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Tuya Reports Fourth Quarter 2023 Unaudited Financial Results

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SANTA CLARA, Calif., Feb. 27, 2024 /PRNewswire/ — Tuya Inc. (“Tuya” or the “Company”) (NYSE: TUYA; HKEX: 2391), a global leading IoT cloud development platform, today announced its unaudited financial results for the fourth quarter ended December 31, 2023.

Fourth Quarter 2023 Financial Highlights

Total revenue was US$64.4 million, up approximately 42.2% year over year (4Q2022: US$45.3 million).

IoT platform-as-a-service (“PaaS”) revenue was US$47.2 million, up approximately 44.6% year over year (4Q2022: US$32.6 million).

Software-as-a-service (“SaaS”) and others revenue was US$9.5 million, up approximately 19.3% year over year (4Q2022: US$7.9 million).

Overall gross margin increased to 47.3%, up 2.7 percentage points year over year (4Q2022: 44.6%). Gross margin of IoT PaaS increased to 44.8%, up 3.3 percentage points year over year (4Q2022: 41.5%).

Operating margin was negative 36.7%, improved by 35.8 percentage points year over year (4Q2022: negative 72.5%). Non-GAAP operating margin was negative 0.4%, improved by 33.4 percentage points year over year (4Q2022: negative 33.8%).

Net margin was negative 16.8%, improved by 33.4 percentage points year over year (4Q2022: negative 50.2%). Non-GAAP net margin was 19.5%, improved by 31.0 percentage points year over year (4Q2022: negative 11.5%).

Net cash generated from operating activities was US$31.8 million (4Q2022: net cash used in operating activities was US$0.1 million).

Total cash and cash equivalents, time deposits and U.S. treasury securities recorded as short-term and long-term investments were US$984.3 million as of December 31, 2023, compared to US$952.0 million as of December 31, 2022.

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

Fourth Quarter 2023 Operating Highlights

IoT PaaS customers1 for the fourth quarter of 2023 were approximately 2,200 (4Q2022: approximately 2,400). Total customers for the fourth quarter of 2023 were approximately 3,200 (4Q2022: approximately 3,400). The Company’s implementation of key-account strategy has enabled it to be more focused on serving strategic customers.

Premium IoT PaaS customers2 for the trailing 12 months ended December 31, 2023 were 265 (4Q2022: 263). In the fourth quarter of 2023, the Company’s premium IoT PaaS customers contributed approximately 82.7% of its IoT PaaS revenue (4Q2022: approximately 77.0%).

Dollar-based net expansion rate (“DBNER”)3 of IoT PaaS for the trailing 12 months ended December 31, 2023 was 103% (4Q2022: 51%).

Registered IoT device and software developers were approximately 993,000 as of December 31, 2023, up 40.3% from approximately 708,000 developers as of December 31, 2022.

1. 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.

2. 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.

3. 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 Company 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 fourth quarter of 2023, we continued to execute our proven development strategies of focusing on key account customers and enhancing our product capabilities to boost our value proposition, while also essentially completing our organization adjustment. These combined efforts enabled us to conclude the year with strong sequential growth momentum. Notably, we achieved a 42.2% year-over-year revenue increase, reaching approximately $64.4 million in the quarter, alongside a record-high blended gross margin of 47.3%. These results reflect the substantial value of our platform, products, and services offer to our customers, affirming our confidence in Tuya’s resilience and its capability to navigate industry cycles with improved operational leverage and financial performance.”

Ms. Yao (Jessie) Liu, Director and Chief Financial Officer of Tuya, added, “The fourth quarter marked our transition from recovery to growth, efficiency enhancements, and margin expansion. During the quarter, all three business sectors recorded robust revenue growth, and their margins either improved or remained steady, a testament to the effectiveness of our product focus and enrichment strategy. Our strategic commitment to cost management and operational efficiency, coupled with the steady growth of gross profits, resulted in continued record-high non-GAAP net profits and positive net operating cashflow. As we advance into 2024, we are confident that Tuya’s solid financial position and momentum will sustain our business expansion and product profitability.”

Fourth Quarter 2023 Unaudited Financial Results

REVENUE

Total revenue in the fourth quarter of 2023 increased by 42.2% to US$64.4 million from US$45.3 million in the same period of 2022, mainly due to the increase in IoT PaaS revenue, SaaS and others revenue and smart device distribution revenue.

