UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2023
Commission File Number: 001-40210
Tuya Inc.
10/F, Building A,
Huace Center
Xihu District, Hangzhou
City
Zhejiang, 310012
People’s Republic
of China
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
EXHIBIT INDEX
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| |
Tuya Inc. |
| |
|
| |
By |
: |
/s/ Yao (Jessie) Liu |
| |
Name |
: |
Yao (Jessie) Liu |
| |
Title |
: |
Chief Financial Officer |
Date: August 24, 2023
Exhibit 99.1
Tuya
Reports Second Quarter 2023 Unaudited Financial Results
SANTA
CLARA, Calif., August 23, 2023/PRNewswire/– Tuya Inc. (“Tuya” or the “Company”) (NYSE: TUYA;
HKEX: 2391), a global leading IoT cloud development platform, today announced its unaudited financial results for the second quarter
ended June 30, 2023.
Second
Quarter 2023 Financial Highlights
| · | Total
revenue was US$57.0 million, down approximately 8.9% year over year (2Q2022: US$62.5
million). |
| · | IoT
platform-as-a-service (“PaaS”) revenue was US$41.1 million, down approximately
13.5% year over year (2Q2022: US$47.6 million). |
| · | Software-as-a-service
(“SaaS”) and others revenue was US$9.4 million, up approximately 30.2% year
over year (2Q2022: US$7.2 million). |
| · | Overall
gross margin increased to 46.7%, up 3.9 percentage points year over year (2Q2022: 42.8%).
Gross margin of IoT PaaS increased to 44.2%, up 1.7 percentage points year over year (2Q2022:
42.5%). |
| · | Operating
margin was negative 55.1%, up 8.0 percentage points year over year (2Q2022: negative
63.1%). Non-GAAP operating margin was negative 11.2%, up 24.4 percentage points year
over year (2Q2022: negative 35.6%). |
| · | Net
margin was negative 41.3%, up 16.0 percentage points year over year (2Q2022: negative
57.3%). Non-GAAP net margin was 2.7%, improving by 32.6 percentage points year over
year (2Q2022: negative 29.9%), achieving quarterly break-even for the first time. |
| · | Net
cash generated from operating activities was US$7.5 million, up 1,769.1% year over year
(2Q2022: US$0.4 million). |
| · | Total
cash and cash equivalents, and short-term investments were US$942.3 million as of June
30, 2023, compared to US$954.3 million as of December 31, 2022. |
Second
Quarter 2023 Operating Highlights
| · | IoT
PaaS customers1 for the second quarter 2023 were approximately 2,300 (2Q2022:
approximately 2,800). Total customers for the second quarter 2023 were approximately 3,300
(2Q2022: approximately 4,100). The Group’s implementation of its key-account strategy
enabled it to be more focused on serving strategic customers. |
| · | Premium
IoT PaaS customers2 for the trailing 12 months ended June 30, 2023 were 251
(2Q2022: 267). In the second quarter 2023, the Group’s premium IoT PaaS customers contributed
approximately 79.8% of its IoT PaaS revenue (2Q2022: approximately 82.4%). The decrease in
premium IoT PaaS customers was primarily attributable to a reduction in order size among
certain previous premium customers, thus falling below the premium customer revenue contribution
threshold for the trailing 12 months ended June 30, 2023. |
| · | Dollar-based
net expansion rate (“DBNER”)3 of IoT PaaS for the trailing 12
months ended June 30, 2023 was 58% (2Q2022: 84%). |
| · | Registered
IoT device and software developers (“registered developers”) were
over 846,000 as of June 30, 2023, up 19.6% from approximately 708,000 developers as of December
31, 2022. |
| 1. | The
Group defines an IoT PaaS customer for a given period as a customer who has directly placed
orders for IoT PaaS with the Group during that period. |
| 2. | The
Group defines a premium IoT PaaS customer as a customer as of a given date that contributed
more than US$100,000 of IoT PaaS revenue during the immediately preceding 12-month period. |
| 3. | The
Group calculates DBNER of IoT PaaS for a trailing 12-month period by first identifying all
customers in the prior 12-month period (i.e., those have placed at least one order for IoT
PaaS during that period), and then calculating the quotient from dividing the IoT PaaS revenue
generated from such customers in the current trailing 12-month period by the IoT PaaS revenue
generated from the same group of customers in the prior 12-month period. The Group’s
DBNER may change from period to period, due to a combination of various factors, including
changes in the customers’ purchase cycles and amounts and the Group’s customer
mix, among other things. DBNER indicates the Group’s ability to expand customer use
of the Tuya platform over time and generate revenue growth from existing customers. |
Mr.
