Tuya Reports Second Quarter 2026 Unaudited Financial Results
Rhea-AI Summary
Tuya (NYSE: TUYA; HKEX: 2391) reported unaudited second quarter 2026 results with total revenue of US$92.9 million, up 16.0% year over year. PaaS revenue grew 16.9% to US$67.9 million, AI application & others rose 3.9% to US$11.5 million, and Smart home & robot product revenue increased 23.2% to US$13.5 million.
Overall gross margin was 46.3%, down 2.1 percentage points, while operating margin improved to 10.0%. Net profit reached US$18.6 million, up 48.0%, with a net margin of 20.1%. Premium PaaS customers rose to 318, contributing about 89.5% of PaaS revenue, and registered AI developers exceeded 2.09 million. Cash, time deposits and treasury securities totaled US$976.1 million, and net cash from operating activities was US$6.2 million.
Positive
- Total revenue up 16.0% YoY to US$92.9 million
- PaaS revenue up 16.9% YoY to US$67.9 million
- Net profit up 48.0% YoY to US$18.6 million
- Operating margin expanded to 10.0% from 1.4%
- Premium PaaS customers increased to 318, contributing 89.5% of PaaS revenue
- Cash, time deposits and treasuries remained high at US$976.1 million
Negative
- Overall gross margin declined 2.1 percentage points to 46.3%
- Non-GAAP net profit decreased to US$18.9 million from US$20.1 million
- Net cash from operating activities fell to US$6.2 million from US$18.2 million
Market Reaction – TUYA
Following this news, TUYA has gained 2.27%, reflecting a moderate positive market reaction. Our momentum scanner has triggered 3 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $1.80. Trading volume is very high at 3.8x the average, suggesting strong buying interest.
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Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 11 | 1Q26 earnings | Positive | -4.1% | Revenue and profitability improved, but the stock declined 4.07% over 24 hours. |
| Nov 24 | 3Q25 earnings | Positive | +8.9% | Revenue and profitability improved alongside an 8.88% positive 24-hour reaction. |
| May 20 | 1Q25 earnings | Positive | -3.5% | Revenue growth and net profitability coincided with a 3.49% negative 24-hour reaction. |
| Nov 18 | 3Q24 earnings | Positive | -8.1% | Revenue and margin gains were followed by an 8.09% negative 24-hour reaction. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings announcements were more often followed by negative 24-hour reactions than positive ones in the tag-specific sample.
Key Terms
paas technical
non-gaap financial measures financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
- Total revenue was
US , up approximately$92.9 million 16.0% year-over-year (2Q2025:US ).$80.1 million - Platform-as-a-service ("PaaS") revenue was
US , up approximately$67.9 million 16.9% year-over-year (2Q2025:US ).$58.1 million - AI application & others revenue was
US , up approximately$11.5 million 3.9% year-over-year (2Q2025:US ).$11.1 million - Smart home & robot product revenue was
US , up approximately$13.5 million 23.2% year-over-year (2Q2025:US ).$10.9 million - Overall gross margin was
46.3% , down 2.1 percentage points year-over-year (2Q2025:48.4% ). Gross margin of PaaS was46.8% (2Q2025:48.7% ). - Operating margin was
10.0% , up 8.6 percentage points year-over-year (2Q2025:1.4% ). Non-GAAP operating margin was10.3% (2Q2025:10.7% ). - Net margin was
20.1% , improved by 4.4 percentage points year-over-year (2Q2025:15.7% ). Non-GAAP net margin was20.4% (2Q2025:25.1% ). - Net profits were
US (2Q2025:$18.6 million US ). Non-GAAP net profits were$12.6 million US (2Q2025:$18.9 million US ).$20.1 million - Net cash generated from operating activities was
US (2Q2025:$6.2 million US ).$18.2 million - Total cash and cash equivalents, time deposits and treasury securities recorded as short-term and long-term investments were
US as of June 30, 2026, compared to$976.1 million US as of December 31, 2025.$1,017.3 million
For further information on the non-GAAP financial measures presented above, see the section headed "Use of Non-GAAP Financial Measures."
