for FY2025, filed Apr 22, 2026
$57.9MView ↗
20-F for FY2025, filed Apr 22, 2026
$73.9MView ↗
How Are They Changing?
Flat. Revenue was $321.8M in FY2025, about the same as the $302.1M of FY2021.
AI added to the platform
The older report describes an IoT cloud platform for developing and managing smart devices; the latest describes an AI cloud platform and AI capabilities for devices and applications.
20-F for FY2022, filed Apr 26, 2023 20-F for FY2025, filed Apr 22, 2026
Finished-device solutions
The latest report adds smart solutions that supply customers with finished devices integrated with AI and software, alongside the older report's platform and software offerings.
20-F for FY2022, filed Apr 26, 2023 20-F for FY2025, filed Apr 22, 2026We have pioneered a purpose-built IoT cloud development platform that delivers a full suite of offerings, including Platform-as-a-Service…View ↗
We deliver a variety of offerings. Our PaaS offering enables businesses, including original equipment manufacturers (“OEMs”) and brands…View ↗
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