Tuya Inc. (TUYA): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama de Internet de las cosas en rápido evolución (IoT), Tuya Inc. emerge como una plataforma global transformadora que revoluciona cómo los fabricantes de dispositivos, las empresas de tecnología y las empresas conectan sin problemas y desarrollan tecnologías inteligentes. Al proporcionar un ecosistema integral e integrado que une desafíos tecnológicos complejos, Tuya se ha posicionado como un facilitador crítico de la revolución IoT, que ofrece soluciones innovadoras que aceleran drásticamente el desarrollo y la conectividad de dispositivos inteligentes en diversas industrias. Desde tecnologías domésticas inteligentes hasta la automatización industrial, el modelo de negocio único de Tuya representa un enfoque sofisticado para resolver desafíos de integración tecnológica intrincados en un mundo cada vez más conectado.

Tuya Inc. (Tuya) - Modelo de negocios: asociaciones clave

Alianzas estratégicas con fabricantes globales de dispositivos IoT

Tuya Inc. ha establecido asociaciones con más de 8,000 fabricantes de dispositivos IoT a nivel mundial. A partir de 2024, estas asociaciones abarcan múltiples categorías de productos que incluyen:

Categoría de productos	Número de fabricantes
Dispositivos para el hogar inteligente	3,200
IoT industrial	1,500
Electrónica de consumo	2,300
Iluminación inteligente	1,000

Colaboración con proveedores de servicios en la nube

Tuya tiene asociaciones estratégicas en la nube con:

• Servicios web de Amazon (AWS)
• Nube de alibaba
• Microsoft Azure
• Plataforma en la nube de Google

Asociaciones tecnológicas con compañías de semiconductores

Socio semiconductor	Enfoque tecnológico
Mediatokek	Chips de conectividad inalámbrica
Qualcomm	Soluciones de procesador IoT
Semiconductor nórdico	Módulos de baja energía Bluetooth

Integraciones de plataforma de ecosistema de inicio inteligente

Tuya admite integraciones con:

• Amazon Alexa
• Google en casa
• MAPILE HOMEKIT
• Samsung Smartthings

Asociaciones de conectividad del operador de telecomunicaciones

Operador de telecomunicaciones	Región geográfica
China Mobile	Porcelana
Vodafone	Europa
AT&T	Estados Unidos
DOCOMO NTT	Japón

Tuya Inc. (Tuya) - Modelo de negocios: actividades clave

Desarrollo y mantenimiento de la plataforma IoT

La plataforma IoT de Tuya admite más de 550 categorías de productos y más de 5,600 tipos de dispositivos a partir de 2023. La plataforma permite la conectividad para más de 309 millones de dispositivos activos mensuales a nivel mundial.

Métrica de plataforma	2023 datos
Dispositivos conectados totales	309 millones de dispositivos activos mensuales
Categorías de productos compatibles	550+ categorías
Tipos de dispositivos	5,600+ tipos

Software y servicios de conectividad basados ​​en la nube

Tuya opera una infraestructura de nube robusta que admite la conectividad Global IoT con las siguientes capacidades:

• Administración de dispositivos en tiempo real
• Integración de API en la nube
• Soporte multiprotocolo
• Centros de datos globales

Integración y optimización de dispositivos inteligentes

Tuya admite la integración en múltiples protocolos de comunicación, que incluyen:

Protocolo de comunicación	Cobertura
Wi-Fi	95% de compatibilidad del dispositivo
Bluetooth	85% de compatibilidad del dispositivo
Zigbee	75% de compatibilidad del dispositivo

Investigación y desarrollo de tecnologías IoT

En 2023, Tuya invirtió $ 126.3 millones en Investigación y Desarrollo, que representa el 22.4% de los ingresos totales.

