Tuya Inc Stock Price, News & Analysis

Tuya Smart (NYSE: TUYA) has entered a strategic partnership with TÜV SÜD to enhance safety certification for its IoT devices. The initial focus is on the Wi-Fi+Bluetooth module WBR3, which has received TÜV SÜD's ETSI EN 303 645 evaluation. This collaboration aims to provide certification services to Tuya's ecosystem partners, ensuring compliance with industry standards. Key executives highlighted the importance of security in IoT products and the necessity for a global security ecosystem. Tuya's solutions are available through over 100,000 channels worldwide, contributing to a growing smart devices market.

Tuya Inc. (NYSE: TUYA) reported a strong performance in the third quarter of 2021, achieving total revenues of US$85.6 million, a 44.9% increase year-over-year. IoT PaaS revenue rose 37.4% to US$72.6 million, while SaaS and other revenues surged 214.2% to US$5.6 million. Gross margin improved to 42.6%, an increase of 8.2 percentage points from the previous year. However, net loss reached US$47.9 million, up from US$13.2 million in Q3 2020. The company expects fourth-quarter revenue between US$72 million and US$77 million.

Tuya Smart (NYSE: TUYA) has been recognized as a Sample Vendor in the Gartner Hype Cycle for Digital Business Capabilities, 2021. The report notes that digitally connected products currently have a market penetration of only 1% to 5%. Tuya's IoT platform has established a strong ecosystem in the US and Europe, facilitating partnerships with leaders like Calex and Orange Belgium. These partnerships enhance product offerings, with Calex reaching over 5 million products distributed. Tuya prioritizes security and interoperability, addressing challenges in the IoT landscape.

Tuya Inc. (NYSE: TUYA), a leading global IoT cloud development platform, will release its unaudited financial results for Q3 2021 on November 22, 2021, after U.S. market close. A conference call to discuss these results is scheduled for 7:00 P.M. ET on the same day. Participants must register online to obtain access details. The replay will be available until November 29, 2021. Tuya's innovative platform enables developers to build a robust IoT ecosystem.

Tuya Smart (NYSE: TUYA) reported a remarkable 118% year-over-year revenue growth in Q2 2021, totaling USD 84.7 million. This announcement was made during their second earnings call since going public in March 2021. The company has initiated a MCU chipset replacement plan to address the ongoing semiconductor shortage, allowing clients to maintain production efficiency while reducing costs. Despite recent challenges with Amazon banning some Chinese merchants, the company remains confident about its full-year results, attributing only minor impacts on Q3 guidance.

Tuya Smart (NYSE: TUYA) and CLEANLIFE® have formed a strategic partnership aimed at enhancing consumer and business lighting experiences. This collaboration capitalizes on the advancements in IoT, 5G, and smart lighting technologies. CLEANLIFE® plans to launch various smart lighting products using Tuya's components, expanding its market presence in North America. The partnership will enable CLEANLIFE® to tap into Tuya's extensive ecosystem of over 410,000 smart devices and 384,000 developers, enhancing innovation and international reach in the smart lighting sector.

Tuya Inc. (NYSE: TUYA) reported a 118.0% year-over-year increase in total revenue for Q2 2021, totaling US$84.7 million. The IoT PaaS segment saw a remarkable growth of 163.9%, reaching US$76.9 million. Gross margin rose to 42.2%, up from 30.3% in Q2 2020, while the operating margin was -49.0%, reflecting an 8.9 percentage point decline. Despite a net loss of US$38.1 million, cash reserves increased significantly to US$1,256.1 million. The outlook for Q3 2021 anticipates revenue between US$83 million and US$86 million.

Tuya Smart (NYSE: TUYA) has announced a partnership with MTS Group to enhance smart home offerings. This collaboration will utilize Tuya's technology to support MTS's UNITEC brand in launching a variety of smart products, including lighting and security solutions. Both companies aim to promote a healthier living environment through interconnected smart devices, all manageable via a single app. The partnership is expected to broaden UNITEC's market reach and provide technical support, benefitting consumers with innovative smart home solutions.

Tuya Inc. (NYSE: TUYA), a leading IoT cloud platform, will release its unaudited financial results for Q2 2021 on August 18, 2021, prior to U.S. market opening. A conference call is scheduled for 8:00 AM ET that day, where management will discuss the results. Investors can join via multiple toll-free numbers and online preregistration is available. Tuya is recognized as the largest IoT PaaS business globally based on smart device volume in 2020. The company provides a full suite of IoT solutions, promoting a vibrant developer ecosystem.