Xueji (Jerry) Wang, Founder and Chief Executive Officer of Tuya, commented, “Throughout the first half of 2023, against the backdrop
of a changing macroeconomic environment, Tuya has consistently demonstrated resilience and adaptability, which can be attributable to
our strategic focus on prioritizing highest-value customers. This approach has not only driven our sequential revenue growth but also
optimized our operational efficiency. Now, as we observe a global recovery in business activities and an encouraging trend in IoT smart
device sales, there’s an indication of a rebound in our sector. With our renewed strategic emphasis on superior customer service,
enhancements in software and hardware offerings, and strengthened value propositions for enterprises across the value chain, we are well-positioned
to seize these emerging opportunities. We stand ready to embrace the promising future and Tuya’s next growth chapter.”
Ms.
Yao (Jessie) Liu, Director and Chief Financial Officer of Tuya, added, “In the second quarter of 2023, we achieved a significant
milestone by recording a non-GAAP net profit of approximately $1.5 million, marking the first fiscal quarter that we achieved break-even
profitability on a non-GAAP basis. We also generated a positive operating cash flow of $7.5 million. Our strong financial performance
in the quarter is a testament to the dedication of our team and the strategic decisions that have shaped our trajectory over the past
two years. Additionally, through ongoing refinements to our cost and expense structure, we further enhanced our operating efficiency,
enabling us to strategically allocate resources more effectively. As we hone our investment focus on core areas, we remain confident
in our trajectory towards sustained growth and in capturing emerging market opportunities.”
Second
Quarter 2023 Unaudited Financial Results
REVENUE
Total
revenue in the second quarter of 2023 decreased by 8.9% to US$57.0 million from US$62.5 million in the same period of 2022, mainly due
to the decrease in IoT PaaS revenue and smart device distribution revenue, partially offset by the increase in SaaS and others revenue.
| · | IoT
PaaS revenue in the second quarter of 2023 decreased by 13.5% to US$41.1 million from US$47.6
million in the same period of 2022. During the quarter, the Group’s customers remained
cautious in their purchase decisions. This was primarily due to ongoing inventory backlog
pressure in the downstream supply chain, resulting from a mismatch between supply and demand
in the discretionary consumer electronics sector. Additionally, discretionary consumer electronics
spending across certain categories remained soft in multiple regions. Furthermore, the decrease
was in part due to an adverse impact of US$2.5 million, or 5.3 percentage points, caused
by foreign exchange rate fluctuations compared to the same period of 2022. As a result of
these factors, the Group’s DBNER of IoT PaaS for the trailing 12 months ended June
30, 2023 decreased to 58% compared to previous periods. |
| · | SaaS
and others revenue in the second quarter of 2023 increased by 30.2% to US$9.4 million from
US$7.2 million in the same period of 2022. During the quarter, the Group remained committed
to offering value-added services (“VAS”) and various software products
with strong value propositions, including SaaS solutions and Cube solution, to its customers. |
| · | Smart
device distribution revenue in the second quarter of 2023 decreased by 16.3% to US$6.5 million
from US$7.8 million in the same period of 2022, primarily due to the fluctuating timing and
volume of customer demands and purchases. |
COST
OF REVENUE
Cost
of revenue in the second quarter of 2023 decreased by 15.1% to US$30.4 million from US$35.8 million in the same period of 2022, generally
in line with the decrease in total revenue.
GROSS
PROFIT AND GROSS MARGIN
Total
gross profit in the second quarter of 2023 decreased by 0.5% to US$26.6 million from US$26.8 million in the same period of 2022 and gross
margin increased to 46.7% in the second quarter of 2023 from 42.8% in the same period of 2022.
| · | IoT
PaaS gross margin in the second quarter of 2023 was 44.2%, compared to 42.5% in the same
period of 2022. The improved gross margin was primarily due to the changes in product mix
and a lower provision recorded for certain slow-moving IoT chips and raw material inventory
in relation to the IoT PaaS business during the second quarter of 2023. |
| · | SaaS
and others gross margin in the second quarter of 2023 was 74.5%, compared to 78.9% in the
same period of 2022. |
| · | Smart
device distribution gross margin in the second quarter of 2023 was 23.0%, compared to 11.4%
in the same period of 2022, primarily due to higher-value products solution we provided to
our customers during the second quarter of 2023. |
OPERATING
EXPENSES
Operating
expenses decreased by 12.3% to US$58.1 million in the second quarter of 2023 from US$66.2 million in the same period of 2022.
