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Perennial Tianjin Medical Cluster, Including China’s First Wholly Foreign-Owned Private Tertiary General Hospital, Officially Opened

Separate MOUs signed with SingHealth for bilateral cross-border knowledge exchange, 
and with Tianjin Academy of TCM for expansion into Singapore

SINGAPORE, Feb. 26, 2025 /PRNewswire/ — Perennial Holdings Private Limited (“Perennial Holdings“) marked a major milestone today with the official opening of the medical cluster, comprising three hospitals with a total of 1,000 beds, within the Perennial Tianjin South High Speed Railway (“HSR“) International Healthcare and Business City (“PIHBC Tianjin“) in Xiqing District, Tianjin, China. The three hospitals, built and equipped at a total investment cost of RMB2 billion, comprise China’s first wholly foreign-owned private tertiary general hospital, a rehabilitation hospital and a specialist brain hospital. PIHBC Tianjin, China’s first-of-its-kind large-scale HSR transit-oriented development adjacent to the Tianjin South HSR Station, also incorporates eldercare and hospitality components.

Perennial Tianjin Medical Cluster
Perennial Tianjin Medical Cluster

 

Perennial Tianjin Medical Cluster, Including China’s First Wholly Foreign-Owned Private Tertiary General Hospital, Officially Opened
Perennial Tianjin Medical Cluster, Including China’s First Wholly Foreign-Owned Private Tertiary General Hospital, Officially Opened

The celebratory event also witnessed the signing of two Memorandum of Understanding (“MOUs“). The first was with SingHealth, Singapore’s largest public healthcare group, to mutually advance clinical training, research and medical information technology (“IT“) innovation via PIHBC Tianjin’s medical and eldercare clusters to elevate standards of excellence in patient-centred care. The second was with the Tianjin Academy of Traditional Chinese Medicine (“TCM“) (“Tianjin Academy of TCM“), one of China’s top national TCM research academies, to integrate its TCM expertise and practice across PIHBC Tianjin’s medical and eldercare clusters, and to facilitate the establishment of an overseas TianjinSingapore branch at Perennial Holdings’ property in Singapore.

Perennial Holdings signs strategic partnership with SingHealth to mutually advance clinical training, research and medical IT innovation.
Perennial Holdings signs strategic partnership with SingHealth to mutually advance clinical training, research and medical IT innovation.

 

Perennial Holdings partners Tianjin Academy of TCM to integrate its TCM expertise and practice across PIHBC Tianjin’s medical and eldercare clusters, and to facilitate expansion into Singapore.
Perennial Holdings partners Tianjin Academy of TCM to integrate its TCM expertise and practice across PIHBC Tianjin’s medical and eldercare clusters, and to facilitate expansion into Singapore.

These milestones were witnessed by Guests-of-Honour Mr Peter Tan, Singapore’s Ambassador to the People’s Republic of China, Mr Yap Cheng Boon, Director (North & West China), Enterprise Singapore,

government officials from Tianjin Municipal Health Commission, Municipal Drug Administration, Municipal Medical Insurance Bureau, Xiqing District Government, Professor Ng Wai Hoe, Group Chief Executive Officer of SingHealth, who joined online, Mr Zhao Qiang, President of the Tianjin Academy of TCM, business partners from the medical and healthcare industries and the media.

The hospitals within the medical cluster, all featuring state-of-the-art equipment and staffed with highly qualified multi-disciplinary professionals, provide a convenient one-stop integrated medical hub concept focused on patient-centered care. The hospitals include Perennial General Hospital Tianjin, a 500-bed hospital offering comprehensive medical disciplines, Perennial Rehabilitation Hospital, a 200-bed hospital for post-surgery recovery and rehabilitation and a 300-bed Eber Perennial Brain Hospital specialising in neurological surgeries. Together with the 299-bed Perennial Nursing Hospital at the eldercare component, the hospitals are well-positioned to provide quality care to the seniors residing in the over 1,500-bed eldercare homes and assisted living apartments, and the community in Xiqing District and the wider BeijingTianjinHebei region.

MOUs with SingHealth and Tianjin Academy of TCM

With the establishment of Perennial General Hospital Tianjin as the first wholly foreign-owned private tertiary general hospital and our earlier commitment to foster local-foreign hospital collaboration to elevate the standards of private medical care, Perennial Holdings entered into a strategic partnership with SingHealth to bring diverse medical professionals and expertise to Tianjin. The MOU will see SingHealth provide training for doctors, nurses and allied health professionals across PIHBC Tianjin’s four hospitals, eldercare homes and assisted living apartments. The training is expected to span diverse specialties, including cardiology, orthopaedics, oncology and geriatric care. PIHBC Tianjin’s multi-disciplinary healthcare team will also have the opportunity to attend training at SingHealth’s extensive network of acute hospitals, national specialty centres, community hospitals and polyclinics in Singapore. Healthcare professionals from SingHealth will also gain insights into PIHBC Tianjin’s unique integrated model of medical and eldercare, implementation of technology to enhance patient outcomes and work with experts across various fields such as geriatrics, rehabilitation and dementia. There are also plans to explore joint research and development projects and jointly organise conferences, courses and education programmes.

