0001410578-25-000850 | 20-F | XBRL Viewer

Long-term Investment (Tables)

12 Months Ended

Dec. 31, 2024


	As of December 31,
	2023	2024
	US$	US$
Time deposit	186,751	151,185
U.S. treasury securities (1)	10,140	20,275
Investments in available-for-sale debt securities (2)	9,874	6,921
Investments in equity securities accounted for under alternative measurement (3)	488	1,516
Investment in an equity security with readily determinable fair values	236	195
Total long-term investments	207,489	180,092

(1)

The Group invested in U.S. treasury securities with original maturities of two or three years and accounted for as held-to-maturity investments measured at amortized cost. The allowance of credit losses for these securities was immaterial. The carrying amount of U.S. treasury securities approximates their fair value due to the fact that the related effective interest rates approximate rates currently offered by financial institutions for similar debt instruments with comparable maturity term.

(2)

As of December 31, 2023 and 2024, the balance represents the Group’s shareholding interests of several privately held companies.

(3)For investments in equity securities accounted for under alternative measurement represent investments in one privately held company and one limited partnership fund. For these investments which the Group cannot exercise significant influence and does not have a readily determinable fair value, the Group has elected to apply the measurement alternative and recorded these investments at cost, less impairment, and plus or minus subsequent adjustments for observable price changes, in accordance with ASC topic 321

Deferred Revenue

12 Months Ended

Dec. 31, 2024

Deferred Revenue

Deferred Revenue

12. Deferred Revenue


	As of December 31,
	2023	2024
	US$	US$
Deferred Revenue
-Cloud-based connectivity and basic IoT services (1)	1,122	1,277
-Membership (2)	—	—
-SaaS (3)	6,186	6,625
Total deferred revenue	7,308	7,902

(1)

Deferred cloud-based connectivity and basic IoT services related revenue

Deferred cloud-based connectivity and basic IoT services related revenue represents the Group’s provision of cloud-based connectivity obligation and basic IoT services to customers.


	Year Ended December 31,
	2022	2023	2024
	US$	US$	US$
Beginning balances	2,669	1,375	1,122
Deferral of revenue	872	984	1,123
Recognition of deferred revenue	(2,166)	(1,237)	(968)
Ending balances	1,375	1,122	1,277

(2)Deferred Revenue-Membership

Deferred Revenue-Membership represents the Group’s remaining performance obligation performed over the period of time under its 2020 Membership Program (Note 2(r)).


	Year Ended December 31,
	2022	2023	2024
	US$	US$	US$
Beginning balances	3,473	672	—
Deferral of revenue	2,442	179	—
Recognition of deferred revenue	(5,243)	(851)	—
Ending balances	672	—	—

(3)

Deferred Revenue-SaaS

Deferred Revenue-SaaS mainly represents the Group’s remaining performance obligation in providing industry SaaS services over the period of time (Note 2(r)).


	Year Ended December 31,
	2022	2023	2024
	US$	US$	US$
Beginning balances	3,971	5,168	6,186
Deferral of revenue	11,779	19,402	24,498
Recognition of deferred revenue	(10,582)	(18,384)	(24,059)
Ending balances	5,168	6,186	6,625

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Inventories, net (Details) - USD ($) $ in Thousands	12 Months Ended
Inventories, net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Inventories, net
Raw materials	$ 18,665	$ 30,620
Work in process	3,535	3,222
Finished goods	6,580	5,177
Low value consumables and spare parts	244	144
Inventories, gross	29,024	39,163
Less: inventory write-downs	(5,184)	(6,298)
Total inventories, net	23,840	32,865
Change in inventory write-downs	$ (1,031)	$ (13)	$ 4,067

Property, Equipment and Software, net

12 Months Ended

Dec. 31, 2024

Property, Equipment and Software, net

Property, Equipment and Software, net

8. Property, Equipment and Software, net

Property, equipment and software consist of the following:


	As of December 31,
	2023	2024
	US$	US$
Cost:
Leasehold improvements	3,568	3,641
Computers and electronic equipment	7,273	7,830
Office equipment	307	399
Software	834	998
Construction in progress	—	4,185
Total cost	11,982	17,053
Less: Accumulated depreciation and amortization	(9,393)	(10,434)
Total property, equipment and software, net	2,589	6,619

Depreciation expense was US$3,443, US$2,449, and US$1,596 for the years ended December 31, 2022, 2023 and 2024, respectively.

Financial Income, net

12 Months Ended

Dec. 31, 2024

Financial Income, net.

Financial Income, net

13. Financial Income, net


	Year Ended December 31,
	2022	2023	2024
	US$	US$	US$
Interest income and investment income, net (1)	20,731	45,052	50,424
Fair value change of short-term investments	(2,056)	54	(116)
Fair value change of long-term investments	(129)	(130)	(41)
Gain on disposal of long-term investment	—	—	451
Total financial income, net	18,546	44,976	50,718

(1)

Interest income and investment income, net included interest income and investment income of US$22,898, US$49,744 and US$50,424, as well as investment loss from forward exchange contracts of US$2,167, US$4,692 and nil, for the years ended December 31, 2022, 2023 and 2024, respectively.

Statutory Reserves and Restricted Net Assets (Tables)

12 Months Ended

Dec. 31, 2024

Statutory Reserves and Restricted Net Assets

Summary of balance sheet


	As of December 31,
	2023	2024
	US$	US$
ASSETS
Current assets:
Cash and cash equivalents	21,393	96
Amounts due from subsidiaries	287,668	272,159
Prepayments and other current assets	785	549
Total current assets	309,846	272,804
Non-current assets:
Investment in subsidiaries and VIE	669,084	740,268
Total non-current assets	669,084	740,268
Total assets	978,930	1,013,072
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Accruals and other current liabilities	4,474	4,857
Other non-current liabilities	3,891	767
Total liabilities	8,365	5,624
Shareholders’ equity:
Ordinary shares (US$0.00005 par value; nil shares authorized, issued and outstanding as of December 31, 2023 and 2024, respectively)	—	—
Class A ordinary shares (US$0.00005 par value; 800,000,000 and 800,000,000 shares authorized as of December 31, 2023 and 2024, respectively; 504,387,299 and 504,387,299 shares issued as of December 31, 2023 and 2024, respectively; 487,591,968 and 495,601,588 shares outstanding as of December 31, 2023 and 2024, respectively)	25	25
Class B ordinary shares (US$0.00005 par value; 200,000,000 and 200,000,000 shares authorized as of December 31, 2023 and 2024, respectively; 70,205,300 and 70,205,300 shares issued and outstanding as of December 31, 2023 and 2024, respectively)	4	4
Treasury stock (US$0.00005 par value; 16,795,331 and 8,785,711 shares as of December 31, 2023 and 2024, respectively)	(53,630)	(15,726)
Additional paid-in capital	1,616,105	1,612,712
Accumulated other comprehensive loss	(17,091)	(19,716)
Accumulated deficit	(574,848)	(569,851)
Total shareholders’ equity	970,565	1,007,448
Total liabilities and shareholders’ equity	978,930	1,013,072

Summary of statement of comprehensive loss


	Year Ended December 31,
	2022	2023	2024
	US$	US$	US$
Operation expense
General and administrative expenses	(3,013)	(4,212)	(5,671)
Share of (loss)/gain of subsidiaries and the VIE	(146,417)	(59,372)	6,314
Total operating expenses	(149,430)	(63,584)	643
Other non-operating income, net	2,904	3,113	4,180
Financial income, net	197	238	296
Foreign exchange gain/(loss)	154	(82)	(122)
(Loss)/profit before income tax expense	(146,175)	(60,315)	4,997
Net (loss)/profit	(146,175)	(60,315)	4,997

Net (loss)/profit attributable to ordinary shareholders	(146,175)	(60,315)	4,997

Net (loss)/profit	(146,175)	(60,315)	4,997
Other comprehensive (loss)/income
Foreign currency translation	(14,942)	(2,722)	(2,574)
Transfer out of fair value changes of long-term investments	—	15,537	(65)
Changes in fair value of long-term investments	(9,493)	(7,791)	14
Total comprehensive (loss)/income	(170,610)	(55,291)	2,372

Summary of statement of cash flows


	Year Ended December 31,
	2022	2023	2024
	US$	US$	US$
Net cash used in operating activities	(1,408)	(3,478)	(3,606)
Advance to, and investment in subsidiaries	—	(7,940)	—
Proceeds from subsidiaries	28,842	30,349	15,509
Net cash generated from investing activities	28,842	22,409	15,509
Payment for repurchase of ordinary shares	(48,678)	(3,339)	(70)
Proceeds from issuance of Class A ordinary shares upon the Dual Primary Listing, net of cost of issuance	9,057	—	—
Payments of dividend	—	—	(33,022)
Proceeds from exercise of share options	1,039	1,187	168
Payments of deferred offering costs	—	(71)	(276)
Net cash used in financing activities	(38,582)	(2,223)	(33,200)
Effect of exchange rate changes on cash and cash equivalents, restricted cash	—	—	—
Net (decrease)/ increase in cash and cash equivalents	(11,148)	16,708	(21,297)
Cash and cash equivalents at the beginning of the year	15,833	4,685	21,393
Cash and cash equivalents at the end of the year	4,685	21,393	96

Short-term Investments (Details) - USD ($) $ in Thousands	12 Months Ended
Short-term Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Short-term Investments
U.S. Treasury Securities	$ 136,511
Time deposits	55,408	$ 288,758
Equity securities with readily determinable fair value	2,117	2,265
Equity securities accounted for under alternative measurement	500
Total short-term investments	194,536	291,023
Fair value change of short-term investments	$ (116)	$ 54	$ (2,056)

Organization and principal activities (Tables)

12 Months Ended

Dec. 31, 2024

Organization and principal activities

Summary of Company's principal subsidiaries and consolidated VIE

As of December 31, 2023 and 2024, the Company’s principal subsidiaries and consolidated VIE are as follows:


			Percentage of direct
Name of subsidiaries	Date of incorporation	Place of incorporation	or indirect ownership				Principal activities
			December 31,
			2023		2024
Tuya (HK) Limited	September 12, 2014	Hong Kong, China	100	%	100	%	Investment holding and business development
Hangzhou Tuya Information Technology Co., Ltd.	December 5, 2014	Hangzhou, China	100	%	100	%	Sales of IoT PaaS, Smart devices, SaaS and Others and research and development
Tuya Smart Inc.	July 19, 2019	Delaware, United States	100	%	100	%	Business development
Tuya Global Inc.	July 22, 2015	California, United States	100	%	100	%	Business development
Tuya smart (India) Private Limited	January 31, 2019	Gurgaon, India	100	%	100	%	Business development
Tuya smart (Colombia) S.A.S	July 2, 2019	Medellin, Colombia	100	%	100	%	Business development
Tuya GmbH	May 13, 2019	Hamburg, Germany	100	%	100	%	Business development
Tuya Japan Co., Ltd.	January 23, 2019	Tokyo, Japan	100	%	100	%	Business development
Zhejiang Tuya Smart Electronics Co., Ltd.	May 9, 2020	Hangzhou, China	100	%	100	%	Sales of Smart devices
Tuya Smart Australia Pty Ltd	December 19, 2020	Melbourne, Australia	100	%	100	%	Business development
Tuya France	February 07, 2023	Paris, France	100	%	100	%	Business development
Tuya UK Limited	September 28, 2022	London, United Kingdom	100	%	100	%	Business development


			Economic
Name of VIE	Date of incorporation	Place of incorporation	interest held				Principal activities
			December 31,
			2023		2024
Hangzhou Tuya Technology Co., Ltd.	June 16, 2014	Hangzhou, China	100	%	100	%	No substantial business

Principal Accounting Policies - Employee Social Security and Welfare Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Principal Accounting Policies
Employee social security and welfare benefits expenses	$ 23,630	$ 27,296	$ 44,505

Operating Leases (Tables)

12 Months Ended

Dec. 31, 2024

Operating Leases

Summary of components of lease expenses


	Year Ended December 31,
	2022	2023	2024
	US$	US$	US$
Lease cost:
Amortization of right-of-use assets	4,766	4,100	3,469
Interest of lease liabilities	692	354	295
Expenses for short-term lease within 12 months	1,168	76	81
Total lease cost	6,626	4,530	3,845

Summary of supplemental cash flow information related to leases


	Year Ended December 31,
	2022	2023	2024
	US$	US$	US$
Cash paid for amounts included in the measurement of lease liabilities	5,554	4,134	3,820
Right-of-use assets obtained in exchange for operating lease liabilities	884	2,727	1,069

Summary of supplemental consolidated balance sheet information related to leases


	As of December 31,
	2023	2024
	US$	US$
Right-of-use assets	7,647	4,550
Operating lease liabilities-current	3,883	3,798
Operating lease liabilities-non-current	3,904	851
Total lease liabilities	7,787	4,649
Weighted-average remaining lease term
Operating leases	2.12 years	1.80 years
Weighted-average discount rate
Operating lease	4.75% per annum	4.75% per annum

Summary of maturities of lease liabilities


	As of December 31,
	2023	2024
	US$	US$
2024	4,237	—
2025	3,880	3,933
2026	124	367
2027	5	246
2028	—	203
2029	—	97
Total undiscounted lease payments	8,246	4,846
Less: imputed interest	(459)	(197)
Total lease liabilities	7,787	4,649

Ordinary Shares (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands																1 Months Ended						12 Months Ended
	Dec. 15, 2023 shares	Mar. 28, 2023 shares	Nov. 01, 2022 Vote $ / shares shares	Jul. 04, 2022 $ / shares shares	Dec. 28, 2021 shares	Dec. 23, 2021 shares	Oct. 18, 2021 shares	Sep. 13, 2021 shares	Aug. 30, 2021 USD ($)	Apr. 20, 2021 shares	Mar. 18, 2021 USD ($) $ / shares shares	Mar. 17, 2021 USD ($) Vote shares	Dec. 23, 2014 USD ($) $ / shares shares	Aug. 28, 2014 USD ($) $ / shares shares	Aug. 28, 2014 CNY (¥) shares	Feb. 28, 2021 USD ($) item $ / shares shares	Sep. 30, 2019 shares	Apr. 30, 2018 shares	Aug. 31, 2017 shares	Nov. 30, 2016 shares	Dec. 31, 2014 shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Jun. 20, 2023 USD ($)	Dec. 31, 2022 $ / shares	Nov. 09, 2022 USD ($)	Oct. 31, 2022 shares	Dec. 31, 2019 USD ($) $ / shares shares
Ordinary Shares
Authorized share capital \| $												$ 50		$ 50								$ 50	$ 50
Number of authorized share capital												1,000,000,000		1,000,000,000								0	0
Par value \| $ / shares														$ 0.00005								$ 0.00005	$ 0.00005	$ 0.00005		$ 0.00005			$ 0.00005
Number of ordinary shares issued																						0	0	221,980,000					221,980,000
Number of ordinary shares outstanding																						0	0	221,980,000					221,980,000
Subscription receivables from shareholders \| $																								$ 0					$ 10
Subscription receivables received \| $																								$ 10
Proceeds from IPO \| $											$ 904,700
Number of ordinary shares reclassified and re-designated																						1,000,000,000	1,000,000,000
Ordinary shares reclassified and re-designated, ratio												1
Share repurchase program, remaining authorized amount \| $																						$ 49,000	$ 49,000
Cancellation of Treasury stock (in shares)	1,200,794	2,753,167
Registered shareholders \| Related Party
Ordinary Shares
Number of shares issued during the period														200,000,000	200,000,000
Proceeds from issuance of Class A ordinary shares upon U.S. IPO and related over-allotment option, net of cost of issuance \| $														$ 10
Investor \| Related Party
Ordinary Shares
Shares issued price per share \| $ / shares													$ 0.0797	$ 0.0797
Number of shares issued during the period													21,980,000	21,980,000	21,980,000
Two investors \| Related Party
Ordinary Shares
Proceeds from issuance of Class A ordinary shares upon U.S. IPO and related over-allotment option, net of cost of issuance														$ 1,577	¥ 9,720
The other investor \| Related Party
Ordinary Shares
Proceeds from issuance of Class A ordinary shares upon U.S. IPO and related over-allotment option, net of cost of issuance \| $													$ 175
Share Repurchase Program
Ordinary Shares
Share repurchase program, period									12 months
Series A convertible preferred shares
Ordinary Shares
Number of shares issued during the period																					934,711,640
Series A-1 convertible preferred shares
Ordinary Shares
Number of shares issued during the period																				921,032,370
Series B convertible preferred shares
Ordinary Shares
Number of shares issued during the period																			827,969,950
Series C convertible preferred shares
Ordinary Shares
Number of shares issued during the period																		767,500,110
Series D convertible preferred shares
Ordinary Shares
Number of shares issued during the period																	692,500,110
Ordinary shares
Ordinary Shares
Shares issued price per share \| $ / shares																$ 12.48
Number of shares issued during the period																16,026,282
Proceeds from issuance of Class A ordinary shares upon U.S. IPO and related over-allotment option, net of cost of issuance \| $																$ 200,000
Number of investors \| item																2
Number of ordinary shares reclassified and re-designated												200,000,000
Ordinary shares \| Share Repurchase Program \| Ads representing ordinary shares 18813449
Ordinary Shares
Number of shares repurchased during period																							1,200,794
Common Class A
Ordinary Shares
Number of authorized share capital			800,000,000																			800,000,000	800,000,000					600,000,000
Number of shares issued upon the Dual Primary Listing, net of cost of issuance				7,300,000
Shares issued price per share \| $ / shares				$ 2.46
Par value \| $ / shares			$ 0.00005																			$ 0.00005	$ 0.00005
Number of shares issued during the period							5,000,000	5,000,000
Number of ordinary shares issued																						504,387,299	504,387,299
Number of ordinary shares outstanding																						495,601,588	487,591,968
Number of ordinary shares reclassified and re-designated												600,000,000										800,000,000	800,000,000
Number of ordinary shares converted	194,700	9,000,000			36,000,000	27,000,000
Ordinary shares converted, ratio	1	1			1	1						1
Ordinary shares, votes per share \| Vote			1									1
Common Class A \| Share Repurchase Program
Ordinary Shares
Number of underlying shares represented by one ADS									1																1		1
Common Class A \| IPO
Ordinary Shares
Number of underlying shares represented by one ADS											1
Common Class B
Ordinary Shares
Number of authorized share capital																						200,000,000	200,000,000
Par value \| $ / shares																						$ 0.00005	$ 0.00005
Number of ordinary shares issued																						70,205,300	70,205,300
Number of ordinary shares outstanding																						70,205,300	70,205,300
Number of ordinary shares reclassified and re-designated												200,000,000										200,000,000	200,000,000
Number of ordinary shares converted												142,400,000
Ordinary shares converted, ratio												1
Ordinary shares, votes per share \| Vote			10									15
ADR \| Share Repurchase Program
Ordinary Shares
Share repurchase program, authorized amount \| $									$ 200,000																$ 50,000		$ 50,000
ADR \| Share Repurchase Program \| Ads representing ordinary shares 18813449
Ordinary Shares
Number of shares repurchased during period																							1,200,794
Weighted average price of shares repurchased during period \| $ / shares																							$ 1.7
ADR \| Share Repurchase Program \| Ads representing ordinary shares 1200794
Ordinary Shares
Number of shares repurchased during period																						223,773
Weighted average price of shares repurchased during period \| $ / shares																						$ 1.72
ADR \| Share Repurchase Program \| Ordinary shares representing ordinary shares 1200794
Ordinary Shares
Number of shares repurchased during period																						223,773
ADR \| IPO
Ordinary Shares
Shares issued price per share \| $ / shares											$ 21
Number of shares issued during the period											43,590,000
ADR \| Over allotment option
Ordinary Shares
Number of shares issued during the period										1,486,479

DIVIDENDS

12 Months Ended

Dec. 31, 2024

DIVIDENDS

DIVIDENDS

19. DIVIDENDS

On August 26, 2024, the board of directors of the Company approved the declaration and distribution of a dividend of US$0.0589 per ordinary share, or US$0.0589 per ADS, to such holders as at the close of business on September 11, 2024, Hong Kong Time and New York Time, respectively. The aggregate amount of this dividend was US$33 million, which was paid in cash in October 2024.

Short-term Investments

12 Months Ended

Dec. 31, 2024

Short-term Investments

Short-term Investments

4. Short-term Investments


	As of December 31,
	2023	2024
	US$	US$
U.S. Treasury Securities	—	136,511
Time deposits	288,758	55,408
Equity securities with readily determinable fair value (1)	2,265	2,117
Equity securities accounted for under alternative measurement	—	500
Total short-term investments	291,023	194,536

(1)

Starting from July 2021, the Group, from time to time, invested in ordinary shares of a listed company and disposed of portion of the investments. For the years ended December 31, 2022, 2023 and 2024, the Group recorded fair value losses on short-term equity investment of US$2,056, gains of US$54 and losses of US$116, respectively, in financial income, net in the consolidated statements of comprehensive (loss)/income. This investment is classified as equity securities with readily determinable fair values.

Principal Accounting Policies - Government Grants (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other operating incomes, net
Principal Accounting Policies
Government grants	$ 11,527	$ 10,975	$ 10,350

Accruals and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2024

Accruals and Other Liabilities

Summary of current and non-current portions of accruals and other liabilities


	As of December 31,
	2023	2024
	US$	US$
Salary and welfare payable	13,796	12,941
Cloud infrastructure and IT related services fee payables	4,214	5,901
Payment from depositary bank, current (1)	3,113	3,067
Membership fee to be refunded (2)	1,857	2,927
Professional service fee payables	2,203	2,072
Sales return allowances	1,223	1,254
Tax payables	2,479	1,221
Advertising and promotion fee payables	975	835
Product warranty	200	251
Deposit payable	1,412	—
Others	1,335	1,788
Total accruals and other current liabilities	32,807	32,257

Other non-current liabilities
Payment from depositary bank, non-current (1)	3,891	767
Total accruals and other liabilities	36,698	33,024

(1)

The Company received reimbursement payment of US$13,053 and US$1,926 from a depositary bank in April 2021 and June 2022,respectively. The amount was recorded ratably as other non-operating income over a five-year and 46 months arrangement period, respectively. For the years ended December 31, 2022, 2023 and 2024, the Company recorded US$2,904, US$3,113 and US$2,994 in other non-operating incomes, net in the consolidated statements of comprehensive (loss)/income, respectively. In addition to above reimbursement, the Company received an additional reimbursement payment of US$1,186 from depository bank for the transaction costs incurred and the amount was recorded in other non-operating incomes, net for the year ended December 31, 2024.