Non-GAAP
operating expenses, defined as operating expenses excluding share-based compensation expenses and credit-related impairment of long-term
investments, decreased by 32.7% to US$33.0 million in the second quarter of 2023 from US$49.1 million in the same period of 2022. Share-based
compensation expenses in the second quarter of 2023 were US$17.0 million, compared to US$17.2 million in the same period of 2022. Credit-related
impairment of long-term investments was US$8.1 million in the second quarter of 2023, compared to nil in the same period of 2022.
| · | Research
and development expenses in the second quarter of 2023 were US$26.5 million, down 28.9% from
US$37.2 million in the same period of 2022, primarily because of the Group’s strategic
streamlining of its research and development team and operations. During this quarter, average
salaried employee headcount of the Group’s research and development team was down approximately
34.2% year over year, compared to the same quarter in last year. Non-GAAP adjusted research
and development expenses in the second quarter of 2023 were US$22.5 million, compared to
US$33.8 million in the same period of 2022. |
| · | Sales
and marketing expenses in the second quarter of 2023 were US$9.8 million, down 34.8% from
US$15.1 million in the same period of 2022, primarily because of (i) the Group’s strategic
streamlining of its sales and marketing team, and (ii) the Group’s efforts to control
expenditure and improve sales and marketing efficiency. Non-GAAP adjusted sales and marketing
expenses in the second quarter of 2023 were US$8.2 million, compared to US$13.2 million in
the same period of 2022. |
| · | General
and administrative expenses in the second quarter of 2023 were US$24.3 million, compared
to US$17.1 million in the same period of 2022, primarily due to (i) the credit-related impairment
loss of US$8.1 million of long-term investments, (ii) the Group’s strategic streamlining
of its general and administrative team, and (iii) the Group’s efforts to control professional
expenditure. Non-GAAP adjusted general and administrative expenses in the second quarter
of 2023 were US$4.8 million, compared to US$5.3 million in the same period of 2022. |
| · | Other
operating income, net in the second quarter of 2023 was US$2.5 million, primarily due to
the receipts of software value-added tax (“VAT”) refunds and various general
subsidies for enterprises. |
LOSS
FROM OPERATIONS AND OPERATING MARGIN
Loss
from operations in the second quarter of 2023 narrowed by 20.4% to US$31.4 million from US$39.5 million in the same period of 2022. Non-GAAP
loss from operations in the second quarter of 2023 narrowed by 71.5% to US$6.4 million from US$22.3 million in the same period of 2022.
Operating
margin in the second quarter of 2023 was negative 55.1%, up 8.0 percentage points from negative 63.1% in the same period of 2022. Non-GAAP
operating margin in the second quarter of 2023 was negative 11.2%, up 24.4 percentage points from negative 35.6% in the same period of
2022.
NET
LOSS/PROFIT AND NET MARGIN
Net
loss in the second quarter of 2023 narrowed by 34.3% to US$23.5 million from US$35.9 million in the same period of 2022. The difference
between loss from operations and net loss in the second quarter of 2023 was primarily because of a US$12.1 million interest income achieved
mainly due to well implemented treasury strategies on the Group’s cash and deposits recorded as short investment.
The
Group had a non-GAAP net profit of US$1.5 million in the second quarter of 2023, improved by 108.1% from a non-GAAP net loss of US$18.7
million in the same period of 2022, marking it the first fiscal quarter that the Group has achieved break-even profitability on a non-GAAP
basis.
Net
margin in the second quarter of 2023 was negative 41.3%, up 16.0 percentage points from negative 57.3% in the same period of 2022. Non-GAAP
net margin in the second quarter of 2023 was 2.7%, up 32.6 percentage points from negative 29.9% in the same period of 2022.
BASIC
AND DILUTED NET LOSS/PROFIT PER ADS
Basic
and diluted net loss per ADS was US$0.04 in the second quarter of 2023, compared to US$0.07 in the same period of 2022. Each ADS represents
one Class A ordinary share.
