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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