The following is a summary of the Tuya Inc (TUYA) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Tuya reported Q1 2024 revenue of $61.7 million, up 29.9% year-over-year.

• IoT PaaS revenue was $45.6 million, marking a 35.7% increase compared to the same period last year.

• Tuya posted a record high gross margin of 47.8%, and achieved non-GAAP profitability for the first time.

• The smart solutions segment recorded $7.5 million in Q1, a growth of approximately 37.3% year-over-year.

• SaaS and other sectors' revenue was valued at $8.6 million for Q1 2024, marking its stability amid a restructured revenue component.

Business Progress:

• Tuya expanded its IoT PaaS business into spatial intelligence solutions and introduced comprehensive smart solutions through its Cube Cloud platform.

• It continued to serve larger markets, with significant growth in Europe, Asia-Pacific, and Latin America.

• The company fully embraced generative AI in 2023, and aims to introduce its own AI large model during the Global Developer Conference.

• Tuya is exploring ways to enhance shareholder return and expects to achieve quarterly non-GAAP operating breakeven soon in 2024.

• With competitors closing their businesses, Tuya predicts long-term business growth and significant demand increase across major regions and categories.

• The company expects healthy growth in the European market and is optimistic about prospects in Latin America and Southeast Asia markets.

More details: Tuya Inc IR

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