Company description

A REVIEW OF 2025 In 2025, we continued to improve our operating performance and advance the execution of our AI-related initiatives, while also returning capital to shareholders through cash dividends. During the year, we achieved revenue growth and further improved profitability and operating efficiency. Our non-GAAP operating income reached a record level, and we remained profitable on a GAAP basis, primarily due to increased operating leverage, continued expense discipline and a decrease in share-based compensation. In 2025, we continued to integrate our Spatial LLM and On-Device AI capabilities into our platform and expanded into additional product categories, including AI-powered toys. We believe these efforts enhanced the functionality of our offerings and supported broader engagement across our ecosystem, including our registered AI developer community. We also continued to declare and pay cash dividends during the year, reflecting our capital allocation approach and confidence in our business and financial position. Business review In 2025, our total revenue reached about US$321.8 million, a 7.8% year-over-year growth. Our overall gross margin remained stable at around 48.2%, while annual operating expenses declined by approximately 24.1% year-over-year due to continued cost discipline of the company. For the year, our non-GAAP profit from operations reached US$33.7 million, with a non-GAAP operating margin of 10.5%, validating the effectiveness and scalability of Tuya ’ s unique software-and-hardware integrated business model.

Read the full filing description · filed 22 Apr 2026

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