Technology

Tuya Reports First Quarter 2025 Unaudited Financial Results

Published

12 months ago

May 20, 2025

SANTA CLARA, Calif., May 20, 2025 /PRNewswire/ — Tuya Inc. (“Tuya” or the “Company”) (NYSE: TUYA; HKEX: 2391), a global leading cloud platform service provider, today announced its unaudited financial results for the first quarter ended March 31, 2025.

First Quarter 2025 Financial Highlights

Total revenue was US$74.7 million, up approximately 21.1% year-over-year (1Q2024: US$61.7 million).IoT platform-as-a-service (“PaaS”) revenue was US$53.7 million, up approximately 17.9% year-over-year (1Q2024: US$45.6 million).Software-as-a-service (“SaaS”) and others revenue was US$10.0 million, up approximately 15.5% year-over-year (1Q2024: US$8.6 million).Smart solution revenue was US$11.0 million, up approximately 47.1% year-over-year (1Q2024: US$7.5 million).Overall gross margin was 48.5%, up 0.7 percentage point year-over-year (1Q2024: 47.8%). Gross margin of IoT PaaS increased to 48.4%, up 2.0 percentage points year-over-year (1Q2024: 46.4%).Operating margin was negative 1.9%, improved by 24.6 percentage points year-over-year (1Q2024: negative 26.5%). Non-GAAP operating margin was 9.1%, improved by 10.0 percentage points year-over-year (1Q2024: negative 0.9%).Net margin was 14.8%, improved by 20.5 percentage points year-over-year (1Q2024: negative 5.7%). Non-GAAP net margin was 25.8%, improved by 5.9 percentage points year- over-year (1Q2024: 19.9%).Net profits were US$11.0 million (1Q2024: negative US$3.5 million). Non-GAAP net profits were US$19.3 million, up approximately 57.2% year-over-year (1Q2024: US$12.3 million).Net cash generated from operating activities was US$9.4 million (1Q2024: US$14.5 million).Total cash and cash equivalents, time deposits and treasury securities recorded as short- term and long-term investments were US$1,023.7 million as of March 31, 2025, compared to US$1,016.7 million as of December 31, 2024.

For further information on the non-GAAP financial measures presented above, see the section headed “Use of Non-GAAP Financial Measures.”

First Quarter 2025 Operating Highlights

IoT PaaS customers1 for the first quarter of 2025 were approximately 2,000 (1Q2024: approximately 2,000). Total customers for the first quarter of 2025 were approximately 2,800 (1Q2024: 3,000). The Company’s key-account strategy has enabled it to focus on serving strategic customers.Premium IoT PaaS customers2 for the trailing 12 months ended March 31, 2025 were 287 (1Q2024: 269). In the first quarter of 2025, the Company’s premium IoT PaaS customers contributed approximately 88.7% of its IoT PaaS revenue (1Q2024: approximately 85.1%).Dollar-based net expansion rate (“DBNER”)3 of IoT PaaS for the trailing 12 months ended December 31, 2025 was 118% (1Q2024: 116%).Registered IoT device and software developers were over 1,417,000 as of March 31, 2025, up 7.7% from approximately 1,316,000 developers as of December 31, 2024.The Company defines an IoT PaaS customer for a given period as a customer who has directly placed orders for IoT PaaS with the Company during that period.The Company defines a premium IoT PaaS customer as a customer as of a given date that contributed more than US$100,000 of IoT PaaS revenue during the immediately preceding 12-month period.The Company calculates DBNER of IoT PaaS for a trailing 12-month period by first identifying all customers in the prior 12-month period (i.e., those have placed at least one order for IoT PaaS during that period), and then calculating the quotient from dividing the IoT PaaS revenue generated from such customers in the current trailing 12-month period by the IoT PaaS revenue generated from the same group of customers in the prior 12-month period. The Company’s DBNER may change from period to period, due to a combination of various factors, including changes in the customers’ purchase cycles and amounts and the Company’s customer mix, among other things. DBNER indicates the Company’s ability to expand customer use of the Tuya platform over time and generate revenue growth from existing customers.

Mr. Xueji (Jerry) Wang, Founder and Chief Executive Officer of Tuya, commented, “In the first quarter, typically a seasonally soft period, we delivered steady growth in GAAP net profit, driven by sustained revenue growth and healthy operating leverage under Tuya’s differentiated business model. Amid ongoing macroeconomic uncertainties and rapid AI evolution, we remain focused on building differentiated AIoT capabilities and empowering global developers. Tuya’s platform model continues to facilitate deeper integration of AI and smart devices, accelerating the intelligent transformation of the industry.”