- Premium PaaS customers[1] for the trailing 12 months ended June 30, 2026 were 318 (2Q2025: 285). In the second quarter of 2026, the Company's premium PaaS customers contributed approximately
89.5% of its PaaS revenue (2Q2025: approximately88.6% ). - Registered AI developers were over 2,092,000 as of June 30, 2026, up
16.2% from approximately 1,801,000 developers as of December 31, 2025.
- The Company defines a premium PaaS customer as a customer as of a given date that contributed more than
US of PaaS revenue during the immediately preceding 12-month period.$100,000
Mr. Xueji (Jerry) Wang, Founder and Chief Executive Officer of Tuya, commented, "In the second quarter, despite a complex global operating environment, the Company continued to demonstrate solid growth momentum. Total revenue increased by
Strategically, we continued to advance the productization and real-world deployment of AI. Shipments of our AI-powered companion product solutions continued to expand, while the launch of Tuya Cobuilder further lowered the barriers to AI hardware development by helping developers move more efficiently from product concept to physical-device deployment. Looking ahead, we will remain focused on AI-native application innovation, AI developer platform development and the global expansion of validated solutions."
Mr. Yi (Alex) Yang, Director and Chief Financial Officer of Tuya, added, "In the second quarter, total revenue reached
Despite pressure from product and solution mix and semiconductor supply-chain pricing, gross profit increased by
Second Quarter 2026 Unaudited Financial Results
REVENUE
Total revenue in the second quarter of 2026 increased by
- PaaS revenue in the second quarter of 2026 increased by
16.9% toUS from$67.9 million US in the same period of 2025, primarily due to increasing demand compared with the same period of 2025 and the Company's strategic focus on customer needs and product enhancements, despite the disruptions in the international business environment due to tariff-related headwinds since April 2025. Our core customer base remained stable.$58.1 million - AI application & others revenue in the second quarter of 2026 increased by
3.9% toUS from$11.5 million US in the same period of 2025, primarily due to an increase in revenue from cloud-based services. During the quarter, the Company remained committed to offering recurring value-added services with AI application functions.$11.1 million - Smart home & robot product revenue in the second quarter of 2026 increased by
23.2% toUS from$13.5 million US in the same period of 2025, primarily due to growing customer demands.$10.9 million
GROSS PROFIT AND GROSS MARGIN
Total gross profit in the second quarter of 2026 increased by
- PaaS gross margin in the second quarter of 2026 was
46.8% , compared to48.7% in the same period of 2025, partly attributable to recent price fluctuations in the semiconductor supply chain. - AI application & others gross margin in the second quarter of 2026 was
72.0% , compared to72.0% in the same period of 2025. - Smart home & robot product gross margin in the second quarter of 2026 was
21.9% , compared to22.5% in the same period of 2025.
Gross margin fluctuated primarily due to changes in product and solution mix, as well as fluctuations in semiconductor supply-chain pricing. As an AI developer platform with a rich ecosystem of smart devices and applications, the Company remains focused on AI offering with compelling value propositions while maintaining economic efficiency.
