Tuya Inc. (TUYA): Business Model Canvas

In der sich schnell entwickelnden Landschaft des Internets der Dinge (IoT) entwickelt sich Tuya Inc. zu einer transformativen globalen Plattform, die die Art und Weise revolutioniert, wie Gerätehersteller, Technologieunternehmen und Unternehmen nahtlos intelligente Technologien verbinden und entwickeln. Durch die Bereitstellung eines umfassenden, integrierten Ökosystems, das komplexe technologische Herausforderungen überbrückt, hat sich Tuya als entscheidender Wegbereiter der IoT-Revolution positioniert und bietet innovative Lösungen, die die Entwicklung intelligenter Geräte und die Konnektivität in verschiedenen Branchen erheblich beschleunigen. Von Smart-Home-Technologien bis hin zu industrieller Automatisierung stellt das einzigartige Geschäftsmodell von Tuya einen anspruchsvollen Ansatz zur Lösung komplexer technologischer Integrationsherausforderungen in einer zunehmend vernetzten Welt dar.

Tuya Inc. (TUYA) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianzen mit globalen IoT-Geräteherstellern

Tuya Inc. hat Partnerschaften mit über 8.000 IoT-Geräteherstellern weltweit aufgebaut. Ab 2024 erstrecken sich diese Partnerschaften über mehrere Produktkategorien, darunter:

Produktkategorie	Anzahl der Hersteller
Smart-Home-Geräte	3,200
Industrielles IoT	1,500
Unterhaltungselektronik	2,300
Intelligente Beleuchtung	1,000

Zusammenarbeit mit Cloud-Service-Anbietern

Tuya unterhält strategische Cloud-Partnerschaften mit:

• Amazon Web Services (AWS)
• Alibaba Cloud
• Microsoft Azure
• Google Cloud-Plattform

Technologiepartnerschaften mit Halbleiterunternehmen

Halbleiterpartner	Technologiefokus
MediaTek	Chips für drahtlose Konnektivität
Qualcomm	IoT-Prozessorlösungen
Nordic Semiconductor	Bluetooth-Low-Energy-Module

Integrationen von Smart-Home-Ökosystemplattformen

Tuya unterstützt Integrationen mit:

• Amazon Alexa
• Google Home
• Apple HomeKit
• Samsung SmartThings

Konnektivitätspartnerschaften für Telekommunikationsbetreiber

Telekommunikationsbetreiber	Geografische Region
China Mobile	China
Vodafone	Europa
AT&T	Vereinigte Staaten
NTT Docomo	Japan

Tuya Inc. (TUYA) – Geschäftsmodell: Hauptaktivitäten

Entwicklung und Wartung von IoT-Plattformen

Die IoT-Plattform von Tuya unterstützt ab 2023 mehr als 550 Produktkategorien und mehr als 5.600 Gerätetypen. Die Plattform ermöglicht die Konnektivität für über 309 Millionen monatlich aktive Geräte weltweit.

Plattformmetrik	Daten für 2023
Gesamtzahl der angeschlossenen Geräte	309 Millionen monatlich aktive Geräte
Unterstützte Produktkategorien	Über 550 Kategorien
Gerätetypen	Über 5.600 Typen

Cloudbasierte Software und Konnektivitätsdienste

Tuya betreibt eine robuste Cloud-Infrastruktur, die globale IoT-Konnektivität mit den folgenden Funktionen unterstützt:

• Geräteverwaltung in Echtzeit
• Cloud-API-Integration
• Unterstützung mehrerer Protokolle
• Globale Rechenzentren

Integration und Optimierung intelligenter Geräte

Tuya unterstützt die Integration über mehrere Kommunikationsprotokolle hinweg, darunter:

Kommunikationsprotokoll	Abdeckung
WLAN	95 % Gerätekompatibilität
Bluetooth	85 % Gerätekompatibilität
Zigbee	75 % Gerätekompatibilität

Forschung und Entwicklung von IoT-Technologien

Im Jahr 2023 investierte Tuya 126,3 Millionen US-Dollar in Forschung und Entwicklung, was 22,4 % des Gesamtumsatzes entspricht.

Globale Marktexpansion und Plattformskalierung

Die globale Präsenz von Tuya umfasst:

• In über 220 Ländern und Regionen tätig
• Über 6.700 Industriekunden
• Mehr als 500.000 Entwickler auf der Plattform

Erweiterungsmetrik	Daten für 2023
Länder/Regionen	220+
Industriekunden	6,700+
Plattformentwickler	500,000+

Tuya Inc. (TUYA) – Geschäftsmodell: Schlüsselressourcen

Erweiterte IoT-Cloud-Infrastruktur

Ab 2024 unterstützt die Cloud-Infrastruktur von Tuya Über 375.000 IoT-Gerätemodelle quer Über 31.000 Produktkategorien. Die Cloud-Plattform verarbeitet ungefähr 220 Milliarden Geräteverbindungen monatlich.