(2)

Membership fee to be refunded presents the balances of refundable membership fee collected by the Group from its customers under the 2023 Membership Program (Note 2(r)).

Principal Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Principal Accounting Policies

Schedule of assets and liabilities that are measured at fair value on a recurring basis


		Fair value measurement at reporting date using
	Fair value	Quoted Prices in Active		Significant
	as of	Markets for Identical	Significant Other	Unobservable
	December 31,	Assets	Observable Inputs	Inputs
Description	2023	(Level 1)	(Level 2)	(Level 3)
	US$	US$	US$	US$
Assets:
Short-term investments	291,023	2,265	288,758	—
Long-term investments	10,110	—	236	9,874
	301,133	2,265	288,994	9,874


		Fair value measurement at reporting date using
	Fair value	Quoted Prices in Active		Significant
	as of	Markets for Identical	Significant Other	Unobservable
	December 31,	Assets	Observable Inputs	Inputs
Description	2024	(Level 1)	(Level 2)	(Level 3)
	US$	US$	US$	US$
Assets:
Short-term investments	57,525	2,117	55,408	—
Long-term investments	7,116	—	195	6,921
	64,641	2,117	55,603	6,921

Schedule of roll forward of major Level 3 investments


		US$

Fair value of Level 3 investments as of December 31, 2022		17,665
The change in fair value of the investments		(7,791)
Fair value of Level 3 investments as of December 31, 2023		9,874
Disposal		(2,706)
The change in fair value of the investments		(247)
Fair value of Level 3 investments as of December 31, 2024		6,921

Schedule of significant unobservable inputs adopted in the valuation


	As of December 31,
	2023		2024
Unobservable Inputs

Expected volatility	40%-59	%	40%-71	%
Probability	Liquidation scenario:38%-40	%	Liquidation scenario:38%-45	%
	Redemption scenario:38%-40	%	Redemption scenario:38%-45	%
	IPO scenario:20%-25	%	IPO scenario:10%-25	%

Schedule of property, plant and equipment estimated useful life


Leasehold improvements		the shorter of their useful lives and the lease terms
Computers and electronic equipment		3 years
Office equipment		3 years
Software		3 years

Disaggregated major revenue


	Year Ended December 31,
	2022	2023	2024
	US$	US$	US$
IoT PaaS	152,914	167,694	217,069
Smart solution	25,446	26,517	41,965
SaaS and others	29,812	35,779	39,583
Total revenue	208,172	229,990	298,617

Schedule of our segment results


	Year Ended December 31,
	2022	2023	2024
	US$	US$	US$
Revenue	208,172	229,990	298,617
Cost of revenue	(118,749)	(123,335)	(157,187)

Segment gross profit	89,423	106,655	141,430

Research and development expenses	(144,942)	(102,277)	(95,049)
Selling, general and administrative expenses	(123,175)	(121,103)	(105,335)
Other operating incomes, net	10,508	10,901	11,334

Segment loss from operations	(168,186)	(105,824)	(47,620)

Principal Accounting Policies - Sales and Marketing Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Sales and marketing expenses
Principal Accounting Policies
Total advertising and marketing costs	$ 4,679	$ 4,867	$ 5,355

Share-based Compensation - Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2022
Share-based Compensation
Exercise price (US Dollar)	$ 0.00005	$ 0.2
Risk-free interest rate, minimum	3.47%	1.92%
Risk-free interest rate, maximum	4.74%	3.22%
Expected term (in years)	10 years	10 years
Expected volatility, minimum	48.67%	55.68%
Expected volatility, maximum	90.35%	55.78%
Fair value of the underlying shares on the date of options grants (US Dollar)	$ 1.32
Fair value of share option (US Dollar)	1.32
Minimum
Share-based Compensation
Exercise multiple	$ 2.2	$ 2.2
Expected forfeiture rate (post-vesting)	0.00%	5.83%
Fair value of the underlying shares on the date of options grants (US Dollar)		$ 2.24
Fair value of share option (US Dollar)		2.05
Maximum
Share-based Compensation
Exercise multiple	$ 2.8	$ 2.8
Expected forfeiture rate (post-vesting)	50.00%	7.70%
Fair value of the underlying shares on the date of options grants (US Dollar)		$ 5.46
Fair value of share option (US Dollar)		$ 5.27

Deferred Revenue (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred Revenue
Total deferred revenue	$ 7,902	$ 7,308
Cloud-based connectivity and basic IoT services
Deferred Revenue
Total deferred revenue	1,277	1,122	$ 1,375	$ 2,669
Membership
Deferred Revenue
Total deferred revenue			672	3,473
SaaS
Deferred Revenue
Total deferred revenue	$ 6,625	$ 6,186	$ 5,168	$ 3,971

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Statutory Reserves and Restricted Net Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Statutory Reserves and Restricted Net Assets
Minimum percentage of statutory after-tax profit required to be appropriated to statutory general reserve fund	10.00%
Maximum percentage of statutory general reserve fund as registered capital	50.00%
Restricted portion	$ 421,006	$ 408,641

Operating Leases - Maturities of lease liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Maturities of lease liabilities
2024		$ 4,237
2025	$ 3,933	3,880
2026	367	124
2027	246	5
2028	203
2029	97
Total undiscounted lease payments	4,846	8,246
Less: imputed interest	(197)	(459)
Total lease liabilities	$ 4,649	$ 7,787

Statutory Reserves and Restricted Net Assets - Statement of Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operation expense
General and administrative expenses	$ (68,254)	$ (80,663)	$ (67,513)
Total operating expenses	(189,050)	(212,479)	(257,609)
Other non-operating income, net	4,180	3,113	2,904
Financial income, net	50,718	44,976	18,546
Foreign exchange gain/(loss)	(136)	669	2,441
(Loss)/profit before income tax expense	7,142	(57,066)	(144,295)
Net (loss)/profit	4,997	(60,315)	(146,175)
Net (loss)/profit attributable to Tuya Inc.'s ordinary shareholders, basic	4,997	(60,315)	(146,175)
Net (loss)/profit	4,997	(60,315)	(146,175)
Other comprehensive (loss)/income
Foreign currency translation	(2,574)	(2,722)	(14,942)
Transfer out of fair value changes of long-term investments		15,537
Changes in fair value of long-term investments	(247)	(7,791)
Total comprehensive (loss)/income attributable to Tuya Inc.	2,372	(55,291)	(170,610)
Reportable Legal Entities \| Parent Company
Operation expense
General and administrative expenses	(5,671)	(4,212)	(3,013)
Share of (loss)/gain of subsidiaries and VIE	6,314	(59,372)	(146,417)
Total operating expenses	643	(63,584)	(149,430)
Other non-operating income, net	4,180	3,113	2,904
Financial income, net	296	238	197
Foreign exchange gain/(loss)	(122)	(82)	154
(Loss)/profit before income tax expense	4,997	(60,315)	(146,175)
Net (loss)/profit	4,997	(60,315)	(146,175)
Net (loss)/profit attributable to Tuya Inc.'s ordinary shareholders, basic	4,997	(60,315)	(146,175)
Net (loss)/profit	4,997	(60,315)	(146,175)
Other comprehensive (loss)/income
Foreign currency translation	(2,574)	(2,722)	(14,942)
Transfer out of fair value changes of long-term investments	(65)	15,537
Changes in fair value of long-term investments	14	(7,791)	(9,493)
Total comprehensive (loss)/income attributable to Tuya Inc.	$ 2,372	$ (55,291)	$ (170,610)

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2024 shares
Document Information
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Document Period End Date	Dec. 31, 2024
Securities Act File Number	001-40210
Entity Registrant Name	Tuya Inc.
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	10/F, Building A, Huace Center
Entity Address, Address Line Two	Xihu District
Entity Address, City or Town	Hangzhou City
Entity Address, Country	CN
Entity Address, Postal Zip Code	310012
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Document Accounting Standard	U.S. GAAP
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Central Index Key	0001829118
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Auditor Name	PricewaterhouseCoopers Zhong Tian LLP
Auditor Firm ID	1424
Auditor Location	Shanghai, the People’s Republic of China
American depositary share
Document Information
Title of 12(b) Security	American depositary shares, each representing one Class A ordinary share, par value US$0.00005 per share
Trading Symbol	TUYA
Security Exchange Name	NYSE
Common Class A
Document Information
Title of 12(b) Security	Class A ordinary shares, par value US$0.00005 per share
Entity Common Stock, Shares Outstanding	504,387,299
Common Class B
Document Information
Entity Common Stock, Shares Outstanding	70,205,300
Business Contact
Document Information
Contact Personnel Name	Yi (Alex) Yang
Entity Address, Address Line One	10/F, Building A, Huace Center
Entity Address, Address Line Two	Xihu District
Entity Address, City or Town	Hangzhou City
Entity Address, Country	CN
Entity Address, Postal Zip Code	310012
City Area Code	0571
Local Phone Number	86915981
Contact Personnel Email Address	ir@tuya.com

Ordinary Shares - Activities of the Group's Class A ordinary shares and Class B ordinary shares (Details) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Dec. 15, 2023	Mar. 28, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Nov. 01, 2022	Dec. 31, 2020	Dec. 31, 2019	Aug. 28, 2014
Ordinary Shares
Beginning Balance			$ 970,565	$ 962,167
Cancellation of Treasury (in shares)	(1,200,794)	(2,753,167)
Ending Balance			$ 1,007,448	$ 970,565
Ordinary shares, par value			$ 0.00005	$ 0.00005	$ 0.00005		$ 0.00005	$ 0.00005	$ 0.00005
Common Stock
Ordinary Shares
Beginning Balance (in shares)			574,592,599	578,546,560
Beginning Balance			$ 29	$ 29
Cancellation of Treasury (in shares)				(3,953,961)
Ending Balance (in shares)			574,592,599	574,592,599
Ending Balance			$ 29	$ 29
Common Class A
Ordinary Shares
Ordinary shares, par value			$ 0.00005	$ 0.00005		$ 0.00005
Common Class A \| Common Stock
Ordinary Shares
Beginning Balance (in shares)			504,387,299	499,146,560
Beginning Balance			$ 25	$ 25
Cancellation of Treasury (in shares)				(3,953,961)
Conversion of Class B ordinary shares to Class A ordinary shares				9,194,700
Ending Balance (in shares)			504,387,299	504,387,299
Ending Balance			$ 25	$ 25
Common Class B
Ordinary Shares
Ordinary shares, par value			$ 0.00005	$ 0.00005
Common Class B \| Common Stock
Ordinary Shares
Beginning Balance (in shares)			70,205,300	79,400,000
Beginning Balance			$ 4	$ 4
Cancellation of Treasury (in shares)			0	0
Conversion of Class B ordinary shares to Class A ordinary shares			0	(9,194,700)
Ending Balance (in shares)			70,205,300	70,205,300
Ending Balance			$ 4	$ 4
Class A ordinary shares and Class B ordinary shares \| Common Stock
Ordinary Shares
Beginning Balance (in shares)			574,592,599	578,546,560
Beginning Balance			$ 29	$ 29
Cancellation of Treasury (in shares)				(3,953,961)
Ending Balance (in shares)			574,592,599	574,592,599
Ending Balance			$ 29	$ 29

Short-term Investments (Tables)

12 Months Ended

Dec. 31, 2024

Short-term Investments

Summary of short term investments


	As of December 31,
	2023	2024
	US$	US$
U.S. Treasury Securities	—	136,511
Time deposits	288,758	55,408
Equity securities with readily determinable fair value (1)	2,265	2,117
Equity securities accounted for under alternative measurement	—	500
Total short-term investments	291,023	194,536

(1)

Principal Accounting Policies

12 Months Ended

Dec. 31, 2024

Principal Accounting Policies

Principal Accounting Policies

2. Principal Accounting Policies

(a) Basis of Preparation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Principal accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below.

(b) Basis of Consolidation

The Group’s consolidated financial statements include the financial statements of the Company, its subsidiaries and the VIE for which the Company is the primary beneficiary. All transactions and balances among the Company, its subsidiaries, and the VIE have been eliminated upon consolidation.

A subsidiary is an entity in which the Company, directly or indirectly: (1) controls more than one half of the voting power; (2) has the power to appoint or remove the majority of the members of the board of directors; (3) casts a majority of votes at the meeting of the board of directors; or (4) governs the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders.

The Company applies the guidance codified in Accounting Standard Codification 810, Consolidations (“ASC 810”) on accounting for the VIE, which requires certain variable interest entities to be consolidated by the primary beneficiary of the entity in which it has a controlling financial interest. A VIE is an entity with one or more of the following characteristics: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional financial support; (b) as a group, the holders of the equity investment at risk lack the ability to make certain decisions, the obligation to absorb expected losses or the right to receive expected residual returns, or (c) an equity investor has voting rights that are disproportionate to its economic interest and substantially all of the entity’s activities are on behalf of the investor.

The preparation of the Group’s consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, long-lived assets and liabilities at the balance sheet date, and the reported revenues and expenses during the reporting periods in the consolidated financial statements and accompanying notes. Accounting estimates reflected in the Group’s consolidated financial statements include, but are not limited to impairment provision for inventories, valuation allowance for deferred tax assets, stand-alone selling prices (SSP) for each distinct performance obligation, share-based compensation, long-term investments, and the determination of allowance for current expected credit losses. Estimates are based on historical experiences and on various assumptions that the Group believes are reasonable under current circumstances. Given the changes in circumstances, facts and experience may cause the Group to revise its estimates, actual results could differ materially from those estimates.

(d) Functional Currency and Foreign Currency Translation

The Group uses United States dollar as its reporting currency. The functional currency of the Company and its subsidiaries incorporated in Cayman Islands and Hong Kong is the United States dollar, while the functional currency of the Group’s other subsidiaries and VIE is their respective local currency as determined based on the criteria of ASC 830, Foreign Currency Matters.

Transactions denominated in other than the functional currencies are re-measured into the functional currency of the entity at the exchange rates prevailing on the transaction dates. Financial assets and liabilities denominated in other than the functional currency are re-measured at the balance sheet date exchange rate. The resulting exchange differences are included in the consolidated statements of comprehensive (loss)/income as foreign exchange related gains or loss.

The financial statements of the Group’s entities using functional currency other than US$ are translated from the functional currency to the reporting currency, US$. Assets and liabilities of the Group’s subsidiaries incorporated in PRC are translated into US$ at fiscal year-end exchange rates, while income and expense items are translated at average exchange rates prevailing during each period presented, representing the index rates stipulated by the People’s Bank of China. Translation adjustments arising from these are reported as foreign currency translation adjustments and are shown as a separate component of shareholders’ equity on the consolidated financial statements.

(e) Fair Value Measurements

Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability.

The established fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs that may be used to measure fair value include:

●

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.

●

Level 2: Observable, market-based inputs, other than quoted prices, in active markets for identical assets or liabilities.

●

Level 3: Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

Accounting guidance also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.

Financial assets and liabilities of the Group mainly consist of cash and cash equivalents, time deposits, equity securities, accounts receivable, notes receivable, derivative instruments, certain other current assets, U.S. treasury securities, available-for-sale debt securities, account payables and certain accruals and other liabilities. As of December 31, 2023 and 2024, except for time deposits, equity securities and available-for-sale debt securities, the carrying values of these financial instruments approximated their fair values due to their short-term maturity. The Group reports equity securities with readily determinable fair values included in short-term investments at fair value and discloses the fair value of these investments based on level 1 measurement. The Group reports time deposits included in short-term investments and equity securities with readily determinable fair value included in long-term investments at fair value, and discloses their fair value based on level 2 measurement. The Group reports available-for-sale debt securities at fair value and discloses the fair value of these investments based on level 3 measurement.

The following table sets forth the Group’s assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy:


		Fair value measurement at reporting date using
	Fair value	Quoted Prices in Active		Significant
	as of	Markets for Identical	Significant Other	Unobservable
	December 31,	Assets	Observable Inputs	Inputs
Description	2023	(Level 1)	(Level 2)	(Level 3)
	US$	US$	US$	US$
Assets:
Short-term investments	291,023	2,265	288,758	—
Long-term investments	10,110	—	236	9,874
	301,133	2,265	288,994	9,874


		Fair value measurement at reporting date using
	Fair value	Quoted Prices in Active		Significant
	as of	Markets for Identical	Significant Other	Unobservable
	December 31,	Assets	Observable Inputs	Inputs
Description	2024	(Level 1)	(Level 2)	(Level 3)
	US$	US$	US$	US$
Assets:
Short-term investments	57,525	2,117	55,408	—
Long-term investments	7,116	—	195	6,921
	64,641	2,117	55,603	6,921

The roll forward of major Level 3 investments are as follows:


		US$

Fair value of Level 3 investments as of December 31, 2022		17,665
The change in fair value of the investments		(7,791)
Fair value of Level 3 investments as of December 31, 2023		9,874
Disposal		(2,706)
The change in fair value of the investments		(247)
Fair value of Level 3 investments as of December 31, 2024		6,921

Management determined the fair value of these Level 3 investments based on market approach using various unobservable inputs. The determination of the fair value required significant judgement by management with respect to the assumptions and estimates for the lack of marketability discounts, expected volatility and probability in equity allocation. The significant unobservable inputs adopted in the valuation as of December 31, 2023 and 2024 are as follows:


	As of December 31,
	2023		2024
Unobservable Inputs

Expected volatility	40%-59	%	40%-71	%
Probability	Liquidation scenario:38%-40	%	Liquidation scenario:38%-45	%
	Redemption scenario:38%-40	%	Redemption scenario:38%-45	%
	IPO scenario:20%-25	%	IPO scenario:10%-25	%

(f) Cash and Cash Equivalents

Cash and cash equivalents include cash in bank and time deposits placed with banks or other financial institutions which have original maturities of three months or less at the time of purchase and are readily convertible to known amounts of cash.

(g) Restricted Cash

Restricted cash represents cash that cannot be withdrawn without the permission of third parties. The Group’s restricted cash is substantially cash balance on deposit required by its business partners and commercial banks. The restricted cash balance as of December 31, 2024 was the deposit for guarantee letter, and will be released from the restriction in June 2025.

(h) Short-term Investments

Short-term investments are comprised of i) time deposits placed with banks with original maturities longer than three months but less than one year, ii) time deposits placed with bank with original maturities longer than one year which are transferable and the Group has intention to sell within one year, iii) equity securities with readily determinable fair value which the Group has intention and ability to sell within one year, iv) equity securities without readily determinable fair values are measured and recorded using a measurement alternative that measures the securities at cost minus impairment, if any, plus or minus changes resulting from qualifying observable price changes, recorded in the consolidated statements of comprehensive (loss)/income, and v) U.S. treasury securities with original maturities less than 12 months are accounted for at amortised cost, and interest income is recognized using the effective interest method adjusted periodically based on changes in estimated cash flows. Time deposits are generally not permitted to be redeemed early or are subject to penalties for redemption prior to maturities. These investments are stated at fair value. Changes in the fair value are reflected in financial income, net in the consolidated statements of comprehensive (loss)/income.

(i) Accounts Receivable, net

Accounts receivables are presented net of allowance for doubtful accounts. On January 1, 2023, the Company adopted ASU No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASC Topic 326”), which creates an impairment model that is based on expected losses rather than incurred losses. The Company adopted the accounting standards update using a modified retrospective approach. Upon adoption of the new standard on January 1, 2023, the Company recorded a net decrease to its retained earnings of US$460.

The Company’s accounts receivable, notes receivable, certain other receivables recorded in prepayments and other current assets, other non-current assets, and deposits and U.S. treasury securities are within the scope of ASC Topic 326. To estimate the allowance for current expected credit losses (“CECL”), the Company has identified the relevant risk characteristics of its customers and the related receivables which include but are not limited to geographic region and industry. Receivables with similar risk characteristics have been grouped into pools. For each pool, the Company considers the past collection history, future forecasts and macroeconomic factors. Other key factors that influence the CECL analysis include industry-specific factors and certain qualitative adjustments that could impact the Company’s receivables. This is assessed at each period end based on the Company’s specific facts and circumstances. There have been no significant impact of changes in the assumptions since adoption.

Notes receivable are primarily bank acceptance notes. The Group accepts bank acceptance notes from customers for products sold or services performed in the ordinary course of business. Bank acceptance notes are negotiable instruments with cash settlement from commercial banks within 6 months. Upon receipt of the bank acceptance notes, the Group’s accounts receivable from the customer is derecognized. The bank acceptance notes can also be endorsed to suppliers as settlement of accounts payable. Bank acceptance notes of nil, US$670, and US$1,991 were endorsed to suppliers for the years ended December 31, 2022, 2023 and 2024, respectively. The Group sells bank acceptance notes to financial institutions without recourse in the normal course of business through factoring arrangements. These bank acceptance notes transferred without recourse were US$4,620, nil and nil for the years ended December 31, 2022, 2023 and 2024 respectively, and were derecognized.

(j) Inventories, net

Inventories are comprised of finished goods, work in process, raw materials and low value consumables and spare parts. Inventories are stated at the lower of cost and net realizable value. Cost of inventory is determined using the weighted average cost method. Adjustments are recorded to write down the cost of inventory to the estimated net realizable value due to slow-moving and obsolete inventories, which is dependent upon factors such as historical and forecasted customer demand, and promotional environment. The Group takes ownership, risks and rewards of the products purchased.

(k) Operating Leases

The Group applies ASC 842, Leases and determines if an arrangement is a lease at inception. Operating leases are primarily for office and warehouse and are included in operating lease right-of-use assets, net, operating lease liabilities, current and operating lease liabilities, non-current on its consolidated balance sheets. Operating lease right-of-use assets represent the Group’s right to use an underlying asset for the lease term and operating lease liabilities represent obligation to make lease payment arising from the lease. The operating lease right-of-use assets and liabilities are recognized at lease commencement date based on the present value of lease payment over the lease term. As most of the Group’s leases do not provide an implicit rate, the Group uses its incremental borrowing rate based on the information available at lease commencement date in determining the present value of lease payments. The operating lease right-of-use assets also include any lease payments made and exclude lease incentives. The Group’s lease term may include options to extend or terminate the lease. Renewal options are considered within the operating lease right-of-use assets and liabilities when it is reasonably certain that the Group will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

For operating leases with a term of one year or less, the Group has elected not to recognize a lease liability or operating lease right-of-use asset on its consolidated balance sheets. Instead, it recognizes the lease payment as expense on a straight-line basis over the lease term. Short-term lease costs are immaterial to its consolidated statements of comprehensive (loss)/income. The Group has operating lease agreements with insignificant non-lease components and have elected the practical expedient to combine and account for lease and non-lease components as single lease component.