OPERATING EXPENSES
Operating expenses decreased by
- Research and development expenses in the second quarter of 2026 were
US , up$23.1 million 3.4% fromUS in the same period of 2025, primarily due to i) higher employee-related cost and outsourced labor cost of$22.4 million US , ii) higher third-party cloud service fees of$1.2 million US , iii) partially offset by lower share-based compensation expenses of$0.3 million US as equity incentive awards granted at higher valuations in previous years have been gradually amortized. Non-GAAP adjusted research and development expenses in the second quarter of 2026 were$1.1 million US , compared to$22.8 million US in the same period of 2025.$20.9 million - Sales and marketing expenses in the second quarter of 2026 were
US , up$8.3 million 6.4% fromUS in the same period of 2025, primarily because of i) higher employee-related cost of$7.8 million US , ii) higher marketing expense of$0.5 million US , iii) partially offset by lower share-based compensation expenses of$0.2 million US as equity incentive awards granted at higher valuations in previous years have been gradually amortized. Non-GAAP adjusted sales and marketing expenses in the second quarter of 2026 were$0.5 million US , compared to$8.3 million US in the same period of 2025.$7.2 million - General and administrative expenses in the second quarter of 2026 were
US , down$4.7 million 49.8% fromUS in the same period of 2025, primarily due to i) lower share-based compensation expenses of$9.4 million US as equity incentive awards granted at higher valuations in previous years have been gradually amortized, ii) partially offset by higher allowance for credit losses of$5.3 million US . Non-GAAP adjusted general and administrative expenses in the second quarter of 2026 were$0.3 million US , compared to$4.9 million US in the same period of 2025.$3.9 million - Other operating income, net in the second quarter of 2026 was
US , primarily due to the receipt of software value-added tax refunds.$2.4 million
PROFIT FROM OPERATIONS AND OPERATING MARGIN
Profit from operations in the second quarter of 2026 was
Operating margin in the second quarter of 2026 was
NET PROFIT AND NET MARGIN
Net profit in the second quarter of 2026 was
Net margin in the second quarter of 2026 was
BASIC AND DILUTED NET PROFIT PER ADS
Basic and diluted net profit per ADS was
Non-GAAP basic and diluted net profit per ADS was
CASH AND CASH EQUIVALENTS, TIME DEPOSITS AND TREASURY SECURITIES RECORDED AS SHORT-TERM AND LONG-TERM INVESTMENTS
Cash and cash equivalents, time deposits and treasury securities recorded as short-term and long-term investments were
NET CASH GENERATED FROM OPERATING ACTIVITIES
Net cash generated from operating activities in the second quarter of 2026 was
For further information on non-GAAP financial measures presented above, see the section headed "Use of Non-GAAP Financial Measures."
Business Outlook
The overall operating environment remains complex, while continuing to show signs of normalization. Participants across the value chain – including manufacturers, brands and channel partners – remain cautious in their planning. At the same time, we have observed more normalized project execution and continued demand recovery across several of our core categories, suggesting that the market is gradually moving from adjustment toward a more stable operating rhythm.
Meanwhile, global AI development is entering a new stage of application-led growth. As AI technologies continue to evolve from foundational capabilities toward real-world deployment, enterprises and consumers are increasingly focused on practical use cases, scalable implementation and scenario-based integration with physical devices. This trend is accelerating the convergence of AI and smart hardware and creating new opportunities for application innovation, product expansion and ecosystem collaboration across a wide range of verticals.
Against this backdrop, Tuya continues to advance its AI-driven strategy by strengthening its AI developer platform, expanding application-level capabilities and supporting broader deployment across diverse smart-device and industry scenarios. The ongoing evolution of AI applications, together with the Company's platform capabilities, ecosystem strengths and global developer base, will continue to support the creation of diversified, higher-value opportunities over the long term.
In this environment, the Company will continue to maintain disciplined execution while selectively investing in AI-driven applications, platform capabilities and ecosystem development. The Company will continue to iterate and improve its products and services, enhance both software and hardware capabilities, and further support customers and developers in bringing AI-driven applications into practical deployment. At the same time, the Company recognizes that its future trajectory may continue to be influenced by a range of external factors, including shifts in consumer demand, regional economic divergence, inventory dynamics, foreign exchange and interest-rate volatility, tariffs and trade-policy adjustments, and broader geopolitical uncertainties.
Conference Call Information
The Company's management will hold a conference call at 08:30 P.M.
Participants Online Webcast Registration:
https://edge.media-server.com/mmc/p/x8phnjqd
Participants Call Registration:
https://register-conf.media-server.com/register/BI2992f21177c7423c83ce142eb2ef031c
A live and archived webcast of the conference call will also be available at the Company's investor relations website at https://ir.tuya.com.
