Tuya Inc. (Tuya): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário em rápida evolução da Internet das Coisas (IoT), a Tuya Inc. surge como uma plataforma global transformadora que revoluciona como fabricantes de dispositivos, empresas de tecnologia e empresas conectam e desenvolvem tecnologias inteligentes. Ao fornecer um ecossistema abrangente e integrado que preenche desafios tecnológicos complexos, a Tuya se posicionou como um facilitador crítico da revolução da IoT, oferecendo soluções inovadoras que aceleram drasticamente o desenvolvimento e a conectividade inteligentes de dispositivos em diversas indústrias. Das tecnologias domésticas inteligentes à automação industrial, o modelo de negócios exclusivo da Tuya representa uma abordagem sofisticada para resolver intrincados desafios de integração tecnológica em um mundo cada vez mais conectado.

Tuya Inc. (Tuya) - Modelo de Negócios: Parcerias -chave

Alianças estratégicas com fabricantes globais de dispositivos de IoT

A Tuya Inc. estabeleceu parcerias com mais de 8.000 fabricantes de dispositivos de IoT em todo o mundo. A partir de 2024, essas parcerias abrangem várias categorias de produtos, incluindo:

Categoria de produto	Número de fabricantes
Dispositivos domésticos inteligentes	3,200
IoT industrial	1,500
Eletrônica de consumo	2,300
Iluminação inteligente	1,000

Colaboração com provedores de serviços em nuvem

Tuya tem parcerias em nuvem estratégicas com:

• Amazon Web Services (AWS)
• Cloud Alibaba
• Microsoft Azure
• Plataforma do Google Cloud

Parcerias de tecnologia com empresas de semicondutores

Parceiro semicondutor	Foco em tecnologia
MEDIATEK	Chips de conectividade sem fio
Qualcomm	Soluções de processador IoT
Semicondutor nórdico	Módulos de baixa energia Bluetooth

Integrações de plataforma de ecossistema de casa inteligentes

Tuya suporta integrações com:

• Amazon Alexa
• Home do Google
• Apple HomeKit
• Samsung Smartthings

Parcerias de conectividade do operador de telecomunicações

Operador de telecomunicações	Região geográfica
China Mobile	China
Vodafone	Europa
AT&T	Estados Unidos
NTT Docomo	Japão

Tuya Inc. (Tuya) - Modelo de Negócios: Atividades -chave

Desenvolvimento e manutenção da plataforma de IoT

A plataforma IoT da Tuya suporta mais de 550 categorias de produtos e mais de 5.600 tipos de dispositivos a partir de 2023. A plataforma permite conectividade para mais de 309 milhões de dispositivos ativos mensais em todo o mundo.

Métrica da plataforma	2023 dados
Total de dispositivos conectados	309 milhões de dispositivos ativos mensais
Categorias de produtos suportadas	550+ categorias
Tipos de dispositivo	5.600+ tipos

Software baseado em nuvem e serviços de conectividade

A Tuya opera uma infraestrutura de nuvem robusta que suporta a conectividade global da IoT com os seguintes recursos:

• Gerenciamento de dispositivos em tempo real
• Integração da API em nuvem
• Suporte de multiprotocolo
• Data Centers globais

Integração e otimização de dispositivos inteligentes

Tuya suporta integração em vários protocolos de comunicação, incluindo:

Protocolo de comunicação	Cobertura
Wi-fi	95% de compatibilidade do dispositivo
Bluetooth	85% de compatibilidade do dispositivo
ZigBee	75% de compatibilidade do dispositivo

Pesquisa e desenvolvimento de tecnologias de IoT

Em 2023, Tuya investiu US $ 126,3 milhões em pesquisa e desenvolvimento, representando 22,4% da receita total.