(l) Internal-Use Software Development Costs

The Group recognizes its internal-use software development costs related to its AI cloud platform functions, including related website, software and mobile applications in accordance with ASC 350-50 ”Website development costs” and ASC 350-40 ”Internal-use software”. Costs related to preliminary project activities and post-implementation operating activities are expensed as incurred. Cost capitalized for developing AI cloud platform functions were not material for the periods presented.

(m) Property, Equipment and Software

Property, equipment and software are stated at historical cost less accumulated depreciation, amortization and impairment loss, if any. Depreciation and amortization is computed using the straight-line method over the following estimated useful lives, taking into account any estimated residual value:


Leasehold improvements		the shorter of their useful lives and the lease terms
Computers and electronic equipment		3 years
Office equipment		3 years
Software		3 years

Repairs and maintenance costs are charged to expenses as incurred, whereas the costs of renewals and improvements that extend the useful lives of property, equipment and software are capitalized as additions to the related assets. The Group recognized the gain or loss on the disposal of property, equipment and software in the consolidated statements of comprehensive (loss)/income.

Construction in progress represents assets under construction. Construction in progress is transferred to property, equipment and software and depreciation or amortization commences when an asset is ready for its intended use.

(n) Land use rights, net

Land use right represents acquisition costs to purchase land use right from the PRC government, which is evidenced by property certificate. The period of the purchased land use right is 50 years . The Company classifies land use right as long-term assets on the balance sheet and cash outflows related to acquisition of land use right as investing activities.

Land use right is carried at cost less accumulated amortization and impairment losses, if any. Amortization is computed using the straight-line method over the term specified in the land use right certificate for 50 years.

(o) Long-term Investments

Long-term investments represent the Group’s equity security investments, debt security investments and time deposits in the periods presented: i) equity securities without readily determinable fair values are measured and recorded using a measurement alternative that measures the securities at cost minus impairment, if any, plus or minus changes resulting from qualifying observable price changes, recorded in the consolidated statements of comprehensive (loss)/income; ii) equity securities with readily determinable fair values are measured and recorded at fair value on a recurring basis with changes in fair value, whether realized or unrealized, recorded in financial income, net in the consolidated statements of comprehensive (loss)/income; iii) debt security investments that have readily determinable fair value, are accounted for as available-for-sale security investments and are recognized based on trade date and carried at estimated fair value with the aggregate unrealized gains and losses related to these investments, net of taxes, reported through other comprehensive income in the consolidated statements of comprehensive (loss)/income; iv) time deposits placed with bank with original maturities longer than one year which are not transferable and accounted for at amortised cost; and v) U.S. treasury securities with original maturities of two to three years are accounted for at amortised cost, and interest income is recognized using the effective interest method adjusted periodically based on changes in estimated cash flows.

An investment in available-for-sale debt security is considered impaired if the fair value of the security is less than its amortized cost basis. To determine the amount of impairment related to credit, the Group compares the present value of the cash flows expected to be collected on the available-for-sale debt security with the security’s amortized cost basis. If the present value of cash flows expected to be collected is less than the security’s amortized cost basis, a credit-related impairment exists, and the difference should be recorded as an allowance for credit losses through net income.

(p) Impairment of Long-lived Assets

For other long-lived assets including property, equipment and software and other non-current assets, the Group evaluates for impairment whenever events or changes (triggering events) indicate that the carrying amount of an asset may no longer be recoverable. The Group assesses the recoverability of the long-lived assets by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to receive from use of the assets and their eventual disposition. Such assets are considered to be impaired if the sum of the expected undiscounted cash flows is less than the carrying amount of the assets. The impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. No impairment charges were recognized for the years ended December 31, 2022, 2023 and 2024.

(q) Value Added Taxes

The Group’s subsidiaries and the VIE in the PRC are subject to value-added taxes (“VAT”) on its products and services, less any deductible VAT the Group has already paid or borne. They are also subject to surcharges on VAT payments in accordance with PRC law. VAT is not included in the revenue recognized for the Group.

The Company’s two subsidiaries, Hangzhou Tuya Information Technology Co., Ltd. and Zhejiang Tuya Smart Electronics Co., Ltd. obtained their software copy certificate in July and December 2020, respectively, and are eligible for the VAT refund-upon-collection policy, which entitles Hangzhou Tuya Information Technology Co., Ltd. and Zhejiang Tuya Smart Electronics Co., Ltd. to receive relevant refunds for the amount of VAT in excess of 3% of its actual tax burden upon completion of relevant the VAT refund filling process. The VAT refund received is recorded in other operating incomes, net in the consolidated statements of comprehensive (loss)/income. For the years ended December 31, 2022, 2023 and 2024, VAT refunds received by the Company was US$6,211, US$7,037 and US$8,939, respectively.

(r) Revenue Recognition

The Group accounts for revenue in accordance with Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers (ASC 606) for all periods presented. According to ASC 606, revenue is recognized when control of the promised goods or services is transferred to the customers, in an amount that reflects the consideration the Group expects to be entitled to in exchange for those goods or services. The Group determines revenue recognition through the following steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The Group assesses its revenue arrangements against specific criteria in order to determine if it is acting as principal or agent. Revenue arrangements with multiple performance obligations are divided into separate distinct goods or services. The Group allocates the transaction price to each performance obligation based on the relative standalone selling price of the goods or services provided.

Revenue is recorded net of value-added tax.

The Group’s revenue was disaggregated by its major revenue streams in the years presented as follows:


	Year Ended December 31,
	2022	2023	2024
	US$	US$	US$
IoT PaaS	152,914	167,694	217,069
Smart solution	25,446	26,517	41,965
SaaS and others	29,812	35,779	39,583
Total revenue	208,172	229,990	298,617

I. Revenue from IoT PaaS

IoT PaaS combines cloud-based connectivity and basic IoT services, edge capabilities (embedded in modules), app development, and device optimization solutions. The Company determined there are two distinct performance obligations in the delivery of IoT PaaS products including: (1) IoT PaaS products with edge capabilities, app development and device optimization solutions, and; (2) cloud-based connectivity and basic IoT services provided to customers and end consumers. The Group allocates the transaction price to each performance obligation based on their relative standalone selling price. The standalone selling price for IoT PaaS products is estimated based on the competitor’s pricing for similar products in the market, adjusted for entity-specific factors. As the standalone selling price of the cloud-based connectivity and basic IoT services is not directly observable, it is estimated by the Group by using an expected cost plus a margin approach. Key areas of judgment include the selection of relevant cloud and other costs necessary to satisfy the performance obligation and estimated profit margins. For the delivery of IoT PaaS product, revenue is recognized when IoT PaaS products are accepted by customers, which is the point that control of the product is transferred to the customers. A receivable is recognized when the IoT PaaS products are delivered and accepted by customers as this is the point in time that the consideration is unconditional. For cloud-based connectivity and basic IoT services, revenue is deferred and subsequently recognized from the end consumer’s activation to the end of the estimated IoT PaaS product’s life cycle on a straight-line basis. Based on the Group’s historical information, activation occurs, on average, an estimated 6 months after the IoT PaaS products are delivered to customers. The length of life cycle of the IoT PaaS products is estimated based on the historical data in previous years and by referencing the life cycle of different smart devices (e.g. lighting, security and monitoring devices) which ranged from 1.5 to 2 years.

Return allowances for IoT PaaS products are estimated based on historical experiences and accounted for as reduction of net revenue.

The Group provides sales rebates to its customers from time to time, which is accounted for as reduction of net revenue.

The Group launched a membership program in the fourth quarter of 2020 (the “2020 Membership Program”). In the 2020 Membership Program, customers pay a non-refundable fixed fee in exchange for member-exclusive IoT PaaS discounts within the membership period of typically 12 months. The Group records the upfront fixed membership fee as a deferred revenue and recognizes revenue on a straight-line basis typically over the 12-month membership period in which customers entitle to the membership.

The Group launched a new membership program in the first quarter of 2023 (“2023 Membership Program”). In the 2023 Membership Program, the customers are offered to choose either i) pay an upfront fixed fee in exchange for price discount in future purchases (the “Deposit scheme”), or ii) enjoy sales rebates based upon purchase achieved without paying any upfront fees (the “Rebate scheme”) with the membership period of typically 12 months. Under the Deposit scheme, the upfront fee are refundable only if the volume requirements are met when the membership period ends. Considering past experience and current forecast, the Group does not expect being able to keep any of the membership fees and such fees are recorded as a refund liability. Under the Rebate scheme sales rebates are estimated based on the past experience and current forecasts and recognized as the customers make progress towards the purchase threshold. The sales rebates are accounted for as reduction of net sales.

II. Revenue from smart solution

In certain circumstances, the Group offers select brands, primarily customers who prefer not to deal with multiple OEMs, an option to purchase directly from the Group finished smart devices where IoT PaaS is deployed. After the brands place purchase orders directly with the Group, the Group then sources the appropriate smart devices from OEMs based on the type of devices, hardware specifications and other metrics. The Group determines that there are two distinct performance obligations for its smart solution including the (1) smart devices embedded with IoT PaaS; and (2) cloud-based connectivity and basic IoT services. The transaction price allocation and revenue recognition are the same as the revenue from IoT PaaS.

The Group presents the revenue generated from its smart solution on a gross basis as the Group has control of the smart devices before they are transferred to the brand customers. In making this determination, the Group concludes it meets the principles of control and that it is the primary obligor to the brand customers, are subject to inventory risk and have latitude in establishing prices.

III. Revenue from SaaS and others

SaaS and other revenue mainly include industry SaaS, customized software development and configuration, and other value added services (“VAS”) to both business customers and the end customers.

Industry SaaS is a vertical-focused software solution that enables businesses to easily and securely deploy, connect, and manage large numbers of smart devices for which the Group generally charges an annual subscription fee. These services include software authorization and standard SaaS platform maintenances and technical support.

Customized software development and configuration mainly relate to contracts for the specific IT needs of the brands. The contracts generally include fixed milestone payments determined based on expected labor hours to complete the milestone.

VAS primarily includes complementary services that are provided to brands and OEMs such as app launch, data analytics and others. Such arrangements with the customers are short term and the performance obligations are satisfied at one point of time. VAS also include cloud-based services for the end customers such as cloud storage, push messaging, object detection and digital content.

There are different kinds of contracts included in the SaaS and others, and each contract may contain multiple elements. The Group identifies the distinct performance obligations and allocates transaction price to each distinct performance obligation based on relative estimated standalone selling price. Revenue is recognized when the performance obligations are satisfied, which is either over the period of time in which the Group performs these services or at one point of time.

Remaining performance obligations

The remaining performance obligations primarily relate to the Group’s provision of i) cloud-based connectivity and basic IoT services; ii) membership services; and iii) SaaS and others, and all three of them are included in deferred revenue.

The amounts allocated to the cloud-based connectivity and basic IoT services are deferred and recognized on a straight-line basis over the estimated IoT PaaS product’s life cycle. The Group apportions deferred revenue between current and non-current based upon cloud-based connectivity and basic IoT services to be provided over the life cycle of smart devices. Deferred revenue relating to the Group’s cloud services that have an expiration date of less than 12 months are classified as current, otherwise non-current.

Starting from the fourth quarter of 2020, there are i) upfront fixed membership fee received and recorded as part of the deferred revenue, it is recognized as revenue on a straight-line basis typically over the 12-month membership period in which customers are entitled to the membership; and ii) amounts related to providing industry SaaS (included in SaaS and others), in general, the Company charges annual subscription fee, which is deferred and recognized on a straight-line basis typically over the 12-month service period.

As of December 31, 2023 and 2024, the aggregate amount of transaction price allocated to the remaining performance obligations was US$7,308 and US$7,902, respectively, of which US$6,802 and US$7,525 were recorded in current deferred revenue while US$506 and US$377 were recorded in non-current deferred revenue, respectively.

The Group’s contract liability, including both deferred revenue and advances from customers, is US$39,084 and as US$39,248 of December 31, 2023 and 2024, respectively.

The Group applies the practical expedient to omit disclosure of information about the transaction price allocated to remaining performance obligations and when revenue will be recognized, for contracts which have a duration of one year or less. The remaining amounts recorded in non-current deferred revenue of US$506 and US$377 as of December 31, 2023 and 2024, respectively, would likely be recognized within 18 to 36 months.

The Group provides warranty for IoT PaaS and smart solution generally for one year. The Group accrues a warranty reserve for all IoT PaaS and smart solution, which reflects the Group’s best estimate of the projected costs to repair or replace items under warranty period. These estimates are based on actual claims incurred to date and an estimate of the nature, frequency and costs of future claims. These estimates are inherently uncertain given the Group’s history of sales, and changes to the historical or projected warranty experience may cause material changes to the warranty reserve when the Group accumulates more actual data and experience in the future. The warranty reserve expected to be incurred is included within accruals and other liabilities in the consolidated balance sheets.

(s) Advances from Customers

Amounts recorded in the advances from customers account represent cash payments made upfront by the Group’s customers under each sales contract. These amounts are not yet reclassified to the deferred revenue account because the Group has not started to fulfil any of its performance obligations identified under the contract at the time. The amounts in the advances from customers are reclassified to either revenue or deferred revenue when the Group commences fulfilment of its performance obligation, depending on whether respective revenue is to be recognized at one point of time or over the period of time. If the Group fulfils its performance obligation at one point of time, the related amount in the advances from customers will be reclassified and recognized as revenue; whereas for the performance obligation that the Group starts to provide over the period of time, the amount in the advances from customers will be reclassified to deferred revenue.

(t) Cost of Revenues

Cost of revenue consists primarily of purchase price of materials, manufacturing charges from outsourced factories, estimated warranty costs, inventories write-downs, payroll cost of production support personnel and third-party cloud infrastructure expenses that are directly attributable to the sales of products or services rendered. Inbound shipping charges to receive raw materials from suppliers are included in the inventories and recognized as cost of revenues upon sale of products and render of services.

(u) Research and Development Expenses

Research and development expenses consist primarily of payroll cost including share-based compensation expenses for research and development personnel, third-party cloud infrastructure expenses incurred for research and development purposes, rental expenses and depreciation and other expenses in associated with research and development functions. The Group accounts for internal use software development costs in accordance with guidance on intangible assets and internal use software. See Note 2(l)— Internal-Use Software Development Costs.

(v) Sales and Marketing Expenses

Sales and marketing expenses consist primarily of payroll cost including share-based compensation expenses for sales and marketing personnel, promotion and marketing expenses, rental expenses and depreciation and other expenses in associated with sales and marketing functions. Advertising expenses consist primarily of costs for the promotion of the Group’s corporate image and product marketing. The Group expenses all advertising costs as incurred and classifies these costs under sales and marketing expenses. For the years ended December 31, 2022, 2023 and 2024, advertising and marketing costs totalled US$5,355, US$4,867 and US$4,679, respectively.

(w) General and Administrative Expenses

General and administrative expenses consist primarily of payroll cost including share-based compensation expenses for corporate personnel, general office expenses, rental expenses and depreciation and other expenses in associated with general and administrative functions.

(x) Government Grants

Government grants are recognized as other operating incomes, net, or as a reduction of specific costs and expenses for which the grants are intended to compensate. Such amounts are recognized in the consolidated statements of comprehensive (loss)/income upon receipts as all conditions attached to the grants are fulfilled. Government grants included as other operating incomes, net in the consolidated statements of comprehensive (loss)/income amounted to US$10,350, US$10,975 and US$11,527 for the years ended December 31, 2022, 2023 and 2024, respectively.

(y) Employee Social Security and Welfare Benefits

Employees of the Group in the PRC are entitled to staff welfare benefits including pension, work-related injury benefits, maternity insurance, medical insurance, unemployment benefit and housing fund plans through a PRC government-mandated multi-employer defined contribution plan. The Group is required to contribute to the plan based on certain percentages of the employees’ salaries, up to a maximum amount specified by the local government.

The PRC government is responsible for the medical benefits and the pension liability to be paid to these employees and the Group’s obligations are limited to the amounts contributed and no legal obligation beyond the contributions made. Employee social security and welfare benefits included as expenses in the consolidated statements of comprehensive (loss)/income amounted to US$44,505, US$27,296 and US$23,630 for the years ended December 31, 2022, 2023 and 2024, respectively.

(z) Income Taxes

Current income taxes are recorded in accordance with the regulations of the relevant tax jurisdiction. The Group accounts for income taxes under the asset and liability method in accordance with ASC 740, Income Tax. Under this method, deferred tax assets and liabilities are recognized for the tax consequences attributable to differences between carrying amounts of existing assets and liabilities in the financial statements and their respective tax basis, and operating loss carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in the consolidated statements of comprehensive (loss)/income in the period of change. Valuation allowances are established when necessary to reduce the amount of deferred tax assets if it is considered more likely than not that amount of the deferred tax assets will not be realized.

The Group considers positive and negative evidence when determining whether a portion or all of its deferred tax assets will more likely than not be realized. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carry-forward periods, its experience with tax attributes expiring unused, and its tax planning strategies. The ultimate realization of deferred tax assets is dependent upon its ability to generate sufficient future taxable income within the carry-forward periods provided for in the tax law and during the periods in which the temporary differences become deductible. When assessing the realization of deferred tax assets, the Group has considered possible sources of taxable income including (i) future reversals of existing taxable temporary differences, (ii) future taxable income exclusive of reversing temporary differences and carry-forwards, (iii) future taxable income arising from implementing tax planning strategies, and (iv) specific known trend of profits expected to be reflected within the industry.

The Group’s tax positions are subject to income tax audits by multiple tax jurisdictions throughout the world. The Group recognizes a tax benefit associated with an uncertain tax position when, in its judgment, it is more likely than not that the position will be sustained upon examination by a taxing authority. For a tax position that meets the-more-likely-than-not recognition threshold, the Group initially and subsequently measures the tax benefit as the largest amount that the Group judges to have a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority. The Group’s liability associated with unrecognized tax benefits is adjusted periodically due to changing circumstances, such as the progress of tax audits, case law developments and new or emerging legislation. Such adjustments are recognized entirely in the period in which they are identified. The Group’s effective tax rate includes the net impact of changes in the liability for unrecognized tax benefits and subsequent adjustments as considered appropriate by management. The Group classifies interest and penalties recognized on the liability for unrecognized tax benefits as income tax expense. For the years ended December 31, 2022, 2023 and 2024, there were no uncertain tax position liabilities.

(aa) Share-based Compensation

The Company grants restricted shares to the Registered Shareholders (also as key member of management), share options and Restricted Share Units (“RSUs”) of the Company to eligible employees and non-employees. The Company accounts for these share-based awards in accordance with ASC 718 Compensation-Stock Compensation.

The Registered Shareholders and employees’ share-based awards are measured at the grant date fair value of the awards and recognized as expenses using a straight-line method over the requisite service period, which is the vesting period. For share-based awards granted with only service conditions to its PRC employees, the Group allows accelerated full vesting upon occurrence of a Change in Control (including defined in the Group’s Equity Incentive Plan), cumulative share-based compensation expenses for the share-based awards should be recorded upon the completion of the Change in Control.

For non-employees’ share-based awards, the Group adopted ASU 2018-07 ”Improvements to Nonemployee Share-Based Payment Accounting” for the periods presented. In accordance with ASU 2018-07, it clarifies that equity-classified non-employee share-based awards are measured at the grant date. The definition of the term grant date is amended to generally state the date at which a grantor and a grantee reach a mutual understanding of the key terms and conditions of a share-based payment award. Non-employee share-based awards are measured at the grant date fair value of the awards and recognized as expenses using a straight-line method over the requisite service period, which is the vesting period.

The binomial option-pricing model is used to measure the value of share options. The determination of the fair value is affected by the fair value of the ordinary shares as well as assumptions regarding a number of complex and subjective variables, including the expected share price volatility, actual and projected employee and nonemployee share option exercise behaviour, risk-free interest rates and expected dividend yield. Binomial option-pricing model incorporates the assumptions about grantees’ future exercise patterns. The fair value of these awards was determined by management with the assistance from an independent valuation firm using management’s estimates and assumptions.

The assumptions used in share-based compensation expense recognition represent management’s best estimates, but these estimates involve inherent uncertainties and application of management judgment. If factors change or different assumptions are used, the share-based compensation expenses could be materially different for any period. Moreover, the estimates of fair value of the awards are not intended to predict actual future events or the value that ultimately will be realized by grantees who receive share-based awards. In accordance with ASU 2016-09, the Group made an entity-wide accounting policy election to account for forfeitures when they occur.

(ab) Treasury stocks

Treasury stocks are accounted for using the cost method. Under this method, the cost incurred to purchase the shares is recorded in the treasury stocks account on the consolidated balance sheets. When the Company reissues treasury stock at an amount greater or less than it paid to repurchase the shares, the realized gain or loss is recognized in the consolidated statements of changes in shareholders’ equity.

(ac) (Loss)/profit per Share

Basic (loss)/profit per share is computed by dividing net (loss)/profit attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period using the two-class method. Under the two-class method, the net (loss)/profit is allocated between ordinary shares and other participating securities based on their participating rights. Net (loss)/profit is not allocated to other participating securities if based on their contractual terms they are not obligated to share in the loss.

Diluted (loss)/profit per share is calculated by dividing net (loss)/profit attributable to ordinary shareholders as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalents shares outstanding during the year. Dilutive equivalent shares are excluded from the computation of diluted (loss)/profit per share if their effects would be anti-dilutive. Ordinary share equivalents consist of the ordinary shares issuable in connection with the Group’s ordinary shares issuable upon the conversion of the share-based awards, using the treasury stock method.

(ad) Comprehensive (Loss)/Income

Comprehensive (loss)/income is defined as the changes in equity of the Group during a period from transactions and other events and circumstances excluding transactions resulting from investments from shareholders and distributions to shareholders. Comprehensive (loss)/income for the periods presented includes net (loss)/profit and foreign currency translation adjustments.

(ae) Segment Reporting

An operating segment is a component (a) that engages in business activities from which it may earn revenues and incur expenses, (b) whose operating results are regularly reviewed by the chief operating decision maker, the Chief Executive Officer, to make decisions about resources to be allocated to the segment and to assess its performance, and (c) for which discrete financial information is available. The Group’s chief operating decision maker has been identified as the Chief Executive Officer, who utilizes consolidated results including revenue, gross profit and operating profit at a consolidated level only to make decisions on resources allocation, assesses performance. The Group do not evaluate the operating segments using discrete asset information. The Group does not distinguish between markets for the purpose of making decisions about resources allocation and performance assessment. As the Group’s long-lived assets are substantially located in the PRC and substantially all the Group’s revenue are derived from within the PRC, no geographical segments are presented. Hence, the Group has only one operating segment and one reportable segment.