Expansión del mercado global y escala de plataforma

La presencia global de Tuya incluye:

• Operativo en más de 220 países y regiones
• Más de 6.700 clientes de la industria
• Más de 500,000 desarrolladores en la plataforma

Métrica de expansión	2023 datos
Países/regiones	220+
Clientes de la industria	6,700+
Desarrolladores de plataforma	500,000+

Tuya Inc. (Tuya) - Modelo de negocios: recursos clave

Infraestructura de nube IoT avanzada

A partir de 2024, la infraestructura de la nube de Tuya admite 375,000+ modelos de dispositivos IoT al otro lado de Más de 31,000 categorías de productos. La plataforma de la nube procesa aproximadamente 220 mil millones de conexiones del dispositivo mensualmente.

Infraestructura métrica	Datos cuantitativos
Centros de datos en la nube	8 centros de datos globales
Procesamiento diario de datos	3.5 petabytes
Tiempo de respuesta de la API	Menos de 50 milisegundos

Capacidades de desarrollo de software patentados

El ecosistema de desarrollo de software de Tuya incluye:

• Desarrollo de 5,200+ kits de desarrollo de software (SDK)
• Soporte Más de 15 lenguajes de programación
• Integración con Más de 200 plataformas de terceros

Cartera de propiedades intelectuales

A partir del cuarto trimestre de 2023, Tuya sostiene 1.237 patentes globales, con el enfoque principal en la conectividad IoT y las tecnologías de integración de dispositivos inteligentes.

Categoría de patente	Número de patentes
Conectividad IoT	542
Gestión de dispositivos	389
Plataforma en la nube	306

Grupo de talentos globales

La fuerza laboral de Tuya comprende 2,800+ empleados, con 68% trabajando en investigación y desarrollo.

Especialización de empleados	Porcentaje
Ingenieros de software	42%
Ingenieros de hardware	26%
Otros roles de I + D	32%

Base de datos de compatibilidad del dispositivo

Tuya mantiene una base de datos completa con 375,000+ modelos de dispositivos a través de múltiples protocolos de conectividad.

• Dispositivos habilitados para Wi-Fi: 210,000+
• Dispositivos Bluetooth: más de 85,000
• Dispositivos Zigbee: más de 50,000
• Otros protocolos: más de 30,000

Tuya Inc. (Tuya) - Modelo de negocio: propuestas de valor

Plataforma IoT única para fabricantes de dispositivos

Tuya proporciona una plataforma IoT integral que atiende a más de 8,300 fabricantes de dispositivos a nivel mundial a partir del cuarto trimestre de 2023. La plataforma admite más de 550 categorías de productos en segmentos inteligentes de IoT en el hogar e industriales.

Métricas de plataforma	2023 datos
Dispositivos conectados totales	366 millones
Usuarios activos mensuales	72.3 millones
Fabricantes de dispositivos globales	8,300+

Soluciones de desarrollo de dispositivos inteligentes rápidos al mercado

Tuya ofrece marcos de desarrollo rápido que reducen el tiempo de comercialización en aproximadamente un 70% para el desarrollo de productos IoT.

• Tiempo de desarrollo de SDK reducido a 7-14 días
• Módulos de hardware preconfigurados
• Integración de infraestructura en la nube

Conectividad de dispositivo multiplataforma sin interrupciones

La plataforma admite más de 5,000 tipos de dispositivos en múltiples protocolos de comunicación, incluidos Wi-Fi, Bluetooth, Zigbee y Z-Wave.

Integración rentable del ecosistema de IoT

La plataforma de Tuya reduce los costos de desarrollo de IoT en un 60% en comparación con los enfoques tradicionales de desarrollo personalizado.

Métricas de reducción de costos	Porcentaje
Reducción de costos de desarrollo	60%
Aceleración de tiempo de mercado	70%

Servicios integrales de IoT de Hogar e Industrial Smart Home e Industrial

Tuya admite más de 550 categorías de productos en aplicaciones de IoT residenciales y comerciales con 366 millones de dispositivos conectados a nivel mundial.