Non-GAAP
basic and diluted net profit per ADS was US$0.00 in the second quarter of 2023, compared to non-GAAP basic and diluted net loss of US$0.03
in the same period of 2022.
CASH
AND CASH EQUIVALENTS, AND SHORT-TERM INVESTMENTS
Cash
and cash equivalents, and short-term investments were US$942.3 million as of June 30, 2023, compared to US$954.3 million as of December
31, 2022, which the Group believes is sufficient to meet its current liquidity and working capital needs.
NET
CASH GENERATED FROM OPERATING ACTIVITIES
Net
cash generated from operating activities for the second quarter of 2023 was US$7.5 million, up 1,769.1% compared to US$0.4 million in
the same period of 2022. The net cash generated from the second quarter of 2023 improved mainly due to the significant decrease in operating
expenses, particularly employee-related costs, and working capital changes in the ordinary course of business.
For
further information on non-GAAP financial measures presented above, see the section headed “Use of Non-GAAP Financial Measures.”
Business
Outlook
With
further relief in global inflation, discretionary consumer spending in the consumer electronic industry worldwide is expected to gradually
navigate out of the headwinds experienced over the past two years. While some of the challenges persist, we are beginning to observe
encouraging signs of recovery in various areas. For instance, inventory backlog experienced by downstream participants in the supply
chain is steadily easing, and spending in many types of consumer electronic devices is showing a rebound. Although high global inflation
may have lasting effects on consumer habits and business operations, a shift in consumer spending preference towards necessities and
more economical purchases, combined with businesses seeking greater stability and sustainability, bring new opportunities with enterprises
centred around offering value-driven technologies and solutions.
In
response to this evolving market environment, the Group will remain committed to continuously iterating its products and services, further
enhancing software and hardware capabilities, expanding key customer base, investing in innovations and new opportunities, diversifying
revenue streams, and further optimizing operating efficiency. At the same time, the Group remains cognizant that future trajectories
may yet present challenges, ranging from consumer spending patterns and regional economic disparities to inventory management, foreign
exchange rate volatility, and broader geopolitical uncertainties.
Conference
Call Information
The
Company’s management will hold a conference call at 08:30 P.M. Eastern Time on Wednesday, August 23, 2023 (08:30 A.M. Beijing Time
on Thursday, August 24, 2023) to discuss the financial results. In advance of the conference call, all participants must use the following
link to complete the online registration process. Upon registering, each participant will receive access details for this conference
including a conference access code, a PIN number (personal access code), the dial-in number, and an e-mail with detailed instructions
to join the conference call.
Online
registration: https://www.netroadshow.com/events/login?show=b53fb1d3&confId=53630
The
replay will be accessible through August 30, 2023 by dialing the following numbers:
| International: |
+1-929-458-6194 |
| United States: |
+1-866-813-9403 |
| Access Code: |
762683 |
A
live and archived webcast of the conference call will also be available at the Company’s investor relations website at https://ir.tuya.com.
About
Tuya Inc.
Tuya
Inc. (NYSE: TUYA; HKEX: 2391) is a global leading IoT cloud development platform with a mission to build an IoT developer ecosystem and
enable everything to be smart. Tuya has pioneered a purpose-built IoT cloud development platform that delivers a full suite of offerings,
including Platform-as-a-Service, or PaaS, and Software-as-a-Service, or SaaS, to businesses and developers. Through its IoT cloud development
platform, Tuya has enabled developers to activate a vibrant IoT ecosystem of brands, OEMs, partners and end users to engage and communicate
through a broad range of smart devices.
Use
of Non-GAAP Financial Measures
In
evaluating the business, the Company considers and uses non-GAAP measures, such as non-GAAP operating expenses, non-GAAP loss from operations
(including non-GAAP operating margin), non-GAAP net (loss)/profit (including non-GAAP net margin), and non-GAAP basic and diluted net
(loss)/profit per ADS, as supplemental measures to review and assess its operating performance. The presentation of non-GAAP financial
measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance
with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The Company defines non-GAAP
measures by excluding the impact of share-based compensation expenses and credit-related impairment of long-term investments from the
respective GAAP measures. The Company presents the non-GAAP financial measures because they are used by the management to evaluate its
operating performance and formulate business plans. The Company also believes that the use of the non-GAAP measures facilitates investors’
assessment of its operating performance.