The following table present our segment results for the years ended December 31, 2022, 2023 and 2024:


	Year Ended December 31,
	2022	2023	2024
	US$	US$	US$
Revenue	208,172	229,990	298,617
Cost of revenue	(118,749)	(123,335)	(157,187)

Segment gross profit	89,423	106,655	141,430

Research and development expenses	(144,942)	(102,277)	(95,049)
Selling, general and administrative expenses	(123,175)	(121,103)	(105,335)
Other operating incomes, net	10,508	10,901	11,334

Segment loss from operations	(168,186)	(105,824)	(47,620)

(af) Recently Issued Accounting Pronouncements

The Group qualifies as an “emerging growth company”, or EGC, pursuant to the Jumpstart Our Business Startups Act of 2012, as amended, or the JOBS Act. As an EGC, the Group does not need to comply with any new or revised financial accounting standards until such date that a private company is otherwise required to comply with such new or revised accounting standards. The Group adopts the following standards based on extended transition period provided to private companies or early adopts as necessary as permitted by the respective standards.

New and Amended Standards Adopted by the Group

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which expands the breadth and frequency of required segment disclosures. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024.

For additional information, see Note (ae) above.

New and Amended Standards not yet Adopted by the Group

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires that all public entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) disclose the year-to-date amount of income taxes paid. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of the new standard on its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of income statement expenses, which requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The new standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of this new standard on its consolidated financial statements.

Accruals and Other Liabilities - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Jun. 30, 2022	Apr. 30, 2021	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accruals and Other Liabilities
Reimbursement payment from depositary bank	$ 1,926	$ 13,053	$ 1,186
Period of arrangement in which amount recorded ratably as other non-operating income	46 months	5 years
Other non-operating income
Accruals and Other Liabilities
Reimbursement payment from depositary bank recorded			$ 2,994	$ 3,113	$ 2,904

Deferred Revenue (Tables)

12 Months Ended

Dec. 31, 2024

Deferred Revenue.

Summary of deferred revenue


	As of December 31,
	2023	2024
	US$	US$
Deferred Revenue
-Cloud-based connectivity and basic IoT services (1)	1,122	1,277
-Membership (2)	—	—
-SaaS (3)	6,186	6,625
Total deferred revenue	7,308	7,902

(1)

Deferred cloud-based connectivity and basic IoT services related revenue

Deferred cloud-based connectivity and basic IoT services related revenue represents the Group’s provision of cloud-based connectivity obligation and basic IoT services to customers.


	Year Ended December 31,
	2022	2023	2024
	US$	US$	US$
Beginning balances	2,669	1,375	1,122
Deferral of revenue	872	984	1,123
Recognition of deferred revenue	(2,166)	(1,237)	(968)
Ending balances	1,375	1,122	1,277

(2)Deferred Revenue-Membership

Deferred Revenue-Membership represents the Group’s remaining performance obligation performed over the period of time under its 2020 Membership Program (Note 2(r)).


	Year Ended December 31,
	2022	2023	2024
	US$	US$	US$
Beginning balances	3,473	672	—
Deferral of revenue	2,442	179	—
Recognition of deferred revenue	(5,243)	(851)	—
Ending balances	672	—	—

(3)

Deferred Revenue-SaaS

Deferred Revenue-SaaS mainly represents the Group’s remaining performance obligation in providing industry SaaS services over the period of time (Note 2(r)).


	Year Ended December 31,
	2022	2023	2024
	US$	US$	US$
Beginning balances	3,971	5,168	6,186
Deferral of revenue	11,779	19,402	24,498
Recognition of deferred revenue	(10,582)	(18,384)	(24,059)
Ending balances	5,168	6,186	6,625

Accruals and Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accruals and other current liabilities
Salary and welfare payable	$ 12,941	$ 13,796
Cloud infrastructure and IT related services fee payables	5,901	4,214
Payment from depositary bank, current	3,067	3,113
Membership fee to be refunded	2,927	1,857
Professional service fee payables	2,072	2,203
Sales return allowances	1,254	1,223
Tax payables	1,221	2,479
Advertising and promotion fee payables	835	975
Product warranty	251	200
Deposit payable		1,412
Others	1,788	1,335
Total accruals and other current liabilities	32,257	32,807
Other non-current liabilities
Payment from depositary bank, non-current	767	3,891
Total accruals and other liabilities	$ 33,024	$ 36,698

Principal Accounting Policies - Land use rights, net (Details)	12 Months Ended
	Dec. 31, 2024
Principal Accounting Policies
Land use rights, useful life	50 years

Principal Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue
Total revenue	$ 298,617	$ 229,990	$ 208,172
Services expiration period	12 months
Remaining performance obligations	$ 7,902	7,308
Contract liability, including both deferred revenue and the advance from customers	$ 39,248	39,084
Revenue, remaining performance obligation, optional exemption, performance obligation [true false]	true
Current deferred revenue
Disaggregation of Revenue
Remaining performance obligations	$ 7,525	6,802
Non-current deferred revenue
Disaggregation of Revenue
Remaining performance obligations	$ 377	506
Maximum
Disaggregation of Revenue
Remaining performance obligation recognition period	36 months
Minimum
Disaggregation of Revenue
Remaining performance obligation recognition period	18 months
IoT PaaS
Disaggregation of Revenue
Total revenue	$ 217,069	167,694	152,914
IoT PaaS \| Maximum
Disaggregation of Revenue
Life cycle of different smart devices	2 years
IoT PaaS \| Minimum
Disaggregation of Revenue
Life cycle of different smart devices	1 year 6 months
Smart solution
Disaggregation of Revenue
Total revenue	$ 41,965	26,517	25,446
SaaS and others
Disaggregation of Revenue
Total revenue	$ 39,583	$ 35,779	$ 29,812

Statutory Reserves and Restricted Net Assets

12 Months Ended

Dec. 31, 2024

Statutory Reserves and Restricted Net Assets

Statutory Reserves and Restricted Net Assets

22. Statutory Reserves and Restricted Net Assets

Relevant PRC laws and regulations permit payments of dividends by the Group’s entities incorporated in the PRC only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. In addition, the Group’s entities in the PRC are required to annually appropriate 10% of their net after-tax income to the statutory general reserve fund prior to payment of any dividends, unless such reserve funds have reached 50% of their respective registered capital. As a result of these and other restrictions under PRC laws and regulations, the Group’s entities and the VIE subsidiary incorporated in the PRC are restricted in their ability to transfer a portion of their net assets to the Company either in the form of dividends, loans or advances, which restricted portion as calculated under U.S. GAAP amounted to US$408,641 and US$421,006 as of December 31, 2023 and 2024. There are no significant differences between U.S. GAAP and PRC accounting standards in connection with the reported net assets of the legally owned subsidiaries in the PRC and the VIE. Even though the Company currently does not require any such dividends, loans or advances from the PRC entities for working capital and other funding purposes, the Company may in the future require additional cash resources from them due to changes in business conditions, to fund future acquisitions and development, or merely to declare and pay dividends or distributions to its shareholders. Except for the above, there is no other restriction on use of proceeds generated by the Group’s subsidiaries and the VIE to satisfy any obligations of the Company.

For the year ended December 31, 2024, the Company performed a test on the restricted net assets of subsidiaries and VIE in accordance with Securities and Exchange Commission Regulation S-X Rule 4-08 € (3), “General Notes to Financial Statements” and concluded that the restricted net assets exceeded 25% of the consolidated net assets of the Company as of December 31, 2024 and the condensed financial information of the Company (referred to as the “Parent Company” below) are required to be presented.

Condensed Financial Information of the Parent Company

(All amounts in US$ thousands (“US$”), except for share and per share data, unless otherwise noted)

Balance Sheet


	As of December 31,
	2023	2024
	US$	US$
ASSETS
Current assets:
Cash and cash equivalents	21,393	96
Amounts due from subsidiaries	287,668	272,159
Prepayments and other current assets	785	549
Total current assets	309,846	272,804
Non-current assets:
Investment in subsidiaries and VIE	669,084	740,268
Total non-current assets	669,084	740,268
Total assets	978,930	1,013,072
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Accruals and other current liabilities	4,474	4,857
Other non-current liabilities	3,891	767
Total liabilities	8,365	5,624
Shareholders’ equity:
Ordinary shares (US$0.00005 par value; nil shares authorized, issued and outstanding as of December 31, 2023 and 2024, respectively)	—	—
Class A ordinary shares (US$0.00005 par value; 800,000,000 and 800,000,000 shares authorized as of December 31, 2023 and 2024, respectively; 504,387,299 and 504,387,299 shares issued as of December 31, 2023 and 2024, respectively; 487,591,968 and 495,601,588 shares outstanding as of December 31, 2023 and 2024, respectively)	25	25
Class B ordinary shares (US$0.00005 par value; 200,000,000 and 200,000,000 shares authorized as of December 31, 2023 and 2024, respectively; 70,205,300 and 70,205,300 shares issued and outstanding as of December 31, 2023 and 2024, respectively)	4	4
Treasury stock (US$0.00005 par value; 16,795,331 and 8,785,711 shares as of December 31, 2023 and 2024, respectively)	(53,630)	(15,726)
Additional paid-in capital	1,616,105	1,612,712
Accumulated other comprehensive loss	(17,091)	(19,716)
Accumulated deficit	(574,848)	(569,851)
Total shareholders’ equity	970,565	1,007,448
Total liabilities and shareholders’ equity	978,930	1,013,072

Statement of Comprehensive (Loss)/Income


	Year Ended December 31,
	2022	2023	2024
	US$	US$	US$
Operation expense
General and administrative expenses	(3,013)	(4,212)	(5,671)
Share of (loss)/gain of subsidiaries and the VIE	(146,417)	(59,372)	6,314
Total operating expenses	(149,430)	(63,584)	643
Other non-operating income, net	2,904	3,113	4,180
Financial income, net	197	238	296
Foreign exchange gain/(loss)	154	(82)	(122)
(Loss)/profit before income tax expense	(146,175)	(60,315)	4,997
Net (loss)/profit	(146,175)	(60,315)	4,997

Net (loss)/profit attributable to ordinary shareholders	(146,175)	(60,315)	4,997

Net (loss)/profit	(146,175)	(60,315)	4,997
Other comprehensive (loss)/income
Foreign currency translation	(14,942)	(2,722)	(2,574)
Transfer out of fair value changes of long-term investments	—	15,537	(65)
Changes in fair value of long-term investments	(9,493)	(7,791)	14
Total comprehensive (loss)/income	(170,610)	(55,291)	2,372

Statement of Cash Flows


	Year Ended December 31,
	2022	2023	2024
	US$	US$	US$
Net cash used in operating activities	(1,408)	(3,478)	(3,606)
Advance to, and investment in subsidiaries	—	(7,940)	—
Proceeds from subsidiaries	28,842	30,349	15,509
Net cash generated from investing activities	28,842	22,409	15,509
Payment for repurchase of ordinary shares	(48,678)	(3,339)	(70)
Proceeds from issuance of Class A ordinary shares upon the Dual Primary Listing, net of cost of issuance	9,057	—	—
Payments of dividend	—	—	(33,022)
Proceeds from exercise of share options	1,039	1,187	168
Payments of deferred offering costs	—	(71)	(276)
Net cash used in financing activities	(38,582)	(2,223)	(33,200)
Effect of exchange rate changes on cash and cash equivalents, restricted cash	—	—	—
Net (decrease)/ increase in cash and cash equivalents	(11,148)	16,708	(21,297)
Cash and cash equivalents at the beginning of the year	15,833	4,685	21,393
Cash and cash equivalents at the end of the year	4,685	21,393	96

Long-term Investment - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Long-term Investment
Changes in fair value of long-term investments	$ 14	$ (7,791)	$ (9,493)
Impairment loss		$ 15,537
Investment and recorded a gain	$ 451

Risks and Concentration (Tables)

12 Months Ended

Dec. 31, 2024

Risks and Concentration

Summary of customers with greater than 10% of the accounts receivable and suppliers contributed more than 10% of total purchases


	Year ended December 31,
	2022		2023		2024
Supplier A	15	%	*		*
Supplier B	*		11	%	11	%

Inventories, net (Tables)

12 Months Ended

Dec. 31, 2024

Inventories, net

Summary of inventories, net


	As of December 31,
	2023	2024
	US$	US$

Raw materials	30,620	18,665
Work in process	3,222	3,535
Finished goods	5,177	6,580
Low value consumables and spare parts	144	244
Inventories, gross	39,163	29,024
Less: inventory write-downs	(6,298)	(5,184)
Total inventories, net	32,865	23,840

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 4,997	$ (60,315)	$ (146,175)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Related Party Transactions (Details) - USD ($) $ in Thousands	2 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2024	Dec. 31, 2023
Related Party Transactions
Purchase of cloud service from Tencent Group	$ 262	$ 1,218	$ 1,305
Due to Tencent Group		$ 44	$ 10

- Definition

Amount of liabilities classified as other.

+ References + Details

Financial Income, net (Details) - USD ($) $ in Thousands	12 Months Ended
Financial Income, net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Financial Income, net.
Interest income and investment income, net	$ 50,424	$ 45,052	$ 20,731
Fair value change of short-term investments	(116)	54	(2,056)
Fair value change of long-term investments	(41)	(130)	(129)
Gain on disposal of a long-term investment	451
Total financial income, net	50,718	44,976	18,546
Interest income and investment income	50,424	49,744	22,898
Investment loss from foreign exchange contracts	$ 0	$ 4,692	$ 2,167

Operating Leases - Components of lease expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Lease cost:
Amortization of right-of-use assets	$ 3,469	$ 4,100	$ 4,766
Interest of lease liabilities	295	354	692
Expenses for short-term lease within 12 months	81	76	1,168
Total lease cost	$ 3,845	$ 4,530	$ 6,626

Income Taxes - Components of (loss)/profit before tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
Total (Loss)/profit before tax	$ 7,142	$ (57,066)	$ (144,295)
PRC entities
Income Taxes
Total (Loss)/profit before tax	(20,596)	(71,249)	(143,951)
Overseas entities
Income Taxes
Total (Loss)/profit before tax	$ 27,738	$ 14,183	$ (344)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current liabilities	$ 94,337	$ 87,534
Non-current liabilities	$ 1,995	$ 8,301
Ordinary shares, par value	$ 0.00005	$ 0.00005
Ordinary shares, shares authorized	0	0
Ordinary shares, shares issued	0	0
Ordinary shares, shares outstanding	0	0
Treasury stock, par value	$ 0.00005	$ 0.00005
Treasury stock (in shares)	8,785,711	16,795,331
Class A ordinary shares
Ordinary shares, par value	$ 0.00005	$ 0.00005
Ordinary shares, shares authorized	800,000,000	800,000,000
Ordinary shares, shares issued	504,387,299	504,387,299
Ordinary shares, shares outstanding	495,601,588	487,591,968
Class B ordinary shares
Ordinary shares, par value	$ 0.00005	$ 0.00005
Ordinary shares, shares authorized	200,000,000	200,000,000
Ordinary shares, shares issued	70,205,300	70,205,300
Ordinary shares, shares outstanding	70,205,300	70,205,300
Consolidated VIE
Current liabilities	$ 1,968	$ 1,679
Non-current liabilities	$ 0	$ 0

Organization and principal activities - Company principal subsidiaries and consolidated VIE (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Tuya (HK) Limited
Company principal subsidiaries and consolidated VIE
Percentage of direct or indirect ownership	100.00%	100.00%
Hangzhou Tuya Information Technology Co., Ltd.
Company principal subsidiaries and consolidated VIE
Percentage of direct or indirect ownership	100.00%	100.00%
Tuya Smart Inc.
Company principal subsidiaries and consolidated VIE
Percentage of direct or indirect ownership	100.00%	100.00%
Tuya Global Inc.
Company principal subsidiaries and consolidated VIE
Percentage of direct or indirect ownership	100.00%	100.00%
Tuya smart (India) Private Limited
Company principal subsidiaries and consolidated VIE
Percentage of direct or indirect ownership	100.00%	100.00%
Tuya smart (Colombia) S.A.S
Company principal subsidiaries and consolidated VIE
Percentage of direct or indirect ownership	100.00%	100.00%
Tuya GmbH
Company principal subsidiaries and consolidated VIE
Percentage of direct or indirect ownership	100.00%	100.00%
Tuya Japan Co., Ltd.
Company principal subsidiaries and consolidated VIE
Percentage of direct or indirect ownership	100.00%	100.00%
Zhejiang Tuya Smart Electronics Co., Ltd.
Company principal subsidiaries and consolidated VIE
Percentage of direct or indirect ownership	100.00%	100.00%
Tuya Smart Australia Pty Ltd
Company principal subsidiaries and consolidated VIE
Percentage of direct or indirect ownership	100.00%	100.00%
Tuya France
Company principal subsidiaries and consolidated VIE
Percentage of direct or indirect ownership	100.00%	100.00%
Tuya UK Limited
Company principal subsidiaries and consolidated VIE
Percentage of direct or indirect ownership	100.00%	100.00%
Hangzhou Tuya Technology Co., Ltd.
Company principal subsidiaries and consolidated VIE
Economic interest held	100.00%	100.00%

Income Taxes - Tax losses carry forwards (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Income Taxes
Total tax losses carry forwards	$ 576,439
2025
Income Taxes
Total tax losses carry forwards	58,351
2026
Income Taxes
Total tax losses carry forwards	104,894
2027
Income Taxes
Total tax losses carry forwards	47,947
2028
Income Taxes
Total tax losses carry forwards	62,484
2029
Income Taxes
Total tax losses carry forwards	87,855
2030
Income Taxes
Total tax losses carry forwards	37,178
2031
Income Taxes
Total tax losses carry forwards	34,198
2032
Income Taxes
Total tax losses carry forwards	97,163
2033
Income Taxes
Total tax losses carry forwards	43,371
2034
Income Taxes
Total tax losses carry forwards	$ 2,998

Accounts Receivable, net

12 Months Ended

Dec. 31, 2024

Accounts Receivable, net

Accounts Receivable, net

5. Accounts Receivable, net


	As of December 31,
	2023	2024
	US$	US$
Accounts receivable, gross	12,581	12,048
Less: allowance for credit losses	(3,367)	(4,456)
Total accounts receivable, net	9,214	7,592

The Group recorded the allowance for doubtful accounts of US$288 for the year ended December 31, 2022.

The Group recorded the allowance for credit losses of US$1,530 and write off the allowance for credit losses of US$304 under ASU 2016-13 Financial instruments – credit losses for the year ended December 31, 2023.

The Group recorded the allowance for credit losses of US$1,138 under ASU 2016-13 Financial instruments – credit losses for the year ended December 31,2024.

Financial Income, net (Tables)

12 Months Ended

Dec. 31, 2024

Financial Income, net.

Summary of financial income, net


	Year Ended December 31,
	2022	2023	2024
	US$	US$	US$
Interest income and investment income, net (1)	20,731	45,052	50,424
Fair value change of short-term investments	(2,056)	54	(116)
Fair value change of long-term investments	(129)	(130)	(41)
Gain on disposal of long-term investment	—	—	451
Total financial income, net	18,546	44,976	50,718

(1)

Commitments and Contingencies - Services Purchase Commitments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Commitments and Contingencies
Total	$ 6,705
Less Than 1 year	3,580
1-3 years	3,125
Purchase obligations remaining non-cancelable contractual commitments	6,705	$ 15,667
Aggregate purchase committed value	37,500
Total payments made	$ 36,735	$ 27,023

Operating Leases - Supplemental consolidated balance sheet information (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Operating Leases
Right-of-use assets	$ 4,550	$ 7,647
Operating lease liabilities-current	3,798	3,883
Operating lease liabilities-non-current	851	3,904
Total lease liabilities	$ 4,649	$ 7,787
Weighted-average remaining lease term, Operating leases	1 year 9 months 18 days	2 years 1 month 13 days
Weighted-average discount rate, Operating lease	4.75%	4.75%

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2024

Related Party Transactions

Summary of related parties

The related parties with which the Group had transactions during the years presented are as follows:


Name of related party		Relationship with the Group
Wang Xueji and other four individuals		Registered Shareholders
Tencent Group (including Tencent Mobility Limited and Image Frame Investment (HK) Limited. After November 1, 2022, Tencent Group is a related party of the Company)		Principal shareholder of the Group

The Group entered into the following related party transactions:


	From November 1, 2022	For the year ended	For the year ended
	to December 31, 2022	December 31, 2023	December 31, 2024
	US$	US$	US$

Purchase of cloud service from Tencent Group	262	1,305	1,218

The Group had the following related party balances:


	As of December 31,
	2023	2024
	US$	US$

Due to Tencent Group	10	44

Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
Operating Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating Leases
Variable lease costs	$ 0
Operating lease costs	$ 3,845	$ 4,530	$ 6,626
Minimum
Operating Leases
Remaining terms	1 year
Maximum
Operating Leases
Remaining terms	5 years

Statutory Reserves and Restricted Net Assets - Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 653,334	$ 498,688	$ 133,161
Prepayments and other current assets	16,179	11,053
Total current assets	903,016	847,798
Non-current assets:
Total non-current assets	200,764	218,602
Total assets	1,103,780	1,066,400
Liabilities
Accruals and other current liabilities	33,024	36,698
Other non-current liabilities	767	3,891
Total liabilities	96,332	95,835
Shareholders' equity:
Treasury stock (US$0.00005 par value; 16,795,331 and 8,785,711 shares as of December 31, 2023 and 2024, respectively)	(15,726)	(53,630)
Additional paid-in capital	1,612,712	1,616,105
Accumulated other comprehensive loss	(19,716)	(17,091)
Accumulated deficit	(569,851)	(574,848)
Total shareholders' equity	1,007,448	970,565	$ 962,167	$ 1,113,661
Total liabilities and shareholders' equity	1,103,780	1,066,400
Ordinary shares
Shareholders' equity:
Ordinary shares
Class A ordinary shares
Shareholders' equity:
Ordinary shares	25	25
Class B ordinary shares
Shareholders' equity:
Ordinary shares	4	4
Reportable Legal Entities \| Parent Company
Current assets:
Cash and cash equivalents	96	21,393
Prepayments and other current assets	549	785
Total current assets	272,804	309,846
Non-current assets:
Investment in subsidiaries and VIE	740,268	669,084
Total non-current assets	740,268	669,084
Total assets	1,013,072	978,930
Liabilities
Accruals and other current liabilities	4,857	4,474
Other non-current liabilities	767	3,891
Total liabilities	5,624	8,365
Shareholders' equity:
Treasury stock (US$0.00005 par value; 16,795,331 and 8,785,711 shares as of December 31, 2023 and 2024, respectively)	(15,726)	(53,630)
Additional paid-in capital	1,612,712	1,616,105
Accumulated other comprehensive loss	(19,716)	(17,091)
Accumulated deficit	(569,851)	(574,848)
Total shareholders' equity	1,007,448	970,565
Total liabilities and shareholders' equity	1,013,072	978,930
Reportable Legal Entities \| Parent Company \| Related Party
Current assets:
Amounts due from subsidiaries	272,159	287,668
Reportable Legal Entities \| Class A ordinary shares \| Parent Company
Shareholders' equity:
Ordinary shares	25	25
Reportable Legal Entities \| Class B ordinary shares \| Parent Company
Shareholders' equity:
Ordinary shares	$ 4	$ 4

Share-based Compensation

12 Months Ended

Dec. 31, 2024

Share-based Compensation

Share-based Compensation

15. Share-based Compensation

In December 2014, the board of directors of the Company adopted the Company’s 2015 Equity Incentive Plan (“the 2015 Plan”) and reserved 31,918,690 ordinary shares for issuance under the Plan to grant share-based awards, including restricted shares and share options, to its service providers, defined as the Company’s global employees, directors and external consultants. In July 2020, the 2015 Plan was modified to allow the Company with the intentions of i) providing for the award of restricted stock units (“RSUs”) under the Plan and ii) amending the exercise price of certain outstanding share options held by certain optionees located outside of the U.S. to purchase ordinary shares of the Company (the “Share Option Repricing”), and the number of ordinary shares reserved for the 2015 Plan was modified to 60,778,005 (adjusted in accordance with the Share Split). As of December 31, 2020, the Company had not granted any RSUs to anyone yet, neither had the Company entered any repricing agreement with the optionee under the 2015 Plan yet. As of December 31, 2020, the Company had not granted any restricted shares to anyone yet, except that the part of the ordinary shares issued to the Registered Shareholders with restricted conditions from December 2014 to 2018 was considered as shared based compensation, which was recorded as expenses before the periods presented and in the opening balance of accumulated losses of the Group.