Mr. Yi (Alex) Yang, Director and Chief Financial Officer of Tuya, added, “We delivered solid financial results in the first quarter of 2025, with revenue increasing 21.1% year-over-year to US$74.7 million and gross margin remaining stable at 48.5%. Continued cost discipline and an optimized expense structure supported steady improvement in GAAP net profit, which reached US$11.0 million, nearly double the full-year total for 2024, with a GAAP net margin reached record high of 14.8%. We also generated positive operating cash flow for the eighth consecutive quarter and ended the period with a healthy net cash position. These results provide both a solid execution base and financial flexibility to support sustained investment in AI innovation and Smart Solution expansion, and to deliver long-term shareholder value across macro volatility.”

First Quarter 2025 Unaudited Financial Results

REVENUE

Total revenue in the first quarter of 2025 increased by 21.1% to US$74.7 million from US$61.7 million in the same period of 2024, mainly due to the increase in IoT PaaS revenue and smart solution revenue.

IoT PaaS revenue in the first quarter of 2025 increased by 17.9% to US$53.7 million from US$45.6 million in the same period of 2024, primarily due to increasing demand compared with the same period of 2024 and the Company’s strategic focus on customer needs and product enhancements. As a result, the Company’s DBNER of IoT PaaS for the trailing 12 months ended March 31, 2025 increased to 118% from 116% for the trailing 12 months ended March 31, 2024.SaaS and others revenue in the first quarter of 2025 increased by 15.5% to US$10.0 million from US$8.6 million in the same period of 2024, primarily due to an increase in revenue from cloud software products. During the quarter, the Company remained committed to offering value-added services and a diverse range of software products with compelling value propositions to its customers.Smart solution revenue in the first quarter of 2025 increased by 47.1% to US$11.0 million from US$7.5 million in the same period of 2024, primarily due to the increasing customer demand for smart devices with integrated intelligent software capabilities the Company developed beyond IoT.

COST OF REVENUE

Cost of revenue in the first quarter of 2025 increased by 19.5% to US$38.4 million from US$32.2 million in the same period of 2024, generally in line with the increase in the Company’s total revenue.

GROSS PROFIT AND GROSS MARGIN

Total gross profit in the first quarter of 2025 increased by 22.9% to US$36.3 million from US$29.5 million in the same period of 2024. The gross margin in the first quarter of 2025 was 48.5%, compared to 47.8% in the same period of 2024, reaching a record high since the establishment of the Company.

IoT PaaS gross margin in the first quarter of 2025 was 48.4%, compared to 46.4% in the same period of 2024.SaaS and others gross margin in the first quarter of 2025 was 74.4%, compared to 72.3% in the same period of 2024.Smart solution gross margin in the first quarter of 2025 was 25.7%, remained relatively steady sequentially, and compared to 28.3% in the same period of 2024.

Gross margin of each revenue stream increased or fluctuated primarily due to changes in products and solutions mix. As a developer platform with rich ecosystem of smart devices and applications, the Company is committed to focusing on software products with compelling value propositions while maintaining cost efficiency.

OPERATING EXPENSES

Operating expenses decreased by 17.8% to US$37.7 million in the first quarter of 2025 from US$45.9 million in the same period of 2024. Non-GAAP operating expenses decreased by 2.0% to US$29.4 million in the first quarter of 2025 from US$30.0 million in the same period of 2024. For further information on the non-GAAP financial measures presented above, see the section headed “Use of Non-GAAP Financial Measures.”

Research and development expenses in the first quarter of 2025 were US$22.8 million, down 2.8% from US$23.5 million in the same period of 2024, primarily because of (i) the lower share-based compensation expenses as equity incentive awards granted at higher valuations in previous years have been gradually amortized and (ii) partially offset by an increase in cloud services costs. Non-GAAP adjusted research and development expenses in the first quarter of 2025 were US$20.8 million, compared to US$20.0 million in the same period of 2024.Sales and marketing expenses in the first quarter of 2025 were US$8.3 million, down 7.1% from US$9.0 million in the same period of 2024, primarily because of (i) the decrease in employee-related costs, (ii) the lower share-based compensation expenses as equity incentive awards granted at higher valuations in previous years have been gradually amortized, and (iii) partially offset by increased spending in marketing events compared to the same period of 2024. Non-GAAP adjusted sales and marketing expenses in the first quarter of 2025 were US$7.6 million, compared to US$7.6 million in the same period of 2024.General and administrative expenses in the first quarter of 2025 were US$8.9 million, down 42.3% from US$15.5 million in the same period of 2024, primarily because of (i) the lower share-based compensation expenses as equity incentive awards granted at higher valuations in previous years have been gradually amortized and (ii) operational optimization. Non- GAAP adjusted general and administrative expenses in the first quarter of 2025 were US$3.4 million, compared to US$4.6 million in the same period of 2024.Other operating income, net in the first quarter of 2025 was US$2.4 million, primarily due to the receipt of software value-added tax refunds and various general subsidies for enterprises.