In support of China’s plan to add TCM to its Belt and Road Initiative (“BRI“) and build overseas TCM centres, Perennial Holdings established a strategic partnership with Tianjin Academy of TCM to develop and integrate TCM across the medical and eldercare clusters of PIHBC Tianjin and in Singapore, elevating holistic care for patients in both regions. The two parties will jointly enhance application of TCM techniques, expertise and culture, leveraging Tianjin Academy of TCM’s bench strength of talents and deep expertise in TCM medicine and technology. The partnership will also tap on Perennial Holdings’ stronghold in its home ground to build the academy’s Singapore flagship TCM centre, which will serve as a gateway to expand the reach and integration of TCM across Southeast Asia, a region within the BRI.

Mr Pua Seck Guan, Executive Chairman and Chief Executive Officer of Perennial Holdings, said, “Today marks a significant milestone as we officially open three hospitals in Tianjin, including the first wholly foreign-owned private tertiary general hospital in China. We thank the Chinese government for their strong support which has been key to our journey thus far. Our two MOUs announced today will further elevate patient-centred care across our precinct in Tianjin, ultimately uplifting the international standing of China’s medical industry, while also replicating our integrated care model, coupled with TCM expertise, in Singapore.”

Mr Pua added, “We are honoured to partner SingHealth, a cornerstone of Singapore’s world-class healthcare system, in the areas of clinical training, research and IT innovation across our hospitals and senior housing at PIHBC Tianjin. The collaboration also provides an excellent platform for SingHealth’s multidisciplinary teams to exchange knowledge and expertise with experienced local healthcare practitioners, and gain a deeper understanding of our unique model integrating medical and eldercare at our pioneering HSR TOD in China. This is also part of our effort to elevate the standards of private medical care in Tianjin, with the aim to drive growth of Tianjin’s medical tourism sector over time.”

Mr Pua further added, “Similarly, our partnership with Tianjin Academy of TCM, which is a pioneering national standardised training base for TCM resident doctors, will bring deep TCM expertise to PIHBC Tianjin’s medical and eldercare clusters, building on our holistic capabilities. Our partnership will also support the academy’s vision to extend the reach of TCM, starting with Singapore to across Southeast Asia, in line with the government’s plan to propagate TCM culture, techniques and expertise under the BRI.”

Professor Ng Wai Hoe, Group Chief Executive Officer of SingHealth, said, “We are privileged to partner Perennial Holdings to forge meaningful partnerships with the healthcare professionals in Tianjin through knowledge exchange to push the frontiers of medicine. Through collaborations in research, innovation and patient care in diverse specialties and across different professional domains, I am confident that we will synergise efforts to elevate the standards of healthcare in Tianjin and Singapore and improve the delivery of care for patients in both regions.”

Mr Zhao Qiang, President of the Tianjin Academy of TCM, said, “This collaboration will not only foster the adoption and advancement of TCM in Singapore by delivering more accessible, professional, and efficient services, but also drive the growth and culture of TCM, while simultaneously opening doors for the Tianjin TCM industry to extend its global reach and brand recognition.”

About the Hospitals within PIHBC Tianjin’s Medical Cluster and MOU Partners

Perennial General Hospital Tianjin is supported by a multi-disciplinary team with high-level medical expert team with rich clinical experience, covering comprehensive medical disciplines, including internal medicine, oncology, cardiology, orthopedics, urology, dermatology, otolaryngology, nephrology, gynecology, TCM, dentistry, and emergency medicine. The hospital features a unique asset-light co-medical space concept for doctors and medical groups, where they focus solely on providing medical consultations and treatments without investing in medical facilities and services. Doctors and medical groups can instead utilise shared medical facilities and services provided and managed by Perennial Holdings, including advanced operating theatres, diagnostic imaging equipment and an extensive clinical laboratory.

Perennial Rehabilitation Hospital Tianjin brings together experts in the field of rehabilitation, spanning innovative specialty rehabilitation from neurological conditions, critical illness, sports injuries, dysphagia and more. The hospital brings a unique and holistic treatment system combining traditional and modern rehabilitation approaches through the hospital’s cutting-edge equipment to meet diverse treatment and rehabilitation needs in one place. These include Tianjin’s only large-scale lifting hydrotherapy pool for aquatic rehabilitation therapy, anti-gravity rehabilitation treadmills from the United States, the Danish Guldmann 3rd Generation ceiling rail suspension system, robot-assisted rehabilitation equipment, and a 24-person hyperbaric oxygen chamber.

