Gelonghui, February 28 | Graffiti Smart-W (02391.HK) announced that in the fourth quarter of 2023, total revenue was US$64.4 million, up about 42.2% year on year; IoT Platform as a Service (“PaaS”) revenue was US$47.2 million, up about 44.6% year on year; software as a service (“SaaS”) and other revenue was US$9.5 million, up 19.3% year on year; overall gross margin rose to 47.3%, up 2.7 percentage points year on year; IoT ASpa's gross margin rose to 44.8%, up year on year 3.3 percentage points.
Mr. Wang Xueji, founder and CEO of Tuya, said, “In the fourth quarter of 2023, we continued to advance our proven development strategy, focus on major customers, enhance product capabilities to enhance our value proposition, and have basically completed organizational restructuring, which brought us to a successful end of the year with a strong continuous growth momentum. Notably, we achieved 42.2% year-on-year revenue growth this quarter, reaching quarterly revenue of approximately US$64.4 million, and a record high comprehensive gross margin of 47.3%. These achievements highlight the tremendous value our platform, products and services provide to our customers, and further strengthen our confidence in graffiti's resilience, ability to cope with industry cycles, and improve operational efficiency and financial performance.”
Ms. Liu Yao, Director and Chief Financial Officer of Tuya, added: “The fourth quarter marked our shift from recovery to growth, as well as increased efficiency and expanded profit margins. All three of our business segments achieved significant revenue growth and increased or remained steady in gross margin during the quarter, which validates the effectiveness of our product focus and augmentation strategies. Our strategic commitment to cost management and operational efficiency, combined with steady growth in gross profit, has contributed to new highs in net profit and net positive operating cash flow under non-US GAAP. As we look to 2024, we have full confidence that Graffiti's solid financial foundation and momentum will continue to support our business expansion and product profitability.”