SANTA CLARA, Calif., Aug. 25, 2026 /PRNewswire/ — Tuya Inc. (“Tuya” or the “Company”) (NYSE: TUYA; HKEX: 2391), a global leading AI cloud platform service provider, today announced its unaudited financial results for the second quarter ended June 30, 2026.

• Total revenue was US$92.9 million, up approximately 16.0% year-over-year (2Q2025: US$80.1 million).
• Platform-as-a-service (“PaaS“) revenue was US$67.9 million, up approximately 16.9% year-over-year (2Q2025: US$58.1 million).
• AI application & others revenue was US$11.5 million, up approximately 3.9% year-over-year (2Q2025: US$11.1 million).
• Smart home & robot product revenue was US$13.5 million, up approximately 23.2% year-over-year (2Q2025: US$10.9 million).
• Overall gross margin was 46.3%, down 2.1 percentage points year-over-year (2Q2025: 48.4%). Gross margin of PaaS was 46.8% (2Q2025: 48.7%).
• Operating margin was 10.0%, up 8.6 percentage points year-over-year (2Q2025: 1.4%). Non-GAAP operating margin was 10.3% (2Q2025: 10.7%). 
• Net margin was 20.1%, improved by 4.4 percentage points year-over-year (2Q2025: 15.7%). Non-GAAP net margin was 20.4% (2Q2025: 25.1%).
• Net profits were US$18.6 million (2Q2025: US$12.6 million). Non-GAAP net profits were US$18.9 million (2Q2025: US$20.1 million).
• Net cash generated from operating activities was US$6.2 million (2Q2025: US$18.2 million).
• Total cash and cash equivalents, time deposits and treasury securities recorded as short-term and long-term investments were US$976.1 million as of June 30, 2026, compared to US$1,017.3 million as of December 31, 2025.

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

• Premium PaaS customers^[1] for the trailing 12 months ended June 30, 2026 were 318 (2Q2025: 285). In the second quarter of 2026, the Company’s premium PaaS customers contributed approximately 89.5% of its PaaS revenue (2Q2025: approximately 88.6%).
• Registered AI developers were over 2,092,000 as of June 30, 2026, up 16.2% from approximately 1,801,000 developers as of December 31, 2025.

1. The Company defines a premium PaaS customer as a customer as of a given date that contributed more than US$100,000 of PaaS revenue during the immediately preceding 12-month period.

Mr. Xueji (Jerry) Wang, Founder and Chief Executive Officer of Tuya, commented, “In the second quarter, despite a complex global operating environment, the Company continued to demonstrate solid growth momentum. Total revenue increased by 16.0% year over year to US$92.9 million, with PaaS revenue increasing by 16.9% and remaining the Company’s primary growth driver. This performance reflected resilient demand across selected home appliance categories and increasing adoption of differentiated, AI-enabled products and solutions.

Strategically, we continued to advance the productization and real-world deployment of AI. Shipments of our AI-powered companion product solutions continued to expand, while the launch of Tuya Cobuilder further lowered the barriers to AI hardware development by helping developers move more efficiently from product concept to physical-device deployment. Looking ahead, we will remain focused on AI-native application innovation, AI developer platform development and the global expansion of validated solutions.”

Mr. Yi (Alex) Yang, Director and Chief Financial Officer of Tuya, added, “In the second quarter, total revenue reached US$92.9 million, up 16.0% year over year. PaaS revenue was US$67.9 million, up 16.9%, while Smart home & robot product revenue increased by 23.2% to US$13.5 million and AI application & others revenue increased by 3.9% to US$11.5 million.

Despite pressure from product and solution mix and semiconductor supply-chain pricing, gross profit increased by 11.1% year over year to US$43.0 million. Non-GAAP profit from operations increased by 11.7% to US$9.6 million, with non-GAAP operating margin remaining in double digits at 10.3%. We ended the quarter with approximately US$976.1 million in cash and cash equivalents, time deposits and treasury securities, providing continued flexibility to support our AI capabilities, global expansion and long-term strategic investments.”

Second Quarter 2026 Unaudited Financial Results

REVENUE

Total revenue in the second quarter of 2026 increased by 16.0% to US$92.9 million from US$80.1 million in the same period of 2025.