Expansão do mercado global e escala de plataforma

A presença global de Tuya inclui:

• Operacional em mais de 220 países e regiões
• Mais de 6.700 clientes do setor
• Mais de 500.000 desenvolvedores na plataforma

Métrica de expansão	2023 dados
Países/regiões	220+
Clientes do setor	6,700+
Desenvolvedores de plataformas	500,000+

Tuya Inc. (Tuya) - Modelo de negócios: Recursos -chave

Infraestrutura avançada em nuvem de IoT

A partir de 2024, a infraestrutura em nuvem de Tuya suporta 375.000 mais de modelos de dispositivos IoT entre Mais de 31.000 categorias de produtos. A plataforma em nuvem processa aproximadamente 220 bilhões de conexões de dispositivo mensalmente.

Métrica de infraestrutura	Dados quantitativos
Data centers em nuvem	8 data centers globais
Processamento de dados diários	3.5 Petabytes
Tempo de resposta da API	Menos de 50 milissegundos

Recursos proprietários de desenvolvimento de software

O ecossistema de desenvolvimento de software da Tuya inclui:

• Desenvolvimento de 5.200 mais de kits de desenvolvimento de software (SDKs)
• Suporte para 15+ linguagens de programação
• Integração com Mais de 200 plataformas de terceiros

Portfólio de propriedade intelectual

A partir do quarto trimestre 2023, Tuya segura 1.237 patentes globais, com foco primário na conectividade da IoT e tecnologias de integração de dispositivos inteligentes.

Categoria de patentes	Número de patentes
Conectividade da IoT	542
Gerenciamento de dispositivos	389
Plataforma em nuvem	306

Pool de talentos globais

A força de trabalho de Tuya compreende 2.800 mais de funcionários, com 68% trabalhando em pesquisa e desenvolvimento.

Especialização dos funcionários	Percentagem
Engenheiros de software	42%
Engenheiros de hardware	26%
Outras funções de P&D	32%

Banco de dados de compatibilidade do dispositivo

Tuya mantém um banco de dados abrangente com 375.000 mais de modelos de dispositivos em vários protocolos de conectividade.

• Dispositivos habilitados para Wi-Fi: 210.000+
• Dispositivos Bluetooth: 85.000+
• Dispositivos ZigBee: 50.000+
• Outros protocolos: 30.000+

Tuya Inc. (Tuya) - Modelo de Negócios: Proposições de Valor

Plataforma de IoT de um funcionamento para fabricantes de dispositivos

A Tuya fornece uma plataforma IoT abrangente que atende mais de 8.300 fabricantes de dispositivos em todo o quarto trimestre 2023. A plataforma suporta mais de 550 categorias de produtos nos segmentos IoT domésticos e industriais inteligentes.

Métricas de plataforma	2023 dados
Total de dispositivos conectados	366 milhões
Usuários ativos mensais	72,3 milhões
Fabricantes de dispositivos globais	8,300+

Soluções de desenvolvimento de dispositivos inteligentes rápidos de mercado

A Tuya oferece estruturas rápidas de desenvolvimento, reduzindo o tempo de mercado em aproximadamente 70% para o desenvolvimento de produtos da IoT.

• Tempo de desenvolvimento SDK reduzido para 7-14 dias
• Módulos de hardware pré-configurados
• Integração da infraestrutura em nuvem

Conectividade de dispositivo de plataforma cruzada sem costura

A plataforma suporta mais de 5.000 tipos de dispositivos em vários protocolos de comunicação, incluindo Wi-Fi, Bluetooth, ZigBee e Z-Wave.

Integração de ecossistema de IoT econômica

A plataforma da Tuya reduz os custos de desenvolvimento da IoT em 60% em comparação com as abordagens tradicionais de desenvolvimento personalizado.

Métricas de redução de custos	Percentagem
Redução de custos de desenvolvimento	60%
Aceleração de tempo até o mercado	70%

Serviços abrangentes de IoT em casa e industrial inteligentes

A Tuya suporta mais de 550 categorias de produtos em aplicativos de IoT residencial e comercial, com 366 milhões de dispositivos conectados globalmente.