IoT PaaS revenue in the fourth quarter of 2023 increased by 44.6% to US$47.2 million from US$32.6 million in the same period of 2022, primarily due to the relief of downstream inventory backlog and a global economic improvement compared with the same period of 2022, along with the effective customer-focus and product-enhancement strategies the Company adopted to navigate through the macroeconomic headwinds. Correspondingly, the Company’s DBNER of IoT PaaS for the trailing 12 months ended December 31, 2023 increased to 103% from 51% for the trailing 12 months ended December 31, 2022.

SaaS and others revenue in the fourth quarter of 2023 increased by 19.3% to US$9.5 million from US$7.9 million in the same period of 2022, primarily due to an increase in revenue from cloud software products. The Company remained committed to offering value-added services and a diverse range of software products with compelling value propositions to its customers.

Smart device distribution revenue in the fourth quarter of 2023 increased by 64.6% to US$7.8 million from US$4.7 million in the same period of 2022, primarily due to an increase in revenue from smart device solutions and the variations in the timing and volume of customer demands and purchases.

COST OF REVENUE

Cost of revenue in the fourth quarter of 2023 increased by 35.3% to US$33.9 million from US$25.1 million in the same period of 2022, generally in line with the increase in the Company’s total revenue.

GROSS PROFIT AND GROSS MARGIN

Total gross profit in the fourth quarter of 2023 increased by 50.9% to US$30.5 million from US$20.2 million in the same period of 2022 and gross margin increased to 47.3% in the fourth quarter of 2023 from 44.6% in the same period of 2022.

IoT PaaS gross margin in the fourth quarter of 2023 was 44.8%, compared to 41.5% in the same period of 2022, primarily due to the changes in product mix, enhancement in product value, and the decrease in provision recorded for certain slow-moving IoT chips and raw materials compared to the fourth quarter of last year.

SaaS and others gross margin in the fourth quarter of 2023 was 74.2%, which remained relatively stable, compared to 75.2% in the same period of 2022.

Smart device distribution gross margin in the fourth quarter of 2023 was 29.7%, compared to 14.6% in the same period of 2022, primarily due to higher-value product solutions we provided to our customers during the fourth quarter of 2023.

OPERATING EXPENSES

Operating expenses increased by 2.0% to US$54.1 million in the fourth quarter of 2023 from US$53.0 million in the same period of 2022.

Non-GAAP operating expenses, defined as operating expenses excluding share-based compensation expenses and credit loss of long-term investments, decreased by 13.5% to US$30.7 million in the fourth quarter of 2023 from US$35.5 million in the same period of 2022. Share-based compensation expenses in the fourth quarter of 2023 were US$15.9 million, compared to US$17.5 million in the same period of 2022. Credit loss of long-term investments was US$7.4 million in the fourth quarter of 2023, compared to nil in the same period of 2022.

Research and development expenses in the fourth quarter of 2023 were US$22.8 million, down 17.9% from US$27.8 million in the same period of 2022, primarily because of the strategic streamlining of the Company’s research and development team and operations. During this quarter, average salaried employee headcount of the Company’s research and development team was down approximately 21.9% year over year, compared to the same quarter in last year. Non-GAAP adjusted research and development expenses in the fourth quarter of 2023 were US$19.4 million, compared to US$23.8 million in the same period of 2022.

Sales and marketing expenses in the fourth quarter of 2023 were US$10.9 million, down 2.4% from US$11.2 million in the same period of 2022, primarily due to the strategic streamlining of the Company’s sales and marketing team, partially offset by increased spending in marketing events as the revenue returned to a year-over-year growth trajectory since the third quarter of 2023. Non-GAAP adjusted sales and marketing expenses in the fourth quarter of 2023 were US$9.5 million, compared to US$9.6 million in the same period of 2022.

General and administrative expenses in the fourth quarter of 2023 were US$23.8 million, up 46.8% compared to US$16.2 million in the same period of 2022, primarily due to the credit loss of US$7.4 million of long-term investments. Non-GAAP adjusted general and administrative expenses in the fourth quarter of 2023 were US$5.3 million, compared to US$4.3 million in the same period of 2022.

Other operating income, net in the fourth quarter of 2023 was US$3.4 million, primarily due to the receipt of software value-added tax refunds and various general subsidies for enterprises.