• PaaS revenue in the second quarter of 2026 increased by 16.9% to US$67.9 million from US$58.1 million in the same period of 2025, primarily due to increasing demand compared with the same period of 2025 and the Company’s strategic focus on customer needs and product enhancements, despite the disruptions in the international business environment due to tariff-related headwinds since April 2025. Our core customer base remained stable.
• AI application & others revenue in the second quarter of 2026 increased by 3.9% to US$11.5 million from US$11.1 million in the same period of 2025, primarily due to an increase in revenue from cloud-based services. During the quarter, the Company remained committed to offering recurring value-added services with AI application functions.
• Smart home & robot product revenue in the second quarter of 2026 increased by 23.2% to US$13.5 million from US$10.9 million in the same period of 2025, primarily due to growing customer demands.

GROSS PROFIT AND GROSS MARGIN

Total gross profit in the second quarter of 2026 increased by 11.1% to US$43.0 million from US$38.7 million in the same period of 2025. The gross margin in the second quarter of 2026 was 46.3%, compared to 48.4% in the same period of 2025.

• PaaS gross margin in the second quarter of 2026 was 46.8%, compared to 48.7% in the same period of 2025, partly attributable to recent price fluctuations in the semiconductor supply chain.
• AI application & others gross margin in the second quarter of 2026 was 72.0%, compared to 72.0% in the same period of 2025.
• Smart home & robot product gross margin in the second quarter of 2026 was 21.9%, compared to 22.5% in the same period of 2025.

Gross margin fluctuated primarily due to changes in product and solution mix, as well as fluctuations in semiconductor supply-chain pricing. As an AI developer platform with a rich ecosystem of smart devices and applications, the Company remains focused on AI offering with compelling value propositions while maintaining economic efficiency.

OPERATING EXPENSES

Operating expenses decreased by 10.4% to US$33.7 million in the second quarter of 2026 from US$37.7 million in the same period of 2025. Non-GAAP operating expenses increased by 10.9% to US$33.4 million in the second quarter of 2026 from US$30.2 million in the same period of 2025. For further information on the non-GAAP financial measures presented above, see the section headed “Use of Non-GAAP Financial Measures.”

• Research and development expenses in the second quarter of 2026 were US$23.1 million, up 3.4% from US$22.4 million in the same period of 2025, primarily due to i) higher employee-related cost and outsourced labor cost of US$1.2 million, ii) higher third-party cloud service fees of US$0.3 million, iii) partially offset by lower share-based compensation expenses of US$1.1 million as equity incentive awards granted at higher valuations in previous years have been gradually amortized. Non-GAAP adjusted research and development expenses in the second quarter of 2026 were US$22.8 million, compared to US$20.9 million in the same period of 2025.
• Sales and marketing expenses in the second quarter of 2026 were US$8.3 million, up 6.4% from US$7.8 million in the same period of 2025, primarily because of i) higher employee-related cost of US$0.5 million, ii) higher marketing expense of US$0.2 million, iii) partially offset by lower share-based compensation expenses of US$0.5 million as equity incentive awards granted at higher valuations in previous years have been gradually amortized. Non-GAAP adjusted sales and marketing expenses in the second quarter of 2026 were US$8.3 million, compared to US$7.2 million in the same period of 2025.
• General and administrative expenses in the second quarter of 2026 were US$4.7 million, down 49.8% from US$9.4 million in the same period of 2025, primarily due to i) lower share-based compensation expenses of US$5.3 million as equity incentive awards granted at higher valuations in previous years have been gradually amortized, ii) partially offset by higher allowance for credit losses of US$0.3 million. Non-GAAP adjusted general and administrative expenses in the second quarter of 2026 were US$4.9 million, compared to US$3.9 million in the same period of 2025.
• Other operating income, net in the second quarter of 2026 was US$2.4 million, primarily due to the receipt of software value-added tax refunds.

PROFIT FROM OPERATIONS AND OPERATING MARGIN

Profit from operations in the second quarter of 2026 was US$9.3 million, compared to US$1.1 million in the same period of 2025. The Company had a non-GAAP profit from operations of US$9.6 million in the second quarter of 2026, compared to US$8.6 million in the same period of 2025, demonstrating consistent operating profitability and leverage.