Infrastrukturmetrik	Quantitative Daten
Cloud-Rechenzentren	8 globale Rechenzentren
Tägliche Datenverarbeitung	3,5 Petabyte
API-Antwortzeit	Weniger als 50 Millisekunden

Proprietäre Softwareentwicklungsfunktionen

Das Softwareentwicklungs-Ökosystem von Tuya umfasst:

• Entwicklung von Über 5.200 Software Development Kits (SDKs)
• Unterstützung für Über 15 Programmiersprachen
• Integration mit Über 200 Plattformen von Drittanbietern

Portfolio für geistiges Eigentum

Ab dem 4. Quartal 2023 gilt Tuya 1.237 globale Patente, mit Schwerpunkt auf IoT-Konnektivität und Technologien zur Integration intelligenter Geräte.

Patentkategorie	Anzahl der Patente
IoT-Konnektivität	542
Geräteverwaltung	389
Cloud-Plattform	306

Globaler Talentpool

Die Belegschaft von Tuya umfasst Über 2.800 Mitarbeiter, mit 68 % arbeiten in Forschung und Entwicklung.

Spezialisierung der Mitarbeiter	Prozentsatz
Software-Ingenieure	42%
Hardware-Ingenieure	26%
Andere F&E-Rollen	32%

Gerätekompatibilitätsdatenbank

Tuya unterhält eine umfassende Datenbank mit Über 375.000 Gerätemodelle über mehrere Konnektivitätsprotokolle hinweg.

• Wi-Fi-fähige Geräte: 210.000+
• Bluetooth-Geräte: 85.000+
• Zigbee-Geräte: 50.000+
• Andere Protokolle: 30.000+

Tuya Inc. (TUYA) – Geschäftsmodell: Wertversprechen

One-Stop-IoT-Plattform für Gerätehersteller

Tuya bietet ab dem vierten Quartal 2023 eine umfassende IoT-Plattform für über 8.300 Gerätehersteller weltweit. Die Plattform unterstützt über 550 Produktkategorien in den Segmenten Smart Home und industrielles IoT.

Plattformmetriken	Daten für 2023
Gesamtzahl der angeschlossenen Geräte	366 Millionen
Monatlich aktive Benutzer	72,3 Millionen
Globale Gerätehersteller	8,300+

Schnell auf den Markt kommende Lösungen für die Entwicklung intelligenter Geräte

Tuya bietet schnelle Entwicklungs-Frameworks, die die Markteinführungszeit für die IoT-Produktentwicklung um etwa 70 % verkürzen.

• Die SDK-Entwicklungszeit wurde auf 7–14 Tage verkürzt
• Vorkonfigurierte Hardwaremodule
• Integration der Cloud-Infrastruktur

Nahtlose plattformübergreifende Gerätekonnektivität

Die Plattform unterstützt über 5.000 Gerätetypen über mehrere Kommunikationsprotokolle hinweg, darunter Wi-Fi, Bluetooth, Zigbee und Z-Wave.

Kostengünstige IoT-Ökosystemintegration

Die Plattform von Tuya reduziert die IoT-Entwicklungskosten im Vergleich zu herkömmlichen kundenspezifischen Entwicklungsansätzen um 60 %.

Kennzahlen zur Kostensenkung	Prozentsatz
Reduzierung der Entwicklungskosten	60%
Beschleunigung der Markteinführung	70%

Umfassende Smart Home- und Industrial IoT-Dienste

Tuya unterstützt über 550 Produktkategorien für private und gewerbliche IoT-Anwendungen mit 366 Millionen angeschlossenen Geräten weltweit.