Tuya Inc. (NYSE: TUYA; HKEX: 2391) is a global leading AI cloud platform service provider with a mission to build an AI developer ecosystem and enable everything to be smart. Tuya has pioneered a purpose-built AI cloud platform with cloud and generative AI capabilities that delivers a full suite of offerings, including Platform-as-a-Service, or PaaS, AI application & others and Smart home & robot products for developers of smart device, commercial applications, and industries. Through its AI developer platform, Tuya has activated a vibrant global developer community of brands, OEMs, AI agents, system integrators and independent software vendors to collectively strive for smart solutions ecosystem embodying the principles of green and low-carbon, security, high efficiency, agility, and openness.
In evaluating the business, the Company considers and uses non-GAAP financial measures, such as non-GAAP operating expenses, non-GAAP profit from operations (including non-GAAP operating margin), non-GAAP net profit (including non-GAAP net margin), and non-GAAP basic and diluted net profit per ADS, as supplemental measures to review and assess its operating performance. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with generally accepted accounting principles in
Non-GAAP financial measures are not defined under
Reconciliations of Tuya's non-GAAP financial measures to the most comparable
This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statements. In some cases, forward-looking statements can be identified by words or phrases such as "may", "will", "expect", "anticipate", "target", "aim", "estimate", "intend", "plan", "believe", "potential", "continue", "is/are likely to" or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC. The forward-looking statements included in this press release are only made as of the date hereof, and the Company disclaims any obligation to publicly update any forward-looking statements to reflect subsequent events or circumstances, except as required by law. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty.
Tuya Inc.
Investor Relations
Email: ir@tuya.com
HL Strategy
Haiyan LI-LABBE
Email: hl@hl-strategy.com
Piacente Financial Communications
China Tel: +86-10-6508-0677
U.S. Tel: +1-212-481-2050
Email: tuya@thepiacentegroup.com
TUYA INC. | ||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||
AS OF DECEMBER 31, 2025 AND JUNE 30, 2026 | ||
(All amounts in US$ thousands ("US$"), | ||
except for share and per share data, unless otherwise noted) | ||
As of | As of | |
ASSETS | ||
Current assets: | ||
Cash and cash equivalents | 890,708 | 871,704 |
Restricted cash | - | 8 |
Short-term investments | 61,770 | 108,173 |
Accounts receivable, net | 13,193 | 14,114 |
Notes receivable, net | 10,111 | 11,214 |
Inventories, net | 30,943 | 63,843 |
Prepayments and other current assets, net | 16,486 | 29,201 |
Total current assets | 1,023,211 | 1,098,257 |
Non-current assets: | ||
Restricted cash | 245 | 253 |
Property, equipment and software, net | 15,653 | 35,007 |
Land use rights, net | 8,843 | 9,032 |
Operating lease right-of-use assets, net | 5,649 | 9,138 |
Long-term investments | 77,213 | 12,928 |
Other non-current assets, net | 1,700 | 986 |
Total non-current assets | 109,303 | 67,344 |
Total assets | 1,132,514 | 1,165,601 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Current liabilities: | ||
Accounts payable | 31,778 | 36,776 |
Advances from customers | 29,330 | 43,037 |
Deferred revenue, current | 9,732 | 9,078 |
Accruals and other current liabilities | 33,261 | 32,993 |
Incomes tax payables | 142 | 101 |
Lease liabilities, current | 1,985 | 3,665 |