Operating margin in the second quarter of 2026 was 10.0%, up 8.6 percentage points from 1.4% in the same period of 2025. Non-GAAP operating margin in the second quarter of 2026 was 10.3%, down 0.4 percentage points from 10.7% in the same period of 2025.

NET PROFIT AND NET MARGIN

Net profit in the second quarter of 2026 was US$18.6 million, increased by 48.0% from US$12.6 million in the same period of 2025. Non-GAAP net profit in the second quarter of 2026 was US$18.9 million, compared to US$20.1 million in the same period of 2025.

Net margin in the second quarter of 2026 was 20.1%, improved by 4.4 percentage points from 15.7% in the same period of 2025. Non-GAAP net margin in the second quarter of 2026 was 20.4%, compared to 25.1% in the same period of 2025.

BASIC AND DILUTED NET PROFIT PER ADS

Basic and diluted net profit per ADS was US$0.03 in the second quarter of 2026, compared to US$0.02 in the same period of 2025. Each ADS represents one Class A ordinary share.

Non-GAAP basic and diluted net profit per ADS was US$0.03 in the second quarter of 2026, compared to US$0.03 in the same period of 2025.

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

Cash and cash equivalents, time deposits and treasury securities recorded as short-term and long-term investments were US$976.1 million as of June 30, 2026, compared to US$1,017.3 million as of December 31, 2025. The Company believes its current cash position is sufficient to meet its current liquidity and working capital needs.

NET CASH GENERATED FROM OPERATING ACTIVITIES

Net cash generated from operating activities in the second quarter of 2026 was US$6.2 million, compared to US$18.2 million in the same period of 2025. The net cash generated from operating activities for the second quarter of 2026 mainly due to working capital changes in the ordinary course of business.

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

Business Outlook

The overall operating environment remains complex, while continuing to show signs of normalization. Participants across the value chain – including manufacturers, brands and channel partners – remain cautious in their planning. At the same time, we have observed more normalized project execution and continued demand recovery across several of our core categories, suggesting that the market is gradually moving from adjustment toward a more stable operating rhythm.

Meanwhile, global AI development is entering a new stage of application-led growth. As AI technologies continue to evolve from foundational capabilities toward real-world deployment, enterprises and consumers are increasingly focused on practical use cases, scalable implementation and scenario-based integration with physical devices. This trend is accelerating the convergence of AI and smart hardware and creating new opportunities for application innovation, product expansion and ecosystem collaboration across a wide range of verticals.

Against this backdrop, Tuya continues to advance its AI-driven strategy by strengthening its AI developer platform, expanding application-level capabilities and supporting broader deployment across diverse smart-device and industry scenarios. The ongoing evolution of AI applications, together with the Company’s platform capabilities, ecosystem strengths and global developer base, will continue to support the creation of diversified, higher-value opportunities over the long term.

In this environment, the Company will continue to maintain disciplined execution while selectively investing in AI-driven applications, platform capabilities and ecosystem development. The Company will continue to iterate and improve its products and services, enhance both software and hardware capabilities, and further support customers and developers in bringing AI-driven applications into practical deployment. At the same time, the Company recognizes that its future trajectory may continue to be influenced by a range of external factors, including shifts in consumer demand, regional economic divergence, inventory dynamics, foreign exchange and interest-rate volatility, tariffs and trade-policy adjustments, and broader geopolitical uncertainties.

Conference Call Information

The Company’s management will hold a conference call at 08:30 P.M. U.S. Eastern Time on Monday, August 24, 2026 (08:30 A.M. Hong Kong Time on Tuesday, August 25, 2026) to discuss the financial results. In advance of the conference call, all participants must use the following links to complete the online registration process. Upon registering, each participant will receive the dial-in information and a unique PIN (personal access code) to join the call as well as an email confirmation with the details.

Participants Online Webcast Registration:
https://edge.media-server.com/mmc/p/x8phnjqd

Participants Call Registration:
https://register-conf.media-server.com/register/BI2992f21177c7423c83ce142eb2ef031c

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

Tuya Inc. (NYSE: TUYA; HKEX: 2391) is a global leading AI cloud platform service provider with a mission to build an AI developer ecosystem and enable everything to be smart. Tuya has pioneered a purpose-built AI cloud platform with cloud and generative AI capabilities that delivers a full suite of offerings, including Platform-as-a-Service, or PaaS, AI application & others and Smart home & robot products for developers of smart device, commercial applications, and industries. Through its AI developer platform, Tuya has activated a vibrant global developer community of brands, OEMs, AI agents, system integrators and independent software vendors to collectively strive for smart solutions ecosystem embodying the principles of green and low-carbon, security, high efficiency, agility, and openness.