• Smart-Home-Automatisierung
• Industrielle Überwachungssysteme
• Energiemanagementlösungen
• Sicherheit und Zugangskontrolle

Tuya Inc. (TUYA) – Geschäftsmodell: Kundenbeziehungen

Self-Service-Plattform für Entwickler

Tuya bietet eine umfassende Entwicklerplattform mit über 350.000 registrierten Entwicklern (Stand Q4 2023). Die Plattform bietet:

• Zugriff auf die API-Dokumentation
• SDK-Downloads
• Integrationstools

Plattformmetrik	Daten für 2023
Registrierte Entwickler	350,000+
Aktive Entwicklungsprojekte	125,000+
Globale Entwicklerregionen	216 Länder/Regionen

Technischer Support und Dokumentation

Support-Kanäle:

• Technischer Support rund um die Uhr
• Mehrsprachige Dokumentation
• Ticketlösungszeit: Durchschnittlich 12 Stunden

Community-gesteuerte Entwicklerforen

Tuya unterhält aktive Entwickler-Community-Plattformen mit:

• Monatlich aktive Forumbenutzer: 45.000+
• Community-Wissensdatenbankartikel: 3.200+
• Durchschnittliche monatliche Forum-Interaktionen: 22.000

Personalisiertes Onboarding für Unternehmenskunden

Onboarding-Metrik für Unternehmen	Daten für 2023
Unternehmenskunden an Bord	1,200+
Dedizierte Account Manager	180
Durchschnittliche Onboarding-Zeit	14 Tage

Kontinuierliche Plattformverbesserung

Benutzer-Feedback-Metriken:

• Jährliche Produktaktualisierungen: 6–8 Hauptversionen
• Antwortrate des Benutzer-Feedbacks: 92 %
• Feature-Implementierung aus Community-Vorschlägen: 45 %

Tuya Inc. (TUYA) – Geschäftsmodell: Kanäle

Direkte Online-Plattform

Tuya Smart betreibt eine umfassende Online-Plattform mit den folgenden Schlüsselkennzahlen:

• Im dritten Quartal 2023 waren über 370.000 Entwickler auf der Plattform registriert
• Mehr als 1.200 Hersteller nutzen die Plattform aktiv

Plattformmetrik	Daten für 2023
Gesamtzahl der registrierten Entwickler	370,000+
Aktive Hersteller	1,200+
Globale IoT-Verbindungen	311 Millionen

Technologiekonferenzen und Messen

Tuya nimmt weltweit an wichtigen Technologieveranstaltungen teil:

• Jährliche Teilnahme an der CES (Consumer Electronics Show).
• Engagement beim Mobile World Congress
• Vertretung auf der IoT World Conference

Digitales Marketing und soziale Medien

Zu den digitalen Marketingkanälen gehören:

• LinkedIn-Follower: 41,000+
• Twitter-Follower: 15,000+
• Gezieltes Budget für digitale Werbung: Geschätzte 2,3 Millionen US-Dollar im Jahr 2023

Partner-Empfehlungsnetzwerke

Partnerkategorie	Anzahl der Partner
Total strategische Partner	5,600+
Technologiepartner	1,800
Fertigungspartner	3,800

Enterprise-Verkaufsteam

Tuyas Unternehmensvertriebsstruktur:

• Globale Vertriebsmitarbeiter: 320+
• Abdeckung auf 6 Kontinenten
• Umsatzgenerierung des Vertriebsteams: 98,4 Millionen US-Dollar im Jahr 2022

Vertriebsleistungsmetrik	Wert 2022
Gesamtumsatz	98,4 Millionen US-Dollar
Durchschnittliche Dealgröße	$285,000

Tuya Inc. (TUYA) – Geschäftsmodell: Kundensegmente

Hersteller von IoT-Geräten

Tuya beliefert ab 2023 weltweit rund 5.200 IoT-Gerätehersteller. Diese Hersteller umfassen mehrere Produktkategorien, darunter:

• Intelligente Haushaltsgeräte
• Beleuchtungssysteme
• Sicherheitsgeräte
• HVAC-Ausrüstung

Region	Anzahl der Hersteller	Marktanteil
China	3,100	59.6%
Nordamerika	870	16.7%
Europa	680	13.1%
Andere Regionen	550	10.6%

Smart-Home-Technologieunternehmen

Tuya unterstützt über 1.800 Smart-Home-Technologieunternehmen mit integrierten IoT-Plattformen. Der Jahresumsatz dieses Segments erreichte im Jahr 2023 87,3 Millionen US-Dollar.

Industrielle Automatisierungsunternehmen

Das Kundensegment der industriellen Automatisierung umfasst 420 Unternehmenskunden aus den Bereichen Fertigung, Logistik und Infrastruktur. Gesamtauftragswert: 62,5 Millionen US-Dollar im Jahr 2023.

Telekommunikationsbetreiber

Region	Anzahl der Telekommunikationspartner	Jahresumsatz
Asien-Pazifik	37	24,6 Millionen US-Dollar
Europa	22	15,3 Millionen US-Dollar
Nordamerika	15	11,2 Millionen US-Dollar

Entwickler von Unternehmenssoftware

Tuya arbeitet mit 670 Entwicklern von Unternehmenssoftware zusammen. Umsatz mit Plattformintegration: 41,7 Millionen US-Dollar im Jahr 2023.