LOSS FROM OPERATIONS AND OPERATING MARGIN

Loss from operations in the fourth quarter of 2023 narrowed by 28.0% to US$23.6 million from US$32.8 million in the same period of 2022. Non-GAAP loss from operations in the fourth quarter of 2023 narrowed by 98.3% to US$0.3 million from US$15.3 million in the same period of 2022.

Operating margin in the fourth quarter of 2023 was negative 36.7%, improved by 35.8 percentage points from negative 72.5% in the same period of 2022. Non-GAAP operating margin in the fourth quarter of 2023 was negative 0.4%, improved by 33.4 percentage points from negative 33.8% in the same period of 2022.

NET LOSS/PROFIT AND NET MARGIN

Net loss in the fourth quarter of 2023 narrowed by 52.4% to US$10.8 million from US$22.7 million in the same period of 2022. The difference between loss from operations and net loss in the fourth quarter of 2023 was primarily because of a US$13.1 million interest income achieved mainly due to well implemented treasury strategies on the Company’s cash and bank time deposits recorded as short-term and long-term investments.

The Company had a non-GAAP net profit of US$12.6 million in the fourth quarter of 2023, compared to a non-GAAP net loss of US$5.2 million in the same period of 2022, demonstrating the Company’s ability to sustain profitability on a non-GAAP basis.

Net margin in the fourth quarter of 2023 was negative 16.8%, improving by 33.4 percentage points from negative 50.2% in the same period of 2022. Non-GAAP net margin in the fourth quarter of 2023 was 19.5%, improving by 31.0 percentage points from negative 11.5% in the same period of 2022.

BASIC AND DILUTED NET LOSS/PROFIT PER ADS

Basic and diluted net loss per ADS was US$0.02 in the fourth quarter of 2023, compared to US$0.04 in the same period of 2022. Each ADS represents one Class A ordinary share.

Non-GAAP basic and diluted net profit per ADS was US$0.02 in the fourth quarter of 2023, compared to non-GAAP basic and diluted net loss of US$0.01 in the same period of 2022.

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

Cash and cash equivalents, time deposits and U.S. treasury securities recorded as short-term and long-term investments were US$984.3 million as of December 31, 2023, compared to US$952.0 million as of December 31, 2022, 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 fourth quarter of 2023 was US$31.8 million, compared to net cash used in operating activities US$0.1 million in the same period of 2022. The net cash generated from operating activities for the fourth quarter of 2023 improved mainly due to the increase in the Company’s revenue, and the decrease in operating expenses, particularly employee-related costs, and working capital changes in the ordinary course of business.

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

Business Outlook

In the fourth quarter of 2023, we continued to observe a moderately declining yet persisting overall inflation, which is expected to continually influence the discretionary consumer electronics spending. On the supply chain front, we expect downstream inventory levels to be normalizing ongoingly, providing downstream smart device manufacturers, brands, and retail channels with greater flexibility and resilience to adapt their operational and procurement plans as necessary. This, in turn, will revitalize their investment in smart business. Overall, discretionary consumer electronic spending alongside enterprise procurement are expected to prioritize cost-effectiveness, reflecting a balanced approach widely adopted in the current economic climate.

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

Conference Call Information

The Company’s management will hold a conference call at 07:30 P.M. Eastern Time on Tuesday, February 27, 2024 (08:30 A.M. Beijing Time on Wednesday, February 28, 2024) to discuss the financial results. In advance of the conference call, all participants must use the following link to complete the online registration process. Upon registering, each participant will receive access details for this conference including a conference access code, a PIN number (personal access code), the dial-in number, and an e-mail with detailed instructions to join the conference call.

Online registration: https://www.netroadshow.com/events/login?show=a98d0a81&confId=60968

The replay will be accessible through March 5, 2024 by dialing the following numbers:

International:

+1–929–458–6194

United States:

+1–866–813–9403

Access Code:

925036

A live and archived webcast of the conference call will also be available at the Company’s investor relations website at https://ir.tuya.com.

About Tuya Inc.

Tuya Inc. (NYSE: TUYA; HKEX: 2391) is a global leading IoT cloud development platform with a mission to build an IoT developer ecosystem and enable everything to be smart. Tuya has pioneered a purpose-built IoT cloud development platform that delivers a full suite of offerings, including Platform-as-a-Service, or PaaS, and Software-as-a-Service, or SaaS, to businesses and developers. Through its IoT cloud development platform, Tuya has enabled developers to activate a vibrant IoT ecosystem of brands, OEMs, partners and end users to engage and communicate through a broad range of smart devices.