Non-GAAP
financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. Non-GAAP financial measures have
limitations as analytical tools. One of the key limitations of using the aforementioned non-GAAP financial measures is that they do not
reflect all items of expenses that affect the Company’s operations. Share-based compensation expenses and credit-related impairment
of long-term investments have been and may continue to be incurred in the business and are not reflected in the presentation of non-GAAP
financial measures. Further, the non-GAAP financial measures may differ from the non-GAAP information used by other companies, including
peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP
financial measures to the nearest U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s
performance. The Company encourages you to review its financial information in its entirety and not rely on a single financial measure.
Reconciliations
of Tuya’s non-GAAP financial measures to the most comparable U.S. GAAP measures are included at the end of this press release.
Safe
Harbor Statement
This
press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S.
Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s
beliefs, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a
number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases,
forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”,
“anticipate”, “target”, “aim”, “estimate”, “intend”, “plan”,
“believe”, “potential”, “continue”, “is/are likely to” or other similar expressions.
Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC.
The forward-looking statements included in this press release are only made as of the date hereof, and the Company disclaims any obligation
to publicly update any forward-looking statement to reflect subsequent events or circumstances, except as required by law. All forward-looking
statements should be evaluated with the understanding of their inherent uncertainty.
Investor
Relations Contact
Tuya
Inc.
Investor
Relations
Email:
ir@tuya.com
The
Blueshirt Group
Gary
Dvorchak, CFA
Phone:
+1 (323) 240-5796
Email:
gary@blueshirtgroup.com
TUYA INC.
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31,
2022 AND JUNE 30, 2023
(All amounts in US$ thousands (“US$”),
except for share and per share data, unless otherwise noted)
| | |
As
of
December 31, | | |
As
of
June 30, | |
| | |
2022 | | |
2023 | |
| | |
US$ | | |
US$ | |
| | |
| | |
(Unaudited) | |
| ASSETS | |
| | | |
| | |
| Current assets: | |
| | | |
| | |
| Cash and cash equivalents | |
| 133,161 | | |
| 86,266 | |
| Restricted cash | |
| – | | |
| 8,276 | |
| Short-term investments | |
| 821,134 | | |
| 856,028 | |
| Accounts receivable, net | |
| 12,172 | | |
| 13,083 | |
| Notes receivable, net | |
| 2,767 | | |
| 3,336 | |
| Inventories, net | |
| 45,380 | | |
| 37,023 | |
| Prepayments and other current assets, net | |
| 8,752 | | |
| 8,077 | |
| | |
| | | |
| | |
| Total current assets | |
| 1,023,366 | | |
| 1,012,089 | |
| | |
| | | |
| | |
| Non-current assets: | |
| | | |
| | |
| Property, equipment and software, net | |
| 3,827 | | |
| 2,627 | |
| Operating lease right-of-use assets, net | |
| 9,736 | | |
| 7,057 | |
| Long-term investments | |
| 18,031 | | |
| 16,947 | |
| Other non-current assets, net | |
| 1,179 | | |
| 618 | |
| | |
| | | |
| | |
| Total non-current assets | |
| 32,773 | | |
| 27,249 | |
| | |
| | | |
| | |
| Total assets | |
| 1,056,139 | | |
| 1,039,338 | |
| | |
| | | |
| | |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| | | |
| | |
| Current liabilities: | |
| | | |
| | |
| Accounts payable | |
| 9,595 | | |
| 9,221 | |
| Advance from customers | |
| 27,633 | | |
| 25,623 | |
| Deferred revenue, current | |
| 6,821 | | |
| 6,310 | |
| Accruals and other current liabilities | |
| 33,383 | | |
| 32,957 | |
| Lease liabilities, current | |
| 3,850 | | |
| 3,244 | |
| | |
| | | |
| | |
| Total current liabilities | |
| 81,282 | | |
| 77,355 | |
| | |
| | | |
| | |
| Non-current liabilities: | |
| | | |
| | |
| Lease liabilities, non-current | |
| 5,292 | | |
| 3,907 | |
| Deferred revenue, non-current | |
| 394 | | |
| 407 | |
| Other non-current liabilities | |
| 7,004 | | |
| 5,447 | |
| | |
| | | |
| | |
| Total non-current liabilities | |
| 12,690 | | |
| 9,761 | |
| | |
| | | |
| | |
| Total liabilities | |
| 93,972 | | |
| 87,116 | |
TUYA INC.