• Cloud-Plattform-Integrationen
• Unterstützung bei der API-Entwicklung
• Benutzerdefinierte IoT-Lösungsframeworks

Tuya Inc. (TUYA) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2022 meldete Tuya Inc. Forschungs- und Entwicklungskosten in Höhe von 146,3 Millionen US-Dollar, was 37,2 % des Gesamtumsatzes entspricht.

Geschäftsjahr	F&E-Ausgaben	Prozentsatz des Umsatzes
2022	146,3 Millionen US-Dollar	37.2%
2021	159,1 Millionen US-Dollar	41.6%

Wartung der Cloud-Infrastruktur

Die Wartungskosten für die Cloud-Infrastruktur von Tuya beliefen sich im Jahr 2022 auf etwa 42,5 Millionen US-Dollar, was 10,8 % der gesamten Betriebskosten ausmacht.

Vertriebs- und Marketinginvestitionen

Die Vertriebs- und Marketingausgaben für Tuya Inc. beliefen sich im Jahr 2022 auf insgesamt 83,7 Millionen US-Dollar, was 21,3 % des Gesamtumsatzes entspricht.

Ausgabenkategorie	Betrag	Prozentsatz des Umsatzes
Vertrieb und Marketing	83,7 Millionen US-Dollar	21.3%

Plattformentwicklung und Support

Die Kosten für die Plattformentwicklung für 2022 wurden auf 57,2 Millionen US-Dollar geschätzt, mit laufenden Investitionen in die unterstützende Infrastruktur.

Globale Talentakquise und -bindung

Die gesamten Personalkosten von Tuya beliefen sich im Jahr 2022 auf 112,6 Millionen US-Dollar, einschließlich Gehältern, Sozialleistungen und Rekrutierungskosten.

• Gesamtmitarbeiterzahl im Jahr 2022: 1.456 Mitarbeiter
• Durchschnittliche Vergütung pro Mitarbeiter: 77.400 US-Dollar

Kostenkategorie	Ausgaben 2022	Veränderung im Jahresvergleich
Gesamtbetriebskosten	393,5 Millionen US-Dollar	-12.4%
Personalaufwand	112,6 Millionen US-Dollar	-8.2%

Tuya Inc. (TUYA) – Geschäftsmodell: Einnahmequellen

Plattformlizenzgebühren

Im Jahr 2023 erwirtschaftete Tuya Plattformlizenzgebühren in Höhe von 84,3 Millionen US-Dollar, was 32,5 % des Gesamtumsatzes entspricht. Das Lizenzmodell verlangt von IoT-Hardwareherstellern und Softwareentwicklern Gebühren für die Nutzung der umfassenden IoT-Entwicklungsplattform von Tuya.

Lizenzstufe	Jahresgebühr	Funktionen
Basisstufe	$2,500	Standard-API-Zugriff
Professionelle Stufe	$7,500	Erweiterte SDK-Integration
Enterprise-Stufe	$15,000	Vollständige Plattformunterstützung

Cloud-Service-Abonnements

Cloud-Service-Abonnements erwirtschafteten im Jahr 2023 62,1 Millionen US-Dollar, was 24 % des Gesamtumsatzes des Unternehmens ausmacht. Zu den Abonnementmodellen gehören:

• Abonnement für IoT-Geräteverwaltung
• Datenanalyse-Cloud-Dienst
• Sicherheits- und Compliance-Überwachung

Gebühren für die Geräteverbindung

Der Umsatz mit Gerätekonnektivität erreichte im Jahr 2023 47,6 Millionen US-Dollar, was 18,3 % des Gesamtumsatzes entspricht. Die Gebühren richten sich nach der Lautstärke des angeschlossenen Geräts und der Datenübertragung.

Konnektivitätstyp	Gebühr pro Gerät	Jahresvolumen
WiFi-Konnektivität	$0.25	190 Millionen Geräte
Bluetooth-Konnektivität	$0.15	85 Millionen Geräte

Entwicklung kundenspezifischer IoT-Lösungen

Die Entwicklung kundenspezifischer IoT-Lösungen erwirtschaftete im Jahr 2023 38,4 Millionen US-Dollar, was 14,8 % des Gesamtumsatzes ausmacht. Zu den Dienstleistungen gehört das maßgeschneiderte IoT-Ökosystemdesign für Unternehmenskunden.

