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Tuya Smart (NYSE: TUYA, HKEX: 2391) has joined the United Nations Global Compact (UNGC), marking a milestone in its corporate social responsibility efforts. By pledging to uphold the UNGC's 'Ten Principles' on human rights, labor, environment, and anti-corruption, Tuya gains a broader platform for promoting sustainability globally using innovative technologies like generative AI.
With over 1,074,000 developers on its Cloud Developer Platform, Tuya aims to advance sustainable business practices. The company will soon release its 'Space Large Model' AI, designed for zero-carbon scenarios and optimizing energy-saving strategies.
The UNGC will participate in the 2024 TUYA Global Developer Summit, highlighting Tuya's commitment to applying cutting-edge technologies for global benefit.
Tuya, a leading global cloud platform service provider, has announced its Annual General Meeting (AGM) for shareholders will be held on June 20, 2024, at 3:00 p.m. Hong Kong time in Hangzhou, China. The AGM will consider and vote on Proposed Resolutions outlined in the AGM Notice available on the company's website. Shareholders and ADS holders as of the close of business on May 21, 2024, are eligible to participate in the voting process. Tuya's board supports these resolutions and encourages shareholders to vote in their favor. Additionally, Tuya has filed its annual report on Form 20-F, including audited financial statements for the fiscal year ending December 31, 2023, available on both the company's and the SEC's websites.
Tuya (NYSE: TUYA; HKEX: 2391) reported its Q1 2024 financial results, with total revenue reaching $61.7 million, a 29.9% increase year-over-year. IoT PaaS revenue grew by 35.7% to $45.6 million. The gross margin improved to 47.8%, and the operating margin also saw significant improvement, narrowing the loss from 68.0% to 26.5%. Net loss decreased substantially to $3.5 million, while non-GAAP net profit was $12.3 million. The company generated $14.5 million in net cash from operating activities. Tuya's strategic focus on AI and smart technologies shows promising growth and profitability potential.
Tuya Smart, a global cloud developer service provider, showcased its use of Google's new Device and Structure APIs at Google I/O 2024. These APIs will enable Tuya to offer developers enhanced opportunities in the smart home market through its Smart App Solution. This solution streamline app development, reducing time and costs while supporting billions of devices. The Tuya-enabled App aims to provide seamless integration and management of smart home devices, enhancing user experience with customized scenarios. Tuya’s collaboration with Google underscores its commitment to driving innovation in the smart home sector.
Tuya Inc. will report its first quarter 2024 unaudited financial results on May 20, 2024. The conference call to discuss the results will be held on the same day. Participants can register online to receive access details. The replay will be available until May 27, 2024. A webcast will be accessible on the Company's investor relations website.
