Revenue growth has decelerated to 9.3% in 2025Q2, while structural cloud infrastructure costs continue to constrain gross margins at approximately 48.5%.
| Sales/Revenue | 318.49M | 322.64M | 298.62M | 229.99M | 208.17M | 302.08M | 179.87M | 105.79M |
| Revenue Growth % | 22.29% | 8.05% | 29.84% | 10.48% | -31.09% | 67.94% | 70.03% | - |
| Cost of Goods Sold | 166.74M | 167.19M | 157.19M | 123.33M | 118.75M | 174.21M | 117.94M | 78M |
| COGS % of Revenue | - | 51.82% | 52.64% | 53.63% | 57.04% | 57.67% | 65.57% | 73.73% |
| Gross Profit | 151.89M | 155.45M | 141.43M | 106.66M | 89.42M | 127.87M | 61.94M | 27.79M |
| Gross Margin % | 47.69% | 48.18% | 47.36% | 46.37% | 42.96% | 42.33% | 34.43% | 26.27% |
| Gross Profit Growth % | - | 9.91% | 32.61% | 19.27% | -30.07% | 106.45% | 122.91% | - |
| Operating Expenses | 173.02M | 154.12M | 189.05M | 212.48M | 257.61M | 311.43M | 131.78M | 101.23M |
| OpEx % of Revenue | - | 47.77% | 63.31% | 92.39% | 123.75% | 103.1% | 73.26% | 95.69% |
| Selling, General & Admin | 89.18M | 64.2M | 105.33M | 121.1M | 123.17M | 146.97M | 55.42M | 49.21M |
| SG&A % of Revenue | - | 19.9% | 35.27% | 52.66% | 59.17% | 48.65% | 30.81% | 46.52% |
| Research & Development | 93.84M | 89.92M | 95.05M | 102.28M | 144.94M | 174.29M | 77.43M | 52M |
| R&D % of Revenue | - | 27.87% | 31.83% | 44.47% | 69.63% | 57.7% | 43.05% | 49.16% |
| Other Operating Expenses | -4M | 0 | -11.33M | -10.9M | -10.51M | -9.84M | -1.07M | 10K |
| Operating Income | -21.27M | 1.33M | -47.62M | -105.82M | -168.19M | -183.56M | -69.85M | -73.44M |
| Operating Margin % | -6.68% | 0.41% | -15.95% | -46.01% | -80.79% | -60.77% | -38.83% | -69.42% |
| Operating Income Growth % | - | 102.8% | 55% | 37.08% | 8.38% | -162.81% | 4.89% | - |
| EBITDA | 5.08M | 6.52M | -42.55M | -99.28M | -159.98M | -173.21M | -64.16M | -70.04M |
| EBITDA Margin % | 1.59% | 2.02% | -14.25% | -43.16% | -76.85% | -57.34% | -35.67% | -66.21% |
| EBITDA Growth % | 107.66% | 115.31% | 57.13% | 37.94% | 7.64% | -169.96% | 8.39% | - |
| D&A (Non-Cash Add-back) | 1.01M | 5.18M | 5.07M | 6.55M | 8.21M | 10.35M | 5.68M | 3.4M |
| EBIT | -38.36M | 60M | 7.14M | -57.07M | -144.29M | -174.93M | -69.85M | -73.44M |
| Net Interest Income | 48.36M | 44.3M | 50.42M | 45.05M | 22.9M | 8.04M | 3.07M | 3.33M |
| Interest Income | 48.36M | 44.3M | 50.42M | 45.05M | 22.9M | 8.04M | 3.07M | 3.33M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 52.56M | 58.67M | 54.76M | 48.76M | 23.89M | 8.63M | 3.14M | 3.09M |
| Pretax Income | 31.29M | 60M | 7.14M | -57.07M | -144.29M | -174.93M | -66.71M | -70.35M |
| Pretax Margin % | 9.82% | 18.6% | 2.39% | -24.81% | -69.32% | -57.91% | -37.08% | -66.5% |
| Income Tax | 2.27M | 1.96M | 2.15M | 3.25M | 1.88M | 490K | 206K | 124K |
| Effective Tax Rate % | 7.25% | 3.26% | 30.03% | -5.69% | -1.3% | -0.28% | -0.31% | -0.18% |
| Net Income | 29.06M | 58.04M | 5M | -60.31M | -146.18M | -175.42M | -66.91M | -70.48M |
| Net Margin % | 9.12% | 17.99% | 1.67% | -26.23% | -70.22% | -58.07% | -37.2% | -66.62% |
| Net Income Growth % | 280.09% | 1061.56% | 108.28% | 58.74% | 16.67% | -162.17% | 5.06% | - |
| Net Income (Continuing) | 29.02M | 58.04M | 5M | -60.31M | -146.18M | -175.42M | -66.91M | -70.48M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.05 | 0.09 | 0.01 | -0.11 | -0.26 | -0.36 | -0.12 | -0.13 |
| EPS Growth % | 263.36% | - | 107.73% | 57.69% | 27.78% | -200% | 7.69% | - |
| EPS (Basic) | - | 0.09 | 0.01 | -0.11 | -0.26 | -0.36 | -0.12 | -0.13 |