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

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

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

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

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

HL Strategy
Haiyan LI-LABBE
Email: hl@hl-strategy.com

Piacente Financial Communications
China Tel: +86-10-6508-0677
U.S. Tel: +1-212-481-2050
Email: tuya@thepiacentegroup.com

New Positioning Establishes Company’s Addressable Market as a Lifecycle Engineering Services Company and Reinforces Focus on Exemplary Outcomes

HYDERABAD, India, Aug. 25, 2026 /PRNewswire/ — Cyient today unveiled its new brand positioning and promise, ‘Nothing Less,’ reflecting its evolution as a Global Lifecycle Engineering Services leader and its commitment to helping customers achieve exemplary outcomes in an increasingly complex, intelligence-driven world. The refreshed positioning brings intelligent engineering to every stage of the lifecycle, combining deep engineering expertise, domain knowledge, human intelligence, and AI applied in context.

The new positioning will be the focal point of Cyient’s go-to-market strategy, representing an engineering portfolio that partners with customers across the full life cycle of their products and the assets that power their businesses, creating value measured over decades rather than projects.

The new brand reflects both the company’s capability and ways of working. Intelligent Engineering defines what we do: bringing together engineering, digital, and industry expertise to help customers improve performance, reliability, and growth. Embracing Intelligence defines how we do it: harnessing the combined power of people, data, and AI to unlock better decisions and better outcomes. Together, they reinforce Cyient’s focus on delivering exemplary outcomes.

Krishna Bodanapu, Executive Vice Chairman & Managing Director, Cyient, said, “Since our founding in 1991, Cyient has partnered with some of the world’s leading organizations to solve complex engineering challenges and deliver outcomes that matter. We have, over the years, built deep domain expertise across the industries and earned the trust of customers operating in some of the most demanding and mission-critical environments. This legacy of engineering excellence, customer focus, and value-driven ownership has shaped who we are today and sets the foundation for our next phase of growth.”

Commenting on the new positioning, Sukamal Banerjee, Executive Director and Chief Executive Officer, Cyient Ltd, said, “Nothing Less is a reflection of how Cyient has evolved and where we are headed. As a Global Lifecycle Engineering Services company, we are expanding the value we deliver across the entire life of an asset, from design to manufacture to services. Competitive advantage today comes from the convergence of engineering expertise, human ingenuity, and AI-driven intelligence. Cyient brings these strengths together in a unique way. We help customers solve complex challenges faster, improve outcomes, and unlock greater value throughout the lifecycle.”

The new positioning is also anchored in Cyient’s Values FIRST framework—anchored in Fairness, Integrity, Respect, Sincerity, and Transparency. These values continue to guide how the company works with customers, associates, partners, and communities as it brings the “Nothing Less” promise to life.

About Cyient

Cyient is a global lifecycle engineering services company powering mission-critical industries from design to aftermarket across products, plants, and networks. With 300+ customers and 15,000+ associates across 30+ countries, we combine human expertise, deep domain knowledge, and AI to deliver intelligent engineering for every lifecycle across Aerospace and Rail, Automotive and Mobility, Connectivity, Energy, Healthcare, Mining, Utilities, and beyond.

To learn how we deliver exemplary outcomes, nothing less, visit www.cyient.com. 

Forward-Looking Statements
Certain statements made in the press release that are not based on historical facts may be forward‑looking statements within the meaning of applicable laws and regulations. Such forward‑looking statements are subject to risks, uncertainties, and assumptions, like significant changes in the economic environment in India and overseas, regulatory and tax laws, import duties, litigation, labour relations and other factors beyond the Company’s control. Actual results may differ materially from those expressed or implied.

Cyient undertakes no obligation to publicly update or revise these forward‑looking statements, whether as a result of new information, future events, or otherwise, except as required under applicable law.

• Second-quarter revenue totaled RMB19.74 billion. Quarterly gross margin reached 20.7%.

