Tuya Smart releases Q4 2025 and full-year financial reports: "Platform empowerment + application expansion" accelerates AI application implementation

On March 3, the global AI cloud platform service provider Tuya Smart (NYSE: TUYA, HKEX: 2391) announced its unaudited financial results for Q4 and the full year of 2025.

The financial report shows that total revenue for the full year of 2025 reached $321.8 million, a year-over-year increase of approximately 7.8%. Among them, PaaS revenue was $231.2 million, SaaS and other income was $44.9 million, and smart solutions revenue was $45.7 million. The full-year GAAP net profit margin was 18.0%, up 16.3 percentage points year-over-year, demonstrating solid profitability.

In the fourth quarter, total revenue was $84.5 million, continuing a 10-quarter year-over-year growth. Non-GAAP net profit was $20.6 million, with a net profit margin of 24.4%. Net cash generated from operating activities was $23.5 million.

As of December 31, 2025, the company’s net cash (cash and cash equivalents plus short-term and long-term investments in deposits and government bonds) totaled approximately $1.0173 billion, providing sufficient financial reserves to support the company’s long-term development and product and technology innovation.

Tuya Smart founder and CEO Wang Xueji stated: “In 2025, we achieved revenue growth in a complex and changing environment, while continuously improving profitability and operational efficiency. Maintaining stable gross margins reflects our value positioning and technological pricing capabilities in the industry; healthy net profits and operating cash flow further validate the sustainability and resilience of our business model. Strategically, we continue to promote ‘platform empowerment + application expansion,’ driving the systematic integration of AI capabilities into our platform and device ecosystem. We launched Hey Tuya at CES, showcasing its underlying Physical AI Engine (PAE) architecture, marking a shift from point-based AI functions to cross-device, scene-based system capabilities, accelerating the extension from platform capabilities to product experiences and industry solutions. As our developer ecosystem continues to expand, AI capabilities are increasingly embedded in terminal products, gradually transforming into replicable AI applications and ongoing revenue sources, upgrading our revenue structure and platform value. Moving forward, we will continue to strengthen AI-native platform capabilities and ecosystem development, maintaining operational discipline and financial stability while building long-term competitive advantages.”

Empowering Global Developers, Strengthening AI-Native Platform Capabilities and Ecosystem Development

As a leading AI developer platform, as of December 31, 2025, Tuya Smart had over 1.801 million registered developers, a 36.8% increase from 1.316 million at the end of 2024. The cumulative number of AI Agents developed on the Tuya AI developer platform has reached 15,930, covering many categories of smart products.

In Q4 2025, Tuya Smart and its partners hosted the “2025 SparkS Global AI Hardware Innovation Competition,” working together with innovation forces at home and abroad to explore AI applications in healthcare, transportation, emotional companionship, education, and other fields. Participating teams created a series of innovative AI hardware, including a cervical cancer detection device, a lightweight road damage inspection machine, “AI Emotion Buddy” Fu Zai, and an automatic homework grading machine. Using the TuyaOpen open-source framework and AI Agent development platform, Tuya Smart helps developers lower development barriers and expand the boundaries of physical AI applications.

Meanwhile, Tuya Smart continues to fulfill its global corporate responsibility by reducing the barriers to AI applications in energy and energy-saving emissions reduction. The company participated in several activities at the 30th Conference of the Parties (COP30) of the United Nations Framework Convention on Climate Change, sharing innovative results in AI + energy, precise energy saving, and intelligent control, helping global partners build sustainable, green, low-carbon AIoT solutions.

Currently, AI technology is becoming a key force in reshaping the hardware industry ecosystem and redefining product value. At CES, Tuya Smart launched the AI life assistant—Hey Tuya. As a Multi-Agent collaborative architecture life AI butler, Hey Tuya moves beyond the screen, working in concert with various physical AI devices in daily life, serving as a home security guardian, energy-saving expert, health coach, office assistant, and life secretary, proactively providing assistance to humans.

Looking ahead to 2026, Tuya Smart will continue to iterate and enhance its products and services, focusing on upgrading AI capabilities and applications, empowering global developers to efficiently build the next generation of AI terminal products.

About Tuya Smart

Tuya Smart (NYSE: TUYA; HKEX: 2391) is a leading global AI cloud platform service provider dedicated to integrating AI into daily life. Through the AI Agent development platform, TuyaOpen open-source framework, and multi-modal AI capabilities, it lowers AI development barriers, accelerates AI-enabled living, and promotes deep integration of AI with the physical world. With cloud computing and spatial intelligence capabilities, Tuya provides innovative physical AI technology solutions for smart devices, commercial applications, and industry developers, along with an open, neutral global ecosystem. This ecosystem energizes a vibrant community of brands, OEMs, AI Agents, system integrators, and independent software vendors, jointly creating green, low-carbon, safe, efficient, agile, and open smart solutions.

As of December 31, 2025, the Tuya AI developer platform has registered over 1.801 million accounts across more than 200 countries and regions worldwide.