Eber Perennial Brain Hospital Tianjin is a partnership between Perennial Holdings and the Eber Shanghai, one of China’s top brain specialist medical groups. Specialising in neurological-related surgeries and integrated surgical and rehabilitation treatment of cerebral palsy, hemiplegia and paraplegia in adults, the hospital will also offer multidisciplinary diagnoses and treatments for diseases such as dementia, Parkinson’s disease, and movement disorders.

SingHealth has a network of four public hospitals, two community hospitals, five national specialty centres and a network of eight polyclinics offering over 40 clinical specialties. Its broad range of institutions include Singapore General Hospital, KK Women’s and Children’s Hospital, Changi General Hospital, Sengkang General Hospital, SingHealth Polyclinics, National Cancer Centre Singapore, National Dental Centre Singapore, National Heart Centre Singapore, National Neuroscience Institute, Singapore National Eye Centre and Outram Community Hospital. SingHealth’s network also includes the SingHealth Duke-NUS Academic Medical Centre, which draws on the collective strengths of SingHealth and Duke-NUS Medical School, to drive the transformation of healthcare and provide quality healthcare.

Tianjin Academy of TCM is one of the six major national TCM research institutes approved by China’s State Council in 1987. As a comprehensive TCM research and medical institute, it encompasses the Tianjin Academy of TCM Affiliated Hospital, which is a comprehensive scientific research and medical institution integrating scientific research, clinical practice, teaching, rehabilitation and health management. The hospital is the first national standardised training base for TCM resident doctors and is equipped with 600 beds and 847 open beds, seeing an average daily outpatient volume of more than 4,000 people.

Mr Peter Tan, Singapore's Ambassador to the People's Republic of China
Mr Peter Tan, Singapore’s Ambassador to the People’s Republic of China

 

Ms Chai Shufang, Vice District Mayor of Xiqing District, Tianjin
Ms Chai Shufang, Vice District Mayor of Xiqing District, Tianjin

 

Mr Pua Seck Guan, Executive Chairman and Chief Executive Officer of Perennial Holdings
Mr Pua Seck Guan, Executive Chairman and Chief Executive Officer of Perennial Holdings

 

Professor Ng Wai Hoe, Group Chief Executive Officer of SingHealth
Professor Ng Wai Hoe, Group Chief Executive Officer of SingHealth

 

Mr Zhao Qiang, President of the Tianjin Academy of TCM
Mr Zhao Qiang, President of the Tianjin Academy of TCM

 

Healthcare professionals undertaking the Medical Oath at the official opening ceremony.
Healthcare professionals undertaking the Medical Oath at the official opening ceremony.

 

Perennial Tianjin Medical Cluster (Night View)
Perennial Tianjin Medical Cluster (Night View)

 

Perennial Tianjin Medical Cluster - Operating Theatre
Perennial Tianjin Medical Cluster – Operating Theatre

 

Perennial General Hospital Tianjin - Single Ward
Perennial General Hospital Tianjin – Single Ward

 

Perennial Rehabilitation Hospital Tianjin
Perennial Rehabilitation Hospital Tianjin

 

Perennial Rehabilitation Hospital Tianjin
Perennial Rehabilitation Hospital Tianjin

 

Perennial General Hospital Tianjin - VIP Ward
Perennial General Hospital Tianjin – VIP Ward

 

Perennial General Hospital Tianjin
Perennial General Hospital Tianjin

 

Perennial General Hospital Tianjin – Patient Lounge
Perennial General Hospital Tianjin – Patient Lounge

 

Perennial Tianjin Medical Cluster - Clinical and Laboratory Services
Perennial Tianjin Medical Cluster – Clinical and Laboratory Services

 

Perennial General Hospital Tianjin - Outpatient Area
Perennial General Hospital Tianjin – Outpatient Area

 

Perennial General Hospital Tianjin
Perennial General Hospital Tianjin

 

Perennial Rehabilitation Hospital Tianjin - 24-seater Hyperbaric Oxygen Chamber
Perennial Rehabilitation Hospital Tianjin – 24-seater Hyperbaric Oxygen Chamber

 

Perennial Tianjin Medical Cluster – Radiography
Perennial Tianjin Medical Cluster – Radiography

– END –

About Perennial Tianjin South High Speed Railway International Healthcare and Business City 

Perennial Tianjin South High Speed Railway (HSR) International Healthcare and Business City (PIHBC Tianjin) is the World’s First-of-its-Kind Integrated Eldercare, Medical Care and Hospitality HSR transit-oriented development. Adjacent to the Tianjin South HSR Station, PIHBC Tianjin will serve the integrated healthcare and hospitality needs of the Xiqing District and the wider BeijingTianjinHebei region, as well as regional medical tourists.