LOSS/PROFIT FROM OPERATIONS AND OPERATING MARGIN

Loss from operations in the first quarter of 2025 narrowed by 91.1% to US$1.5 million from US$16.4 million in the same period of 2024. The Company had a non-GAAP profit from operations of US$6.8 million in the first quarter of 2025, compared to a non-GAAP loss from operations of US$0.6 million in the same period of 2024, consistently achieving operating profitability on a non-GAAP basis.

Operating margin in the first quarter of 2025 was negative 1.9%, improved by 24.6 percentage points from negative 26.5% in the same period of 2024. Non-GAAP operating margin in the first quarter of 2025 was 9.1%, improved by 10.0 percentage points from negative 0.9% in the same period of 2024.

NET LOSS/PROFIT AND NET MARGIN

The Company had a net profit of US$11.0 million in the first quarter of 2025, compared to a net loss of US$3.5 million in the same period of 2024.

The difference between loss from operations and net profit in the first quarter of 2025 was primarily because of a US$12.4 million interest income achieved mainly due to well implemented treasury strategies on the Company’s cash, time deposits and treasury securities recorded as short-term and long-term investments.

The Company had a non-GAAP net profit of US$19.3 million in the first quarter of 2025, up 57.2% compared to US$12.3 million in the same period of 2024, demonstrating the Company’s ability to sustain strong profitability on a non-GAAP basis.

Net margin in the first quarter of 2025 was 14.8%, improving by 20.5 percentage points from negative 5.7% in the same period of 2024. Non-GAAP net margin in the first quarter of 2025 was 25.8%, improving by 5.9 percentage points from 19.9% in the same period of 2024.

BASIC AND DILUTED NET LOSS/PROFIT PER ADS

Basic and diluted net profit per ADS was US$0.02 in the first quarter of 2025, compared to basic and diluted net loss of US$0.01 in the same period of 2024. Each ADS represents one Class A ordinary share.

Non-GAAP basic and diluted net profit per ADS was US$0.03 in the first quarter of 2025, compared to non-GAAP basic and diluted net profit of US$0.02 in the same period of 2024.

CASH AND CASH EQUIVALENTS, TIME DEPOSITS AND TREASURY SECURITIES RECORDED AS SHORT-TERM AND LONG-TERM INVESTMENTS

Cash and cash equivalents, time deposits and treasury securities recorded as short-term and long-term investments were US$1,023.7 million as of March 31, 2025, compared to US$1,016.7 million as of December 31, 2024, which the Company believes is sufficient to meet its current liquidity and working capital needs.

NET CASH GENERATED FROM OPERATING ACTIVITIES

Net cash generated from operating activities in the first quarter of 2025 was US$9.4 million, compared to US$14.5 million in the same period of 2024. The net cash generated from operating activities for the first quarter of 2025 mainly due to working capital changes in the ordinary course of business.

For further information on non-GAAP financial measures presented above, see the section headed “Use of Non-GAAP Financial Measures.”

Business Outlook

From the initial enthusiasm at the beginning of the year about the accelerated evolution of AI technologies, to the shift in sentiment and industry slowdown caused by global trade fluctuations under geopolitical policy influences in early April, the macro environment has undergone frequent and dramatic changes. These shifts have posed significant challenges to the cycles of the smart consumer electronics sector and its upstream and downstream supply chains. Although the external environment has shown some recent signs of improvement, uncertainties remain. We will continue to monitor developments in the entire business environment. Nonetheless, we remain positive on the long-term value that intelligent technologies can bring to all stakeholders. Therefore, with the effective implementation of the Company’s customer and product strategies, along with the utilization and innovation of emerging technologies like AI, the Company is confident in its long-term business prospects.

In response to this evolving market environment, the Company will remain committed to continuously iterating and improving its products and services and further enhancing software and hardware capabilities, particularly by leveraging the AI capabilities, expanding key customer base, investing in innovations and new opportunities, diversifying revenue streams, and further optimizing operating efficiency. At the same time, the Company understands that future trajectories may encounter challenges, including shifting consumer spending patterns, regional economic disparities, inventory management, foreign exchange rate and interest rates volatility, the imposition of new tariffs, or adjustments in existing tariffs or trade barriers, and broader geopolitical uncertainties.

Conference Call Information

The Company’s management will hold a conference call at 08:30 P.M. U.S. Eastern Time on Tuesday, May 20, 2025 (08:30 A.M. Beijing Time on Wednesday, May 21, 2025) to discuss the financial results. In advance of the conference call, all participants must use the following link to complete the online registration process. Upon registering, each participant will receive access details for this conference including a conference access code, a PIN number (personal access code), the dial-in number, and an e-mail with detailed instructions to join the conference call.