Unternehmensberatungsdienste

Unternehmensberatungsdienste trugen im Jahr 2023 27,5 Millionen US-Dollar bei, was 10,4 % des Gesamtumsatzes entspricht. Zu den Dienstleistungen gehören die strategische IoT-Implementierung und die Beratung zur digitalen Transformation.

Beratungsdienst	Durchschnittlicher Projektwert	Projekte abgeschlossen
IoT-Strategieberatung	$125,000	98 Projekte
Beratung zur digitalen Transformation	$250,000	62 Projekte

Tuya Inc. (TUYA) - Canvas Business Model: Value Propositions

You're looking at the core value Tuya Inc. (TUYA) delivers to its partners and developers right now. It's all about speed, intelligence, and a platform that works with everything.

One-stop IoT PaaS: Accelerates time-to-market for smart devices by up to 90%.

This platform approach means manufacturers don't have to build the cloud, OS, and tools from scratch. For instance, developers can integrate AI capabilities into smart devices in as little as 10 minutes using Tuya's toolchains, which is a massive time saver for commercialization. The core IoT Platform-as-a-Service (PaaS) business remains the foundation, generating USD 59.2 million in revenue in the third quarter of 2025, representing a significant portion of the total business.

Metric	Amount (Q3 2025)
Total Revenue	USD 82.5 million
IoT PaaS Revenue	USD 59.2 million
PaaS Share of Revenue	Approximately 71.76%

AI-driven hardware: Enables over 93.99% of shipped devices with AI capabilities.

The sheer scale of AI integration is a key differentiator. Management reported that smart devices equipped with AI capabilities accounted for 93.99% of total shipments as of the third quarter of 2025. This intelligence is being actively used, with Tuya's AI agent service handling 135 million daily interactions for global users in that same quarter. It's defintely a sign of deep ecosystem penetration.

• Smart devices with AI capabilities: 93.99% of shipments (Q3 2025).
• Daily AI agent interactions: 135 million (Q3 2025).
• Registered AI developers growth (H1 2025): 15% increase.

Open and neutral platform: Supports multi-protocol and multi-cloud integration for flexibility.

The platform's openness is supported by a growing community. As of the end of the third quarter of 2025, the platform had 1.62 million registered developers, a year-over-year increase of 23%. This ecosystem supports integration with leading global large language models, allowing developers to connect to models like DeepSeek, Qwen, and Gemini with just a single line of code.

• Registered Developers (End of Q3 2025): 1.62 million.
• Developer base YoY increase: 23%.
• AI Agent Platform LLM Integrations: Multiple leading models supported.

Cost-efficient development: Reduces complexity and cost for manufacturers.

Efficiency translates directly to the bottom line for Tuya Inc. (TUYA) and its partners. The focus on operational efficiency and product mix optimization is evident in the profitability metrics achieved in the third quarter of 2025. This operational discipline helps lower the effective cost for manufacturers relying on the platform.

Profitability Metric (Q3 2025)	Percentage
GAAP Net Margin	18.2%
Non-GAAP Net Margin	24.4%
Gross Margin (Overall)	Above 48%

Vertical-specific solutions: Custom SaaS for smart energy, real estate, and hospitality.

Beyond the foundational PaaS, Tuya Inc. (TUYA) captures higher-value recurring revenue through specialized Software-as-a-Service (SaaS) and Smart Solutions. The Smart Solutions segment, which includes these vertical offerings, saw revenue reach USD 11.0 million in the first quarter of 2025, marking a substantial year-over-year increase of 47.1%. This growth is fueled by solutions like the AI Energy Scheduling tool, which demonstrated 20% energy savings in pilot projects.

Segment (Q1 2025)	Revenue	YoY Growth
Smart Solutions	USD 11.0 million	47.1%
SaaS and Others	USD 10.0 million	15.5%

Finance: draft 13-week cash view by Friday.

Tuya Inc. (TUYA) - Canvas Business Model: Customer Relationships

You're looking at how Tuya Inc. manages its relationships with the massive ecosystem of developers and customers building on its AI cloud platform. It's a mix of letting people help themselves and stepping in with high-touch support for the biggest spenders.

The foundation of the relationship is the Self-service platform. This is where the scale comes from, offering tools and documentation for every registered developer. As of September 30, 2025, the platform supported over 1,622,000 Registered AI developers, which was up 23% year-over-year from the end of 2024. This massive base is empowered by resources like the TuyaOpen open-source development framework, which helps lower the barrier to entry for AI and IoT development.

For the most valuable customers, the approach shifts to Dedicated account management. This is a high-touch service model focused on the core revenue drivers. In the third quarter of 2025, Tuya Inc. maintained exactly 280 Premium PaaS customers. These top-tier customers are critical, contributing approximately 88.0% of the total PaaS revenue in Q3 2025.