Use of Non-GAAP Financial Measures

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

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

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

Safe Harbor Statement

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

Investor Relations Contact

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

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

 

TUYA INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF DECEMBER 31, 2022 AND 2023

(All amounts in US$ thousands (“US$”), 

except for share and per share data, unless otherwise noted)

As of December 31,

As of December 31,

2022

2023

ASSETS
Current assets:
Cash and cash equivalents

133,161

498,688

Short-term investments

821,134

291,023

Accounts receivable, net

12,172

9,214

Notes receivable, net

2,767

4,955

Inventories, net

45,380

32,865

Prepayments and other current assets, net

8,752

11,053

Total current assets

1,023,366

847,798

Non-current assets:
Property, equipment and software, net

3,827

2,589

Operating lease right-of-use assets, net

9,736

7,647

Long-term investments

18,031

207,489

Other non-current assets, net

1,179

877

Total non-current assets

32,773

218,602

Total assets

1,056,139

1,066,400

LIABILITIES AND SHAREHOLDERS‘ EQUITY
Current liabilities:
Accounts payable

9,595

11,577

Advances from customers

27,633

31,776

Deferred revenue, current

6,821

6,802

Accruals and other current liabilities

33,383

32,807

Incomes tax payables

–

689

Lease liabilities, current

3,850

3,883

Total current liabilities

81,282

87,534

Non-current liabilities:
Lease liabilities, non-current

5,292

3,904

Deferred revenue, non-current

394

506

Other non-current liabilities

7,004

3,891

Total non-current liabilities

12,690

8,301

Total liabilities

93,972

95,835

 

 

TUYA INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)

AS OF DECEMBER 31, 2022 AND 2023

(All amounts in US$ thousands (“US$”), 

except for share and per share data, unless otherwise noted)

As of

December 31,

As of

December 31,

2022

2023

Shareholders’ equity:

 Ordinary shares

–

–

 Class A ordinary shares

25

25

 Class B ordinary shares

4

4

 Treasury stock

(86,438)

(53,630)

 Additional paid–in capital

1,584,764

1,616,105

 Accumulated other comprehensive loss                             

(22,115)

(17,091)

 Accumulated deficit

(514,073)

(574,848)

Total shareholders’ equity

962,167

970,565

Total liabilities and shareholders’ equity

1,056,139

1,066,400

 

 

TUYA INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF

COMPREHENSIVE LOSS

(All amounts in US$ thousands (“US$”), 

except for share and per share data, unless otherwise noted)

For the Three Months Ended

December 31,
2022

December 31,
2023

Revenue

45,286

64,411

Cost of revenue

(25,100)

(33,948)

Gross profit

20,186

30,463

Operating expenses:

Research and development expenses

(27,792)

(22,806)

Sales and marketing expenses

(11,203)

(10,937)

General and administrative expenses

(16,181)

(23,754)

Other operating incomes, net

2,160

3,410

Total operating expenses

(53,016)

(54,087)

Loss from operations

(32,830)

(23,624)

Other income/(loss)

Other non-operating income, net

779

778

Financial income, net

10,234

13,135

Foreign exchange (loss)/gain, net

(102)

17

Loss before income tax expense

(21,919)

(9,694)

Income tax expense

(811)

(1,122)

Net loss

(22,730)

(10,816)

Net loss attributable to Tuya Inc.

(22,730)

(10,816)

Net loss attribute to ordinary shareholders

(22,730)

(10,816)

Net loss

(22,730)

(10,816)

Other comprehensive (loss)/income

Changes in fair value of long-term investments

(8,347)

(5,321)

Transfer out of fair value changes of long-term investments

–

7,487

Foreign currency translation

2,090

1,772

Total comprehensive loss attributable to Tuya Inc.

(28,987)

(6,878)

 

 

TUYA INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF

COMPREHENSIVE LOSS (CONTINUED)

(All amounts in US$ thousands (“US$”), 

except for share and per share data, unless otherwise noted)

For the Three Months Ended

December 31,

2022

December 31, 

2023

Net loss attributable to Tuya Inc.