Online registration:
https://register-conf.media-server.com/register/BIe169304a39d646bcb658aa96f86ff680

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at https://ir.tuya.com, and a replay of the webcast will be available following the session.

About Tuya Inc.

Tuya Inc. (NYSE: TUYA; HKEX: 2391) is a global leading AI cloud platform service provider with a mission to build an AIoT developer ecosystem and enable everything to be smart. Tuya has pioneered a purpose-built AI cloud platform with cloud and generative AI capabilities that delivers a full suite of offerings, including Platform-as-a-Service, or PaaS, Software-as-a-Service, or SaaS, and smart solutions for developers of smart device, commercial applications, and industries. Through its AIoT developer platform, Tuya has activated a vibrant global developer community of brands, OEMs, AI agents, system integrators and independent software vendors to collectively strive for smart solutions ecosystem embodying the principles of green and low-carbon, security, high efficiency, agility, and openness.

Use of Non-GAAP Financial Measures

In evaluating the business, the Company considers and uses non-GAAP financial measures, such as non-GAAP operating expenses, non-GAAP (loss)/profit from operations (including non-GAAP operating margin), non-GAAP net profit (including non-GAAP net margin), and non-GAAP basic and diluted net profit per ADS, as supplemental measures to review and assess its operating performance. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The Company defines non-GAAP financial measures by excluding the impact of share-based compensation expenses and credit-related impairment of long-term investments from the respective GAAP financial measures. The Company presents the non-GAAP financial measures because they are used by the management to evaluate its operating performance and formulate business plans. The Company also believes that the use of the non-GAAP financial measures facilitates investors’ assessment of its operating performance.

Non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. Non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using the aforementioned non-GAAP financial measures is that they do not reflect all items of expenses that affect the Company’s operations. Share-based compensation expenses and credit-related impairment of long-term investments have been and may continue to be incurred in the business and are not reflected in the presentation of non-GAAP measures. Further, the non-GAAP financial measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP measures to the most directly comparable U.S. GAAP measures, all of which should be considered when evaluating the Company’s performance. The Company encourages you to review its financial information in its entirety and not rely on a single financial measure.

Reconciliations of Tuya’s non-GAAP financial measures to the most comparable U.S. GAAP measures are included at the end of this press release.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statements. In some cases, forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “anticipate”, “target”, “aim”, “estimate”, “intend”, “plan”, “believe”, “potential”, “continue”, “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. The forward-looking statements included in this press release are only made as of the date hereof, and the Company disclaims any obligation to publicly update any forward-looking statements to reflect subsequent events or circumstances, except as required by law. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty.

Investor Relations Contact

Tuya Inc.
Investor Relations
Email: ir@tuya.com

The Blueshirt Group
Gary Dvorchak, CFA
Phone: +1 (323) 240-5796
Email: gary@blueshirtgroup.co

HL Strategy
Haiyan LI-LABBE
Email: hl@hl-strategy.com

TUYA INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2024 AND MARCH 31, 2025
(All amounts in US$ thousands (“US$”),
except for share and per share data, unless otherwise noted)

As of
December 31,
2024

As of
March 31,
2025

ASSETS

Current assets:

Cash and cash equivalents

653,334

763,788

Restricted cash

165

Short-term investments

194,536

89,985

Accounts receivable, net

7,592

9,591

Notes receivable, net

7,485

9,766

Inventories, net

23,840

21,583

Prepayments and other current assets, net

16,179

18,738

Total current assets

903,016

913,616

Non-current assets:

Property, equipment and software, net

6,619

8,557

Land use rights, net

8,825

8,793

Operating lease right-of-use assets, net

4,550

5,248

Long-term investments

180,092

181,875

Other non-current assets, net

678

314

Total non-current assets

200,764

204,787

Total assets

1,103,780

1,118,403

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable

19,051

19,457

Advances from customers

31,346

27,145

Deferred revenue, current

7,525

7,797

Accruals and other current liabilities

32,257

67,806

Incomes tax payables

360

483

Lease liabilities, current

3,798

3,403

Total current liabilities

94,337

126,091

Non-current liabilities:

Lease liabilities, non-current

851

1,835

Deferred revenue, non-current

377

460

Other non-current liabilities

767

–

Total non-current liabilities

1,995

2,295

Total liabilities

96,332

128,386

TUYA INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
AS OF DECEMBER 31, 2024 AND MARCH 31, 2025
(All amounts in US$ thousands (“US$”),
except for share and per share data, unless otherwise noted)

As of
December 31, 2024

As of
March 31, 2025

Shareholders’ equity:

Ordinary shares

–

Class A ordinary shares

Class B ordinary shares

Treasury stock

(15,726)

(1,050)

Additional paid-in capital

1,612,712

1,569,409

Accumulated other comprehensive loss

(19,716)

(19,539)

Accumulated deficit

(569,851)

(558,834)