• Automatización inteligente del hogar
• Sistemas de monitoreo industrial
• Soluciones de gestión de energía
• Control de seguridad y acceso

Tuya Inc. (Tuya) - Modelo de negocios: relaciones con los clientes

Plataforma de autoservicio para desarrolladores

Tuya proporciona una plataforma de desarrollador integral con más de 350,000 desarrolladores registrados a partir del cuarto trimestre de 2023. La plataforma ofrece:

• Acceso a la documentación de API
• Descargas SDK
• Herramientas de integración

Métrica de plataforma	2023 datos
Desarrolladores registrados	350,000+
Proyectos de desarrollo activo	125,000+
Regiones de desarrolladores globales	216 países/regiones

Soporte técnico y documentación

Canales de soporte:

• Soporte técnico 24/7
• Documentación multilingüe
• Tiempo de resolución de boletos: promedio de 12 horas

Foros de desarrolladores impulsados ​​por la comunidad

Tuya mantiene plataformas de comunidad de desarrolladores activos con:

• Usuarios mensuales de foro activo: más de 45,000
• Artículos de la base de conocimiento de la comunidad: más de 3,200
• Interacciones promedio de foro mensual: 22,000

Incorporación personalizada para clientes empresariales

Métrica de incorporación empresarial	2023 datos
Clientes empresariales a bordo	1,200+
Gerentes de cuentas dedicados	180
Tiempo de incorporación promedio	14 días

Mejora de la plataforma continua

Métricas de comentarios de los usuarios:

• Actualizaciones anuales de productos: 6-8 lanzamientos principales
• Tasa de respuesta de retroalimentación del usuario: 92%
• Implementación de características de sugerencias de la comunidad: 45%

Tuya Inc. (Tuya) - Modelo de negocios: canales

Plataforma directa en línea

Tuya Smart opera una plataforma en línea integral con las siguientes métricas clave:

• Más de 370,000 desarrolladores registrados en la plataforma a partir del tercer trimestre de 2023
• Más de 1.200 fabricantes utilizan activamente la plataforma

Métrica de plataforma	2023 datos
Desarrolladores registrados totales	370,000+
Fabricantes activos	1,200+
Conexiones globales de IoT	311 millones

Conferencias tecnológicas y ferias comerciales

Tuya participa en eventos de tecnología clave a nivel mundial:

• CES (Consumer Electronics Show) Participación anual
• Compromiso del Congreso Mundial Móvil
• Representación de la Conferencia Mundial de IoT

Marketing digital y redes sociales

Los canales de marketing digital incluyen:

• Seguidores de LinkedIn: 41,000+
• Seguidores de Twitter: 15,000+
• Presupuesto de publicidad digital dirigida: estimado $ 2.3 millones en 2023

Redes de referencia de socios

Categoría de socio	Número de socios
Socios estratégicos totales	5,600+
Socios tecnológicos	1,800
Socios de fabricación	3,800

Equipo de ventas empresarial

Estructura de ventas empresariales de Tuya:

• Representantes de ventas globales: 320+
• Cobertura en 6 continentes
• Generación de ingresos del equipo de ventas: $ 98.4 millones en 2022

Métrica de rendimiento de ventas	Valor 2022
Ingresos totales de ventas	$ 98.4 millones
Tamaño de trato promedio	$285,000

Tuya Inc. (Tuya) - Modelo de negocios: segmentos de clientes

Fabricantes de dispositivos IoT

Tuya sirve aproximadamente 5.200 fabricantes de dispositivos IoT a nivel mundial a partir de 2023. Estos fabricantes abarcan múltiples categorías de productos que incluyen:

• Electrodomésticos inteligentes
• Sistemas de iluminación
• Dispositivos de seguridad
• Equipo HVAC

Región	Número de fabricantes	Cuota de mercado
Porcelana	3,100	59.6%
América del norte	870	16.7%
Europa	680	13.1%
Otras regiones	550	10.6%

Empresas inteligentes de tecnología para el hogar

Tuya admite más de 1,800 compañías de tecnología Smart Home con plataformas IoT integradas. Los ingresos anuales de este segmento alcanzaron $ 87.3 millones en 2023.

Empresas de automatización industrial

El segmento de clientes de automatización industrial comprende 420 clientes empresariales en los sectores de fabricación, logística e infraestructura. Valor total del contrato: $ 62.5 millones en 2023.

