BRIEF: Tuya swings to profit as premium client base expands

Internet of things (IoT) platform operator Tuya Inc. (TUYA.US; 2391.HK) reportedon Tuesday its revenue rose 21.1% year-on-year in the first quarter to $74.7 million. Its gross margin improved by 0.7 percentage points to 48.5%, as the company recorded a quarterly net profit of $11 million, reversing a net loss of $3.5 million in the same period last year.

Among its business segments, smart solutions posted the strongest growth, with revenue surging 47.1% year-on-year to $11 million. Revenue from its IoT platform-as-a-service (PaaS) business grew 17.9% to $53.7 million, while its software-as-a-service (SaaS) revenue rose 15.5% to $10 million.

Tuya said that during the quarter it had 287 premium IoT PaaS customers — defined as those generating over $100,000 in revenue annually — up 6.6% from 269 in the same period last year. Such clients accounted for 88.7% of its IoT PaaS revenue. Its registered IoT device and software developers exceeded 1.4 million, up 7.7% from the end of last year.

Tuya’s shares opened 2.4% higher on Wednesday in Hong Kong and closed up 2.46% at HK$22.95 by the midday break.

By Lee Shih Ta

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