Total shareholders’ equity

1,007,448

990,017

Total liabilities and shareholders’ equity

1,103,780

1,118,403

TUYA INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE (LOSS)/INCOME
(All amounts in US$ thousands (“US$”),
except for share and per share data, unless otherwise noted)

For the Three Months Ended

March 31, 2024

March 31, 2025

Revenue

61,662

74,687

Cost of revenue

(32,177)

(38,436)

Gross profit

29,485

36,251

Operating expenses:

Research and development expenses

(23,474)

(22,810)

Sales and marketing expenses

(8,983)

(8,347)

General and administrative expenses

(15,474)

(8,929)

Other operating incomes, net

2,079

2,383

Total operating expenses

(45,852)

(37,703)

Loss from operations

(16,367)

(1,452)

Other income

Other non-operating income, net

778

767

Financial income, net

12,807

12,395

Foreign exchange (loss)/gain, net

(105)

(Loss)/profit before income tax expense

(2,887)

11,754

Income tax expense

(656)

(737)

Net (loss)/profit

(3,543)

11,017

Net (loss)/profit attributable to Tuya Inc.

(3,543)

11,017

Net (loss)/profit attribute to ordinary shareholders

(3,543)

11,017

Net (loss)/profit

(3,543)

11,017

Other comprehensive (loss)/income

Transfer out of fair value changes of long-term investments

(65)

–

Foreign currency translation

(428)

177

Total comprehensive (loss)/income attributable to Tuya Inc.

(4036)

11,194

TUYA INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE (LOSS)/INCOME (CONTINUED)
(All amounts in US$ thousands (“US$”),
except for share and per share data, unless otherwise noted)

For the Three Months Ended

March 31, 2024

March 31, 2025

Net (loss)/profit attributable to Tuya Inc.

(3,543)

11,017

Net (loss)/profit attributable to ordinary shareholders

(3,543)

11,017

Weighted average number of ordinary shares used in computing net (loss)/profit per share, basic and diluted

– Basic

559,133,184

606,308,258

– Diluted

559,133,184

608,490,640

Net (loss)/profit per share attributable to ordinary shareholders, basic and diluted

– Basic

(0.01)

0.02

– Diluted

(0.01)

0.02

Share-based compensation expenses were included in:

Research and development expenses

3,506

2,016

Sales and marketing expenses

1,385

738

General and administrative expenses

10,923

5,521

TUYA INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(All amounts in US$ thousands (“US$”),
except for share and per share data, unless otherwise noted)

For the Three Months Ended

March 31, 2024

March 31, 2025

Net cash generated from operating activities

14,490

9,352

Net cash generated from investing activities

16,195

101,183

Net cash generated from financing activities

254

Effect of exchange rate changes on cash and cash equivalents, restricted cash

(126)

Net increase in cash and cash equivalents, restricted cash

30,813

110,569

Cash and cash equivalents, restricted cash at the beginning of period

498,688

653,384

Cash and cash equivalents, restricted cash at the end of period

529,501

763,953

TUYA INC.
UNAUDITED RECONCILIATION OF NON-GAAP MEASURES TO THE MOST
DIRECTLY COMPARABLE FINANCIAL MEASURES
(All amounts in US$ thousands (“US$”),
except for share and per share data, unless otherwise noted)

For the Three Months Ended

March 31, 2024

March 31, 2025

Reconciliation of operating expenses to non-GAAP operating expenses

Research and development expenses

(23,474)

(22,810)

Add: Share-based compensation expenses

3,506

2,016

Adjusted Research and development expenses

(19,968)

(20,794)

Sales and marketing expenses

(8,983)

(8,347)

Add: Share-based compensation expenses

1,385

738

Adjusted Sales and marketing expenses

(7,598)

(7,609)

General and administrative expenses

(15,474)

(8,929)

Add: Share-based compensation expenses

10,923

5,521

Adjusted General and administrative expenses

(4,551)

(3,408)

Reconciliation of loss from operations to non-GAAP (loss)/profit from operations

Loss from operations

(16,367)

(1,452)

Operating margin

(26.5) %

(1.9) %

Add: Share-based compensation expenses

15,814

8,275

Non-GAAP (loss)/profit from operations

(553)

6,823

Non-GAAP Operating margin

(0.9) %

9.1 %

For the Three Months Ended

March 31, 2024

March 31, 2025

Reconciliation of net (loss)/profit to non-GAAP net profit

Net (loss)/profit

(3,543)

11,017

Net margin

(5.7) %

14.8 %

Add: Share-based compensation expenses

15,814

8,275

Non-GAAP Net profit

12,271

19,292

Non-GAAP Net margin

19.9 %

25.8 %

Weighted average number of ordinary shares used in computing non-GAAP net profit per share

– Basic

559,133,184

606,308,258

– Diluted

591,737,410

608,490,640

Non-GAAP net profit per share attributable to ordinary shareholders

– Basic

0.02

0.03

– Diluted

0.02

0.03

View original content:https://www.prnewswire.com/news-releases/tuya-reports-first-quarter-2025-unaudited-financial-results-302460833.html

SOURCE Tuya Inc.