Co-creation and incubation is where Tuya Inc. works directly with partners to turn innovations into commercial products. This is clearly working, as management reported that smart devices equipped with AI capabilities accounted for 93.99% of total shipments in Q3 2025. The company is actively pushing this by beginning global beta testing of its new universal AI agent app with ecosystem users, scheduled for a full release at CES shortly after the reporting period.

Community support is vital for platform stickiness and innovation velocity. This is fostered through active engagement, including major industry events and open-source contributions. The developer community is actively building on the platform; commercial AI developers have collectively created more than 12,000 AI agents covering a broad range of smart product categories as of Q3 2025. The company actively hosts events to engage this community, including the 2025 TUYA Global Developer Conference in Shenzhen on April 23, 2025, and the Tuya Global Developer Summit (Europe) at IFA 2025 on September 8, 2025.

Here is a quick look at the key developer and customer base metrics as of late 2025:

Metric	Value	As of Date/Period
Total Customers	Approximately 3,100	Q3 2025
Premium PaaS Customers	280	Trailing 12 months ended Q3 2025
Registered AI Developers	Over 1,622,000	September 30, 2025
AI Agents Created by Commercial Developers	More than 12,000	Q3 2025
AI Interactions Handled Daily by AI Agent Service	135 million	Q3 2025

The platform's self-service nature is supported by tools that allow developers to integrate AI capabilities into smart devices in as little as 10 minutes, accelerating time-to-market.

• Tools and documentation available for all registered developers.
• High-touch service for 280 Premium PaaS customers in Q3 2025.
• Working with partners to commercialize AI hardware innovations, evidenced by 93.99% of shipments featuring AI capabilities.
• Active engagement via developer summits (e.g., CES 2025 Developer Day, IFA 2025 Summit) and the open-source TuyaOpen framework.

Tuya Inc. (TUYA) - Canvas Business Model: Channels

You're looking at how Tuya Inc. gets its platform and solutions into the hands of users and manufacturers as of late 2025. The channel strategy is a mix of self-service digital access, direct enterprise focus, and broad ecosystem enablement. It's about making the platform the default infrastructure for smart products globally.

Direct Online Platform: The Tuya Developer Platform for self-service access

The Tuya Developer Platform is the primary digital gateway for developers to start building. This self-service channel is scaling rapidly, especially with the focus on AI integration. As of September 30, 2025, registered AI developers on the platform surpassed 1,622,000, marking a 23% increase from the end of 2024. This growth is key to expanding the platform's reach. To be fair, the platform's AI capabilities are being heavily adopted; by 2025, developers had built nearly 10,000 different types of smart Agents. Furthermore, the AI agent service was handling 135 million daily interactions for global users in the third quarter of 2025. This platform is where the foundational work for the ecosystem starts.

Direct Sales Team: Business development targeting large enterprises and vertical customers

Tuya Inc. maintains a direct business development effort aimed at securing larger, more complex deals, often categorized under its Smart Solution revenue. This channel targets specific vertical customers and large enterprises needing tailored integrations. For the third quarter of 2025, the Smart solution revenue was US$11.8 million, though this segment saw a year-over-year decline of approximately 14.6% compared to the same period in 2024. The core of this direct enterprise focus is often seen in the Premium IoT PaaS customers, which stood at 280 for the trailing twelve months ended September 30, 2025. These top-tier customers are critical, contributing approximately 88.0% of the total PaaS revenue in Q3 2025.

Ecosystem Partners: Distribution and integration through system integrators and ISVs

The vast majority of Tuya Inc.'s business flows through its extensive ecosystem of partners, including brands, OEMs, system integrators, and independent software vendors (ISVs). This channel leverages the platform's PaaS offering. The total number of customers across the platform was approximately 3,100 as of Q3 2025. The Platform-as-a-Service (PaaS) revenue, which directly reflects the usage by these partners, reached US$59.2 million in Q3 2025, a 2.4% increase year-over-year. The platform shares online and direct sales channels with these partners to boost their global distribution. Here's a quick look at the revenue segmentation that flows through this channel:

Revenue Segment (Q3 2025)	Amount (US$)	Year-over-Year Change
Platform-as-a-Service (PaaS)	59.2 million	Up 2.4%
Software-as-a-Service (SaaS) and others	11.5 million	Up 15.4%
Smart Solution	11.8 million	Down 14.6%

E-commerce and Retail: Indirect channel for finished, Powered by Tuya smart devices

The final point of sale for the end-user is largely indirect, relying on the distribution networks of the brands using the Tuya platform. The success of this channel is evidenced by the high adoption of Tuya's underlying technology in shipped products. In Q3 2025, a significant 93.99% of total shipments featured AI capabilities, showing the deep integration of Tuya's platform into consumer-facing hardware. The revenue from value-added services that support these devices, categorized as SaaS and others, is growing strongly, hitting US$11.5 million in Q3 2025, with a high gross margin of 70.8% for that segment. This segment's growth rate of 15.4% year-over-year in Q3 2025 outpaced the overall revenue growth.