PIHBC Tianjin’s medical component, positioned as Perennial Medical Cluster, comprises a total of 1,000 beds across three hospitals all featuring state-of-the-art equipment and staffed with highly qualified multi-disciplinary professionals, providing a one-stop integrated medical hub concept focused on patient-centered care. The hospitals include the 500-bed Perennial General Hospital Tianjin, China’s first wholly foreign-owned private tertiary general hospital offering comprehensive medical disciplines, Perennial Rehabilitation Hospital, a 200-bed secondary rehabilitation hospital for post-surgery recovery and rehabilitation and Eber Perennial Brain Hospital, a 300-bed tertiary brain specialist hospital.

PIHBC Tianjin’s eldercare component, positioned as Perennial Eldercare Community, houses Perennial Eldercare Home Tianjin, a 374-unit senior-friendly independent living housing with 286 beds; Perennial Assisted Living Apartment Tianjin, a 1,227-bed facility for elderly residents who require assistance with daily activities; Perennial Nursing Hospital Tianjin, the city’s first nursing hospital with 299 beds offering nursing, dementia, disability and palliative care; and a Perennial Nursing Station offering out-patient geriatric and nursing care management. With a total of about 1,800 beds, this holistic eldercare community will cater to different needs of the silver generation with continuum of care under one roof.

PIHBC Tianjin’s hospitality component features a total of about 1,000 rooms across four 3- to 5-star multi-branded hotels. As a first of its kind in the Xiqing district, the 5-star hotel is branded ‘The Perennial, JdV by Hyatt’ while the 4-star+ and 4-star hotels are branded ‘Cheese by Minyoun’ and ‘Lia by Minyoun’ respectively. The 3-star hotel is branded ‘MINYOUN LIVING’, featuring interactive and multi-purpose communal spaces in earthy and soothing tones. Collectively, these four hotels offer over 32,000 square feet of meeting, incentive, conference and exhibition spaces, as well as four destination dining options serving various cuisines.

About Perennial Holdings Private Limited (www.perennialholdings.com

Perennial Holdings Private Limited (“Perennial Holdings“) is an integrated real estate and healthcare company headquartered in Singapore. As a real estate owner, developer and manager, Perennial Holdings focuses strategically on large-scale transit-oriented developments (“TODs“) and has a presence in China, Singapore, Malaysia and Indonesia with a portfolio spanning approximately 80 million square feet in total gross floor area. As a healthcare services owner, operator and manager, Perennial Holdings focuses on hospitals and medical centres, as well as eldercare and senior housing. In China, it has a presence across 14 cities with over 23,000 beds, comprising about 13,000 operational beds and over 10,000 beds in the pipeline. Perennial Holdings’ network of healthcare facilities includes general, rehabilitation and specialist hospitals, as well as assisted living apartments, eldercare and nursing homes, and its integrated eldercare services comprise medical, nursing, rehabilitation, Traditional Chinese Medicine (“TCM“), dementia and home care. In Singapore, it has an assisted living development and senior-focused rehabilitation facility. 

In China, Perennial Holdings’ portfolio comprises TODs adjacent to six of the country’s largest high speed railway stations. Five of the TODs are medical and healthcare-centric, mostly integrating eldercare, medical care and hospitality, located in Chengdu, Tianjin, Kunming, Xi’an and Chongqing, as well as one commercial-centric TOD in Hangzhou. Another landmark commercial TOD is the Beijing Tongzhou Integrated Development. Perennial Holdings also operates China’s first and the world’s sixth Alzheimer’s Care Village in Xi’an.

In Singapore, Perennial Holdings’ portfolio comprises iconic properties, such as The Skywaters, Golden Mile Singapore, Capitol Singapore, CHIJMES and Perennial Business City, located in the prime business districts near transportation hubs. It also operates Singapore’s first private assisted living development at Parry Avenue and the first-of-its-kind private integrated rehabilitation and TCM sanctuary at Jervois Road.

Issued by Perennial Holdings Private Limited (Company Registration: 200210338M)

 

$10M Fund Established To Aid Transition From Firebase Dynamic Links to Branch Deep Linking Solution

MOUNTAIN VIEW, Calif., Feb. 26, 2025 /PRNewswire/ — Branch, the industry’s leading linking and measurement partner for growth-focused teams, today announced the plan to allocate $10 million toward helping teams migrate from Firebase Dynamic Links to Branch.

Firebase has made it known that on Aug. 25, 2025, Dynamic Links will officially shut down and developers will no longer be able to host or create new links. As the deadline approaches, Branch is offering a way for growth teams and developers to transition to its pioneering deep linking solution in the most cost-effective way possible.

“We understand the ripple effect caused by feature deprecation in any solution, and we want teams that are utilizing Firebase today to know they have someone in their corner as they ensure continuity of marketing efforts,” said David Karnstedt, chief executive officer at Branch. “Customers who have made the transition to Branch can now view the deprecation of Firebase Dynamic Links as a serendipitous scenario, giving them the opportunity to improve deep linking experiences and marketing effectiveness via the Branch platform.”