Technology

ADX welcomes Morgan Stanley as the first international investment bank Remote Trading Member, expanding global access to Abu Dhabi’s capital markets

Published

11 hours ago

May 5, 2026

ABU DHABI, UAE, May 5, 2026 /PRNewswire/ — The Abu Dhabi Securities Exchange (ADX) Group today announced that Morgan Stanley, a leading investment bank and financial services company, has joined the ADX as its first international investment bank Remote Trading Member — enabling Morgan Stanley’s clients to access the ADX directly.

This milestone strengthens ADX’s global connectivity and supports growing international institutional demand for exposure to UAE markets. It also reinforces its position as one of the world’s fastest-growing exchanges by market capitalization, while highlighting the market’s continued progress in depth, liquidity, and inclusion in major global indices.

Remote membership enables Morgan Stanley to provide its clients with direct market access to the ADX, with trading conducted via the firm’s global trading platform. The ADX continues to play a pivotal role in advancing Abu Dhabi’s long-term economic ambitions, as a mechanism for a diversified, innovation-led, knowledge-based economy.

Morgan Stanley’s direct trading access to ADX reflects the strength of Abu Dhabi’s investment proposition and the continued institutionalization of UAE capital markets. Morgan Stanley’s membership will enhance execution quality, optimize order routing, and provide greater control across the end-to-end trade lifecycle, delivering an advanced trading experience for global investors.

The structure follows a proven international access model used by Morgan Stanley and is designed to meet growing client demand for efficient, transparent, and seamless access to ADX-listed opportunities.

Abdulla Salem Alnuaimi, Group Chief Executive Officer of Abu Dhabi Securities Exchange (ADX) Group, said: “This marks a significant step in advancing our ambition to be a leading financial marketplace that drives opportunity and sustainable economic growth. This momentum is reflected in the strong foreign investor participation, with trading value exceeding 85 billion dirhams in the first quarter of 2026 up by 22% year on year. This performance underscores the growing depth and global relevance of our market, while reinforcing our commitment to expanding international access, strengthening cross-border connectivity, and building a world-class market infrastructure that attracts global capital, supports a diverse range of issuers and contributes to Abu Dhabi’s long-term economic prosperity.”

Patrick Delivanis, Regional Co-Head of MENA at Morgan Stanley, said: “Becoming a Remote Trading Member of ADX reflects our focus on providing clients with efficient, seamless access to Abu Dhabi’s capital markets through our market–leading trading platform. We see continued momentum in the institutionalization and international participation of UAE markets, and we’re pleased to support that evolution by enabling international investors to access opportunities in MENA with direct connectivity to local markets, alongside greater transparency and control across the trading lifecycle.”

Morgan Stanley’s participation aligns with ADX’s strategy to strengthen international connectivity, with remote memberships selectively offered to global firms to attract high-quality cross-border liquidity. The announcement builds on the ADX’s expansion momentum: in 2025, foreign investment rose by nearly 14% and institutional trading increased by 10% year on year. Subject to final operational readiness, Morgan Stanley expects to begin trading as a remote member in the coming weeks.

About Abu Dhabi Securities Exchange (ADX)

The Abu Dhabi Securities Exchange (ADX) was established on 15 November 2000 pursuant to Local Law No. (3) of 2000, which granted the exchange legal rights with independent financial and administrative status, as well as the necessary supervisory and executive powers necessary to carry out its functions. On 17 March 2020, the ADX was converted from a public entity into a Public Joint Stock Company (PJSC) in accordance with Law No. (8) of 2020.

The ADX Group, a market infrastructure group comprising the exchange (ADX) and its post-trade ecosystem, including its wholly owned subsidiaries AD Depository and AD Clear, was established. Through its integrated and globally aligned business structure, the ADX Group supports efficient, transparent, and resilient capital markets across trading, clearing, settlement, and custody.

The Group provides an efficient and regulated marketplace for the trading of securities, including equities issued by public joint-stock companies, bonds issued by governments and corporations, exchange-traded funds (ETFs), and other financial instruments approved by the UAE Capital Market Authority.

The ADX is the second-largest exchange in the Arab region by market capitalization. Its strategy of delivering stable financial performance through diversified revenue streams is aligned with the UAE’s national development agenda, “Towards the Next 50”, which aims to build a sustainable, diversified, and high-value-added economy.

