Tuya Inc. (NYSE: TUYA)

Tuya, Inc. is a global leading AI cloud platform service provider with a mission to build an AIoT developer ecosystem and enable everything to be smart. The company offers a full suite of services including Platform as a Service Software as a Service and Smart Solutions to developers of smart devices commercial applications and various industries. Through its AI cloud developer platform Tuya has activated a vibrant global community of brands OEMs AI agents system integrators and independent software vendors who collaborate to create smart solutions that embody green low carbon security high efficiency agility and openness. Tuya positions itself as the largest third party AI cloud platform offering PaaS in the global market measured by the volume of smart devices powered in 2025 according to CIC.

Tuya generates revenue primarily from its three core business lines. The Platform as a Service offering provides developers with cloud based connectivity basic IoT services edge capabilities app development tools and device optimization solutions enabling them to build manage and monetize software enabled smart devices. The Software as a Service offering delivers industry specific solutions such as AI home energy management smart hotel management and cloud based value added services like cloud storage AI audio video interaction and the Cube private cloud solution that allows large enterprises to build their own autonomous controllable smart platforms. The Smart Solution business supplies finished smart devices that integrate AI and intelligent software beyond IoT allowing customers to purchase ready to deploy products for scenarios such as AI powered emotional companionship and residential energy management. Revenue is also derived from the margin between the cost of sourcing devices from qualified OEMs and the price at which they are sold to customers through the Smart Solution channel.

The company operates through the following segments: Platform as a Service Software as a Service and Smart Solution.

• Platform as a Service enables developers to access a common software infrastructure and ready to use tools for developing launching managing and monetizing software enabled smart devices. It combines cloud based connectivity basic IoT services edge capabilities app development and device optimization solutions. The platform supports multiple public cloud environments such as Amazon Web Services Microsoft Azure Alibaba Cloud and Tencent Cloud as well as private cloud infrastructures giving users flexibility to switch between them. It also provides a suite of developer tools including SDKs APIs and low code accelerators that allow customization for various use cases. Additionally the Platform as a Service integrates AI capabilities into its offering allowing developers to build more intelligent and versatile applications.

• Software as a Service delivers industry focused software solutions that enable businesses to deploy connect and manage large numbers of different smart devices for spatial intelligence in various verticals. It includes offerings such as AI home energy management smart hotel and apartment management and cloud based value added services like cloud storage AI audio video interaction and the Cube private cloud solution. These services are designed to be plug and play and work with Tuya powered devices across brands and categories. Software as a Service helps customers improve operational efficiency reduce costs and enhance user experience through better energy management automation and connectivity. The segment also serves large scale enterprises seeking to build their own autonomous controllable smart platforms via the Cube offering.

• Smart Solution provides customers with finished smart devices that integrate AI and intelligent software capabilities beyond IoT. The business targets high value product categories such as AI powered emotional companionship devices and residential energy management systems. Under this model Tuya sources devices from qualified OEMs based on product type and specifications and sells them to customers at a margin. Smart Solution also gives customers access to the Tuya Expo a business to business platform that connects brands with a network of OEMs. This segment enables customers to benefit from ready to deploy products while allowing Tuya to expand its revenue streams and deepen its hardware software integration.

Tuya holds a leading position in the global AIoT platform market as evidenced by its ranking as the world s largest independent and cloud agnostic AIoT platform by device volume in 2025 according to CIC. The company benefits from strong network effects created by its extensive developer ecosystem which includes over 1 point 8 million registered developers and more than 1 point 2 million SKUs spanning over 3200 product categories. Competitive advantages include the ability to support multiple use cases on a single platform ease of deployment and use high performance interoperability scalability and reliability. Tuya also excels in helping customers achieve global IoT deployment building supply chain ecosystems providing strong customer support and platform maintenance and maintaining robust data security and privacy standards. While it faces competition from other IoT service providers and technology companies its differentiated full stack approach and one platform all smart philosophy give it a clear edge in the market.

Tuya serves approximately 5900 customers across the globe with a base that mainly consists of brands original equipment manufacturers industry operators and system integrators. The company has cultivated relationships with leading enterprises such as Calex Philips Schneider Electric Sharp ABB SCG Panasonic Changhong TCL Midea and many others. Its customer base spans multiple industries including smart home smart building renewable energy education agriculture and hospitality. Because no single customer accounts for a material portion of total revenue the diversified base reduces reliance on any one partner and supports stable growth.