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS (CONTINUED)
AS OF DECEMBER 31,
2022 AND JUNE 30, 2023
(All amounts in US$ thousands (“US$”),
except for share and per share data, unless otherwise noted)
| | |
As of
December 31, | | |
As
of
June 30, | |
| | |
2022 | | |
2023 | |
| | |
US$ | | |
US$ | |
| | |
| | |
(Unaudited) | |
| Shareholders’ equity: | |
| | | |
| | |
| Class A ordinary shares | |
| 25 | | |
| 25 | |
| Class B ordinary shares | |
| 4 | | |
| 4 | |
| Treasury stock | |
| (86,438 | ) | |
| (68,514 | ) |
| Additional paid-in capital | |
| 1,584,764 | | |
| 1,600,206 | |
| Accumulated other comprehensive loss | |
| (22,115 | ) | |
| (20,372 | ) |
| Accumulated deficit | |
| (514,073 | ) | |
| (559,127 | ) |
| | |
| | | |
| | |
| Total shareholders’ equity | |
| 962,167 | | |
| 952,222 | |
| | |
| | | |
| | |
| Total liabilities and shareholders’ equity | |
| 1,056,139 | | |
| 1,039,338 | |
TUYA INC.
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(All amounts in US$ thousands (“US$”),
except for share and per share data, unless otherwise noted)
| | |
For the Three Months Ended | | |
For the Six Months Ended | |
| | |
June 30,
2022 | | |
June
30,
2023 | | |
June 30,
2022 | | |
June
30,
2023 | |
| Revenue | |
| 62,547 | | |
| 57,004 | | |
| 117,871 | | |
| 104,489 | |
| Cost of revenue | |
| (35,777 | ) | |
| (30,363 | ) | |
| (68,281 | ) | |
| (56,820 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Gross profit | |
| 26,770 | | |
| 26,641 | | |
| 49,590 | | |
| 47,669 | |
| | |
| | | |
| | | |
| | | |
| | |
| Operating expenses: | |
| | | |
| | | |
| | | |
| | |
| Research and development expenses | |
| (37,221 | ) | |
| (26,474 | ) | |
| (84,809 | ) | |
| (54,525 | ) |
| Sales and marketing expenses | |
| (15,061 | ) | |
| (9,826 | ) | |
| (30,339 | ) | |
| (20,085 | ) |
| General and administrative expenses | |
| (17,130 | ) | |
| (24,273 | ) | |
| (35,160 | ) | |
| (41,066 | ) |
| Other operating incomes, net | |
| 3,182 | | |
| 2,514 | | |
| 5,776 | | |
| 4,294 | |
| | |
| | | |
| | | |
| | | |
| | |
| Total operating expenses | |
| (66,230 | ) | |
| (58,059 | ) | |
| (144,532 | ) | |
| (111,382 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Loss from operations | |
| (39,460 | ) | |
| (31,418 | ) | |
| (94,942 | ) | |
| (63,713 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Other income | |
| | | |
| | | |
| | | |
| | |
| Other non-operating incomes, net | |
| 694 | | |
| 778 | | |
| 1,347 | | |
| 1,556 | |
| Financial income, net | |
| 1,428 | | |
| 7,305 | | |
| 1,549 | | |
| 18,775 | |
| Foreign exchange gain, net | |
| 1,627 | | |
| 937 | | |
| 1,526 | | |
| 903 | |
| | |
| | | |
| | | |
| | | |
| | |
| Loss before income tax expense | |
| (35,711 | ) | |
| (22,398 | ) | |
| (90,520 | ) | |
| (42,479 | ) |
| Income tax expense | |
| (158 | ) | |
| (1,151 | ) | |
| (302 | ) | |
| (2,115 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Net loss | |
| (35,869 | ) | |
| (23,549 | ) | |
| (90,822 | ) | |
| (44,594 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Net loss attributable to Tuya Inc. | |
| (35,869 | ) | |
| (23,549 | ) | |
| (90,822 | ) | |
| (44,594 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Net loss attribute to ordinary shareholders | |
| (35,869 | ) | |
| (23,549 | ) | |
| (90,822 | ) | |
| (44,594 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Net loss | |
| (35,869 | ) | |
| (23,549 | ) | |
| (90,822 | ) | |
| (44,594 | ) |
| Other comprehensive (loss)/income | |
| | | |
| | | |
| | | |
| | |
| Changes in fair value of long-term investments | |
| (1,146 | ) | |
| (1,053 | ) | |
| (1,146 | ) | |
| (1,053 | ) |
| Transfer out of fair value changes of long-term investments | |
| – | | |
| 8,050 | | |
| – | | |
| 8,050 | |
| Foreign currency translation | |
| (8,699 | ) | |
| (6,882 | ) | |
| (8,050 | ) | |
| (5,254 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Total comprehensive loss attributable to Tuya Inc. | |
| (45,714 | ) | |
| (23,434 | ) | |
| (100,018 | ) | |
| (42,851 | ) |
TUYA INC.