(22,730)

(10,816)

Net loss attributable to ordinary shareholders

(22,730)

(10,816)

Weighted average number of ordinary shares used in computing

 net loss per share, basic and diluted

554,121,595

557,103,923

Net loss per share attributable to ordinary shareholders, basic

 and diluted

(0.04)

(0.02)

Share–based compensation expenses were included in:

 Research and development expenses

4,032

3,446

 Sales and marketing expenses

1,611

1,462

 General and administrative expenses

11,867

11,028

 

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

December 31,
2022

December 31,
2023

Net cash (used in)/generated from operating activities

(138)

31,760

Net cash (used in)/generated from investing activities

(165,305)

299,763

Net cash (used in)/generated from financing activities

(3,432)

162

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

2,138

729

Net (decrease)/increase in cash and cash equivalents,
restricted cash

(166,737)

332,414

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

299,898

166,274

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

133,161

498,688

 

 

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

December 31,

2022

December 31, 

2023

Reconciliation of operating expenses to

 non–GAAP operating expenses

Research and development expenses

(27,792)

(22,806)

Add: Share–based compensation expenses

4,032

3,446

Adjusted Research and development expenses

(23,760)

(19,360)

Sales and marketing expenses

(11,203)

(10,937)

Add: Share–based compensation expenses

1,611

1,462

Adjusted Sales and marketing expenses

(9,592)

(9,475)

General and administrative expenses

(16,181)

(23,754)

Add: Share–based compensation expenses

11,867

11,028

Add: Credit-related impairment of long-term investments

–

7,435

Adjusted General and administrative expenses

(4,314)

(5,291)

Reconciliation of loss from operations to

 non–GAAP loss from operations

Loss from operations

(32,830)

(23,624)

Operating margin

(72.5) %

(36.7) %

Add: Share–based compensation expenses

17,510

15,936

Add: Credit-related impairment of long-term investments

–

7,435

Non–GAAP Loss from operations

(15,320)

(253)

Non–GAAP Operating margin

(33.8) %

(0.4) %

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

Net loss

(22,730)

(10,816)

Net margin

(50.2) %

(16.8) %

Add: Share–based compensation expenses

17,510

15,936

Add: Credit-related impairment of long-term investments

–

7,435

Non–GAAP Net (loss)/profit

(5,220)

12,555

Non–GAAP Net margin

(11.5) %

19.5 %

Weighted average number of ordinary shares used in

 computing non–GAAP net loss per share

– Basic

554,121,595

557,103,923

– Diluted

554,121,595

589,438,606

Non–GAAP net (loss)/profit per share attributable

 to ordinary shareholders

– Basic

(0.01)

0.02

– Diluted

(0.01)

0.02

 

 

View original content:https://www.prnewswire.com/news-releases/tuya-reports-fourth-quarter-2023-unaudited-financial-results-302073314.html

SOURCE Tuya Inc.

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Kidney Patients Back Bipartisan Bill to Expand Disability Employment

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By

U.S. Representatives Hoyer and Sessions Lead AbilityOne Modernization Bill

Kidney Disease and Jobs are Focus of National Disability Employment Month

WASHINGTON, Oct. 23, 2026 /PRNewswire/ — The American Association of Kidney Patients (AAKP), the nation’s oldest and largest independent kidney patient advocacy organization, today announced plans to accelerate national grassroots patient advocacy in support of bipartisan legislation that will modernize the federal AbilityOne program. The American Procurement Improvement Act (APIA), H.R. 10443, is championed by U.S. Representatives Pete Sessions (R-TX) and Steny Hoyer (D-MD). AAKP defines kidney disease as both an American healthcare and workforce issue and fights to expand career opportunities and job protections for all Americans impacted by kidney disease, disabilities, and chronic diseases.

The AbilityOne program creates private sector employment opportunities for over 41,000 Americans with severe vision and other disabilities, including nearly 3,000 American Veterans. In FY 2025, the program generated nearly 48 million direct labor hours, an 8 percent increase and a significant measure of disability employment growth, with workers working and working more hours. AbilityOne delivered more than $4.7 billion in products and services to the Federal government in FY 2025 and drew discouraged workers into the U.S. labor force while supporting greater workforce participation, increasing economic independence, and self-sufficiency. The AbilityOne mission taps the underutilized workforce of people with significant disabilities to deliver high-quality, mission-essential products and services to federal agencies, including the U.S. Department of Defense and the U.S. Department of Homeland Security.