Branch’s holistic solutions for engagement and performance measurement create a seamless, unbroken journey for customers and help brands make and save money by optimizing advertising spend. The company’s Engagement solution features the most reliable deep linking and deferred deep linking available to marketers for owned and earned channels.

For more details on how to take advantage of the allocated transition funds, visit https://branch.io/guides/migrate-from-firebase-dynamic-links/.

For media inquiries, please contact jordan.mcmahon@branch.io.

About Branch

Branch is the linking and measurement partner for growth-focused teams, trusted to maximize the value of their evolving digital strategies. World-class brands like Instacart, Western Union, NBCUniversal, Zocdoc and Reddit rely on Branch to acquire users, retain customers and drive more conversions.

Vbrick Applauded by Frost & Sullivan for Improving Video Efficiency and Experiences, and Its Market-Leading Position

Vbrick stands out in the enterprise video platform (EVP) space with a strong focus on security, advanced integration capabilities, adaptability and ease of use, completeness, and a commitment to delivering a seamless video experience.

SAN ANTONIO, Feb. 26, 2025 /PRNewswire/ — Frost & Sullivan recently assessed the enterprise video platforms industry and, based on its analysis, recognizes Vbrick with the 2025 Global Company of the Year Award. The company offers an end-to-end, cloud-native video platform designed to help businesses manage and distribute live and on-demand video content at scale. Vbrick meets the evolving needs of global organizations and its platform enables enterprises to reach thousands of users while ensuring the highest levels of security and compliance. Trusted by industry leaders such as Ford, Morgan Stanley, and FedEx, the company stands out as a premier provider in the EVP market. The platform’s integration with widely used enterprise tools like Webex, Microsoft Teams, Zoom, and ServiceNow allows customers to maximize their investment in existing technologies, fostering seamless workflows and boosting efficiency. The platform supports live subtitles for webinars and automated transcription in 11 languages for recorded content and eight languages for live content. Additionally, it provides automated translation for over 48 languages and supports uploading subtitles in more than 60, making video content more accessible for global, multicultural teams. Vbrick distinguishes itself in the EVP market with its built-in enterprise content delivery network (eCDN), which guarantees a seamless video experience by eliminating bandwidth and latency issues.

Vbrick’s ongoing innovation, such as generative AI capabilities and deep integration with enterprise tools like ServiceNow, cements its position as a leader in the EVP market. By leveraging AI to manage and utilize video content more effectively, the company provides businesses with cutting-edge tools to increase productivity across business workflows. Vbrick addresses use cases across departments and enables centralized video repositories with advanced tools, positioning itself as a true end-to-end enterprise solution. Vbrick’s ability to streamline video workflows, enhance security, and deliver insights across business functions makes it a highly strategic partner for organizations looking to maximize the potential of their video assets. Security remains a core differentiator, particularly for organizations with sophisticated privacy and compliance needs, maintaining roles and permissions even when videos are embedded into external platforms.

Natalia Casanovas, best practices research analyst at Frost & Sullivan, observed, “Vbrick continues to redefine the enterprise video platform market, empowering businesses to unlock the full potential of video communication and collaboration with its innovative features, strategic integrations, and commitment to accessibility.”

Unlike competitors that offer fragmented solutions, Vbrick provides an integrated platform encompassing all the tools necessary for live streaming and on-demand video use cases within a single technology stack. This unified approach reduces operating costs, improves performance, and simplifies enterprise management. With a steadfast focus on enterprise needs, including compliance, governance, and scalability, Vbrick solidifies its position as a leading video platform that offers unparalleled value and reliability. The company has achieved a break-even EBITDA (earnings before interest, taxes, depreciation, and amortization) and boasts impressive gross and net retention rates, highlighting its strong value proposition among enterprise clients. With plans for further growth in 2025, including geographic expansion and strategic partnerships, the company remains well-positioned to continue scaling its enterprise-grade video solutions globally. The company’s strong financial trajectory and continued innovation position it to lead the EVP market, delivering unmatched value and support to its growing global customer base.

“Vbrick stands at the forefront of industry transformation, leveraging modern technologies and a powerful integration ecosystem to offer a safe, scalable, and innovative video platform capable of addressing the various demands of modern enterprises, including enhancing customer and employee experiences while driving organizational success. With its artificial intelligence-powered and seamless platform, the company empowers organizations to optimize their video content, enhance employee and end-user engagement, and maximize efficiency,” added Lara Forlino, ICT industry analyst at Frost & Sullivan. As the market continues to grow, Vbrick’s commitment to innovation and customer success positions it as a leader in the EVP space, ensuring it remains a trusted partner for businesses navigating the future of video usage across the enterprise space. With its strong overall performance, Vbrick earns Frost & Sullivan’s 2025 Global Company of the Year Recognition in the EVP industry.

Each year, Frost & Sullivan presents a Company of the Year award to the organization that demonstrates excellence in terms of growth strategy and implementation in its field. The award recognizes a high degree of innovation with products and technologies, and the resulting leadership in terms of customer value and market penetration.