• Automação residencial inteligente
• Sistemas de monitoramento industrial
• Soluções de gerenciamento de energia
• Segurança e controle de acesso

Tuya Inc. (Tuya) - Modelo de Negócios: Relacionamentos do Cliente

Plataforma de autoatendimento para desenvolvedores

A Tuya fornece uma plataforma abrangente de desenvolvedores com mais de 350.000 desenvolvedores registrados a partir do quarto trimestre 2023. A plataforma oferece:

• Acesso à documentação da API
• Downloads do SDK
• Ferramentas de integração

Métrica da plataforma	2023 dados
Desenvolvedores registrados	350,000+
Projetos de desenvolvimento ativo	125,000+
Regiões globais de desenvolvedores	216 países/regiões

Suporte técnico e documentação

Canais de suporte:

• Suporte técnico 24/7
• Documentação multilíngue
• Tempo de resolução do ingresso: média 12 horas

Fóruns de desenvolvedores orientados pela comunidade

Tuya mantém plataformas de comunidade de desenvolvedores ativos com:

• Usuários mensais do fórum ativo: 45.000+
• Artigos da Base de Conhecimento Comunitário: 3.200+
• Interações médias mensais do fórum: 22.000

Integração personalizada para clientes corporativos

Enterprise integração métrica	2023 dados
Clientes corporativos a bordo	1,200+
Gerentes de conta dedicados	180
Tempo médio de integração	14 dias

Melhoria contínua da plataforma

Métricas de feedback do usuário:

• Atualizações anuais do produto: 6-8 grandes lançamentos
• Taxa de resposta de feedback do usuário: 92%
• Implementação de recursos de sugestões da comunidade: 45%

Tuya Inc. (Tuya) - Modelo de Negócios: Canais

Plataforma online direta

A Tuya Smart opera uma plataforma on -line abrangente com as seguintes métricas principais:

• Mais de 370.000 desenvolvedores registrados na plataforma a partir do terceiro trimestre 2023
• Mais de 1.200 fabricantes usando ativamente a plataforma

Métrica da plataforma	2023 dados
Total de desenvolvedores registrados	370,000+
Fabricantes ativos	1,200+
Conexões globais da IoT	311 milhões

Conferências de tecnologia e feiras

Tuya participa de principais eventos de tecnologia em todo o mundo:

• A participação anual da CES (Consumer Electronics Show)
• Engajamento do Congresso Mundial Mobile
• Representação da Conferência Mundial da IoT

Marketing digital e mídia social

Os canais de marketing digital incluem:

• Seguidores do LinkedIn: 41,000+
• Seguidores do Twitter: 15,000+
• Orçamento de publicidade digital direcionada: estimado US $ 2,3 milhões em 2023

Redes de referência de parceiros

Categoria de parceiro	Número de parceiros
Total de parceiros estratégicos	5,600+
Parceiros de tecnologia	1,800
Parceiros de fabricação	3,800

Equipe de vendas corporativa

Estrutura de vendas corporativa de Tuya:

• Representantes de vendas globais: 320+
• Cobertura em 6 continentes
• Geração de receita da equipe de vendas: US $ 98,4 milhões em 2022

Métrica de desempenho de vendas	2022 Valor
Receita total de vendas	US $ 98,4 milhões
Tamanho médio de negócios	$285,000

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

Fabricantes de dispositivos de IoT

A Tuya atende a aproximadamente 5.200 fabricantes de dispositivos de IoT globalmente a partir de 2023. Esses fabricantes abrangem várias categorias de produtos, incluindo:

• Eletrodomésticos inteligentes
• Sistemas de iluminação
• Dispositivos de segurança
• Equipamento HVAC

Região	Número de fabricantes	Quota de mercado
China	3,100	59.6%
América do Norte	870	16.7%
Europa	680	13.1%
Outras regiões	550	10.6%

Empresas inteligentes de tecnologia doméstica

A Tuya suporta mais de 1.800 empresas inteligentes de tecnologia doméstica com plataformas de IoT integradas. A receita anual deste segmento atingiu US $ 87,3 milhões em 2023.

Empresas de automação industrial

O segmento de clientes de automação industrial compreende 420 clientes corporativos nos setores de fabricação, logística e infraestrutura. Valor total do contrato: US $ 62,5 milhões em 2023.