The APIA legislation removes outdated statutory barriers to hiring, retention, advancement, and movement into careers of choice, including emerging fields and new lines of business. It also modernizes federal procurement by aligning AbilityOne with contemporary procurement practices and streamlines procurement processes so the program can respond faster to emerging federal agency priorities. The APIA legislation protects taxpayer interests, strengthens program accountability and stewardship by preserving oversight, transparency, and worker protections while modernizing AbilityOne Commission authorities. The legislation is seen as an opportunity to improve federal procurement and strengthen the federal government’s domestic supplier base.

Over 36 million Americans live with kidney disease, over 600,000 are on dialysis, and nearly 100,000 are awaiting a kidney transplant. Further, interrelated cardiovascular, kidney, and metabolic diseases have impacted more than 25% of the adult population and are a leading cause of death. More broadly, the American Heart Association estimates that 90% of U.S. adults, or about 240 million people, have some degree of interconnected cardiovascular, kidney, or metabolic health conditions. For kidney patients dependent upon status-quo, in-center hemodialysis, burdensome thrice-weekly dialysis sessions force many patients, against their own choosing, into unemployment, disability, and dependency. AAKP believes dialysis-related unemployment, and the associated costs borne by families and taxpayers, is one of the media’s least-reported stories in legacy kidney care. AAKP’s policy agenda focuses on transplant readiness, more opportunities for organ transplants, more flexible, patient-centered home dialysis solutions, and stronger job protections for both kidney patients and living organ donors.

AAKP President Edward V. Hickey, III, a chronic kidney disease patient, stated, “AAKP strongly endorses the American Procurement Improvement Act (APIA) and expresses our deepest gratitude to Representatives Steny Hoyer and Peter Sessions for their bipartisan leadership and commitment to Americans managing disabilities and their efforts to secure meaningful employment opportunities with solid wages. People impacted by disability and chronic diseases face tremendous hurdles to continued employment and return to the workforce – especially America’s proud Veterans. This legislation reflects consensus language among stakeholders, including advocates, employers, and organized labor, and sends a very positive message, amid national economic concerns, that the voices and needs of disabled Americans and their families are heard and not forgotten by the U.S. Congress. We encourage Congress to step up and pass this legislation before the close of the year.” Hickey is a U.S. Marine Corps Veteran, a former senior congressional aide, and has served in appointed roles in two presidential administrations, including the U.S. Department of Commerce (DOC) and the U.S. Office of Personnel Management (OPM). At OPM, he was heavily involved in policy issues related to federal Veterans preference in civil service hiring and expanded federal job opportunities. He currently serves on the American Board of Internal Medicine’s (ABIM) Nephrology Specialty Board and as the Chair of the AAKP Veterans Health Initiative, the largest kidney health outreach program outside of the U.S. Department of Veterans Affairs.

October is National Disability Employment Month, and AAKP and its allies remind elected and appointed government leaders to address health and employment concerns that impact patients, families, and communities. Through multiple partnerships, AAKP leads the kidney community in providing kidney patients and transplant recipients, including Veterans, access to virtual job fairs and employment skills training opportunities. AAKP is currently sponsoring virtual job fairs, in partnership with CareerEco, on January 13, 2027, and May 18, 2027, that will service Veterans and military families. AAKP’s past collaborations have included webinars with Idealist and virtual disability and Veteran hiring fairs with Bender Consulting.

AAKP Vice President and Chair of Policy and Global Affairs Paul T. Conway, a 49-year kidney patient and 29-year transplant recipient, stated, “The AbilityOne program has supported private sector employment for people managing disabilities and chronic diseases for nearly ninety years and reflects the exceptional American values of self-reliance and independence. Representatives Steny Hoyer and Pete Sessions have consistently shown respect for the creativity, talents, and skills of disabled citizens and have dedicated their public careers to expanding job opportunities in the workforce and across the federal supply chain. The American Procurement Improvement Act increases accountability for taxpayer funds and will result in more well-paying jobs for Americans whose desire and capacity to work and contribute are underappreciated.” Conway is a former Chief of Staff for both the U.S. Department of Labor and the U.S. Office of Personnel Management and a former Deputy Secretary for Health and Human Resources for the Commonwealth of Virginia. He has overseen multiple federal and state disability employment, workforce training, and health service programs throughout his public career. He is the past Chair of the U.S. Food and Drug Administration’s Patient Engagement Advisory Committee (PEAC) and serves on the Observational Study Monitoring Board of the Kidney Precision Medicine Program (KPMP) administered by the National Institutes of Health, National Institute of Diabetes, Digestive and Kidney Diseases (NIH/NIDDK).