For more information, please contact:
Abdulrahman Saleh ALKhateeb
Manager of Corporate Communication
Abu Dhabi Securities Exchange (ADX)
Mobile: +971 (50) 668 9733
Email: ALKhateebA@adx.ae

View original content:https://www.prnewswire.com/apac/news-releases/adx-welcomes-morgan-stanley-as-the-first-international-investment-bank-remote-trading-member-expanding-global-access-to-abu-dhabis-capital-markets-302762404.html

SOURCE Abu Dhabi Securities Exchange (ADX)

Technology

Geotab integrates Polestar vehicles into its OEM telematics network

Published

11 hours ago

May 5, 2026

Fleet operators across North America, Europe, and APAC can now access Polestar vehicle data directly in MyGeotab — no aftermarket hardware required.

LONDON, UK, May 5, 2026 /PRNewswire/ — Geotab, a global leader in connected vehicle and asset management solutions, today announced the integration of Polestar vehicles into its OEM telematics network, giving commercial fleet operators seamless access to Polestar data within MyGeotab from day one — with no aftermarket hardware installation required. The integration is available globally across North America, Europe, and Asia Pacific, supporting all Polestar models.

Developed in collaboration with Geotab, among other telematics service providers, Polestar Fleet Telematics integrates directly into MyGeotab. The Geotab integration enables fleet managers to manage Polestar vehicles alongside all other makes and models on a single unified platform — without fitting additional devices.

Connected vehicle data where it matters most

Through Polestar Fleet Telematics, fleet operators gain near-real-time access to a comprehensive dataset — covering EV battery and charging status, location, tyre information, vehicle security, maintenance alerts, and climate data — flowing directly from Polestar’s connected vehicle architecture into MyGeotab, with no physical installation required.

This breadth of data enables fleet managers to move from reactive to proactive operations — scheduling maintenance before failures occur, optimising charge planning across depots, and maintaining duty-of-care oversight across the entire fleet.

Supporting Europe’s Mixed-Fleet Reality

OEM-embedded telematics removes the need for aftermarket device installation across mixed-manufacturer fleets, reducing logistical overhead and supporting compliance with works council and GDPR requirements — a critical consideration for European fleet operators.

“Polestar Fleet Telematics combines sustainability with intelligence, integrating seamlessly with Geotab to deliver these capabilities directly into the platforms fleet operators trust. Continuous data visibility enables more efficient and informed fleet operations, from day-to-day management to long-term planning. By leveraging Polestar vehicles’ embedded connectivity, fleet managers can make smarter, data-driven decisions — without adding hardware or complexity to their operations.” said Emma Knapp, Manager of Global Key Accounts at Polestar.

Polestar joins an OEM telematics network that already spans over 80% of leading global vehicle manufacturers by fleet market share, including BMW Group, Ford, Stellantis, Volkswagen Group, and Volvo Cars. For fleet operators already using MyGeotab, Polestar vehicles can be connected and deliver data without any additional hardware or installation.

“OEM-embedded telematics represents a change in how fleet data reaches the platform — and Polestar’s connected vehicle architecture makes this integration particularly well-suited for markets that are seriously considering transitioning to electric vehicles.” said Christoph Ludewig, Vice President OEM Global at Geotab. “Fleet operators managing mixed EV and internal combustion engine fleets no longer need separate tools or hardware for each vehicle type. Polestar data flows directly into MyGeotab alongside every other vehicle in the fleet — giving operators the consolidated visibility they need to drive efficiency, support duty of care, and manage their EV transition with confidence.”

Global Availability

The integration is available now across North America, Europe, and Asia Pacific, supporting all Polestar models. Fleet managers can activate the service via the Geotab Marketplace or by contacting their Geotab representative.

About Polestar

Polestar (Nasdaq: PSNY) is the Swedish electric performance car brand with a focus on uncompromised design and innovation, and the ambition to accelerate the change towards a sustainable future. Headquartered in Gothenburg, Sweden, its cars are available in 28 markets globally across North America, Europe and Asia Pacific.

Polestar has four models in its line-up: Polestar 2, Polestar 3, Polestar 4, and Polestar 5. Planned models include the Polestar 7 compact SUV (to be introduced in 2028) and the Polestar 6 roadster. With its vehicles currently manufactured on two continents, North America and Asia, Polestar plans to diversify its manufacturing footprint further, with production of Polestar 7 planned in Europe.

Polestar has an unwavering commitment to sustainability and has set an ambitious roadmap to reach its climate targets: halve greenhouse gas emissions by 2030 per-vehicle-sold and become climate-neutral across its value chain by 2040. Polestar’s comprehensive sustainability strategy covers the four areas of Climate, Transparency, Circularity, and Inclusion.