Operadores de telecomunicações

Região	Número de parceiros de telecomunicações	Receita anual
Ásia -Pacífico	37	US $ 24,6 milhões
Europa	22	US $ 15,3 milhões
América do Norte	15	US $ 11,2 milhões

Desenvolvedores de software corporativo

Tuya colabora com 670 desenvolvedores de software corporativo. Receita de integração da plataforma: US $ 41,7 milhões em 2023.

• Integrações da plataforma em nuvem
• Suporte ao Desenvolvimento da API
• Estruturas de solução IoT personalizadas

Tuya Inc. (Tuya) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2022, a Tuya Inc. relatou despesas de pesquisa e desenvolvimento de US $ 146,3 milhões, representando 37,2% da receita total.

Ano fiscal	Despesas de P&D	Porcentagem de receita
2022	US $ 146,3 milhões	37.2%
2021	US $ 159,1 milhões	41.6%

Manutenção da infraestrutura em nuvem

Os custos de manutenção da infraestrutura em nuvem da Tuya para 2022 foram de aproximadamente US $ 42,5 milhões, representando 10,8% do total de despesas operacionais.

Investimentos de vendas e marketing

As despesas de vendas e marketing da Tuya Inc. em 2022 totalizaram US $ 83,7 milhões, representando 21,3% da receita total.

Categoria de despesa	Quantia	Porcentagem de receita
Vendas e marketing	US $ 83,7 milhões	21.3%

Desenvolvimento e suporte de plataforma

Os custos de desenvolvimento da plataforma para 2022 foram estimados em US $ 57,2 milhões, com investimentos em andamento de infraestrutura de suporte.

Aquisição e retenção de talentos globais

As despesas totais de pessoal da Tuya em 2022 atingiram US $ 112,6 milhões, incluindo salários, benefícios e custos de recrutamento.

• Punto total em 2022: 1.456 funcionários
• Compensação média por funcionário: US $ 77.400

Categoria de custo	2022 Despesas	Mudança de ano a ano
Despesas operacionais totais	US $ 393,5 milhões	-12.4%
Despesas de pessoal	US $ 112,6 milhões	-8.2%

Tuya Inc. (Tuya) - Modelo de negócios: fluxos de receita

Taxas de licenciamento da plataforma

Em 2023, a TUYA gerou taxas de licenciamento de US $ 84,3 milhões, representando 32,5% da receita total. O modelo de licenciamento cobra os fabricantes de hardware da IoT e desenvolvedores de software por usar a plataforma abrangente de desenvolvimento da IoT da Tuya.

Camada de licenciamento	Taxa anual	Características
Camada básica	$2,500	ACI padrão ACI
Nível Profissional	$7,500	Integração SDK avançada
Enterprise Nível	$15,000	Suporte completo da plataforma

Assinaturas de serviço em nuvem

As assinaturas de serviços em nuvem geraram US $ 62,1 milhões em 2023, representando 24% da receita total da empresa. Os modelos de assinatura incluem:

• Assinatura de gerenciamento de dispositivos IoT
• Serviço em nuvem de análise de dados
• Monitoramento de segurança e conformidade

Cargas de conectividade do dispositivo

A receita de conectividade do dispositivo atingiu US $ 47,6 milhões em 2023, representando 18,3% da receita total. As cobranças são baseadas no volume do dispositivo conectado e na transmissão de dados.

Tipo de conectividade	Por carga do dispositivo	Volume anual
Conectividade Wi -Fi	$0.25	190 milhões de dispositivos
Conectividade Bluetooth	$0.15	85 milhões de dispositivos

Desenvolvimento personalizado de solução IoT

O desenvolvimento personalizado da Solution Solution gerou US $ 38,4 milhões em 2023, constituindo 14,8% da receita total. Os serviços incluem design de ecossistema de IoT personalizado para clientes corporativos.

Serviços de consultoria corporativa

Os serviços da Enterprise Consulting contribuíram com US $ 27,5 milhões em 2023, representando 10,4% da receita total. Os serviços incluem implementação estratégica de IoT e consultoria de transformação digital.

Serviço de consultoria	Valor médio do projeto	Projetos concluídos
Consultoria de estratégia da IoT	$125,000	98 projetos
Conselho de transformação digital	$250,000	62 projetos

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.