To advance the APIA, AAKP is working with former U.S. Representative Tony Coelho, Chair of the Partnership to Improve Patient Care as well as the Alliance for Expanding America’s Workforce. Along with AAKP, APIA is endorsed by over 60 national patient and disability organizations, labor unions and employers including the American Association of People with Disabilities, SEIU, Bender Consulting, National Council of SourceAmerica Employers, CEO Commission for Disability Employment, the Arc of the United States, National Organization on Disability, National Down Syndrome Society, National Disability Rights Network, National Federation of the Blind, Melwood Inc., WORK Inc., ORC Industries, Employment Source, Opportunity Center, Inc., PARC, ACHIEVE Human Services, Inc., Human Technologies, InspiriTec, PORTCO Inc, PRIDE Industries, Phoenix, Pueblo Diversified Industries, and the Association of People Supporting EmploymentFirst (APSE).

AAKP, alongside a broad and diverse coalition of patient organizations, transplant experts, and Congressional allies, is also working to secure passage of the Living Donor Protection Act (LDPA), S. 1552/H.R. 4582 and H.R. 4583, in 2026. The bipartisan bill protects living organ donors from job and insurance discrimination based solely on their decision to donate a kidney to save another life, barriers cited most often by potential organ donors. The bipartisan legislation is led by Senator Tom Cotton (R-AK) and Senator Kirsten Gillibrand (D-NY). It was voted out of the Senate HELP Committee on February 26, 2026, with full bipartisan support, the endorsement of AAKP, the larger kidney community, and the American Council of Life Insurance (ACLI).

In 2018, with bipartisan support from Congress and the Trump Administration, AAKP and transplant professionals worked with the U.S. Department of Labor’s (DOL) legal team and the DOL Wage and Hour Division to have DOL issue Family and Medical Leave Act (FMLA) protections for living organ donors, based on the original intent of the FMLA’s Congressional co-sponsors (click here to read the letter and click here to watch the video). Congressional passage of the LDPA in 2026 will codify the DOL’s 2018 FMLA job protections and prohibit insurers from discriminating against living donors. Increased living organ donation, improved transplant readiness among kidney patients, and greater opportunities for transplantation have been national goals for decades and were reinforced in 2019 through the Executive Order on Advancing American Kidney Health.

Follow AAKP on social media at @kidneypatient on Facebook, @kidneypatients on X, and @kidneypatients on Instagram, and visit https://aakp.org/ for more information. AAKP patient advocates advance bipartisan kidney policy including: passage of the bipartisan law modernizing the Organ Procurement and Transplantation Network (OPTN) (2023); lifetime transplant drug coverage for kidney patients (2020); the historic Executive Order on Advancing American Kidney Health signed by President Donald Trump (2019); job protections for living organ donors under the Family Medical Leave Act (FMLA) via the U.S. Department of Labor (2018); and Congressional approval of HIV positive organ transplants for HIV positive patients (2013).

MEDIA CONTACT:
Brendan LaCivita
National and Medical Media Specialist
blacivita@aakp.org
(813) 906-7740

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SOURCE American Association of Kidney Patients

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BioVid Launches Mimetics™, AI Research Audiences Built on How Physicians Reason and Decide

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Modeling physician response patterns and behavior, showing an 80–90% match with real physicians on content, reasoning, and emotion. 

BRISTOL, Pa., Oct. 23, 2026 /PRNewswire/ — BioVid, a life science consultancy, today announced the launch of BioVid Mimetics™, a research platform that gives pharmaceutical teams mimetics: synthetic physician audiences modeled on how those audiences reason and decide. Its respondent models are grounded in BioVid’s proprietary MindSet Modeling™ program, large-scale, multi-specialty surveys of practicing physicians that measure the mindsets shaping how they process information, make judgments, and decide. The models are aligned with secondary data on clinical practice, moving beyond generic AI role-play to model the decision logic behind treatment choices.

Like a mimetic drug, each BioVid mimetic is tested against the original: real physicians.

Prescribing data shows what physicians choose, not why. Pharma teams now face more of those “why” questions than research budgets and timelines can absorb. BioVid Mimetics™ applies the social and behavioral science of clinical judgment to model how physicians interpret evidence, weigh benefit against risk, and decide when they know enough to act.

The name comes from pharmacology, where a mimetic earns trust by doing the work of the original molecule. Every BioVid mimetic is tested against that standard, bringing the firm’s long-standing commitment to science-based research to a new method.