About Geotab

Geotab is a global leader in connected vehicle and asset management solutions, with headquarters in Oakville, Ontario and Atlanta, Georgia. Our mission is to make the world safer, more efficient, and sustainable. We leverage advanced data analytics and AI to transform fleet performance and operations, reducing cost and driving efficiency. Backed by top data scientists and engineers, we serve approximately 100,000 global customers, processing 100 billion data points daily from more than 5 million vehicle subscriptions. Geotab is trusted by Fortune 500 organisations, mid-sized fleets, and the largest public sector fleets in the world, including the US Federal government. Committed to data security and privacy, we hold FIPS 140-3 and FedRAMP authorisations. Our open platform, ecosystem of outstanding partners, and Geotab Marketplace deliver hundreds of fleet-ready third-party solutions. This year, we’re celebrating 25 years of innovation. Learn more at www.geotab.com/uk and follow us on LinkedIn or visit our blog.

GEOTAB and GEOTAB MARKETPLACE are registered trademarks of Geotab Inc. in Canada, the United States and/or other countries.

Media Contact: Geotab Contact, Romina Dashghachian, Strategic Communications Lead, EMEA, pr@geotab.com

Photo – https://mma.prnewswire.com/media/2972188/Geotab_Inc__Geotab_integrates_Polestar_vehicles_into_its_OEM_tel.jpg
Logo – https://mma.prnewswire.com/media/2972187/Geotab_Inc__Geotab_integrates_Polestar_vehicles_into_its_OEM_tel.jpg

View original content:https://www.prnewswire.co.uk/news-releases/geotab-integrates-polestar-vehicles-into-its-oem-telematics-network-302761910.html

Technology

IDX Opens Geneva Office and Strengthens Global Data & Insights Capability

Published

11 hours ago

May 5, 2026

New Swiss presence and specialist team integration support growing global demand for evidence-based, defensible communications strategies

LONDON, May 5, 2026 /PRNewswire/ — IDX today announced the opening of its new Geneva office and the integration of a specialist Data & Insights team, strengthening the company’s international footprint and expanding its ability to help clients worldwide build communications strategies grounded in evidence, market intelligence and audience insight.

The expansion gives IDX an on-the-ground presence in Switzerland while adding further depth to its Data & Insights capability. The Geneva-based team will work closely with IDX specialists across performance marketing and corporate communications, helping clients develop a clearer view of the markets they operate in and the forces shaping their growth.

The move aligns with Destination 250 – Customers First, IDX’s global strategy to grow its team by 250, focused on deepening client value, strengthening delivery and investing in the capabilities that matter most to clients.

The investment strengthens the Data pillar of IDX’s Connected Content™ model, which combines Creative, Data, Technology and Media to create what IDX calls The Multiplier Effect, helping clients multiply what matters through more connected, measurable and effective work.

“IDX is experiencing phenomenal growth, and our new Geneva office gives us boots on the ground to better serve clients across Europe and globally across performance marketing, investor relations and corporate communications,” said Crispin Beale, Worldwide CEO, IDX. “Data has been at the heart of this business for decades, and this centre of excellence reflects our continued investment in that capability. It’s an incredibly exciting time for IDX, and I look forward to the next phase of our growth as we continue to expand globally.”

“This is an exciting step in IDX’s growth story and a clear response to what clients are asking for: more evidence-based thinking, stronger market context and clearer rationale behind their communications strategies,” said Chris Corrigan, Chief Customer Growth Officer, IDX. “Our new presence in Geneva, combined with deeper Data & Insights expertise, strengthens the way we support clients globally, giving them earlier access to the insight and market context they need to make better-informed decisions and turn evidence into action.”

The Geneva office will strengthen relationships with existing clients in the region, support re-engagement with former partners and create new opportunities for IDX with organisations operating across European and global markets. It reflects IDX’s continued investment in the capabilities that matter most to clients as communications, marketing and corporate reputation work become increasingly data-led and commercially accountable.

“IDX’s integrated offer across insights, performance marketing and corporate communications, powered by the combination of human intelligence, advanced technology and AI, represents exactly where the industry is heading,” said Lonneke de Roo, Head of Data & Insights, IDX. “I am delighted to join the business and help clients navigate increasingly complex markets with clearer evidence, sharper insight and more connected strategies.”

ABOUT IDX

IDX is a global strategic communications and marketing agency, headquartered in London with offices around the world, including New York, London, Phoenix, Helsinki, Gothenburg, Geneva, and Vadodara. Working with more than 1,600 clients across sectors, IDX combines deep industry knowledge with a data-first mindset to help ambitious brands thrive in complex, fast-moving markets. The firm specialises in performance marketing, investor relations, and stakeholder engagement, delivering integrated campaigns that drive meaningful business outcomes. Visit www.idx.inc to learn more.

Logo – https://mma.prnewswire.com/media/2668561/IDX_black_Logo.jpg

View original content:https://www.prnewswire.co.uk/news-releases/idx-opens-geneva-office-and-strengthens-global-data–insights-capability-302762181.html