Frost & Sullivan Best Practices awards recognize companies in various regional and global markets for demonstrating outstanding achievement and superior performance in leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analyses, and extensive secondary research to identify best practices in the industry.

About Frost & Sullivan

For six decades, Frost & Sullivan has been world-renowned for its role in helping investors, corporate leaders, and governments navigate economic changes and identify disruptive technologies, megatrends, new business models, and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion. Contact us: Start the discussion.

Contact:

Ashley Shreve
E:ashley.shreve@frost.com

About Vbrick
Vbrick is the leading Enterprise Video Platform (EVP) provider. Its intelligent, end-to-end, cloud-native solution removes operational, performance, security, and integration barriers to adoption, unlocking the true power of video for the enterprise. The world’s most widely recognized brands rely on Vbrick’s proven unified streaming, video-on-demand, and content management capabilities to engage, empower, and transform their organizations at scale. To learn more visit vbrick.com.

Media Contact
Julie Kent
Senior Director of Corporate Communications
julie.kent@vbrick.com

viaim’s AI-Powered Earbuds Unveil Four Future Smart Office Scenarios that Redefine The Way We Work

NEW YORK, Feb. 26, 2025 /PRNewswire/ — viaim, an AI hardware company specializing in smart office solutions, showcased their AI-powered RecDot and NoteKit smart office conference recording technology, attracting huge media and consumer attention. Consumers personally experienced viaim’s cutting-edge smart office innovation that vastly improves smart meetings, international business communication, office work efficiency, and life for remote workers. The technological breakthrough of RecDot, and how it reshapes the future of work and lifestyle from four major perspectives, has come into sharp focus.

VIAIM
VIAIM

Smart meetings are much-improved with automatic meeting summary transcription and task management. At recent major technology events, viaim’s AI meeting assistants’ intelligent transcription and summary features captured the attention of global business executives. RecDot and NoteKit record key points in real time during interactive presentations and generate action plans automatically. Attendees experienced AI-powered transcription and translation firsthand, praising its accuracy and convenience. These innovations streamline meetings, allowing professionals to focus on collaboration and decision-making.

International business communication barriers have been removed with real-time translation in 13 languages. As remote work and global collaboration grow, RecDot and NoteKit showcased AI-powered voice translation, enabling seamless multilingual communication. Supporting real-time translation in 13 languages, these tools help multinational teams work efficiently. Whether for in-person meetings or remote video calls, RecDot and NoteKit ensure smooth collaboration, breaking language barriers and enhancing workplace productivity.

Strong focus on office efficiency with 48dB deep noise reduction ensuring a quiet workspace. Noise in open offices, cafés, and home settings disrupts productivity and the RecDot features 48dB deep noise reduction, intelligently filtering background sound for an immersive work experience. At recent demonstrations in noisy environments, business professionals tested this in a noisy exhibition hall and praised its ability to maintain focus. Even in loud environments, RecDot helps users stay productive and efficient.

Remote working is made easier with up to 36 hours of battery life supporting all-day work needs. For business professionals and frequent travelers, battery life is crucial. The portable charging case with RecDot offers up to 36 hours of power, with just five minutes of charging providing one hour of use. This feature ensures remote workers stay productive throughout the day, making it an essential tool for on-the-go professionals.

viaim CEO Shawn Ma said, “The smart office of the future is here, and our recent demonstrations showcased how our AI-powered office earbuds will revolutionize the way we work. Smart office equipment is gradually transforming the modern workplace and daily life. At viaim, “Real Intelligence” has always been our core mission. Our products leverage AI voice processing technology to create a smarter, more efficient office experience for business professionals and remote workers, enabling them to focus on creativity while maintaining a work-life balance.”

viaim invites users around the world to explore infinite smart office possibilities, and welcomes everyone to visit the official viaim website for more information.

SEMI Energy Collaborative Releases Recommendations for Building Low-Carbon Energy Supply in Singapore

MILPITAS, Calif., Feb. 26, 2025 /PRNewswire/ — The SEMI Energy Collaborative today publicly released its analysis and report: Challenges and Potential Solutions for Acceleration of Low-Carbon Energy Deployment in Singapore. Now available for download, the report combines input from SEMI and its Energy Collaborative sponsors and suggests solutions for policymakers, low-carbon energy (LCE) developers, and semiconductor industry companies to further increase the pace and scale of access.

The report references the International Energy Agency, noting that as global tech giants and other companies set net-zero emission targets for their growing operations and supply chains, Singapore needs to expand its access to LCE to meet environmental needs and maintain the global competitiveness of its export industries. Singapore’s semiconductor industry contributes more than 9% of the nation’s GDP and 11% of the global chip output. By 2035, Singaporean companies aim to adopt 21 to 26 TWh of LCE annually, approximately 30% of the country’s total power consumption. However, it is difficult for companies to source the LCE they need, and future projections indicate challenges.

