The following is a summary of the Tuya, Inc. (TUYA) Q4 2023 Earnings Call Transcript:
Financial Performance:
Tuya reported Q4 revenue of $64.4 million, a 42.2% increase from last year.
The company's gross margin reached a record 47.3%.
A quarter-over-quarter non-GAAP net profit increase to approximately $12.6 million.
Throughout the quarter, the company's net cash inflows from operations reached $31.8 million.
By the end of the quarter, the company's net cash participation increased to $984 million.
-The IoT path revenue for Q4 was 47.2 million, up 44.6% year-over-year.
SaaS and other sectors reported a revenue of $9.5 million in Q4.
For the fiscal year 2023, the total revenue was approximately $15.5 million.
Business Progress:
Tuya advanced in all business and performance indicators.
In a new collaboration with Vivo, the company aims to develop their smart home ecosystem.
Product enhancement, as evidenced by a 1.5 times year-over-year increase in smart voice central control product line sales.
Tuya has ventured into new domains like smart heating and temperature control for ventilation.
Tuya OS low-code development framework now supports over 280 types of products.
The company served approximately 3,200 customers in Q4, highlighting their focus on high-quality customers.
Looking forward to 2024, the company will continue driving top-line growth and optimizing operating expenses.
More details: Tuya Inc IR
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