Tuya (TUYA) Q4 2025 earnings summary

Executive summary

• Achieved full-year revenue of $322 million in FY2025, up 7.8–8% year-over-year, with 10 consecutive quarters of YoY growth and improved GAAP and non-GAAP profitability.

• Non-GAAP net margin reached 25% for FY2025, with GAAP net margin at 18%, both showing significant improvement from the prior year.

• Advanced systematic AI capability framework, launched the AI-powered Smart Life Assistant Hey Tuya at CES, and hosted major developer events.

• Maintained a strong global presence, serving ~7,000 brands and powering ~920 million smart devices across 200+ countries, with over 85% of revenue from international markets.

• Declared a cash dividend of $0.0605 per share/ADS, totaling approximately $37 million, to be paid in April 2026.

Financial highlights

• Q4 2025 revenue was $84.5–85 million, up 3% year-over-year; FY2025 total revenue: $322 million (+7.8–8% YoY).

• Full-year blended gross margin improved to 48.2%, with Q4 at 47.6–48%.

• Non-GAAP net income hit a record $80.1 million, with GAAP net profit at $57.9–58 million.

• Net operating cash flow was $23.5 million in Q4 and $81 million for FY2025, with 11 consecutive quarters of positive cash flow.

• Cash and equivalents at year-end: $1,017–1,020 million.

Outlook and guidance

• Plans to further enhance AI-native platform capabilities, accelerate scalable AI application services, and deepen investments in developer ecosystem growth.

• Expects continued expansion in recurring SaaS revenues and new AI-driven product categories, with focus on disciplined execution and selective investment.

• Operating environment remains complex but shows signs of stabilization and clearer demand visibility in core categories.