The Energy Collaborative has identified six key areas of LCE policy-related actions for Singapore. Each recommendation is supported by detailed analysis of current and historical market conditions. In summary, the EC recommends the following strategies for scaling up LCE adoption: 

  • Signing an energy import declaration with neighboring countries
  • Expanding the role of Singapore’s transmission system operator (TSO) to include ownership of electricity import infrastructure
  • Establishing a “one-stop shop” for import plan permits
  • Leveraging the Future Energy Fund to support the adoption of low-carbon alternatives
  • Maximizing Singapore’s solar potential and providing outlook certainty
  • Developing a robust ASEAN green hydrogen ecosystem to satisfy the long-term clean energy needs for Singapore

“SEMI and our Energy Collaborative sponsors recently presented our recommendations to the Singapore Ministry of Trade & Industry, as well as the Energy Market Authority, and engaged in very productive discussions,” said Dr. Mousumi Bhat, Vice President, SEMI Global Sustainability. “Alongside key members of the semiconductor value-chain, we will continue to hold regular dialogues to explore progress and new opportunities to expand LCE in the Republic of Singapore.”

The Energy Collaborative aims to reduce global semiconductor ecosystem carbon emissions as well as understand and clear regulatory and market-based roadblocks that hinder installing and procuring low-carbon energy sources in the Asia-Pacific region. The Energy Collaborative partners with civil society and other organizations which share similar objectives to leverage expertise and strengthen the voices calling for expanded access to LCE.

Singapore is the fourth market report released and follows South Korea, Japan and Taiwan.  Downloads available.

Organizations interested in joining the effort are encouraged to explore Energy Collaborative sponsorships or contact the Energy Collaborative at EC@semi.org.

About SEMI

SEMI® is the global industry association connecting over 3,000 member companies and 1.5 million professionals worldwide across the semiconductor and electronics design and manufacturing supply chain. We accelerate member collaboration on solutions to top industry challenges through Advocacy, Workforce Development, Sustainability, Supply Chain Management and other programs. Our SEMICON® expositions and events, technology communities, standards and market intelligence help advance our members’ business growth and innovations in design, devices, equipment, materials, services and software, enabling smarter, faster, more secure electronics. Visit www.semi.org, contact a regional office, and connect with SEMI on LinkedIn and X to learn more.

Association Contact
Samer Bahou / SEMI Corporate
Phone: +1 408 943 7870
Email: sbahou@semi.org

 

Whale Cloud Applauded by Frost & Sullivan for Supporting End-to-End Digital Transformation and Helping CSPs Grow with Its Efficient and Creative Solutions

Whale Cloud’s innovative solutions support operational expenditure (OPEX) reductions and efficiency improvements while boosting ROI.

SAN ANTONIO, Feb. 26, 2025 /PRNewswire/ — Frost & Sullivan is pleased to recognize Whale Cloud with the 2024 Asia-Pacific Telecom OSS/BSS Industry Technology Innovation Leadership Award. The company is making great strides in helping APAC communication service providers (CSPs) grow by leveraging emerging technologies to address their critical unmet needs. As such, it provides lightweight SaaS-based products for CSPs seeking a quick return on investment (ROI). Whale Cloud solutions are easy to use, efficient, always on, and built on open platforms. For CSPs with full-stack IT transformation needs, the company offers end-to-end digital transformation products and services. Whale Cloud’s range of creative solutions addresses customer demands, including the need for agility, efficient solutions, and personalized experiences. It is at the forefront of integrating and developing technologies that cater to various applications and environments, and its technology is adopted across product lines and applications, especially among the fastest-growing applications.

For instance, Whale Cloud’s Digital Marketing Cloud (DMC) solution addresses unclear goals and low efficiency in CSP consumer and enterprise marketing. The solution utilizes big data and AI technology to provide precise marketing strategies and efficient execution methods. Through omnichannel marketing reach and real-time performance analysis, the solution achieves closed-loop management of marketing activities. DMC integrates key technologies such as gamification, loyalty programs, and nudge to help CSPs increase revenue, reduce churn, and enhance engagement, filling the gaps in the efficiency and accuracy of traditional marketing tools. Other Whale Cloud solutions include:

  • Whale Cloud’s Xpress BSS: It is a BSS-as-a-Service solution that delivers a variety of pre-configured business packages. Designed for rapid, cost-effective deployment, it provides essential business support services through a subscription-based model.
  • Whale Cloud’s Fiber roll-out as a Service (FaaS): This supports the entire life cycle of fiber to the home (FTTH) networks automatic planning and design for High-Level Design (HLD—up to 10,000 Home Passes per day) and Low-Level Design (LLD)–enhancing network efficiency and quality.
  • Whale Cloud’s Cloud Revenue Engine (CRE): The solution provides a comprehensive suite of tools to operate CSPs’ own clouds, including a home page, live chat, and ticketing system, along with telco-grade charging, billing, and settlement capabilities for both customers and cloud partners.