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (CONTINUED)
(All amounts in US$ thousands (“US$”),
except for share and per share data, unless otherwise noted)
| | |
For the Three Months Ended | | |
For the Six Months Ended | |
| | |
June 30,
2022 | | |
June
30,
2023 | | |
June 30,
2022 | | |
June
30,
2023 | |
| Net loss attributable to Tuya Inc. | |
| (35,869 | ) | |
| (23,549 | ) | |
| (90,822 | ) | |
| (44,594 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Net loss attributable to ordinary shareholders | |
| (35,869 | ) | |
| (23,549 | ) | |
| (90,822 | ) | |
| (44,594 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Weighted average number of ordinary shares used in computing
net loss per share, basic and diluted | |
| 550,172,103 | | |
| 554,945,739 | | |
| 553,471,745 | | |
| 554,472,706 | |
| | |
| | | |
| | | |
| | | |
| | |
Net
loss per share attributable to ordinary shareholders, basic and diluted | |
| (0.07 | ) | |
| (0.04 | ) | |
| (0.16 | ) | |
| (0.08 | ) |
| | |
| | | |
| | | |
| | | |
| | |
Share-based
compensation expenses were included in: | |
| | | |
| | | |
| | | |
| | |
| Research and development expenses | |
| 3,452 | | |
| 4,006 | | |
| 7,582 | | |
| 8,123 | |
| Sales and marketing expenses | |
| 1,847 | | |
| 1,620 | | |
| 3,500 | | |
| 3,226 | |
| General and administrative expenses | |
| 11,871 | | |
| 11,386 | | |
| 23,744 | | |
| 22,983 | |
TUYA INC.
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(All amounts in US$ thousands (“US$”),
except for share and per share data, unless otherwise noted)
| | |
For the Three Months Ended | | |
For the Six Months Ended | |
| | |
June 30,
2022 | | |
June
30,
2023 | | |
June 30,
2022 | | |
June
30,
2023 | |
| Net cash generated from/(used in) operating activities | |
| 401 | | |
| 7,495 | | |
| (56,973 | ) | |
| (11,387 | ) |
| Net cash (used in)/generated from investing activities | |
| (112,848 | ) | |
| 11,489 | | |
| (254,789 | ) | |
| (22,335 | ) |
| Net cash (used in)/generated from financing activities | |
| (26,894 | ) | |
| 104 | | |
| (48,645 | ) | |
| (2,067 | ) |
| Effect of exchange rate changes on cash and cash equivalents, restricted cash | |
| (6,284 | ) | |
| (3,791 | ) | |
| (4,956 | ) | |
| (2,830 | ) |
| | |
| | | |
| | | |
| | | |
| | |
Net (decrease)/increase in cash and cash equivalents,
restricted cash | |
| (145,625 | ) | |
| 15,297 | | |
| (365,363 | ) | |
| (38,619 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Cash and cash equivalents, restricted cash at the beginning of period | |
| 744,838 | | |
| 79,245 | | |
| 964,576 | | |
| 133,161 | |
| | |
| | | |
| | | |
| | | |
| | |
Cash
and cash equivalents, restricted cash at the end of period | |
| 599,213 | | |
| 94,542 | | |
| 599,213 | | |
| 94,542 | |
TUYA INC.
