Tuya Inc Stock Price, News & Analysis

Tuya Smart (NYSE: TUYA, HKEX: 2391) hosted and participated in side events at COP29 in Azerbaijan, focusing on sustainable communities and energy transition. The company introduced its 'Smart Decarb' initiative, designed to optimize energy management through intelligent learning algorithms. The events featured discussions on smart technology applications in energy transition and carbon reduction, with Azerbaijan announcing goals of 40% carbon dioxide reduction by mid-century and net zero emissions by 2035. Tuya showcased its energy efficiency solutions, including a home energy management system that has helped Singaporean households achieve up to 25% energy savings.

Tuya (NYSE: TUYA; HKEX: 2391) has appointed Ms. Zhang Yan as a director, effective immediately. Zhang, who has been serving as vice president of finance since January 2021, previously worked at Ernst & Young Hua Ming LLP from 2009 to 2021 as senior audit manager. The appointment helps meet gender diversity requirements of The Stock Exchange of Hong Kong and promotes balanced Board composition. Zhang holds degrees from Shanxi University of Finance and Economics and Dongbei University of Finance and Economics.

Tuya reported strong Q3 2024 financial results with total revenue increasing 33.6% year-over-year to US$81.6 million. IoT PaaS revenue grew 26.4% to US$57.9 million, while Smart solution revenue surged 102.9% to US$13.8 million. The company achieved a non-GAAP operating margin of 9.1% and non-GAAP net margin of 24.7%. Operating cash flow improved to US$23.9 million, with total cash and equivalents reaching US$1,023.9 million. The company's IoT platform showed strong growth with 1.26 million registered developers and a dollar-based net expansion rate of 124%.

Tuya has announced a strategic investment agreement with 65 Equity Partners, which will acquire approximately 13% of Tuya's total issued shares from New Enterprise Associates (NEA). 65 Equity Partners, a Temasek-owned investment platform, focuses on supporting growth-stage businesses across various sectors. The investment aligns with Tuya's international expansion strategy, particularly in the Asia-Pacific region, and opens possibilities for a future additional listing on the Singapore Exchange (SGX). NEA will remain a significant shareholder following the transaction.

Tuya Smart (NYSE: TUYA, HKEX: 2391) is set to participate in the 29th United Nations Climate Change Conference (COP29) from November 11-22, 2024, in Baku, Azerbaijan. The company will host key events in the conference's blue and green zones, focusing on sustainable development and climate change solutions.

Tuya will co-host a side event on 'Sustainable Communities and Technology Applications' on November 15th with Biosphere 3, and participate in an 'Energy Transition' event on November 13th. The company will also make its debut at the China Corner, showcasing its Home Energy Management System (HEMS) and Building Energy Management System (BEMS) solutions while participating in discussions about building a zero-carbon future.

Tuya (NYSE: TUYA; HKEX: 2391), a global cloud platform service provider, has scheduled its third quarter 2024 unaudited financial results announcement for November 18, 2024, after market close. The management will host a conference call at 07:30 P.M. Eastern Time on the same day (08:30 A.M. Hong Kong Time on November 19, 2024) to discuss the results. Participants can register for the online webcast and conference call through provided links, and a live and archived webcast will be available on the company's investor relations website.

Tuya Inc. (NYSE: TUYA; HKEX: 2391), a global cloud platform service provider, has announced significant changes to its board and senior management. Ms. Yao (Jessie) Liu has resigned as director, Chief Financial Officer, and senior vice president, effective September 16, 2024, to focus on personal endeavors. Her 5-year tenure included leading Tuya's public listings on the NYSE and HKEX.

Following Ms. Liu's departure, Mr. Yi (Alex) Yang, a director and co-founder, will assume the additional role of Chief Financial Officer. Mr. Yang brings extensive operational leadership experience and a deep understanding of Tuya's business and financial operations. The company affirms its commitment to its long-term strategic vision and maintaining its position as a leading cloud platform service provider.

Tuya Inc. (NYSE: TUYA; HKEX: 2391), a global cloud platform service provider, has announced a special cash dividend of US$0.0589 per ordinary share or ADS. The total dividend amount is approximately US$33 million, to be paid from the company's share premium account. The record date is set for September 11, 2024, with payment expected around October 9, 2024 for ordinary shareholders and October 15, 2024 for ADS holders. This decision reflects Tuya's financial strength and commitment to shareholder returns. The dividend distribution considers factors such as GAAP and Non-GAAP net profits, cash flows, and overall financial conditions.

Tuya Inc. (NYSE: TUYA; HKEX: 2391) reported strong Q2 2024 financial results:

• Total revenue up 28.6% YoY to $73.3 million
• IoT PaaS revenue up 32% YoY to $54.3 million
• Overall gross margin increased to 48.0%
• Achieved first positive quarterly non-GAAP operating margin of 10.0%
• Net profit of $3.1 million, compared to net loss of $23.5 million in Q2 2023
• Non-GAAP net profit up 1,276.5% to $20.8 million

The company declared a special cash dividend of $0.0589 per share. Tuya's strong performance was driven by reduced inventory backlog, economic recovery, strategic focus on customers, and product enhancements. Management expressed confidence in future growth and profitability.