“At BioVid, we’ve always believed that better commercial decisions start with a deeper understanding of human behavior,” said Peggy Hirtle, CEO of BioVid. “Our goal was never simply faster or cheaper respondents. It was to reflect how physicians actually reason, with the same scientific rigor clients already trust from BioVid. Mimetics is a new way to put human understanding to work, never a replacement for it.”

“A synthetic respondent can sound right and still reason wrong. The real test is whether it reasons the way the audience does,” said Marco Barcella, Executive Director, Product & Technology at BioVid. “Where the decision warrants, we run the same study with a human cohort and a mimetic cohort and compare the findings, the reasoning, and the mental and emotional responses directly. Clients see where mimetic findings hold and where human research should lead.”

In BioVid’s validation work to date, mimetic and human cohorts have shown an 80% to 90% match on content, reasoning, and emotion across thousands of parallel tests.

BioVid Mimetics™ is available off the shelf or tailored with a client’s own primary research. It supports message and concept testing, positioning, drivers and barriers, segmentation, and opportunity assessment, and includes:

Mimetic Respondents: Mimetic or hybrid studies, with mimetic fieldwork complete in one to two weeks after receipt of required inputs, followed by a full report and readout from BioVid’s research team.

Mimetic Segments App: Segments that client teams question directly, share materials with, and return to between research waves.

Client Customization: Models tailored with a client’s own research, segment profiles, and CRM data, exclusive to that client and firewalled from all others.

To learn more, visit www.biovid.com/mimetics. 

About BioVid

BioVid is a life science consultancy applying behavioral science and AI to commercial and market access strategy. Its offerings include the CIAIRA™ AI platform, Tumor Worlds™, and BioVid Mimetics™. BioVid is a recognized leader in new product demand estimation, commercial communication optimization, and customer and patient segmentation research.

Visit www.biovid.com.

Media Contact:
Sal Zerilli, PhD, Executive Director, Knowledge and Innovation, BioVid
szerilli@biovid.com | 267.201.4008

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SOURCE BioVid

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Egan-Jones Finds Steady CLO Credit Metrics as Interest Rates Turn Higher

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NEW YORK, Oct. 23, 2026 /PRNewswire/ — Egan-Jones released its monthly report on the collateralized loan obligation (CLO) market, finding that credit metrics across the deals it rates held steady even as interest rates and high-yield spreads moved higher in September. For investors, the publication sets these steadier portfolio measures against a tighter rate backdrop.

Among Egan-Jones’ measures, the weighted average rating score, a gauge of the default risk in a deal’s underlying loans where a lower score indicates stronger credit, has improved over the past year. The share of assets rated CCC+ or lower, the weakest tier of loan ratings, has been stable to slightly lower, with a median of 6.1%. As of September 2026, Egan-Jones rated 1,568 CLO deals.

The steadier metrics come as financing conditions shift. The 5-year Treasury yield rose 60 basis points to 5.09%, its highest close of 2026, and on September 16 the Federal Reserve raised rates by 25 basis points, its first increase since 2023. High-yield spreads widened to 312 basis points from their late-August low, while new CLO issuance totaled 91 deals ($38.2 billion), down 12.5% by count from a year earlier.

Higher rates cut both ways for CLOs, according to the analysis: coupons on the underlying loans reset upward, but so do the interest burdens of the borrowers. Egan-Jones points to rising loss severity on distressed exchanges and other selective defaults, and identifies software loans, pressured by concerns over disruption from artificial intelligence, as the weakest sector in CLO portfolios.

Egan-Jones also compares its ratings with those of other agencies across 20 deals, ranking the tranches where views differ most. On that comparison, Egan-Jones currently tends to take a more positive view of CLO credit quality than other credit rating agencies. A full sample rating report on MP CLO VIII, whose largest industry exposure is High Tech Industries at 15.9%, is included.

Taken together, the findings describe a market in which issuance has eased and borrowing costs are rising, while the credit profile of Egan-Jones-rated portfolios remains stable. Watching where pressures such as software exposure and loss severity are building may help investors assess CLO risk as the rate cycle turns.

About Egan-Jones Ratings
Egan-Jones, an NRSRO founded in 1995, offers timely and accurate credit ratings and proxy services.

Media Contact:
sales@egan-jones.com
+1 212 425 0460

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SOURCE Egan-Jones Ratings Co.

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