Total current liabilities | 106,228 | 125,650 |
Non-current liabilities: | ||
Lease liabilities, non-current | 3,329 | 5,651 |
Deferred revenue, non-current | 352 | 720 |
Other non-current liabilities | - | 5,937 |
Total non-current liabilities | 3,681 | 12,308 |
Total liabilities | 109,909 | 137,958 |
TUYA INC. | ||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) | ||
AS OF DECEMBER 31, 2025 AND JUNE 30, 2026 | ||
(All amounts in US$ thousands ("US$"), | ||
except for share and per share data, unless otherwise noted) | ||
As of | As of | |
Shareholders' equity: | ||
Ordinary shares | - | - |
Class A ordinary shares | 27 | 27 |
Class B ordinary shares | 4 | 4 |
Treasury stock | (12) | (1,224) |
Additional paid-in capital | 1,549,389 | 1,513,127 |
Accumulated other comprehensive loss | (14,842) | (6,740) |
Accumulated deficit | (511,961) | (477,551) |
Total shareholders' equity | 1,022,605 | 1,027,643 |
Total liabilities and shareholders' equity | 1,132,514 | 1,165,601 |
TUYA INC. | ||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF | ||||
COMPREHENSIVE INCOME | ||||
(All amounts in US$ thousands ("US$"), | ||||
except for share and per share data, unless otherwise noted) | ||||
For the Three Months Ended | For the Six Months Ended | |||
June 30, | June 30, | June 30, | June 30, | |
Revenue | 80,130 | 92,935 | 154,817 | 173,817 |
Cost of revenue | (41,384) | (49,887) | (79,820) | (92,871) |
Gross profit | 38,746 | 43,048 | 74,997 | 80,946 |
Operating expenses: | ||||
Research and development expenses | (22,373) | (23,126) | (45,183) | (45,098) |
Sales and marketing expenses | (7,825) | (8,326) | (16,172) | (15,746) |
General and administrative expenses | (9,386) | (4,716) | (18,315) | (9,031) |
Other operating incomes, net | 1,926 | 2,428 | 4,309 | 5,709 |
Total operating expenses | (37,658) | (33,740) | (75,361) | (64,166) |
Profit/(loss) from operations | 1,088 | 9,308 | (364) | 16,780 |
Other income | ||||
Other non-operating income, net | 767 | 460 | 1,534 | 1,227 |
Financial income, net | 10,761 | 10,556 | 23,156 | 20,052 |
Foreign exchange gain/(loss), net | 606 | (1,477) | 650 | (3,003) |
Profit before income tax expense | 13,222 | 18,847 | 24,976 | 35,056 |
Income tax expense | (635) | (213) | (1,372) | (646) |
Net profit | 12,587 | 18,634 | 23,604 | 34,410 |
Net profit attributable to Tuya Inc. | 12,587 | 18,634 | 23,604 | 34,410 |
Net profit attributable to ordinary shareholders | 12,587 | 18,634 | 23,604 | 34,410 |
Net profit | 12,587 | 18,634 | 23,604 | 34,410 |
Other comprehensive income | ||||
Changes in fair value of long-term investments | 91 | (88) | 91 | (88) |
Foreign currency translation | 222 | 4,291 | 399 | 8,190 |
Total comprehensive income | 12,900 | 22,837 | 24,094 | 42,512 |
TUYA INC. | ||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF | ||||
COMPREHENSIVE INCOME (CONTINUED) | ||||
(All amounts in US$ thousands ("US$"), | ||||
except for share and per share data, unless otherwise noted) | ||||
For the Three Months Ended | For the Six Months Ended | |||
June 30, | June 30, | June 30, | June 30, | |
Net profit attributable to Tuya Inc. | 12,587 | 18,634 | 23,604 | 34,410 |
Net profit attributable to ordinary | 12,587 | 18,634 | 23,604 | 34,410 |
Weighted average number of ordinary shares | ||||
– Basic | 608,529,487 | 615,530,665 | 608,348,598 | 615,524,218 |
– Diluted | 610,477,980 | 616,389,351 | 610,414,036 | 616,345,859 |
Net profit per share attributable to ordinary | ||||
– Basic | 0.02 | 0.03 | 0.04 | 0.06 |
– Diluted | 0.02 | 0.03 | 0.04 | 0.06 |
Share-based compensation expenses | ||||
Research and development expenses | 1,460 | 356 | 3,476 | 728 |
