Tuya Inc. Releases Third‑Quarter 2025 Unaudited Results
Tuya Inc. (NYSE: TUYA; HKEX: 2391), the global AI‑cloud platform provider behind the Tuya Smart brand, announced its unaudited financial results for the third quarter ended September 30, 2025. The company’s statements were released on November 24, 2025 through a press release distributed by PRNewswire and reported on by multiple financial news outlets.
Key Performance Highlights
| Metric | Third‑Quarter 2025 | YoY Comparison (where available) |
|---|---|---|
| Revenue | Not disclosed in the press release; analysts anticipate a slight decline of 0.81 % compared with the previous quarter, projecting 81.6 million USD for Q3 versus 82.3 million USD in Q3 2024. | |
| Earnings per Share (EPS) | Unaudited EPS of 0.030 USD, a positive swing from the 2024‑Q3 loss of –0.010 USD. | |
| Full‑Year Guidance | Analysts expect an average FY‑2025 EPS of 0.097 USD, compared with 0.010 USD in FY 2024. The consensus forecast for total FY revenue is 322.8 million USD, up from 298.8 million USD last year. |
The company’s operating commentary focuses on its PaaS (platform‑as‑a‑service) segment, which remains the core driver of its growth. Tuya defines a “premium” PaaS customer as one contributing more than US$100,000 of PaaS revenue during the preceding 12‑month period. The company calculates its DBNER (differential between new and returning revenue) for PaaS by comparing revenue generated by the same cohort of customers over consecutive 12‑month windows. While the press release does not disclose the current DBNER figure, it notes that the metric can fluctuate due to various factors, including customer acquisition dynamics and product mix shifts.
Market Context
Tuya’s share price, as of November 20, 2025, closed at HKD 15.56. The stock has traded within a 52‑week range of HKD 13.70 to HKD 69.50, reflecting significant volatility amid broader market movements in the technology sector. With a market capitalization of 1.1 billion HKD and a price‑to‑earnings ratio of 44.7, the company remains a high‑growth, high‑valuation play within the Internet‑of‑Things (IoT) cloud platform niche.
Strategic Implications
Revenue Momentum – Even though revenue growth is modest, the company’s ability to maintain a positive EPS trajectory suggests improving operational efficiency and cost control.
Customer Base Expansion – The focus on premium PaaS customers indicates a strategic shift toward high‑value, recurring revenue streams, which can provide a more stable financial footing in the face of competitive pressure.
Guidance Outlook – Analysts’ consensus for FY‑2025 revenue and EPS growth signals market confidence in Tuya’s business model, despite a near‑flat quarter‑on‑quarter revenue picture.
Valuation Considerations – A P/E of 44.7, while elevated, aligns with the premium investors are willing to pay for companies that provide AI‑enabled IoT solutions, especially given Tuya’s global reach and strong brand recognition.
Conclusion
Tuya Inc. continues to strengthen its position as a key player in the IoT cloud services arena. The company’s recent third‑quarter results, coupled with bullish analyst guidance, underscore its capacity to translate platform usage into incremental earnings. Investors monitoring the technology and AI sectors will likely view these developments as a confirmation of Tuya’s strategic trajectory, while remaining attentive to the company’s ability to sustain revenue growth amid market volatility.