Since adoption of the 2015 Plan, the Company granted options to its global employees, director and external consultants. All options granted have a contractual term of ten years from the grant date, and the vest over a period of four years of continuous service, 50% of the shares subject to the option shall vest on the second anniversary of the vesting commencement date, and the remaining of the shares subject to the option shall vest in equal annual instalments over the following two years thereafter on the same day of the month as the vesting commencement date (and if there is no corresponding day, on the last day of the month), subject to the grantee continuing to be a service provider through each such date. The share options granted to PRC employee grantee shall become fully vested under the same service conditions and vesting schedule and, to the extent permissible under applicable law, exercisable upon the occurrence of a Change in Control (as defined in the 2015 Plan).

The Company accounted for the share-based compensation costs on a straight-line bases over the requisite service period for the award based on the fair value on their respectively grant date.

In January 2021, the Company entered into agreements with certain optionees under the 2015 Plan to amend the exercise price of certain outstanding share options held by these optionees located outside of the U.S. to purchase ordinary shares of the Company. As a result of this share option repricing, the Company recorded incremental share-based compensation expense of US$1,646, US$728 and US$147 in its consolidated financial statements for the year ended December 31, 2022, 2023 and 2024.

On February 21, 2021, the 2015 Plan was amended to increase the number of ordinary shares available and reserved for issuance under the 2015 Plan to 76,778,005 ordinary shares, which was approved by the board of directors of the Company and the shareholders of the Company.

On February 25, 2021, the board of directors of the Company approved further amendment to the 2015 Plan, which provides that starting on January 1, 2022, on the first day of each fiscal year thereafter, the total number of shares available for issuance under the 2015 Plan was increased by an amount equal to the least of (i) 2% of the aggregate number of shares of all classes of ordinary shares of the Company’s issued and outstanding on the last day of the immediately preceding fiscal year and (ii) such number of shares as determined by the board of directors.

The Company granted 2,765,000, nil, and nil new share options with four - year requisite service period to its employees and nonemployees for the years ended December 31, 2022, 2023 and 2024, respectively. As of December 31, 2023 and 2024, 51,672,005 and 46,274,612 options were outstanding under the 2015 plan.

Staring from June 2021, the Company granted RSUs under the 2015 Plan. The Company granted 10,205,500 RSUs, 1,181,000 RSUs and 250,000 RSUs with three-to-four-year requisite service period to its employees and nonemployees for year ended December 31, 2022, 2023 and 2024. As of December 31, 2023 and 2024, 9,323,125 RSUs and 5,810,000 RSUs were outstanding under the 2015 Plan.

On June 20, 2024, the Company terminated the 2015 Plan and adopted the 2024 Global Share Incentive Plan (the “2024 Share Scheme”) in accordance with the resolution approved at the Annual General Meeting. Under the 2024 Share Scheme, the Company is allowed to grant share-based awards of the Group to its eligible person and service provider, whom the board considers having contributed or will contribute to the Company. The maximum number of shares of the Company available for issuance pursuant to all awards under the 2024 Share Scheme shall not exceed 57,459,259. All options granted have a contractual term of ten years from the grant date and the vesting period shall generally not be less than 12 months. As of December 31, 2024, 160,000 RSUs were outstanding under the 2024 Share Scheme.

On August 26, 2024, the board of directors of the Company approved that for all outstanding options, including those are granted but not vested, and those vested but not exercised under the 2015 Plan to the grantees, the exercise price was changed to US$0.00005 per share, effective on September 12, 2024 (the “Share Option Repricing”). As a result of the Share Option Repricing, the Company recorded incremental share-based compensation expenses of US$9.7 million in its consolidated financial statements for the year ended December 31, 2024 and estimated approximately US$0.3 million to be amortized over the remaining requisite service period for the optionees till year ended December 31, 2026.

Share Options

The following table sets forth the share options activity for the years ended December 31, 2022, 2023 and 2024:


		Weighted	Weighted	Weighted
		average	average	average
		exercise	grant date	remaining	Aggregate
	Number of	price per	fair value per	contractual	intrinsic
	shares	share	share	term	value
					US$
Outstanding as of December 31, 2021	59,961,539	0.17	4.40	6.95	364,287
Granted	2,765,000	0.20	3.27
Exercised	(4,502,326)	0.20	2.09
Forfeited	(1,950,000)	0.47	7.69
Outstanding as of December 31, 2022	56,274,213	0.16	4.42	6.04	98,287
Granted	—	—	—
Exercised	(3,770,958)	0.31	3.54
Forfeited	(831,250)	0.36	7.16
Outstanding as of December 31, 2023	51,672,005	0.15	4.44	4.95	105,285
Granted	—	—	—
Exercised	(5,279,893)	0.01	4.85
Forfeited	(117,500)	0.14	6.45
Outstanding as of December 31, 2024	46,274,612	0.00	4.39	3.87	70,995

The aggregate intrinsic value as of December 31, 2022, 2023, 2024 are US$107,484, US$118,846 and US$82,832, respectively.

The Group uses the Binominal option pricing model to estimate the fair value of stock options. The assumptions used to value the Company’s options grants and repricing were as follow:


	As of December 31,
	2022		2023	2024
Exercise price (US Dollar)	0.2		N/A	0.00005
Exercise multiple	2.2~2.8		N/A	2.2~2.8
Risk-free interest rate	1.92%~3.22	%	N/A	3.47%~4.74	%
Expected term (in years)	10		N/A	10
Expected dividend yield	—		N/A	—
Expected volatility	55.68%~55.78	%	N/A	48.67%~90.35	%
Expected forfeiture rate (post-vesting)	5.83%~7.70	%	N/A	0.00%~50.00	%
Fair value of the underlying shares on the date of options grants (US Dollar)	2.24~5.46		N/A	1.32
Fair value of share option (US Dollar)	2.05~5.27		N/A	1.32

As of December 31, 2023 and 2024, there were US$65,970 and US$16,364 of unrecognized share-based compensation expenses related to share options granted by the Company, which were expected to be recognized over a weighted-average vesting period of 0.56 years and 0.15 year, respectively.

Restricted Share Units:

The following table sets forth the service based RSUs activity for the year ended December 31, 2022, 2023 and 2024:


		Weighted average grant
	Number of shares	date fair value per share
Outstanding as of December 31, 2021	3,050,000	8.80
Granted	10,205,500	2.58
Vested	(346,000)	6.68
Forfeited	(1,270,750)	7.80
Outstanding as of December 31, 2022	11,638,750	3.51
Granted	1,181,000	1.79
Vested	(2,276,875)	4.76
Forfeited	(1,219,750)	4.34
Outstanding as of December 31, 2023	9,323,125	2.88
Granted	250,000	1.64
Vested	(2,953,500)	3.15
Forfeited	(649,625)	3.44
Outstanding as of December 31, 2024	5,970,000	2.64

As of December 31, 2023 and 2024, there were US$20,695 and US$9,931 of unrecognized share-based compensation expenses related to RSUs granted by the Company, which were expected to be recognized over a weighted-average vesting period of 2.61 years and 1.75 years, respectively. The fair value of the RSUs are measured at market price of the Company at the grant date and are held under employee share scheme until such time as they are vested.

Principal Accounting Policies - Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Principal Accounting Policies
Unrecognized tax benefits	$ 0	$ 0	$ 0

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Ordinary shares Cumulative effect, period of adoption, adjusted balance	Ordinary shares	Additional paid-in capital Cumulative effect, period of adoption, adjusted balance	Additional paid-in capital	Treasury stock Cumulative effect, period of adoption, adjusted balance	Treasury stock	Accumulated other comprehensive income/(loss) Cumulative effect, period of adoption, adjusted balance	Accumulated other comprehensive income/(loss)	Accumulated deficit Cumulative effect of accounting change	Accumulated deficit Cumulative effect, period of adoption, adjusted balance	Accumulated deficit	Cumulative effect of accounting change	Cumulative effect, period of adoption, adjusted balance	Total
Beginning Balance at Dec. 31, 2021		$ 29		$ 1,526,140		$ (46,930)		$ 2,320			$ (367,898)			$ 1,113,661
Beginning Balance (in shares) at Dec. 31, 2021		571,246,560
Beginning Balance (in shares) at Dec. 31, 2021						(11,604,808)
CHANGES IN SHAREHOLDERS' EQUITY
Repurchase of ordinary shares						$ (59,631)								(59,631)
Repurchase of ordinary shares (in share)						(18,839,849)
Exercise of share option and vested restricted share unit				(19,084)		$ 20,123								1,039
Exercise of share option and vested restricted share unit (in shares)						4,848,326
Issuance of ordinary shares upon the Dual Primary Listing, net of cost of issuance				8,689										8,689
Issuance of ordinary shares upon the Dual Primary Listing, net of cost of issuance (in shares)		7,300,000
Net (loss)/profit											(146,175)			(146,175)
Fair value change of long-term investment								(9,493)						(9,493)
Foreign currency translation adjustment								(14,942)						(14,942)
Share-based compensation				69,019										69,019
Ending Balance at Dec. 31, 2022	$ 29	$ 29	$ 1,584,764	1,584,764	$ (86,438)	$ (86,438)	$ (22,115)	(22,115)	$ (460)	$ (514,533)	(514,073)	$ (460)	$ 961,707	962,167
Ending Balance (in shares) at Dec. 31, 2022	578,546,560	578,546,560
Ending Balance (in shares) at Dec. 31, 2022					(25,596,331)	(25,596,331)
CHANGES IN SHAREHOLDERS' EQUITY
Repurchase of ordinary shares						$ (2,254)								(2,254)
Repurchase of ordinary shares (in share)						(1,200,794)
Exercise of share option and vested restricted share unit				(27,361)		$ 28,548								1,187
Exercise of share option and vested restricted share unit (in shares)						6,047,833
Cancellation of Treasury stock				(6,514)		$ 6,514
Cancellation of Treasury stock (in shares)		(3,953,961)				3,953,961
Net (loss)/profit											(60,315)			(60,315)
Fair value change of long-term investment								(7,791)						(7,791)
Transfer out of fair value changes of long-term investments								15,537						15,537
Foreign currency translation adjustment								(2,722)						(2,722)
Share-based compensation				65,216										65,216
Ending Balance at Dec. 31, 2023		$ 29		1,616,105		$ (53,630)		(17,091)			(574,848)			$ 970,565
Ending Balance (in shares) at Dec. 31, 2023		574,592,599
Ending Balance (in shares) at Dec. 31, 2023						(16,795,331)								16,795,331
CHANGES IN SHAREHOLDERS' EQUITY
Repurchase of ordinary shares						$ (385)								$ (385)
Repurchase of ordinary shares (in share)						(223,773)
Exercise of share option and vested restricted share unit				(38,121)		$ 38,289								168
Exercise of share option and vested restricted share unit (in shares)						8,233,393
Net (loss)/profit											4,997			4,997
Fair value change of long-term investment								14						14
Transfer out of fair value changes of long-term investments								(65)						(65)
Foreign currency translation adjustment								(2,574)						(2,574)
Share-based compensation				67,750										67,750
Dividend				(33,022)										(33,022)
Ending Balance at Dec. 31, 2024		$ 29		$ 1,612,712		$ (15,726)		$ (19,716)			$ (569,851)			$ 1,007,448
Ending Balance (in shares) at Dec. 31, 2024		574,592,599
Ending Balance (in shares) at Dec. 31, 2024						(8,785,711)								8,785,711

Property, Equipment and Software, net (Tables)

12 Months Ended

Dec. 31, 2024

Property, Equipment and Software, net

Summary of property, equipment and software, net


	As of December 31,
	2023	2024
	US$	US$
Cost:
Leasehold improvements	3,568	3,641
Computers and electronic equipment	7,273	7,830
Office equipment	307	399
Software	834	998
Construction in progress	—	4,185
Total cost	11,982	17,053
Less: Accumulated depreciation and amortization	(9,393)	(10,434)
Total property, equipment and software, net	2,589	6,619

Basic and Diluted Net (Loss)/profit per Share

12 Months Ended

Dec. 31, 2024

Basic and Diluted Net (Loss)/profit per Share

Basic and Diluted Net (Loss)/profit per Share

17. Basic and Diluted Net (Loss)/profit per Share

Basic and diluted (loss)/profit per share have been calculated in accordance with ASC 260 on computation of (loss)/profit per share for each of the year ended December 31, 2022, 2023 and 2024 are calculated as follows:


	Year Ended December 31,
	2022	2023	2024
	US$	US$	US$
Basic and diluted net (loss)/profit per share calculation
Numerator:
Net (loss)/profit attributable to Tuya Inc.’s ordinary shareholders, basic and diluted	(146,175)	(60,315)	4,997
Denominator:
Weighted-average ordinary shares outstanding-basic	553,527,529	555,466,061	573,782,783
Effective of diluted securities
Share option and RSU	—	—	17,224,018
Weighted-average ordinary shares outstanding-diluted	—	—	591,006,801
Net (loss)/profit per share attributable to ordinary shareholders:
Basic	(0.26)	(0.11)	0.01
Diluted	(0.26)	(0.11)	0.01

For the years ended December 31, 2022, 2023 and 2024, the Company had ordinary equivalent shares, including share options and RSUs granted (Note 15). As the Group incurred a loss for the years ended December 31, 2022 and 2023, these ordinary equivalent shares were determined to be anti-dilutive and excluded from the calculation of diluted loss per share of the Company.

Principal Accounting Policies - Impairment of Long-lived Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Principal Accounting Policies
Impairment charges	$ 0	$ 0	$ 0

Principal Accounting Policies - Schedule of assets and liabilities that are measured at fair value on a recurring basis (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of Level 3 investments as beginning balance	$ 9,874	$ 17,665
Disposal	(2,706)
The change in fair value of the investments	(247)	(7,791)
Fair value of Level 3 investments as ending balance	6,921	9,874
Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets	$ 64,641	$ 301,133
Recurring basis \| Expected volatility \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Unobservable Inputs	0.40	0.40
Recurring basis \| Expected volatility \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Unobservable Inputs	0.71	0.59
Recurring basis \| Probability - Liquidation scenario \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Unobservable Inputs	0.38	0.38
Recurring basis \| Probability - Liquidation scenario \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Unobservable Inputs	0.45	0.40
Recurring basis \| Probability - Redemption scenario \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Unobservable Inputs	0.38	0.38
Recurring basis \| Probability - Redemption scenario \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Unobservable Inputs	0.45	0.40
Recurring basis \| Probability - IPO scenario \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Unobservable Inputs	0.10	0.20
Recurring basis \| Probability - IPO scenario \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Unobservable Inputs	0.25	0.25
Recurring basis \| Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets	$ 57,525	$ 291,023
Recurring basis \| Long-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets	7,116	10,110
Recurring basis \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets	2,117	2,265
Recurring basis \| Level 1 \| Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets	2,117	2,265
Recurring basis \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets	55,603	288,994
Recurring basis \| Level 2 \| Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets	55,408	288,758
Recurring basis \| Level 2 \| Long-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets	195	236
Recurring basis \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets	6,921	9,874
Recurring basis \| Level 3 \| Long-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets	$ 6,921	$ 9,874

Income Taxes - Significant components of the deferred tax assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets
Net accumulated losses-carry forward	$ 118,755	$ 117,409	$ 106,146
Credit-related impairment of long-term investments	1,472	1,421
Inventory write-downs	845	531	691
Receivables allowances	795	279	42
Other deductible temporary difference	1,046	106	88
Less: valuation allowance	$ (122,913)	$ (119,746)	$ (106,967)	$ (82,964)

Risks and Concentration

12 Months Ended

Dec. 31, 2024

Risks and Concentration

Risks and Concentration

3. Risks and Concentration

(a) Concentration of Credit Risk

Financial instruments that potentially subject the Group to concentration of credit risk consist of cash and cash equivalents, short-term investments, accounts receivable and notes receivable.

The Group deposits its cash and cash equivalents and short-term investments with major financial institutions which the Group believes that no significant credit risk with high credit quality.

The Group has not experienced any significant recoverability issue with respect to its accounts receivable. The Group assesses the creditworthiness of each customer when providing services and may require the customers to make advance payments or a deposit before the services are rendered.

No individual customer accounted for more than 10% of accounts receivable as of December 31, 2023 and 2024.

(b) Concentration of Customers and Suppliers

There are no customers from whom revenues individually represent greater than 10% of the total revenues of the Group in any of the periods presented.

Suppliers contributed more than 10% of total purchases are as below:


	Year ended December 31,
	2022		2023		2024
Supplier A	15	%	*		*
Supplier B	*		11	%	11	%

Risks and Concentration - Supplier's concentration (Details) - Total purchases - Supplier concentration risk	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Supplier A
Risks and Concentration
Concentration risk percentage			15.00%
Supplier B
Risks and Concentration
Concentration risk percentage	11.00%	11.00%

Income Taxes - Narratives (Details) - USD ($)			12 Months Ended
Income Taxes - Narratives (Details) - USD ($)	Dec. 22, 2017	Mar. 16, 2007	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
Corporate tax rate			25.00%	25.00%	25.00%
Preferential tax rate			15.00%	15.00%	15.00%
HNTE certificate effective period			3 years
Withholding income tax rate on dividends distributed			10.00%
Maximum withholding income tax rate if the immediate holding company in Hong Kong owns directly at least 25% of the shares			5.00%
Percentage of shares of the FIE for withholding income tax rate of 5%			25.00%
Franchise tax rate (as a percent)			8.84%	8.84%	8.84%
Franchise tax			$ 0.8	$ 0.8	$ 0.8
Tax losses carry forwards			$ 576,439,000
HONG KONG
Income Taxes
Corporate tax rate			16.50%
PRC entities
Income Taxes
Corporate tax rate		25.00%	25.00%
HNTE certificate effective period			3 years
UNITED STATES
Income Taxes
Corporate tax rate	35.00%		21.00%

Share-based Compensation - RSUs activity (Details) - Restricted Share Units (RSUs) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of shares
Outstanding at the beginning	9,323,125	11,638,750	3,050,000
Granted	250,000	1,181,000	10,205,500
Vested	(2,953,500)	(2,276,875)	(346,000)
Forfeited	(649,625)	(1,219,750)	(1,270,750)
Outstanding at the end	5,970,000	9,323,125	11,638,750
Weighted average grant date fair value per share
Outstanding at the beginning (in dollars per share)	$ 2.88	$ 3.51	$ 8.8
Granted (in dollars per share)	1.64	1.79	2.58
Vested (in dollars per share)	3.15	4.76	6.68
Forfeited (in dollars per share)	3.44	4.34	7.8
Outstanding at the end (in dollars per share)	$ 2.64	$ 2.88	$ 3.51

Related Party Transactions

12 Months Ended

Dec. 31, 2024

Related Party Transactions

Related Party Transactions

20. Related Party Transactions

The related parties with which the Group had transactions during the years presented are as follows:


Name of related party		Relationship with the Group
Wang Xueji and other four individuals		Registered Shareholders
Tencent Group (including Tencent Mobility Limited and Image Frame Investment (HK) Limited. After November 1, 2022, Tencent Group is a related party of the Company)		Principal shareholder of the Group

The Group entered into the following related party transactions:


	From November 1, 2022	For the year ended	For the year ended
	to December 31, 2022	December 31, 2023	December 31, 2024
	US$	US$	US$

Purchase of cloud service from Tencent Group	262	1,305	1,218

The Group had the following related party balances:


	As of December 31,
	2023	2024
	US$	US$

Due to Tencent Group	10	44

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies

Commitments and Contingencies

18. Commitments and Contingencies

(a) Capital and other commitments

Capital expenditures contracted for at the balance sheet dates but not recognized in the Group’s consolidated financial statements are as follows:


	As of December 31,
	2023	2024
	US$	US$
Property, plant and equipment	—	2,614

(b) Operating lease commitment

The Group had outstanding commitments on several non-cancellable operating lease agreements. Operating lease commitment within one year or less lease term, for which the Group elected not recognize any lease liability or right-of-use asset, therefore not yet reflected in the consolidated financial statements as of December 31, 2023 and 2024 were US$19 and US$26, respectively.

As of December 31, 2024, the Group’s services purchase commitments were as follows:


	Total	Less Than 1 year	1-3 years	3-5 years
	US$	US$	US$	US$
Purchase obligations(i)	6,705	3,580	3,125	—

(i)

Purchase obligations represent US$15,667 and US$6,705 of remaining non-cancellable contractual commitments as of December 31, 2023 and 2024, respectively, related to one of the Group’s third-party cloud infrastructure agreements, under which the Group committed to spend an aggregate of at least US$37,500 between June 1, 2021 and May 31, 2026 with minimum purchase commitment. The Group had made payments totalling US$27,023 and US$36,735 under this agreement as of December 31, 2023 and 2024, respectively.