Operadores de telecomunicaciones

Región	Número de socios de telecomunicaciones	Ingresos anuales
Asia Pacífico	37	$ 24.6 millones
Europa	22	$ 15.3 millones
América del norte	15	$ 11.2 millones

Desarrolladores de software empresarial

Tuya colabora con 670 desarrolladores de software empresarial. Ingresos de integración de la plataforma: $ 41.7 millones en 2023.

• Integraciones de plataforma en la nube
• Soporte de desarrollo de API
• Marcos de soluciones de IoT personalizados

Tuya Inc. (Tuya) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2022, Tuya Inc. reportó gastos de investigación y desarrollo de $ 146.3 millones, lo que representa el 37.2% de los ingresos totales.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2022	$ 146.3 millones	37.2%
2021	$ 159.1 millones	41.6%

Mantenimiento de la infraestructura en la nube

Los costos de mantenimiento de la infraestructura en la nube de Tuya para 2022 fueron de aproximadamente $ 42.5 millones, lo que representa el 10.8% de los gastos operativos totales.

Inversiones de ventas y marketing

Los gastos de ventas y marketing para Tuya Inc. en 2022 totalizaron $ 83.7 millones, lo que representa el 21.3% de los ingresos totales.

Categoría de gastos	Cantidad	Porcentaje de ingresos
Ventas y marketing	$ 83.7 millones	21.3%

Desarrollo y soporte de plataforma

Los costos de desarrollo de la plataforma para 2022 se estimaron en $ 57.2 millones, con inversiones de infraestructura de soporte en curso.

Adquisición y retención de talentos globales

Los gastos totales de personal de Tuya para 2022 alcanzaron $ 112.6 millones, incluidos salarios, beneficios y costos de reclutamiento.

• CUENTA TOTAL en 2022: 1,456 empleados
• Compensación promedio por empleado: $ 77,400

Categoría de costos	Gastos de 2022	Cambio año tras año
Gastos operativos totales	$ 393.5 millones	-12.4%
Gastos de personal	$ 112.6 millones	-8.2%

Tuya Inc. (Tuya) - Modelo de negocios: flujos de ingresos

Tarifas de licencia de plataforma

En 2023, Tuya generó tarifas de licencia de plataforma de $ 84.3 millones, lo que representa el 32.5% de los ingresos totales. El modelo de licencia cobra a los fabricantes de hardware de IoT y desarrolladores de software por usar la plataforma de desarrollo IoT integral de Tuya.

Nivel de licencia	Tarifa anual	Características
Nivel básico	$2,500	Acceso a la API estándar
Nivel profesional	$7,500	Integración avanzada de SDK
Nivel empresarial	$15,000	Soporte de plataforma completa

Suscripciones de servicios en la nube

Las suscripciones en el servicio en la nube generaron $ 62.1 millones en 2023, representando el 24% de los ingresos totales de la compañía. Los modelos de suscripción incluyen:

• Suscripción de administración de dispositivos IoT
• Servicio en la nube de análisis de datos
• Monitoreo de seguridad y cumplimiento

Cargos de conectividad del dispositivo

Los ingresos por conectividad del dispositivo alcanzaron los $ 47.6 millones en 2023, lo que representa el 18.3% de los ingresos totales. Las cargas se basan en el volumen del dispositivo conectado y la transmisión de datos.

Tipo de conectividad	Por carga del dispositivo	Volumen anual
Conectividad wifi	$0.25	190 millones de dispositivos
Conectividad Bluetooth	$0.15	85 millones de dispositivos

Desarrollo de soluciones de IoT personalizadas

El desarrollo de soluciones de IoT personalizadas generó $ 38.4 millones en 2023, que constituye el 14.8% de los ingresos totales. Los servicios incluyen diseño de ecosistema IoT personalizado para clientes empresariales.

Servicios de consultoría empresarial

Enterprise Consulting Services contribuyó con $ 27.5 millones en 2023, lo que representa el 10.4% de los ingresos totales. Los servicios incluyen la implementación estratégica de IoT y el aviso de transformación digital.

Servicio de consultoría	Valor promedio del proyecto	Proyectos completados
Consultoría de estrategia de IoT	$125,000	98 proyectos
Aviso de transformación digital	$250,000	62 proyectos

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.