• Overseas deliveries surpassed 20,000 units in Q2, with overseas markets contributing 25% of H1 revenue.

• Robotics business raises over US$900 million, at a post-money valuation of over US$6.3 billion, marking the largest single-round private financing ever recorded in China’s embodied AI industry.

• XPENG L03 secures historic order volume at launch, with oversea deliveries of L03 expected to start in Q4, driving the company’s quarterly overseas deliveries to exceed 40,000 units.

GUANGZHOU, China, Aug. 24, 2026 /PRNewswire/ — XPENG, a leading global Physical AI company, today announced its financial results for the second quarter of 2026. 

Physical AI Commercialization Accelerates: Robotics business raises over US$900 million, VLA 2.0 Model First Major Upgrade.

During the earnings call, He Xiaopeng, Chairman and CEO, detailed the company’s ongoing transformation into a global leader in the physical AI world.

• Humanoid Robot: XPENG Robotics business raises over US$900 million, at a post-money valuation of over US$6.3 billion, marking the largest single-round private financing ever recorded in China’s embodied AI industry. Recently, XPENG’s IRON humanoid robot has reached multiple R&D milestones and is about to release capability previews. In 2027, XPENG IRON will officially launch and begin large-scale deliveries in China and overseas to external customers in the retail and service sectors. Monthly production capacity can be rapidly ramped up to several thousand units by 2027 in response to market demand.

• ADAS: Starting at the end of August, XPENG’s VLA 2.0 model will undergo its first major upgrade in China. The new version will also integrate VLA and VLM models to achieve integrated cockpit and autonomous driving functionality, bringing selected L4-level capabilities developed for XPENG Robotaxi to passenger vehicles. The goal is to obtain regulatory approval in Europe first in the first half of 2027 and begin deliveries to overseas users.

• Robotaxi: Mass-produced Robotaxi powered by VLA 2.0 has completed more than 2,000 internal test orders in Guangzhou and validated the full end-to-end process for trial passenger operations. Our goal is to achieve passenger-carrying operations without a safety driver by 2027.

Overseas Market Enters High-Growth Trajectory, Contributes over 25% of H1 Revenue

Mr. He emphasized that despite industry-wide cost pressures, operations have remained resilient. Driven by key breakthroughs in premiumization and overseas markets, gross margin surpassed 20.7% in Q2.

In Q2, XPENG’s overseas deliveries surpassed 20,000 units for the first time, up 81% year-over-year. In H1 2026, overseas business contributed over 25% of total revenue. The average selling price exceeded €40,000, with per-vehicle revenue and gross profit at the forefront of Chinese automakers expanding globally.

In July, the GX delivered over 7,000 units in the domestic market, making it one of the top-three models in China’s NEV SUV segment priced above RMB300,000.

The flagship SUV G9L will officially launch and begin deliveries in China in September. XPENG L03, as the Next-Gen AI SUV Coupe, became a phenomenal hit after its launch, with orders breaking new records for XPENG’s entire lineup. Overseas deliveries of the L03 are expected to begin in Q4, driving firmwide quarterly overseas deliveries to exceed 40,000 units.

To accelerate the commercialization of physical AI, XPENG has recently established a group-level strategic BD team, engaging with partners both domestically and overseas to bring Turing AI chips, NGP, Robotaxi and humanoid robot technologies to global markets.

About XPENG

XPENG is a leading global Physical AI company, dedicated to bringing artificial intelligence into the physical world to reshape future mobility and smart living. Through in-house R&D, XPENG has developed a full-stack Physical AI architecture spanning Turing AI chips, world foundation models, and highly integrated software and hardware applications. This unified technology foundation of XPENG powers an expansive product portfolio of smart EVs, robotaxis, and humanoid robots, advancing the deployment of Physical AI at scale. Headquartered in Guangzhou, China, XPENG is dual-primary listed on the New York Stock Exchange and the Hong Kong Stock Exchange. With global capabilities across R&D, manufacturing, sales, and services, XPENG drives continuous technological innovation and fosters an open Physical AI ecosystem, making life smarter, safer, and better for users worldwide. For more information, please visit https://www.xpeng.com/.

For media inquiries:
XPENG PR Department
Email: pr@xiaopeng.com