(d) Contingencies

On August 9, 2022, the Company and certain of its current and former officers and directors were named as defendants in a putative securities class action filed in the United States District Court for the Southern District of New York, alleging that certain material misstatements and/or omissions were made in the Company’s March 2021 U.S. IPO registration statement. The Company filed a motion to dismiss the action in May 2023. On March 5, 2024 (U.S. Eastern Time), the court entered an order granting the Company’s motion to dismiss in part and denying it in part. On April 25, 2024, the Company further filed a motion for judgment on the pleadings pursuant to Rule 12(c), seeking to dismiss the remaining claims based on the parties' pleadings. On March 7, 2025, the court granted the Company’s motion for judgment on the pleadings, concluding that the plaintiffs failed to identify any false or misleading statements in the Company’s registration statement. The Court granted leave for the plaintiffs to amend their complaint by March 28, 2025. The plaintiffs did not serve an amended complaint prior to that deadline. On March 31, 2025, the Court entered judgment in favor of the Company and all other defendants, dismissing all claims asserted in the action with prejudice. The Group records a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Group reviews the need for any such liability on a regular basis. The Group has not recorded any material liability in this regard for the above action as of December 31, 2024.

Other than as mentioned above, as of December 31, 2023 and 2024, the Group was not involved in any legal or administrative proceedings that the Group believe may have a material adverse impact on the Group’s consolidated financial statements.

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Commitments and Contingencies
Operating lease commitment within one year or less lease term	$ 26	$ 19

Accounts Receivable, net (Details) - USD ($) $ in Thousands	12 Months Ended
Accounts Receivable, net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2022
Accounts Receivable, net
Accounts receivable, gross	$ 12,581	$ 12,048
Less: allowance for credit losses	(3,367)	(4,456)
Total accounts receivable, net	9,214	7,592
Allowance for doubtful accounts	1,530	$ 1,138	$ 288
Allowance for credit losses, write off	$ 304

Income Taxes - Movement of valuation allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Valuation allowance
Balance at beginning of the year	$ 119,746	$ 106,967	$ 82,964
Changes of valuation allowance	3,167	12,779	24,003
Balance at end of the year	$ 122,913	$ 119,746	$ 106,967

Inventories, net

12 Months Ended

Dec. 31, 2024

Inventories, net

Inventories, net

6. Inventories, net


	As of December 31,
	2023	2024
	US$	US$

Raw materials	30,620	18,665
Work in process	3,222	3,535
Finished goods	5,177	6,580
Low value consumables and spare parts	144	244
Inventories, gross	39,163	29,024
Less: inventory write-downs	(6,298)	(5,184)
Total inventories, net	32,865	23,840

As a result of the net impact of current year provision and sales or uses of inventories with reserve, the inventory write-downs net increased by US$4,067 for the year ended December 31, 2022, and the inventory write-downs net decreased by US$13 and US$1,031 for the years ended December 31, 2023 and 2024, respectively.

Operating Leases - Supplemental cash flow information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating Leases
Cash paid for amounts included in the measurement of lease liabilities	$ 3,820	$ 4,134	$ 5,554
Right-of-use assets obtained in exchange for operating lease liabilities	$ 1,069	$ 2,727	$ 884

Statutory Reserves and Restricted Net Assets - Statement of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Cash Flows
Net cash generated from/(used in) operating activities	$ 80,352	$ 36,443	$ (70,654)
Net cash (used in)/generated from investing activities	107,428	332,455	(714,225)
Payment for repurchase of ordinary shares	(70)	(3,339)	(48,678)
Payments of dividend	33,022
Proceeds from exercise of share options	168	1,187	1,039
Payments of deferred offering costs	276	71
Net cash used in financing activities	(33,200)	(2,223)	(38,582)
Effect of exchange rate changes on cash and cash equivalents, restricted cash	116	(1,148)	(7,954)
Net (decrease)/ increase in cash and cash equivalents, restricted cash	154,696	365,527	(831,415)
Cash and cash equivalents, restricted cash at the beginning of year	498,688	133,161	964,576
Cash and cash equivalents, restricted cash at the end of year	653,384	498,688	133,161
Reportable Legal Entities \| Parent Company
Statement of Cash Flows
Net cash generated from/(used in) operating activities	(3,606)	(3,478)	(1,408)
Advance to, and investment in subsidiaries		(7,940)
Proceeds from subsidiaries	15,509	30,349	28,842
Net cash (used in)/generated from investing activities	15,509	22,409	28,842
Payment for repurchase of ordinary shares	(70)	(3,339)	(48,678)
Proceeds from issuance of Class A ordinary shares upon the Dual Primary Listing, net of cost of issuance			9,057
Payments of dividend	(33,022)
Proceeds from exercise of share options	168	1,187	1,039
Payments of deferred offering costs	(276)	(71)
Net cash used in financing activities	(33,200)	(2,223)	(38,582)
Net (decrease)/ increase in cash and cash equivalents, restricted cash	(21,297)	16,708	(11,148)
Cash and cash equivalents, restricted cash at the beginning of year	21,393	4,685	15,833
Cash and cash equivalents, restricted cash at the end of year	$ 96	$ 21,393	$ 4,685

Prepayments and Other Assets, net (Tables)

12 Months Ended

Dec. 31, 2024

Prepayments and Other Assets, net

Summary of current and non-current portions of prepayments and other assets


	As of December 31,
	2023	2024
	US$	US$
Advance to suppliers	5,587	7,251
VAT recoverable (1)	1,275	4,125
Loans receivable	—	1,500
Interest receivable	1,927	1,103
Receivables from third party payment platforms	597	939
Rental deposits	532	334
Prepayment for share repurchase	315	—
Others	854	962
Less: allowance for credit losses	(34)	(35)
Total prepayments and other current assets, net	11,053	16,179

Rental deposits	889	687
Less: allowance for credit losses	(12)	(9)
Total other non-current assets, net	877	678

(1)

VAT recoverable represented the balances that the Group can utilize to deduct its VAT liabilities within the next 12 months.

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies

Summary of capital and other commitments


	As of December 31,
	2023	2024
	US$	US$
Property, plant and equipment	—	2,614

Summary of group's services purchase commitments

As of December 31, 2024, the Group’s services purchase commitments were as follows:


	Total	Less Than 1 year	1-3 years	3-5 years
	US$	US$	US$	US$
Purchase obligations(i)	6,705	3,580	3,125	—

(i)

Commitments and Contingencies - Capital and other commitments (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Commitments and Contingencies
Property, plant and equipment	$ 2,614

Share-based Compensation - General (Details) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Jun. 20, 2024	Feb. 25, 2021	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Aug. 26, 2024	Dec. 31, 2021	Feb. 21, 2021	Jul. 31, 2020	Dec. 31, 2014
Share-based Compensation
Number of options granted			0	0	2,765,000
Requisite service period			4 years	4 years	4 years
Number of options outstanding			46,274,612	51,672,005	56,274,213		59,961,539
Difference between the exercise price of the underlying awards and the estimated fair value of the underlying stock			$ 82,832	$ 118,846	$ 107,484
Exercise price (US Dollar)			$ 0.00005		$ 0.2
Restricted Share Units (RSUs)
Share-based Compensation
RSUs outstanding			5,970,000	9,323,125	11,638,750		3,050,000
Unrecognized share-based compensation expense			$ 9,931	$ 20,695
Weighted-average vesting period			1 year 9 months	2 years 7 months 9 days
Employee Stock Option
Share-based Compensation
Unrecognized share-based compensation expense			$ 16,364	$ 65,970
Weighted-average vesting period			1 month 24 days	6 months 21 days
2015 Plan
Share-based Compensation
Number of ordinary shares reserved for issuance								76,778,005	60,778,005	31,918,690
Contractual term			10 years
Vesting period			4 years
Total incremental share-based compensation expense			$ 147	$ 728	$ 1,646
Percentage of issued and outstanding stock of the entity considered for annual incremental in total number of shares available for issuance		2.00%
Number of options granted			250,000	1,181,000	10,205,500
Number of options outstanding			46,274,612	51,672,005
2015 Plan \| Minimum
Share-based Compensation
Requisite service period			3 years
2015 Plan \| Maximum
Share-based Compensation
Requisite service period			4 years
2015 Plan \| Restricted Share Units (RSUs)
Share-based Compensation
Number of options granted			5,810,000	9,323,125
2015 Plan \| Share-based payment arrangement, tranche one
Share-based Compensation
Vesting period			2 years
Vesting percentage			50.00%
2015 Plan \| Share-based payment arrangement, tranche two
Share-based Compensation
Vesting period			2 years
Vesting percentage			50.00%
Global Share Incentive Plan 2024
Share-based Compensation
Vesting period	12 months
Total incremental share-based compensation expense			$ 9,700
Expenses expected to be amortized over the remaining requisite service period			$ 300
Share Scheme shall not exceed	57,459,259
Exercise price (US Dollar)						$ 0.00005
Global Share Incentive Plan 2024 \| Restricted Share Units (RSUs)
Share-based Compensation
RSUs outstanding			160,000
Global Share Incentive Plan 2024 \| Employee Stock Option
Share-based Compensation
Contractual term			10 years

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2020	Dec. 31, 2019	Aug. 28, 2014
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
Ordinary shares, par value	$ 0.00005	$ 0.00005	$ 0.00005	$ 0.00005	$ 0.00005	$ 0.00005

Accruals and Other Liabilities

12 Months Ended

Dec. 31, 2024

Accruals and Other Liabilities

Accruals and Other Liabilities

11. Accruals and Other Liabilities

The current and non-current portions of accruals and other liabilities consist of the following:


	As of December 31,
	2023	2024
	US$	US$
Salary and welfare payable	13,796	12,941
Cloud infrastructure and IT related services fee payables	4,214	5,901
Payment from depositary bank, current (1)	3,113	3,067
Membership fee to be refunded (2)	1,857	2,927
Professional service fee payables	2,203	2,072
Sales return allowances	1,223	1,254
Tax payables	2,479	1,221
Advertising and promotion fee payables	975	835
Product warranty	200	251
Deposit payable	1,412	—
Others	1,335	1,788
Total accruals and other current liabilities	32,807	32,257

Other non-current liabilities
Payment from depositary bank, non-current (1)	3,891	767
Total accruals and other liabilities	36,698	33,024

(1)

(2)

Membership fee to be refunded presents the balances of refundable membership fee collected by the Group from its customers under the 2023 Membership Program (Note 2(r)).

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 653,334	$ 498,688
Restricted cash	50
Short-term investments	194,536	291,023
Accounts receivable, net	7,592	9,214
Notes receivable, net	7,485	4,955
Inventories, net	23,840	32,865
Prepayments and other current assets, net	16,179	11,053
Total current assets	903,016	847,798
Non-current assets:
Property, equipment and software, net	6,619	2,589
Land use rights, net	8,825
Operating lease right-of-use assets, net	4,550	7,647
Long-term investments	180,092	207,489
Other non-current assets, net	678	877
Total non-current assets	200,764	218,602
Total assets	1,103,780	1,066,400
Current liabilities (including amounts of the consolidated VIE without recourse to the primary beneficiary of 1,679 and 1,968, as of December 31, 2023 and 2024, respectively):
Accounts payable	19,051	11,577
Advances from customers	31,346	31,776
Deferred revenue, current	7,525	6,802
Accruals and other current liabilities	32,257	32,807
Income tax payables	360	689
Lease liabilities, current	3,798	3,883
Total current liabilities	94,337	87,534
Non-current liabilities (including amounts of the consolidated VIE without recourse to the primary beneficiary of nil and nil as of December 31, 2023 and 2024, respectively):
Lease liabilities, non-current	851	3,904
Deferred revenue, non-current	377	506
Other non-current liabilities	767	3,891
Total non-current liabilities	1,995	8,301
Total liabilities	96,332	95,835
Shareholders' equity:
Treasury stock (US$0.00005 par value; 16,795,331 and 8,785,711 shares as of December 31, 2023 and 2024, respectively)	(15,726)	(53,630)
Additional paid-in capital	1,612,712	1,616,105
Accumulated other comprehensive loss	(19,716)	(17,091)
Accumulated deficit	(569,851)	(574,848)
Total shareholders' equity	1,007,448	970,565
Total liabilities and shareholders' equity	1,103,780	1,066,400
Common Stock
Shareholders' equity:
Ordinary shares
Class A ordinary shares
Shareholders' equity:
Ordinary shares	25	25
Class B ordinary shares
Shareholders' equity:
Ordinary shares	$ 4	$ 4

Principal Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2024

Principal Accounting Policies

Basis of Preparation

(a) Basis of Preparation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Principal accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below.

Basis of Consolidation

(b) Basis of Consolidation

Use of Estimates

Functional Currency and Foreign Currency Translation

(d) Functional Currency and Foreign Currency Translation

Fair Value Measurements

(e) Fair Value Measurements

●

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.

●

Level 2: Observable, market-based inputs, other than quoted prices, in active markets for identical assets or liabilities.

●

Level 3: Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

The following table sets forth the Group’s assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy:


		Fair value measurement at reporting date using
	Fair value	Quoted Prices in Active		Significant
	as of	Markets for Identical	Significant Other	Unobservable
	December 31,	Assets	Observable Inputs	Inputs
Description	2023	(Level 1)	(Level 2)	(Level 3)
	US$	US$	US$	US$
Assets:
Short-term investments	291,023	2,265	288,758	—
Long-term investments	10,110	—	236	9,874
	301,133	2,265	288,994	9,874


		Fair value measurement at reporting date using
	Fair value	Quoted Prices in Active		Significant
	as of	Markets for Identical	Significant Other	Unobservable
	December 31,	Assets	Observable Inputs	Inputs
Description	2024	(Level 1)	(Level 2)	(Level 3)
	US$	US$	US$	US$
Assets:
Short-term investments	57,525	2,117	55,408	—
Long-term investments	7,116	—	195	6,921
	64,641	2,117	55,603	6,921

The roll forward of major Level 3 investments are as follows:


		US$

Fair value of Level 3 investments as of December 31, 2022		17,665
The change in fair value of the investments		(7,791)
Fair value of Level 3 investments as of December 31, 2023		9,874
Disposal		(2,706)
The change in fair value of the investments		(247)
Fair value of Level 3 investments as of December 31, 2024		6,921


	As of December 31,
	2023		2024
Unobservable Inputs

Expected volatility	40%-59	%	40%-71	%
Probability	Liquidation scenario:38%-40	%	Liquidation scenario:38%-45	%
	Redemption scenario:38%-40	%	Redemption scenario:38%-45	%
	IPO scenario:20%-25	%	IPO scenario:10%-25	%

Cash and Cash Equivalents

(f) Cash and Cash Equivalents

Restricted Cash

(g) Restricted Cash

Short-term Investments

(h) Short-term Investments

Accounts Receivable, net

(i) Accounts Receivable, net

Inventories, net

(j) Inventories, net

Operating Leases

(k) Operating Leases

Internal-Use Software Development Costs

(l) Internal-Use Software Development Costs

Property, Equipment and Software

(m) Property, Equipment and Software


Leasehold improvements		the shorter of their useful lives and the lease terms
Computers and electronic equipment		3 years
Office equipment		3 years
Software		3 years

Land use rights, net

(n) Land use rights, net

Long-term Investments

(o) Long-term Investments

Impairment of Long-lived Assets

(p) Impairment of Long-lived Assets

Value Added Taxes

(q) Value Added Taxes

Revenue Recognition

(r) Revenue Recognition

Revenue is recorded net of value-added tax.

The Group’s revenue was disaggregated by its major revenue streams in the years presented as follows:


	Year Ended December 31,
	2022	2023	2024
	US$	US$	US$
IoT PaaS	152,914	167,694	217,069
Smart solution	25,446	26,517	41,965
SaaS and others	29,812	35,779	39,583
Total revenue	208,172	229,990	298,617

I. Revenue from IoT PaaS

Return allowances for IoT PaaS products are estimated based on historical experiences and accounted for as reduction of net revenue.

The Group provides sales rebates to its customers from time to time, which is accounted for as reduction of net revenue.

II. Revenue from smart solution

III. Revenue from SaaS and others

SaaS and other revenue mainly include industry SaaS, customized software development and configuration, and other value added services (“VAS”) to both business customers and the end customers.

Remaining performance obligations

The Group’s contract liability, including both deferred revenue and advances from customers, is US$39,084 and as US$39,248 of December 31, 2023 and 2024, respectively.

Advances from Customers

(s) Advances from Customers

Cost of Revenues

(t) Cost of Revenues

Research and Development Expenses

(u) Research and Development Expenses

Sales and Marketing Expenses

(v) Sales and Marketing Expenses

General and Administrative Expenses

(w) General and Administrative Expenses

Government Grants

(x) Government Grants

Employee Social Security and Welfare Benefits

(y) Employee Social Security and Welfare Benefits

Income Taxes

(z) Income Taxes

Share-based Compensation

(aa) Share-based Compensation

Treasury stocks

(ab) Treasury stocks

(Loss)/profit per Share

(ac) (Loss)/profit per Share

Comprehensive (Loss)/Income

(ad) Comprehensive (Loss)/Income

Segment Reporting

(ae) Segment Reporting

The following table present our segment results for the years ended December 31, 2022, 2023 and 2024:


	Year Ended December 31,
	2022	2023	2024
	US$	US$	US$
Revenue	208,172	229,990	298,617
Cost of revenue	(118,749)	(123,335)	(157,187)

Segment gross profit	89,423	106,655	141,430

Research and development expenses	(144,942)	(102,277)	(95,049)
Selling, general and administrative expenses	(123,175)	(121,103)	(105,335)
Other operating incomes, net	10,508	10,901	11,334

Segment loss from operations	(168,186)	(105,824)	(47,620)

Recently Issued Accounting Pronouncements

(af) Recently Issued Accounting Pronouncements

New and Amended Standards Adopted by the Group

For additional information, see Note (ae) above.

New and Amended Standards not yet Adopted by the Group

Property, Equipment and Software, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Equipment and Software
Total cost	$ 17,053	$ 11,982
Less: Accumulated depreciation and amortization	(10,434)	(9,393)
Total property, equipment and software, net	6,619	2,589
Depreciation expense	1,596	2,449	$ 3,443
Leasehold improvements
Property, Equipment and Software
Total cost	3,641	3,568
Computers and electronic equipment
Property, Equipment and Software
Total cost	7,830	7,273
Office equipment
Property, Equipment and Software
Total cost	399	307
Software
Property, Equipment and Software
Total cost	998	$ 834
Construction in progress
Property, Equipment and Software
Total cost	$ 4,185

Subsequent Events (Details) - Subsequent Events - O 2025 A Dividends $ / shares in Units, $ in Millions	2 Months Ended
	Feb. 26, 2025 USD ($) $ / shares
Subsequent Event [Line Items]
Date Declared	Feb. 26, 2025
Dividends, Per Share, Declared	$ 0.0608
Date of Record	Mar. 13, 2025
Dividends, common stock, cash \| $	$ 37
ADR
Subsequent Event [Line Items]
Dividends, Per Share, Declared	$ 0.0608

Income Taxes - Reconciliation of the differences between statutory tax rate and the effective tax rate (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
PRC Statutory income tax rate	25.00%	25.00%	25.00%
Effect of tax rates in different tax jurisdiction	(35.10%)	(2.50%)	(0.30%)
Effect of preferential tax rate for qualified HNTE entities	(8.60%)	(5.40%)	(6.00%)
Additional deduction for research and development expenditures	125.10%	17.70%	8.50%
Share-based compensation	141.20%	(19.70%)	(10.50%)
Permanent book-tax differences	(11.60%)	1.60%	(1.40%)
Change in valuation allowance	44.30%	(22.40%)	(16.60%)
Effective tax rates	30.00%	(5.70%)	(1.30%)

Share-based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-based Compensation

Summary of share options activity


		Weighted	Weighted	Weighted
		average	average	average
		exercise	grant date	remaining	Aggregate
	Number of	price per	fair value per	contractual	intrinsic
	shares	share	share	term	value
					US$
Outstanding as of December 31, 2021	59,961,539	0.17	4.40	6.95	364,287
Granted	2,765,000	0.20	3.27
Exercised	(4,502,326)	0.20	2.09
Forfeited	(1,950,000)	0.47	7.69
Outstanding as of December 31, 2022	56,274,213	0.16	4.42	6.04	98,287
Granted	—	—	—
Exercised	(3,770,958)	0.31	3.54
Forfeited	(831,250)	0.36	7.16
Outstanding as of December 31, 2023	51,672,005	0.15	4.44	4.95	105,285
Granted	—	—	—
Exercised	(5,279,893)	0.01	4.85
Forfeited	(117,500)	0.14	6.45
Outstanding as of December 31, 2024	46,274,612	0.00	4.39	3.87	70,995

Summary of assumptions used to value the Company's options grants


	As of December 31,
	2022		2023	2024
Exercise price (US Dollar)	0.2		N/A	0.00005
Exercise multiple	2.2~2.8		N/A	2.2~2.8
Risk-free interest rate	1.92%~3.22	%	N/A	3.47%~4.74	%
Expected term (in years)	10		N/A	10
Expected dividend yield	—		N/A	—
Expected volatility	55.68%~55.78	%	N/A	48.67%~90.35	%
Expected forfeiture rate (post-vesting)	5.83%~7.70	%	N/A	0.00%~50.00	%
Fair value of the underlying shares on the date of options grants (US Dollar)	2.24~5.46		N/A	1.32
Fair value of share option (US Dollar)	2.05~5.27		N/A	1.32

Summary of service - based RSUs activity


		Weighted average grant
	Number of shares	date fair value per share
Outstanding as of December 31, 2021	3,050,000	8.80
Granted	10,205,500	2.58
Vested	(346,000)	6.68
Forfeited	(1,270,750)	7.80
Outstanding as of December 31, 2022	11,638,750	3.51
Granted	1,181,000	1.79
Vested	(2,276,875)	4.76
Forfeited	(1,219,750)	4.34
Outstanding as of December 31, 2023	9,323,125	2.88
Granted	250,000	1.64
Vested	(2,953,500)	3.15
Forfeited	(649,625)	3.44
Outstanding as of December 31, 2024	5,970,000	2.64