| Diluted Shares Outstanding | 610.48M | 613.81M | 591.01M | 555.47M | 553.53M | 489.15M | 561.25M | 561.25M |
| Basic Shares Outstanding | 608.53M | 611.71M | 573.78M | 548.32M | 553.53M | 489.15M | 561.25M | 561.25M |
| Dividend Payout Ratio | - | 120.34% | 661.17% | - | - | - | - | - |
Geopolitical and Regulatory Exposure
As reported in recent financial filings, Tuya's year-over-year revenue growth has decelerated to 9.3% in 2025Q2, marking a significant cooling from the double-digit expansion observed throughout 2024, which suggests that the initial post-pandemic recovery in smart device demand has largely plateaued across the company's core OEM partner base.
The transition from high-growth recovery to single-digit expansion indicates that the company is struggling to find new volume drivers within its existing IoT PaaS model. Investors should monitor whether the shift toward Industry SaaS can offset the slowing momentum in consumer-facing hardware segments.
Based on Tuya's reported figures, the company achieved a positive operating income of $1.1M in 2025Q2, a notable improvement from the $32.3M operating loss in 2023Q1, primarily driven by a disciplined reduction in SG&A expenses rather than significant scaling of top-line revenue growth.
This pivot to profitability appears to be a result of aggressive cost management rather than inherent operating leverage, as R&D spending has remained relatively flat. The sustainability of this margin expansion remains uncertain if the company is forced to increase marketing spend to defend its market share.
According to the income statement data, Tuya's net income of $12.6M in 2025Q2 significantly exceeds its operating income of $1.1M, highlighting that a substantial portion of reported profitability is derived from non-operating interest income generated by the company's large cash reserves rather than core business operations.
This discrepancy suggests that the underlying business is not yet generating meaningful GAAP profitability on its own merits. Analysts should focus on EBIT or adjusted EBITDA to better gauge the true operational health of the platform, as interest income is subject to future rate volatility.
Financial statements indicate that Tuya's gross margin has stabilized near 48.5%, reflecting a structural cost base heavily influenced by third-party cloud infrastructure fees and semiconductor procurement, which prevents the company from achieving the higher margin profiles typically associated with pure-play software-as-a-service providers in the infrastructure space.
The persistence of these variable costs suggests that Tuya remains tethered to the physical hardware cycle, limiting its ability to expand margins through software scale alone. Any increase in cloud egress fees or component pricing could quickly erode the modest gains achieved in recent quarters.
Quick answers to the most common questions about buying TUYA stock.
For fiscal year 2025, Tuya Inc. (TUYA) reported total revenue of $322.6M. This represents a 205.0% increase compared to $105.8M in 2019.
Tuya Inc. (TUYA) is profitable, generating $58.0M in net income for the fiscal year ending 2025 with a net profit margin of 18.0%.
Tuya Inc. (TUYA) reported an operating income of $1.3M, resulting in an operating profit margin of 0.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Tuya Inc. (TUYA) generated $155.5M in gross profit for the year, representing a gross profit margin of 48.2%. This demonstrates the company's core pricing power and production efficiency.