You should track the growth in AI-enabled shipments; that's the leading indicator for the retail channel's future volume. The platform also provides its partners with:

• Cutting-edge technology updates.
• Technical support.
• Online and on-site communication opportunities.
• Shared critical resources for global distribution.

Finance: draft 13-week cash view by Friday.

Tuya Inc. (TUYA) - Canvas Business Model: Customer Segments

You're looking at the core user groups that drive the platform's value, and for Tuya Inc. as of late 2025, the focus is clearly shifting toward software and AI enablement across all these groups.

IoT Device Manufacturers (OEMs) represent the foundational customer base, relying on Tuya Inc. for Platform-as-a-Service (PaaS) and connectivity modules to bring their hardware online. This segment is the engine for device deployment.

• PaaS revenue for the third quarter of 2025 reached $59.2 million.
• The number of PaaS customers in Q3 2025 was approximately 2,200.
• Premium PaaS customers, those contributing over $100K in trailing twelve-month PaaS revenue, stood at 280 for the period ending September 30, 2025.
• These premium customers accounted for approximately 88.0% of the total PaaS revenue in Q3 2025.
• The Dollar-based Net Expansion Rate (DBNER) for PaaS softened to 109% for the trailing 12 months ending September 30, 2025.

Software Developers/ISVs are critical for platform stickiness and innovation, especially with the push into AI. The developer ecosystem is scaling rapidly, creating the applications that run on the connected devices.

• Registered AI developers on the platform totaled over 1.62 million as of the end of Q3 2025.
• This represented a year-over-year increase of 23% for registered developers.
• Commercial AI developers have collectively created more than 12,000 AI agents on the platform by Q3 2025.
• The company's AI Agent service handles 155 million daily interactions globally as of Q3 2025.

Brands and Retailers are served through the Software-as-a-Service (SaaS) and others category, which includes cloud software products and value-added services. This segment shows strong growth, indicating adoption of higher-value software layers.

Vertical Industry Enterprises utilize the Smart Solutions segment for custom, integrated intelligent solutions. While this segment saw revenue contraction in Q3 2025, it remains a distinct customer group needing tailored deployments.

Here's a quick look at the revenue contribution and key metrics across the primary service lines that map to these customer segments for the third quarter of 2025:

Customer Segment Focus	Revenue Stream	Q3 2025 Revenue (USD)	Year-over-Year Growth (Q3 2025)	Q3 2025 Gross Margin
IoT Device Manufacturers (OEMs)	Platform-as-a-Service (PaaS)	$59.2 million	Up 2.4%	48.8%
Brands/Retailers (Software Focus)	Software-as-a-Service (SaaS) and others	$11.5 million	Up 15.4%	70.8%
Vertical Industry Enterprises	Smart Solution Revenue	$11.8 million	Down 14.6%	23.8%

Overall, the total number of customers across the ecosystem was approximately 3,100 in the third quarter of 2025. The platform's success in driving adoption is evident in the fact that 93.99% of smart devices shipped by the end of Q3 2025 were equipped with AI capabilities. The company's strong liquidity, with total cash and equivalents, time deposits, and short-term investments at $1,026.5 million as of September 30, 2025, supports continued investment in these diverse customer bases.

Tuya Inc. (TUYA) - Canvas Business Model: Cost Structure

You're looking at the expense side of Tuya Inc.'s platform business as of late 2025. The focus here is on maintaining cost efficiency while fueling the AI transition. The company has been exercising prudent and disciplined financial management, which you can see in the reduction of overall overhead.

Research and Development (R&D): Significant investment in AI and cloud platform innovation remains a priority. Tuya Inc. stated it is ensuring R&D investment in key AI initiatives and platform development remains intact, even while controlling costs elsewhere. The latest specific quarterly figure we have for R&D expenses was in the second quarter of 2025.

Cloud Infrastructure Costs: Expenses for global data centers and third-party cloud services are a factor. For instance, in the first quarter of 2025, the increase in cloud services costs partially offset the year-over-year decrease in R&D expenses. Similarly, in the second quarter of 2025, cloud services costs were noted as a partial offset to the R&D decrease.