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net (loss)/profit	$ 4,997	$ (60,315)	$ (146,175)
Adjustments to reconcile net (loss)/profit to net cash generated from operating activities:
Share-based compensation	67,750	65,216	69,019
Depreciation and amortization of property, equipment and software	1,596	2,449	3,443
Amortization of right-of-use assets	3,469	4,100	4,766
Allowance for doubtful receivables/allowance for credit losses	1,243	1,595	288
Inventory write-downs	1,997	3,298	4,067
(Gain)/loss on disposal of property, equipment and software	43	(221)	(219)
Gain on disposal of long-term investment	(451)
(Gain)/loss on foreign currency exchange rates	136	(669)	(2,441)
Change in unrealized investment income	(533)	(697)	2,167
Fair value change on short-term and long-term investments	157	76	(7,449)
Impairment loss of long-term investments	261	15,537
Changes in operating assets and liabilities:
Accounts receivable	484	1,046	20,241
Notes receivable	(2,638)	(2,284)	(1,374)
Inventories	7,028	9,217	13,135
Prepayments and other current assets	(3,942)	(1,251)	8,893
Other non-current assets	203	290	639
Accounts payable	5,915	1,982	(2,617)
Advance from customers	(430)	4,143	(3,455)
Deferred revenue	594	93	(2,898)
Income tax payables	(329)	689
Accruals and other liabilities	(564)	(1,372)	(24,280)
Lease liabilities	(3,510)	(3,366)	(4,924)
Other non-current liabilities	(3,124)	(3,113)	(1,480)
Net cash (used in)/generated from operating activities	80,352	36,443	(70,654)
Cash flows from investing activities:
Payment for short-term investments	(264,681)	(327,244)	(1,257,697)
Proceeds from disposal of short-term investments	354,547	853,703	543,790
Proceeds from disposal in long-term investments	43,160
Purchase of property, equipment and software	(4,184)	(1,499)	(710)
Purchase of land use rights	(8,914)
Proceeds from disposal of property, equipment and software	163	509	464
Payment for long-term investments	(11,163)	(193,014)	(1,575)
Provision of third party loans	(1,500)
Proceeds from other investing activities			1,503
Net cash (used in)/generated from investing activities	107,428	332,455	(714,225)
Cash flows from financing activities:
Payment for repurchase of ordinary shares	(70)	(3,339)	(48,678)
Proceeds from exercise of share options	168	1,187	1,039
Proceeds from issuance of Class A ordinary shares upon the Dual Primary Listing, net of cost of issuance			9,057
Payments of deferred offering costs	(276)	(71)
Payments of dividend	(33,022)
Net cash used in financing activities	(33,200)	(2,223)	(38,582)
Effect of exchange rate changes on cash and cash equivalents, restricted cash	116	(1,148)	(7,954)
Net (decrease)/ increase in cash and cash equivalents, restricted cash	154,696	365,527	(831,415)
Cash and cash equivalents, restricted cash at the beginning of year	498,688	133,161	964,576
Cash and cash equivalents, restricted cash at the end of year	653,384	498,688	133,161
Supplemental cash flow disclosures
Cash paid for income tax	(2,687)	(2,819)	(843)
Cash and cash equivalents	653,334	498,688	133,161
Restricted cash	50
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$ 653,384	$ 498,688	$ 133,161

Basic and Diluted Net (Loss)/profit per Share (Tables)

12 Months Ended

Dec. 31, 2024

Basic and Diluted Net (Loss)/profit per Share

Summary of basic and diluted loss per share


	Year Ended December 31,
	2022	2023	2024
	US$	US$	US$
Basic and diluted net (loss)/profit per share calculation
Numerator:
Net (loss)/profit attributable to Tuya Inc.’s ordinary shareholders, basic and diluted	(146,175)	(60,315)	4,997
Denominator:
Weighted-average ordinary shares outstanding-basic	553,527,529	555,466,061	573,782,783
Effective of diluted securities
Share option and RSU	—	—	17,224,018
Weighted-average ordinary shares outstanding-diluted	—	—	591,006,801
Net (loss)/profit per share attributable to ordinary shareholders:
Basic	(0.26)	(0.11)	0.01
Diluted	(0.26)	(0.11)	0.01

Income Taxes - Components of Income tax expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
Current income tax expense	$ 2,145	$ 3,249	$ 1,880
Total income tax expense	$ 2,145	$ 3,249	$ 1,880

Accounts Receivable, net (Tables)

12 Months Ended

Dec. 31, 2024

Accounts Receivable, net

Summary of accounts receivable, net


	As of December 31,
	2023	2024
	US$	US$
Accounts receivable, gross	12,581	12,048
Less: allowance for credit losses	(3,367)	(4,456)
Total accounts receivable, net	9,214	7,592

Share-based Compensation - Options activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of shares
Outstanding at the beginning	51,672,005	56,274,213	59,961,539
Number of options granted	0	0	2,765,000
Number of options Exercised	(5,279,893)	(3,770,958)	(4,502,326)
Number of options Forfeited	(117,500)	(831,250)	(1,950,000)
Outstanding at the end	46,274,612	51,672,005	56,274,213	59,961,539
Weighted average exercise price per share
Outstanding at the beginning (in dollars per share)	$ 0.15	$ 0.16	$ 0.17
Granted (in dollars per share)			0.2
Exercised (in dollars per share)	0.01	0.31	0.2
Forfeited (in dollars per share)	0.14	0.36	0.47
Outstanding at the end (in dollars per share)	0	0.15	0.16	$ 0.17
Weighted average grant date fair value per share
Outstanding at the beginning (in dollars per share)	4.44	4.42	4.4
Granted (in dollars per share)			3.27
Exercised (in dollars per share)	4.85	3.54	2.09
Forfeited (in dollar per share)	6.45	7.16	7.69
Outstanding at the end (in dollars per share)	$ 4.39	$ 4.44	$ 4.42	$ 4.4
Weighted average remaining contractual term and Aggregate intrinsic value
Weighted average remaining contractual term	3 years 10 months 13 days	4 years 11 months 12 days	6 years 14 days	6 years 11 months 12 days
Outstanding at the beginning (in dollars)	$ 105,285	$ 98,287	$ 364,287
Outstanding at the end (in dollars)	$ 70,995	$ 105,285	$ 98,287	$ 364,287

Subsequent Events

12 Months Ended

Dec. 31, 2024

Subsequent Events

Subsequent Events

21. Subsequent Events

On February 26, 2025, the Board of Director of the Company approved the declaration and distribution of a dividend of US$0.0608 per ordinary share, or US$0.0608 per ADS, to such holders as at the close of business on March 13, 2025, Hong Kong Time and New York Time, respectively. The aggregate amount of the dividend will be approximately US$37 million, which is payable in U.S. dollars and in cash, and will be funded by surplus cash and to be paid out from the share premium account of the Company.

Statutory Reserves and Restricted Net Assets - Balance Sheet Parenthetical (Details) - $ / shares	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Nov. 01, 2022	Oct. 31, 2022	Mar. 17, 2021	Dec. 31, 2020	Dec. 31, 2019	Aug. 28, 2014
Balance sheet
Ordinary shares, par value	$ 0.00005	$ 0.00005	$ 0.00005				$ 0.00005	$ 0.00005	$ 0.00005
Ordinary shares, shares authorized	0	0				1,000,000,000			1,000,000,000
Ordinary shares, shares issued	0	0					221,980,000	221,980,000
Ordinary shares, shares outstanding	0	0					221,980,000	221,980,000
Treasury stock, par value	$ 0.00005	$ 0.00005
Treasury stock (in shares)	8,785,711	16,795,331
Class A ordinary shares
Balance sheet
Ordinary shares, par value	$ 0.00005	$ 0.00005		$ 0.00005
Ordinary shares, shares authorized	800,000,000	800,000,000		800,000,000	600,000,000
Ordinary shares, shares issued	504,387,299	504,387,299
Ordinary shares, shares outstanding	495,601,588	487,591,968
Class B ordinary shares
Balance sheet
Ordinary shares, par value	$ 0.00005	$ 0.00005
Ordinary shares, shares authorized	200,000,000	200,000,000
Ordinary shares, shares issued	70,205,300	70,205,300
Ordinary shares, shares outstanding	70,205,300	70,205,300
Reportable Legal Entities \| Parent Company
Balance sheet
Treasury stock, par value	$ 0.00005	$ 0.00005
Treasury stock (in shares)	8,785,711	16,795,331
Reportable Legal Entities \| Ordinary shares \| Parent Company
Balance sheet
Ordinary shares, par value	$ 0.00005	$ 0.00005
Ordinary shares, shares authorized	0	0
Ordinary shares, shares issued	0	0
Ordinary shares, shares outstanding	0	0
Reportable Legal Entities \| Class A ordinary shares \| Parent Company
Balance sheet
Ordinary shares, par value	$ 0.00005	$ 0.00005
Ordinary shares, shares authorized	800,000,000	800,000,000
Ordinary shares, shares issued	504,387,299	504,387,299
Ordinary shares, shares outstanding	495,601,588	487,591,968
Reportable Legal Entities \| Class B ordinary shares \| Parent Company
Balance sheet
Ordinary shares, par value	$ 0.00005	$ 0.00005
Ordinary shares, shares authorized	200,000,000	200,000,000
Ordinary shares, shares issued	70,205,300	70,205,300
Ordinary shares, shares outstanding	70,205,300	70,205,300

Operating Leases

12 Months Ended

Dec. 31, 2024

Operating Leases

Operating Leases

10. Operating Leases

The Company has operating leases primarily for office and operation space. The Company’s operating lease arrangements have remaining terms of one year to five years with no variable lease costs.

Operating lease costs were US$6,626, US$4,530 and US$3,845 for the years ended December 31, 2022, 2023 and 2024, respectively. The components of lease expenses were as follows:


	Year Ended December 31,
	2022	2023	2024
	US$	US$	US$
Lease cost:
Amortization of right-of-use assets	4,766	4,100	3,469
Interest of lease liabilities	692	354	295
Expenses for short-term lease within 12 months	1,168	76	81
Total lease cost	6,626	4,530	3,845

Supplemental cash flow information related to leases were as follows:


	Year Ended December 31,
	2022	2023	2024
	US$	US$	US$
Cash paid for amounts included in the measurement of lease liabilities	5,554	4,134	3,820
Right-of-use assets obtained in exchange for operating lease liabilities	884	2,727	1,069

Supplemental consolidated balance sheet information related to leases were as follows:


	As of December 31,
	2023	2024
	US$	US$
Right-of-use assets	7,647	4,550
Operating lease liabilities-current	3,883	3,798
Operating lease liabilities-non-current	3,904	851
Total lease liabilities	7,787	4,649
Weighted-average remaining lease term
Operating leases	2.12 years	1.80 years
Weighted-average discount rate
Operating lease	4.75% per annum	4.75% per annum

Maturities of lease liabilities were as follows:


	As of December 31,
	2023	2024
	US$	US$
2024	4,237	—
2025	3,880	3,933
2026	124	367
2027	5	246
2028	—	203
2029	—	97
Total undiscounted lease payments	8,246	4,846
Less: imputed interest	(459)	(197)
Total lease liabilities	7,787	4,649

Long-term Investment

12 Months Ended

Dec. 31, 2024

Long-term Investment

Long-term Investment

9. Long-term Investment


	As of December 31,
	2023	2024
	US$	US$
Time deposit	186,751	151,185
U.S. treasury securities (1)	10,140	20,275
Investments in available-for-sale debt securities (2)	9,874	6,921
Investments in equity securities accounted for under alternative measurement (3)	488	1,516
Investment in an equity security with readily determinable fair values	236	195
Total long-term investments	207,489	180,092

(1)

(2)

As of December 31, 2023 and 2024, the balance represents the Group’s shareholding interests of several privately held companies.

As the Group has the right to request each investee to redeem the Group’s investments at the Group’s investment cost plus interest if the investee fails to meet certain predetermined conditions, the redeemable shares of the investees purchased by the Group were classified as an available-for-sale debt investments and were measured at their respective fair values. For the years ended December 31, 2022, 2023 and 2024, the fair value changes of the Group’s investments in these privately held companies were other comprehensive loss of US$9,493 and US$7,791 and other comprehensive income of US$14, respectively.

For two of the aforementioned investment, the Group recorded an impairment loss of US$15,537 in general and administrative expenses on the consolidated statements of comprehensive loss, and transferred out the related investments’ historical fair value change reflected in accumulated other comprehensive income accordingly, as a result of the Group’s impairment assessment on this investment as of December 31, 2023.

For the other one of the aforementioned investments, during the year 2024, the Group redeemed a portion of its investment and recorded a gain of US$451 in financial income on the consolidated statements of comprehensive income. The related historical fair value change of this investment, included in accumulated other comprehensive income was transferred out accordingly.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue	$ 298,617	$ 229,990	$ 208,172
Cost of revenue	(157,187)	(123,335)	(118,749)
Gross profit	141,430	106,655	89,423
Operating expenses:
Research and development expenses	(95,049)	(102,277)	(144,942)
Sales and marketing expenses	(37,081)	(40,440)	(55,662)
General and administrative expenses	(68,254)	(80,663)	(67,513)
Other operating incomes, net	11,334	10,901	10,508
Total operating expenses	(189,050)	(212,479)	(257,609)
Loss from operations	(47,620)	(105,824)	(168,186)
Other income
Other non-operating incomes, net	4,180	3,113	2,904
Financial income, net	50,718	44,976	18,546
Foreign exchange gain/ (loss), net	(136)	669	2,441
(Loss)/profit before income tax expense	7,142	(57,066)	(144,295)
Income tax expense	(2,145)	(3,249)	(1,880)
Net (loss)/profit	4,997	(60,315)	(146,175)
Net Income (Loss)	4,997	(60,315)	(146,175)
Net (loss)/profit attributable to ordinary shareholders	4,997	(60,315)	(146,175)
Net (loss)/profit	4,997	(60,315)	(146,175)
Other comprehensive (loss)/income
Changes in fair value of long-term investments	14	(7,791)	(9,493)
Transfer out of fair value changes of long-term investments	(65)	15,537
Foreign currency translation	(2,574)	(2,722)	(14,942)
Total comprehensive (loss)/income attributable to Tuya Inc.	$ 2,372	$ (55,291)	$ (170,610)
Weighted average number of ordinary shares used in computing net (loss)/profit per share
-Basic	573,782,783	555,466,061	553,527,529
-Diluted	591,006,801	555,466,061	553,527,529
Net (loss)/profit per share attributable to ordinary shareholders
-Basic	$ 0.01	$ (0.11)	$ (0.26)
-Diluted	$ 0.01	$ (0.11)	$ (0.26)
Research and development expenses
Net (loss)/profit per share attributable to ordinary shareholders
Share-based compensation expenses	$ 14,347	$ 14,734	$ 14,692
Sales and marketing expenses
Net (loss)/profit per share attributable to ordinary shareholders
Share-based compensation expenses	5,098	5,446	6,825
General and administrative expenses
Net (loss)/profit per share attributable to ordinary shareholders
Share-based compensation expenses	$ 48,305	$ 45,036	$ 47,502

Ordinary Shares (Tables)

12 Months Ended

Dec. 31, 2024

Ordinary Shares

Schedule of activities of the Group's Class A ordinary shares and Class B ordinary shares


					Total of Class A ordinary
					shares and Class B ordinary
	Class A ordinary shares		Class B ordinary shares		shares
	(US$0.00005 par value)		(US$0.00005 par value)		(US$0.00005 par value)
	Number of		Number of		Number of
	shares issued	Amount	shares issued	Amount	shares issued	Amount
		US$		US$		US$
Balance as of December 31, 2022	499,146,560	25	79,400,000	4	578,546,560	29
Cancellation of Treasury	(3,953,961)	—	—	—	(3,953,961)	—
Conversion of Class B ordinary shares to Class A ordinary shares	9,194,700	—	(9,194,700)	—	—	—
Balance as of December 31, 2023	504,387,299	25	70,205,300	4	574,592,599	29
Cancellation of Treasury	—	—	—	—	—	—
Conversion of Class B ordinary shares to Class A ordinary shares	—	—	—	—	—	—
Balance as of December 31, 2024	504,387,299	25	70,205,300	4	574,592,599	29

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

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+ Details

Prepayments and Other Assets, net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Prepayments and Other Assets, net
Advance to suppliers	$ 7,251	$ 5,587
VAT recoverable	4,125	1,275
Loans receivable	1,500
Interest receivable	1,103	1,927
Receivables from third party payment platforms	939	597
Rental deposits	334	532
Prepayment for share repurchase		315
Others	962	854
Less: allowance for credit losses	(35)	(34)
Total prepayments and other current assets, net	16,179	11,053
Other non-current assets
Rental deposits	687	889
Less: allowance for credit losses	(9)	(12)
Total other non-current assets, net	$ 678	$ 877

Principal Accounting Policies - Accounts Receivable, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jan. 01, 2023
Principal Accounting Policies
Net decrease in retained earnings	$ (569,851)	$ (574,848)
Cash settlement from commercial banks period	6 months
Bank acceptance notes, endorsed	$ 1,991	670	$ 0
Bank acceptance notes, transferred without recourse	$ 0	$ 0	$ 4,620
Accounting Standards Update 2016-13 \| Adjustment
Principal Accounting Policies
Net decrease in retained earnings				$ 460

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Principal Accounting Policies - Value Added Taxes (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) subsidiary	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Principal Accounting Policies
Number of subsidiaries \| subsidiary	2
Value added tax receivable percentage	3.00%
VAT refund received \| $	$ 8,939	$ 7,037	$ 6,211

Principal Accounting Policies - Property, Equipment and Software (Details)	Dec. 31, 2024
Leasehold improvements
Property, Equipment and Software
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember
Computers and electronic equipment
Property, Equipment and Software
Property, equipment and software useful life	3 years
Office equipment
Property, Equipment and Software
Property, equipment and software useful life	3 years
Software
Property, Equipment and Software
Property, equipment and software useful life	3 years

DIVIDENDS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2024
DIVIDENDS
Payments of dividend		$ 33,022
O 2024 Q3 Dividends
DIVIDENDS
Date Declared	Aug. 26, 2024
Dividends, Per Share, Declared	$ 0.0589
Date of Record	Sep. 11, 2024
Payments of dividend	$ 33,000
Dividends Payable, Date to be Paid	Oct. 31, 2024
O 2024 Q3 Dividends \| ADR
DIVIDENDS
Dividends, Per Share, Declared	$ 0.0589

Principal Accounting Policies - Segment Reporting (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
Revenue	$ 298,617	$ 229,990	$ 208,172
Cost of revenue	(157,187)	(123,335)	(118,749)
Segment gross profit	141,430	106,655	89,423
Research and development expenses	(95,049)	(102,277)	(144,942)
Other operating incomes, net	11,334	10,901	10,508
Loss from operations	(47,620)	(105,824)	(168,186)
Single reporting segment
Segment Reporting Information [Line Items]
Revenue	298,617	229,990	208,172
Cost of revenue	(157,187)	(123,335)	(118,749)
Segment gross profit	141,430	106,655	89,423
Research and development expenses	(95,049)	(102,277)	(144,942)
Selling, general and administrative expenses	(105,335)	(121,103)	(123,175)
Other operating incomes, net	11,334	10,901	10,508
Loss from operations	$ (47,620)	$ (105,824)	$ (168,186)

Organization and principal activities

12 Months Ended

Dec. 31, 2024

Organization and principal activities

Organization and principal activities

1. Organization and principal activities

(a) Principal Activities

Tuya Inc. (the “Company”) was incorporated under the laws of the Cayman Islands on August 28, 2014, as an exempted company with limited liability. The Company and its subsidiaries and consolidated variable interest entity (“VIE”) (collectively referred to as the “Group”) are principally engaged in offering PaaS (Platform-as-a-Service) to business customers developing IoT (Internet of Things) devices, including brands and their OEMs (original equipment manufacturer). And, the Group offers SaaS (Software-as-a-Service), including industry SaaS and cloud-based value-added services to its customers. The Group also sells finished smart devices powered by Tuya purchased from qualified OEMs (the “Smart solution”).

(b) History of the Group

Prior to the incorporation of Tuya Inc. in August 2014, the Group commenced its initial operations through Hangzhou Tuya Technology Co., Ltd. (“Hangzhou Tuya Technology”), which was established on June 16, 2014 by Wang Xueji and another individual. After a series of agreements, Hangzhou Tuya Technology was owned by Wang Xueji and other four individuals (collectively, the “Registered Shareholders”) together with two unrelated investors of Series Angel financing (the “Non-Registered Shareholders VIE Investors”) by August 2014. In December 2014, Hangzhou Tuya Information Technology Co., Ltd. (the “WFOE”) was established after the incorporation of Tuya Inc. The Group then entered into a series of contractual arrangements among the WFOE, Hangzhou Tuya Technology and Hangzhou Tuya Technology’s shareholders in December 2014, and thereafter Hangzhou Tuya Technology (the “VIE”) became the variable interest entity of the Group. After the completion of this transaction, the Group’s consolidated financial statements include the financial statements of the Company, its subsidiaries and the consolidated VIE. In 2019, the VIE agreements were amended to modify the VIE’s shareholders list and equity interest of each shareholder as a result of the change in registered share capital of the VIE and the exit of Non-Registered Shareholders VIE Investors as the VIE’s shareholders. The contractual arrangements were further amended in January 2022. The amendments discussed herein did not impact the VIE accounting treatment discussed further in Note 2(b).

As of December 31, 2023 and 2024, the Company’s principal subsidiaries and consolidated VIE are as follows:


			Percentage of direct
Name of subsidiaries	Date of incorporation	Place of incorporation	or indirect ownership				Principal activities
			December 31,
			2023		2024
Tuya (HK) Limited	September 12, 2014	Hong Kong, China	100	%	100	%	Investment holding and business development
Hangzhou Tuya Information Technology Co., Ltd.	December 5, 2014	Hangzhou, China	100	%	100	%	Sales of IoT PaaS, Smart devices, SaaS and Others and research and development
Tuya Smart Inc.	July 19, 2019	Delaware, United States	100	%	100	%	Business development
Tuya Global Inc.	July 22, 2015	California, United States	100	%	100	%	Business development
Tuya smart (India) Private Limited	January 31, 2019	Gurgaon, India	100	%	100	%	Business development
Tuya smart (Colombia) S.A.S	July 2, 2019	Medellin, Colombia	100	%	100	%	Business development
Tuya GmbH	May 13, 2019	Hamburg, Germany	100	%	100	%	Business development
Tuya Japan Co., Ltd.	January 23, 2019	Tokyo, Japan	100	%	100	%	Business development
Zhejiang Tuya Smart Electronics Co., Ltd.	May 9, 2020	Hangzhou, China	100	%	100	%	Sales of Smart devices
Tuya Smart Australia Pty Ltd	December 19, 2020	Melbourne, Australia	100	%	100	%	Business development
Tuya France	February 07, 2023	Paris, France	100	%	100	%	Business development
Tuya UK Limited	September 28, 2022	London, United Kingdom	100	%	100	%	Business development


			Economic
Name of VIE	Date of incorporation	Place of incorporation	interest held				Principal activities
			December 31,
			2023		2024
Hangzhou Tuya Technology Co., Ltd.	June 16, 2014	Hangzhou, China	100	%	100	%	No substantial business

The VIE operated de minimis business activities and had no material impact on the Company’s financial position, results of operations or cash flows for the years ended December 31, 2022, 2023 and 2024.