RECONCILIATION OF
NON-GAAP MEASURES TO THE MOST DIRECTLY COMPARABLE FINANCIAL MEASURES
(All amounts in US$ thousands (“US$”),
except for share and per share data, unless otherwise noted)
| | |
For the Three Months Ended | | |
For the Six Months Ended | |
| | |
June 30,
2022 | | |
June
30,
2023 | | |
June 30,
2022 | | |
June
30,
2023 | |
Reconciliation
of operating expenses to non-GAAP operating expenses | |
| | | |
| | | |
| | | |
| | |
| Research and development expenses | |
| (37,221 | ) | |
| (26,474 | ) | |
| (84,809 | ) | |
| (54,525 | ) |
| Add: Share-based compensation | |
| 3,452 | | |
| 4,006 | | |
| 7,582 | | |
| 8,123 | |
| Adjusted research and development expenses | |
| (33,769 | ) | |
| (22,468 | ) | |
| (77,227 | ) | |
| (46,402 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Sales and marketing expenses | |
| (15,061 | ) | |
| (9,826 | ) | |
| (30,339 | ) | |
| (20,085 | ) |
| Add: Share-based compensation | |
| 1,847 | | |
| 1,620 | | |
| 3,500 | | |
| 3,226 | |
| Adjusted sales and marketing expenses | |
| (13,214 | ) | |
| (8,206 | ) | |
| (26,839 | ) | |
| (16,859 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| General and administrative expenses | |
| (17,130 | ) | |
| (24,273 | ) | |
| (35,160 | ) | |
| (41,066 | ) |
| Add: Share-based compensation | |
| 11,871 | | |
| 11,386 | | |
| 23,744 | | |
| 22,983 | |
| Add: Credit-related impairment of long-term investments | |
| – | | |
| 8,050 | | |
| – | | |
| 8,050 | |
| Adjusted general and administrative expenses | |
| (5,259 | ) | |
| (4,837 | ) | |
| (11,416 | ) | |
| (10,033 | ) |
| | |
| | | |
| | | |
| | | |
| | |
Reconciliation
of loss from operations to non-GAAP loss from operations | |
| | | |
| | | |
| | | |
| | |
| Loss from operations | |
| (39,460 | ) | |
| (31,418 | ) | |
| (94,942 | ) | |
| (63,713 | ) |
| Add: Share-based compensation expenses | |
| 17,170 | | |
| 17,012 | | |
| 34,826 | | |
| 34,332 | |
| Add: Credit-related impairment of long-term investments | |
| – | | |
| 8,050 | | |
| – | | |
| 8,050 | |
| Non-GAAP loss from operations | |
| (22,290 | ) | |
| (6,356 | ) | |
| (60,116 | ) | |
| (21,331 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Non-GAAP operating margin | |
| (35.6 | )% | |
| (11.2 | )% | |
| (51.0 | )% | |
| (20.4 | )% |
| | |
| | | |
| | | |
| | | |
| | |
Reconciliation
of net loss to non-GAAP net (loss)/profit | |
| | | |
| | | |
| | | |
| | |
| Net loss | |
| (35,869 | ) | |
| (23,549 | ) | |
| (90,822 | ) | |
| (44,594 | ) |
| Add: Share-based compensation expenses | |
| 17,170 | | |
| 17,012 | | |
| 34,826 | | |
| 34,332 | |
| Add: Credit-related impairment of long-term investments | |
| – | | |
| 8,050 | | |
| – | | |
| 8,050 | |
| Non-GAAP net (loss)/profit | |
| (18,699 | ) | |
| 1,513 | | |
| (55,996 | ) | |
| (2,212 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Non-GAAP net margin | |
| (29.9 | )% | |
| 2.7 | % | |
| (47.5 | )% | |
| (2.1 | )% |
| | |
| | | |
| | | |
| | | |
| | |
| Weighted average number of ordinary shares used in computing
non-GAAP net loss per share | |
| | | |
| | | |
| | | |
| | |
| – Basic | |
| 550,172,103 | | |
| 554,945,739 | | |
| 553,471,745 | | |
| 554,472,706 | |
| – Diluted | |
| 550,172,103 | | |
| 586,513,021 | | |
| 553,471,745 | | |
| 554,472,706 | |
| | |
| | | |
| | | |
| | | |
| | |
Non-GAAP
net loss per share attributable to ordinary shareholders | |
| | | |
| | | |
| | | |
| | |
| – Basic | |
| (0.03 | ) | |
| 0.00 | | |
| (0.10 | ) | |
| (0.00 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| – Diluted | |
| (0.03 | ) | |
| 0.00 | | |
| (0.10 | ) | |
| (0.00 | ) |
Tuya (NYSE:TUYA)
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From Apr 2024 to May 2024
Tuya (NYSE:TUYA)
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From May 2023 to May 2024