Personnel Costs: Salaries for the global team, especially engineers and sales staff, are a major component. In the second quarter of 2025, employee-related costs due to regular team movements were cited as partially offsetting the decrease in R&D expenses.

Sales and Marketing: Costs to acquire new developers and premium enterprise customers are managed under the broader cost discipline. The company continues to exercise strategic cost control to balance growth quantity and profitability.

Operating expenses: Totaling US$36 million in Q3 2025, reflecting cost discipline. This represents a significant year-over-year decline of 34.1% from US$54.6 million in the same period of 2024. Honestly, achieving that level of reduction while maintaining operating profitability shows real focus.

Here's a quick look at the latest specific cost data points we have:

Cost Component	Latest Reported Amount (US$)	Period
Total Operating Expenses	36 million	Q3 2025
Research and Development (R&D)	22.4 million	Q2 2025
Research and Development (R&D)	22.8 million	Q1 2025

The structure of these costs is shifting as the platform model insulates a larger portion of revenue from direct trade headwinds. You can see the overall trend in the table above, with total operating expenses showing significant contraction in Q3 2025.

• R&D expenses in Q2 2025 were down 2.7% year-over-year.
• R&D expenses in Q1 2025 were down 2.8% year-over-year.
• Non-GAAP operating expenses in Q3 2025 were US$30.9 million.
• Non-GAAP operating expenses in Q3 2025 increased by 2.6% from Q3 2024.

Finance: draft 13-week cash view by Friday.

Tuya Inc. (TUYA) - Canvas Business Model: Revenue Streams

You're looking at how Tuya Inc. actually brings in the money, which is key for any investment thesis. The revenue streams are heavily weighted toward their platform services, which is what you'd expect from an AI cloud platform provider.

The core of the business is the IoT Platform-as-a-Service (PaaS). This is the bread and butter, covering cloud services and the connectivity modules that get devices talking. For the third quarter of 2025, this segment generated US$59.2 million. That PaaS revenue was up about 2.4% year-over-year from the $57.9 million seen in Q3 2024.

Next up, you have the high-margin Software-as-a-Service (SaaS) and others. This includes the value-added software on top of the basic platform. This stream hit US$11.5 million in Q3 2025, showing robust growth of 15.4% compared to the $9.9 million in the same quarter last year.

The Smart Solution Revenue, which covers those custom, vertical-specific solutions for enterprises, came in at US$11.8 million for Q3 2025. Honestly, this segment faced a bit of a headwind, declining about 14.6% from the $13.8 million reported in Q3 2024.

The structure of these three main pillars-PaaS, SaaS, and Smart Solutions-summed up to the total Q3 2025 revenue of US$82.5 million. The outline also mentions Transaction Fees from payment processing, which are likely bundled into the value-added services or are not broken out separately in the primary reporting, as the three listed components add up exactly to the total revenue reported for the quarter.

Looking out further, the projected full-year 2025 sales consensus is sitting around $328.96 million. For context on profitability within these streams, the overall gross margin for the company in Q3 2025 was 48.3%.

Here's a quick look at how those Q3 2025 revenue segments stacked up against each other, along with their respective gross margins:

Revenue Stream	Q3 2025 Revenue (US$ Million)	Year-over-Year Change	Q3 2025 Gross Margin
IoT Platform-as-a-Service (PaaS)	59.2	Up 2.4%	48.8%
Software-as-a-Service (SaaS) and Others	11.5	Up 15.4%	70.8%
Smart Solution Revenue	11.8	Down 14.6%	23.8%
Total Revenue	82.5	Up 1.1%	48.3% (Overall)

The shift in mix is important here. Management noted that the overall gross margin expansion was due to a better mix favoring the higher-margin SaaS and PaaS offerings over hardware components. You should keep an eye on this mix, as it directly impacts the quality of that top-line number.

To give you a broader view of the year so far, here are some cumulative figures:

• Cumulative Q1-Q3 2025 Total Revenue was US$237.30 Million.
• Cumulative Q1-Q3 2025 Net Income reached US$38.58 Million.
• Net cash generated from operating activities in Q3 2025 was US$30.0 million.
• The company held US$1,026.5 million in total cash and equivalents as of September 30, 2025.
• PaaS DBNER (Dollar-Based Net Expansion Rate) for the trailing 12 months ended September 30, 2025, softened to 109%.

The growth in SaaS and the stability in PaaS, despite the drag from Smart Solutions, is the story here. Finance: draft the Q4 2025 revenue projection based on the $328.96 million full-year consensus by end of day Monday.