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Taxes

Income Taxes

16. Income Taxes

Cayman Islands

Under the current tax laws of Cayman Islands, the Company is not subject to income, corporation or capital gains tax, and no withholding tax is imposed upon the payment of dividends.

British Virgin Islands

Under the current laws of the British Virgin Islands, entities incorporated in the British Virgin Islands are not subject to tax on their income or capital gains.

Hong Kong

Under the current Hong Kong Inland Revenue Ordinance, the Group’s subsidiaries in Hong Kong are subject to 16.5% Hong Kong profit tax on its taxable income generated from operations in Hong Kong. Additionally, payments of dividends by the subsidiaries incorporated in Hong Kong to the Company are not subject to any Hong Kong withholding tax.

PRC

PRC Enterprise Income Tax (“EIT”)

On March 16, 2007, the National People’s Congress of PRC enacted the Enterprise Income Tax Law (the “new EIT Law”), under which foreign invested enterprises (“FIEs”) and domestic companies would be subject to enterprise income tax (“EIT “) at a uniform rate of 25%. The new EIT law became effective on January 1, 2008. In accordance with the implementation rules of EIT Law, a qualified “High and New Technology Enterprise” (“HNTE”) is eligible for a preferential tax rate of 15%. The HNTE certificate is effective for a period of three years. An entity could re-apply for the HNTE certificate when the prior certificate expires.

The WFOE (Hangzhou Tuya Information Technology Co., Ltd.) obtained its HNTE certificate with a valid period of three years in November 2018, and renewed in December 2024 with a valid period of three years. Therefore, the WFOE is eligible to enjoy a preferential tax rate of 15% from the years ended December 31, 2018 to 2026, to the extent it has taxable income under the EIT Law, and as long as it maintains the HNTE qualification and duly conducts relevant EIT filing procedures with the relevant tax authority.

PRC Withholding Income Tax on Dividends

The EIT Law also provides that an enterprise established under the laws of a foreign country or region but whose “de facto management body” is located in the PRC be treated as a resident enterprise for PRC tax purposes and consequently be subject to the PRC income tax at the rate of 25% for its global income. The implementing Rules of the EIT Law merely define the location of the “de facto management body” as “the place where the exercising, in substance, of the overall management and control of the production and business operation, personnel, accounting, properties, etc., of a non-PRC company is located.”

The EIT Law also imposes a withholding income tax of 10% on dividends distributed by a FIE to its immediate holding company outside of China, if such immediate holding company is considered as a non-resident enterprise without any establishment or place within China or if the received dividends have no connection with the establishment or place of such immediate holding company within China, unless such immediate holding company’s jurisdiction of incorporation has a tax treaty with China that provides for a different withholding arrangement. According to the arrangement between Mainland China and Hong Kong Special Administrative Region on the Avoidance of Double Taxation and Prevention of Fiscal Evasion in August 2006, dividends paid by a FIE in China to its immediate holding company in Hong Kong can be subject to withholding tax at a rate of no more than 5% if the immediate holding company in Hong Kong owns directly at least 25% of the shares of the FIE and could be recognized as a Beneficial Owner of the dividend from PRC tax perspective.

As of December 31, 2023 and 2024, the Company did not record any withholding tax on the retained earnings of its subsidiaries in the PRC as the Group does not have retained earnings for any of the years presented.

United States

The Company’s subsidiary in California, United States is subject to U.S. federal corporate tax and California corporate franchise tax on its taxable income as reported in its statutory financial statements adjusted in accordance with relevant U.S. tax laws. The applicable U.S. federal corporate tax rate is 21% and the California corporate franchise tax rate is 8.84% or minimum of $0.8, whatever is larger in 2022, 2023 and 2024.

On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act makes broad and complex changes to the U.S. tax code including, but not limited to: (1) reducing the U.S. federal corporate tax rate from 35% to 21%; (2) requiring companies to pay a one-time transition tax on certain unrepatriated earnings of foreign subsidiaries; (3) generally eliminating U.S. federal income taxes on dividends from foreign subsidiaries; (4) requiring a current inclusion in U.S. federal taxable income of certain earnings of controlled foreign corporations; (5) eliminating the corporate alternative minimum tax (“AMT”) and changing how existing AMT credits can be realized; (6) creating the base erosion anti-abuse tax (“BEAT”), a new minimum tax; (7) creating a new limitation on deductible interest expense; and (8) changing rules related to uses and limitations of net operating loss carry-forwards created in tax years beginning after December 31, 2017. In addition, the California corporate franchise tax remained the same after the enactment of the Tax Act.

The Company assessed the impact of Tax Act and concluded that it was not material to the Company.

As the Group incurred income tax expense mainly from PRC tax jurisdictions, the following information is based mainly on PRC income taxes.

Composition of income tax expense

The components of (loss)/profit before tax are as follow:


	Year Ended December 31,
	2022	2023	2024
	US$	US$	US$
(Loss)/profit before tax
Loss from PRC entities	(143,951)	(71,249)	(20,596)
(Loss)/profit from overseas entities	(344)	14,183	27,738
Total (loss)/profit before tax	(144,295)	(57,066)	7,142


	Year Ended December 31,
	2022	2023	2024
	US$	US$	US$
Current income tax expense	1,880	3,249	2,145
Deferred income tax	—	—	—
Total income tax expense	1,880	3,249	2,145

Reconciliation of the differences between statutory tax rate and the effective tax rate

Reconciliation of the differences between the statutory EIT rate applicable to losses of the consolidated entities and the income tax expenses of the Group:


	Year Ended December 31,
	2022		2023		2024
PRC Statutory income tax rate	25.0	%	25.0	%	25.0	%
Effect of tax rates in different tax jurisdiction	(0.3)	%	(2.5)	%	(35.1)	%
Effect of preferential tax rate for qualified HNTE entities (1)	(6.0)	%	(5.4)	%	(8.6)	%
Additional deduction for research and development expenditures	8.5	%	17.7	%	(125.1)	%
Share-based compensation	(10.5)	%	(19.7)	%	141.2	%
Permanent book-tax differences	(1.4)	%	1.6	%	(11.6)	%
Change in valuation allowance (2)	(16.6)	%	(22.4)	%	44.3	%
Effective tax rates	(1.3)	%	(5.7)	%	30.0	%

(1)

The effect of the preferential income tax rate that the WFOE is entitled to enjoy as a qualified HNTE is 15%.

(2)

Valuation allowance for the years ended December 31, 2022, 2023 and 2024 are related to the deferred tax assets of certain group entities which reported losses. The Group believes that it is more likely than not that the deferred tax assets of these entities will not be utilized. Therefore, valuation allowance has been provided.

Deferred tax assets and deferred tax liabilities

The following table sets forth the significant components of the deferred tax assets:



	As of December 31,
	2022	2023	2024
	US$	US$	US$
Deferred tax assets
Net accumulated losses-carry forward	106,146	117,409	118,755
Credit-related impairment of long-term investments	—	1,421	1,472
Inventory write-downs	691	531	845
Receivables allowances	42	279	795
Other deductible temporary difference	88	106	1,046
Less: valuation allowance	(106,967)	(119,746)	(122,913)
Total deferred tax assets	—	—	—

As of December 31, 2024, the Group had tax losses carry forwards of approximately US$576,439, which mainly arose from its subsidiaries established in the PRC. These tax losses carry forwards from PRC entities will expire during the period from 2025 to 2034 as follows:


As of December 31, 2024		US$
2025		58,351
2026		104,894
2027		47,947
2028		62,484
2029		87,855
2030		37,178
2031		34,198
2032		97,163
2033		43,371
2034		2,998
Total tax losses carry forwards		576,439

Movement of valuation allowance


	As of December 31,
	2022	2023	2024
	US$	US$	US$
Balance at beginning of the year	82,964	106,967	119,746
Changes of valuation allowance(1)	24,003	12,779	3,167
Balance at end of the year	106,967	119,746	122,913

(1)

Valuation allowances have been provided against deferred tax assets when the Group determines that it is more likely than not that the deferred tax assets will not be utilized in the future. In making such determination, the Group evaluates a variety of factors including the Group’s entities’ operating history, accumulated deficit, existence of taxable temporary differences and reversal periods. As of December 31, 2023 and 2024, full valuation allowances on deferred tax assets were provided because it was more likely than not that the Group will not be able to utilize tax loss carry forwards and other temporary tax difference generated by its unprofitable subsidiaries and the VIE.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
-Section 55
-Paragraph 231
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-Topic 740
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-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

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-Topic 740
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Topic 740
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Deferred Revenue - Deferred cloud-based connectivity and basic IoT services related revenue, Membership, SaaS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred Revenue
Beginning balances	$ 7,308
Ending balances	7,902	$ 7,308
Cloud-based connectivity and basic IoT services
Deferred Revenue
Beginning balances	1,122	1,375	$ 2,669
Deferral of revenue	1,123	984	872
Recognition of deferred revenue	(968)	(1,237)	(2,166)
Ending balances	1,277	1,122	1,375
Membership
Deferred Revenue
Beginning balances		672	3,473
Deferral of revenue		179	2,442
Recognition of deferred revenue		(851)	(5,243)
Ending balances			672
SaaS
Deferred Revenue
Beginning balances	6,186	5,168	3,971
Deferral of revenue	24,498	19,402	11,779
Recognition of deferred revenue	(24,059)	(18,384)	(10,582)
Ending balances	$ 6,625	$ 6,186	$ 5,168

Prepayments and Other Assets, net

12 Months Ended

Dec. 31, 2024

Prepayments and Other Assets, net

Prepayments and Other Assets, net

7. Prepayments and Other Assets, net

The current and non-current portions of prepayments and other assets consist of the following:


	As of December 31,
	2023	2024
	US$	US$
Advance to suppliers	5,587	7,251
VAT recoverable (1)	1,275	4,125
Loans receivable	—	1,500
Interest receivable	1,927	1,103
Receivables from third party payment platforms	597	939
Rental deposits	532	334
Prepayment for share repurchase	315	—
Others	854	962
Less: allowance for credit losses	(34)	(35)
Total prepayments and other current assets, net	11,053	16,179

Rental deposits	889	687
Less: allowance for credit losses	(12)	(9)
Total other non-current assets, net	877	678

(1)

VAT recoverable represented the balances that the Group can utilize to deduct its VAT liabilities within the next 12 months.

Ordinary Shares

12 Months Ended

Dec. 31, 2024

Ordinary Shares

Ordinary Shares

14. Ordinary Shares

On August 28, 2014, the Company was incorporated as an exempted company with limited liability with authorized share capital of US$50 divided into 1,000,000,000 shares with par value US$0.00005 each. On August 28, 2014, the Company issued total 200,000,000 shares of ordinary shares with total cash consideration of US$10 to the Registered Shareholders. The Company issued total 21,980,000 ordinary shares for US$0.0797 per share, with cash proceed of RMB9,720 thousand (equivalent to US$1,577) from two investors and US$175 from the other investor (collectively, the “Angel Investors”), on August 28, 2014 and December 23, 2014, respectively.

The Company amended the numbers of its ordinary shares authorized as 934,711,640, 921,032,370, 827,969,950, 767,500,110 and 692,500,110 upon the issuance of Series A, Series A-1, Series B, Series C and Series D convertible preferred shares in December 2014, November 2016, August 2017, April 2018 and September 2019, respectively.

As of December 31, 2019 and 2020, the Company had in aggregate of 221,980,000 ordinary shares issued and outstanding, at a par value of US$0.00005.

As of December 31, 2019, proceeds of the subscription for ordinary shares of the Company in the amount of US$10 were remained outstanding, and was presented as subscription receivables from ordinary shareholders in equity, a contra-equity balance on the consolidated balance sheets as of December 31, 2019. In 2020, the ordinary shareholders fully paid the US$10 subscription for ordinary shares of the Company, and therefore, as of December 31, 2020, the balance subscription receivables from ordinary shareholders were nil.

In early February 2021, the Company issued total 16,026,282 shares of ordinary shares for US$12.48 per share, with total consideration of approximately US$200 million received from two investors at fair market price, including one holder of its Series D Preferred Shares.

On March 18, 2021, the Company completed its U.S. IPO of 43,590,000 American Depositary Shares (“ADSs”), each representing one Class A ordinary shares of the Company, at the price of US$21.00 per ADS. On April 20, 2021, the Company’s underwriters exercised their over-allotment option to purchase additional 1,486,479 ADSs. The Company received approximately US$904.7 million of proceeds after deducting underwriting discounts commissions and other offering expense from its U.S. IPO and related over-allotment option arrangement.

Immediately prior to the completion of its U.S. IPO, the Company’s authorized share capital was amended as US$50 divided into 1,000,000,000 ordinary shares, among which 600,000,000 authorized ordinary shares were reclassified and re-designated as Class A ordinary shares, 200,000,000 authorized ordinary shares were reclassified and re-designated as Class B ordinary shares, and remaining 200,000,000 authorized ordinary shares were reclassified and re-designated as undesignated shares on a one-for-one basis, of such class or classes (however designated) as the board of directors of the Company may determine in the future.

Immediately prior to the completion of its U.S. IPO, a total of 142,400,000 issued and outstanding ordinary shares were converted into Class B ordinary shares on a one-for-one basis. The remaining issued and outstanding ordinary shares and all the Series A, Series A-1, Series B, Series C and Series D Preferred Shares,which were originally classified as Mezzanine Equity, were converted into Class A ordinary shares, in each case on a one-for-one basis immediately prior to the completion of the U.S. IPO (the “Dual Class Conversion”). In respect of matters requiring the votes of shareholders, each Class A ordinary share is entitled to one vote and each Class B ordinary share is entitled to 15 votes. Each Class B ordinary share is convertible into one Class A ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Holders of Class A ordinary shares and Class B ordinary shares have the same rights except for voting and conversion rights.

On September 13, 2021 and October 18, 2021, the Company issued 5,000,000 Class A ordinary shares at par to a depository bank reserved solely for the purpose of implementing the Group’s Equity Incentive Plan, respectively. The Group accounted for these shares as issued but not outstanding and presented as treasury stocks in the consolidated balance sheets.

On December 23, 2021, 27,000,000 Class B ordinary Shares were converted to Class A ordinary Shares on one-for-one basis for Wang Xueji’s personal investment planning.On December 28, 2021, 36,000,000 Class B ordinary Shares were converted to Class A ordinary Shares on one-for-one basis for Wang Xueji’s personal investment planning.

On July 4, 2022, the Company completed its Dual Primary Listing in Hong Kong Exchange (“Dual Primary Listing”) of 7,300,000 Class A ordinary shares, at the price of US$2.46 per ordinary share.

On November 1, 2022, the Company amended the numbers of its Class A ordinary shares authorized from 600,000,000 to 800,000,000 at par value of US$0.00005 each.The Company further amended that in respect of matters requiring the votes of shareholders to one vote for each Class A ordinary share and 10 votes for each Class B ordinary share.

On March 28, 2023 and December 15, 2023, 9,000,000 and 194,700 Class B ordinary shares were converted to Class A ordinary shares on one-for-one basis to reduce the weighted voting rights, respectively.

On August 30, 2021, the Company’s board of directors authorized a share repurchase program under which the Company may repurchase up to US$200 million of ADSs each representing one Class A ordinary shares during a twelve - month period ended on August 30, 2022. On November 9, 2022, the Company’s board of directors authorized a share repurchase program under which the Company may repurchase up to US$50 million of ADSs each representing one Class A ordinary shares. On June 20, 2023, the Company’s board of directors authorized a share repurchase program under which the Company may repurchase up to US$50 million of ADSs each representing one Class A ordinary shares (The above mentioned share repurchase programs are collectively referred as the “Share Repurchase Program”). The share repurchases may be made from time to time in the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. In the year ended December 31, 2023, the Company repurchased total 1,200,794 ADSs representing 1,200,794 ordinary shares under the Share Repurchase Program at a weighted average price of US$1.70 per ADS. As of December 31, 2023, the remaining authorized amount under the Share Repurchase Program is US$49 million. In the year ended December 31, 2024, the Company repurchased total 223,773 ADSs representing 223,773 ordinary shares under the Share Repurchase Program at a weighted average price of US$1.72 per ADS. As of December 31, 2024, the remaining authorized amount under the Share Repurchase Program is US$49 million.

On March 28, 2023 and December 15, 2023, 2,753,167 and 1,200,794 treasury stocks were cancelled respectively, to comply with the listing rules of the Hong Kong Stock Exchange.

As of December 31, 2023 and 2024, the Company’s authorized share capital of US$50 was divided into 1,000,000,000 ordinary shares, among which 800,000,000 authorized Class A ordinary shares and 200,000,000 authorized Class B ordinary shares.

As of December 31, 2023, the Company had in aggregate of 504,387,299 Class A ordinary shares issued and 487,591,968 Class A ordinary shares outstanding, at a par value of US$0.00005. As of December 31, 2023, the Company had in aggregate of 70,205,300 Class B ordinary shares issued and outstanding, at a par value of US$0.00005.

As of December 31, 2024, the Company had in aggregate of 504,387,299 Class A ordinary shares issued and 495,601,588 Class A ordinary shares outstanding, at a par value of US$0.00005. As of December 31, 2024, the Company had in aggregate of 70,205,300 Class B ordinary shares issued and outstanding, at a par value of US$0.00005.

The activities of the Group’s Class A ordinary shares and Class B ordinary shares the years ended December 31, 2023 and 2024 are summarized as below:


					Total of Class A ordinary
					shares and Class B ordinary
	Class A ordinary shares		Class B ordinary shares		shares
	(US$0.00005 par value)		(US$0.00005 par value)		(US$0.00005 par value)
	Number of		Number of		Number of
	shares issued	Amount	shares issued	Amount	shares issued	Amount
		US$		US$		US$
Balance as of December 31, 2022	499,146,560	25	79,400,000	4	578,546,560	29
Cancellation of Treasury	(3,953,961)	—	—	—	(3,953,961)	—
Conversion of Class B ordinary shares to Class A ordinary shares	9,194,700	—	(9,194,700)	—	—	—
Balance as of December 31, 2023	504,387,299	25	70,205,300	4	574,592,599	29
Cancellation of Treasury	—	—	—	—	—	—
Conversion of Class B ordinary shares to Class A ordinary shares	—	—	—	—	—	—
Balance as of December 31, 2024	504,387,299	25	70,205,300	4	574,592,599	29

Long-term Investment (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Long-term Investment
Time deposit	$ 151,185	$ 186,751
U.S. treasury securities	20,275	10,140
Investments in available-for-sale debt securities	6,921	9,874
Investments in equity securities accounted for under alternative measurement	1,516	488
Investment in an equity security with readily determinable fair values	195	236
Total long-term investments	$ 180,092	$ 207,489

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes

Schedule of components of income tax expense


	Year Ended December 31,
	2022	2023	2024
	US$	US$	US$
(Loss)/profit before tax
Loss from PRC entities	(143,951)	(71,249)	(20,596)
(Loss)/profit from overseas entities	(344)	14,183	27,738
Total (loss)/profit before tax	(144,295)	(57,066)	7,142


	Year Ended December 31,
	2022	2023	2024
	US$	US$	US$
Current income tax expense	1,880	3,249	2,145
Deferred income tax	—	—	—
Total income tax expense	1,880	3,249	2,145

Schedule of reconciliation of differences between statutory tax rate and effective tax rate


	Year Ended December 31,
	2022		2023		2024
PRC Statutory income tax rate	25.0	%	25.0	%	25.0	%
Effect of tax rates in different tax jurisdiction	(0.3)	%	(2.5)	%	(35.1)	%
Effect of preferential tax rate for qualified HNTE entities (1)	(6.0)	%	(5.4)	%	(8.6)	%
Additional deduction for research and development expenditures	8.5	%	17.7	%	(125.1)	%
Share-based compensation	(10.5)	%	(19.7)	%	141.2	%
Permanent book-tax differences	(1.4)	%	1.6	%	(11.6)	%
Change in valuation allowance (2)	(16.6)	%	(22.4)	%	44.3	%
Effective tax rates	(1.3)	%	(5.7)	%	30.0	%

(1)

The effect of the preferential income tax rate that the WFOE is entitled to enjoy as a qualified HNTE is 15%.

(2)

Summary of deferred tax assets and deferred tax liabilities



	As of December 31,
	2022	2023	2024
	US$	US$	US$
Deferred tax assets
Net accumulated losses-carry forward	106,146	117,409	118,755
Credit-related impairment of long-term investments	—	1,421	1,472
Inventory write-downs	691	531	845
Receivables allowances	42	279	795
Other deductible temporary difference	88	106	1,046
Less: valuation allowance	(106,967)	(119,746)	(122,913)
Total deferred tax assets	—	—	—

Summary of tax losses carry forwarded for future years


As of December 31, 2024		US$
2025		58,351
2026		104,894
2027		47,947
2028		62,484
2029		87,855
2030		37,178
2031		34,198
2032		97,163
2033		43,371
2034		2,998
Total tax losses carry forwards		576,439

Schedule of movement of valuation allowance


	As of December 31,
	2022	2023	2024
	US$	US$	US$
Balance at beginning of the year	82,964	106,967	119,746
Changes of valuation allowance(1)	24,003	12,779	3,167
Balance at end of the year	106,967	119,746	122,913

(1)

Basic and Diluted Net (Loss)/profit per Share - Schedule of basic and diluted net income (loss) per common share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net (loss)/profit attributable to Tuya Inc.'s ordinary shareholders, basic	$ 4,997	$ (60,315)	$ (146,175)
Net (loss)/profit attributable to Tuya Inc.'s ordinary shareholders, diluted	$ 4,997	$ (60,315)	$ (146,175)
Denominator:
Weighted-average ordinary shares outstanding, basic	573,782,783	555,466,061	553,527,529
Effective of diluted securities
Share option and RSU	17,224,018
Weighted-average ordinary shares outstanding, diluted	591,006,801	555,466,061	553,527,529
Net (loss)/profit per share attributable to ordinary shareholders, basic	$ 0.01	$ (0.11)	$ (0.26)
Net (loss)/profit per share attributable to ordinary shareholders, diluted	$ 0.01	$ (0.11)	$ (0.26)