Sales and marketing expenses | 582 | 74 | 1,320 | 160 |
General and administrative expenses | 5,437 | 172 | 10,958 | 342 |
TUYA INC. | ||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||
(All amounts in US$ thousands ("US$"), | ||||
except for share and per share data, unless otherwise noted) | ||||
For the Three Months Ended | For the Six Months Ended | |||
June 30, | June 30, | June 30, | June 30, | |
Net cash generated from operating activities | 18,191 | 6,170 | 27,543 | 12,569 |
Net cash (used in)/generated from investing activities | (21,215) | (8,205) | 79,968 | 6,719 |
Net cash used in financing activities | (36,914) | (38,704) | (36,912) | (38,704) |
Effect of exchange rate changes on cash and | 56 | - | 88 | 428 |
Net (decrease)/increase in cash and cash equivalents, | (39,882) | (40,739) | 70,687 | (18,988) |
Cash and cash equivalents, restricted cash | 763,953 | 912,704 | 653,384 | 890,953 |
Cash and cash equivalents, restricted | 724,071 | 871,965 | 724,071 | 871,965 |
TUYA INC. | ||||
UNAUDITED RECONCILIATION OF NON-GAAP MEASURES TO THE MOST | ||||
DIRECTLY COMPARABLE FINANCIAL MEASURES | ||||
(All amounts in US$ thousands ("US$"), | ||||
except for share and per share data, unless otherwise noted) | ||||
For the Three Months Ended | For the Six Months Ended | |||
June 30, | June 30, | June 30, | June 30, | |
Reconciliation of operating expenses to | ||||
Research and development expenses | (22,373) | (23,126) | (45,183) | (45,098) |
Add: Share-based compensation expenses | 1,460 | 356 | 3,476 | 728 |
Adjusted Research and | (20,913) | (22,770) | (41,707) | (44,370) |
Sales and marketing expenses | (7,825) | (8,326) | (16,172) | (15,746) |
Add: Share-based compensation expenses | 582 | 74 | 1,320 | 160 |
Adjusted Sales and marketing expenses | (7,243) | (8,252) | (14,852) | (15,586) |
General and administrative expenses | (9,386) | (4,716) | (18,315) | (9,031) |
Add: Share-based compensation expenses | 5,437 | 172 | 10,958 | 342 |
Add: Credit-related impairment/(reversal) of | 27 | (307) | 27 | (307) |
Adjusted General and | (3,922) | (4,851) | (7,330) | (8,996) |
Reconciliation of profit/(loss) from | ||||
Profit/(loss) from operations | 1,088 | 9,308 | (364) | 16,780 |
Operating margin | 1.4 % | 10.0 % | (0.2) % | 9.7 % |
Add: Share-based compensation expenses | 7,479 | 602 | 15,754 | 1,230 |
Add: Credit-related impairment/(reversal) of | 27 | (307) | 27 | (307) |
Non-GAAP profit from operations | 8,594 | 9,603 | 15,417 | 17,703 |
Non-GAAP Operating margin | 10.7 % | 10.3 % | 10.0 % | 10.2 % |
TUYA INC. | ||||
UNAUDITED RECONCILIATION OF NON-GAAP MEASURES TO THE MOST | ||||
DIRECTLY COMPARABLE FINANCIAL MEASURES (CONTINUED) | ||||
(All amounts in US$ thousands ("US$"), | ||||
except for share and per share data, unless otherwise noted) | ||||
For the Three Months Ended | For the Six Months Ended | |||
June 30, | June 30, | June 30, | June 30, | |
Reconciliation of net profit to | ||||
Net profit | 12,587 | 18,634 | 23,604 | 34,410 |
Net margin | 15.7 % | 20.1 % | 15.2 % | 19.8 % |
Add: Share-based compensation expenses | 7,479 | 602 | 15,754 | 1,230 |
Add: Credit-related impairment/(reversal) of | 27 | -307 | 27 | -307 |
Non-GAAP Net profit | 20,093 | 18,929 | 39,385 | 35,333 |
Non-GAAP Net margin | 25.1 % | 20.4 % | 25.4 % | 20.3 % |
Weighted average number of ordinary shares | ||||
– Basic | 608,529,487 | 615,530,665 | 608,348,598 | 615,524,218 |
– Diluted | 610,477,980 | 616,389,351 | 610,414,036 | 616,345,859 |
Non-GAAP net profit per share attributable to | ||||
– Basic | 0.03 | 0.03 | 0.06 | 0.06 |
– Diluted | 0.03 | 0.03 | 0.06 | 0.06 |
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SOURCE Tuya Inc.