Mei Lee Quah, ICT research director at Frost & Sullivan, observed, “Whale Cloud is forward-thinking and reliable. The company provides customers with unique business value, improved customer experience, and problem-solving capabilities while meeting customers’ needs.”

Whale Cloud has over 50 branches globally, including in Southeast Asia and South Asia, which can ensure reliable, fast delivery of digital transformation projects for customers. The company has rebuilt the Digital Transformation Delivery Framework (DTDF) around scaled agility and lean concepts to integrate onshore, nearshore, and offshore services, focusing on the appropriate project organization structure.

Additionally, Whale Cloud provides several out-of-the-box AI capabilities, including image search, face recognition, OCR, machine translation, intelligent speech interaction, speech recognition, speech synthesis, and natural language understanding. These solutions can be used in various scenarios, such as intelligent Q&A, intelligent quality inspection, real-time subtitling for speeches, and transcription of audio recordings.

“Whale Cloud’s positive feedback from its enterprise customers, including DITO Telecommunity, Telekom Malaysia, China Telecom, and China Mobile, for implementations related to core products, TaaS, and AI platforms, is not only reinforcing its selection as a vendor of choice for the selected purpose but also building credibility for scope expansion and long-term partnerships. With extensive experience, the company has been instrumental in helping CSPs consolidate and simplify IT architectures, establish unified platforms for OSS/BSS, optimize CAPEX and OPEX, and achieve business convergence in FMC offerings,” added Quah. With its strong overall performance, Whale Cloud earns Frost & Sullivan’s 2024 Asia-Pacific Telecom OSS/BSS Industry Technology Innovation Leadership Award.

Each year, Frost & Sullivan presents this award to the company that has developed a product with innovative features and functionality that is gaining rapid acceptance in the market. The award recognizes the quality of the solution and the customer value enhancements it enables.

Frost & Sullivan Best Practices awards recognize companies in various regional and global markets for demonstrating outstanding achievement and superior performance in leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analyses, and extensive secondary research to identify best practices in the industry.

About Frost & Sullivan

For six decades, Frost & Sullivan has been world-renowned for its role in helping investors, corporate leaders, and governments navigate economic changes and identify disruptive technologies, megatrends, new business models, and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion. Contact us: Start the discussion.

Contact:

Tarini Singh
E: tarinisingh@frost.com

About Whale Cloud

Whale Cloud is a leading technology company that specializes in the digital transformation of telecommunication service providers and other verticals. We provide mission-critical solutions and services in the Telecom, FinTech, and E&G sectors. At Whale Cloud, we’re passionate about creating frictionless experiences for customers and empowering their digital ambitions. For more information, please visit: https://online.iwhalecloud.com/ 

Contact:

Xu Dong
E: dong.xu51@iwhalecloud.com 

Keypoint Intelligence Appoints Mark Boyt as Principal Analyst for Production Workflow Software

FAIRFIELD, N.J., Feb. 26, 2025 /PRNewswire/ — Keypoint Intelligence is pleased to announce that Mark Boyt has joined the company as Principal Analyst for Production Workflow Software.

Boyt brings extensive experience in software marketing, business development, and workflow automation, having spent the past several years leading global marketing initiatives at Xerox. As Global Head of Software Marketing, he played a key role in launching new software solutions, developing go-to-market strategies, and supporting digital advancements across global markets. His deep knowledge of workflow software, sales support, and partner networks will be a valuable asset in his new role.

As Principal Analyst, Boyt will focus on examining market trends, assessing new technologies, and providing practical guidance to help clients improve their production workflow processes. His ability to break down complex software developments into useful business strategies will further strengthen Keypoint Intelligence’s role as a trusted industry resource.

“Mark’s broad experience in workflow software and his strategic approach make him an excellent addition to our analyst team,” said Charles Lissenburg, Director of European Sales and Production Services at Keypoint Intelligence. “His knowledge will help our clients make informed decisions and navigate the changing production print industry.”

“I’m excited to join such a well-respected organization known for its deep industry knowledge and research expertise. Production workflow software continues to evolve, and I look forward to helping our clients understand the trends, innovations, and opportunities shaping the future of the industry,” said Boyt.

With Boyt’s addition, Keypoint Intelligence continues to expand its team of industry experts, reinforcing its commitment to delivering thorough research, expert analysis, and practical solutions that help businesses stay competitive in a shifting market. His leadership will play a key role in shaping the future of production workflow software research and development.

About Keypoint Intelligence

For over 60 years, clients in the digital imaging industry have relied on Keypoint Intelligence for independent hands-on testing, lab data, and extensive market research to drive their product and sales success. Keypoint Intelligence has been recognized as the industry’s most trusted resource for unbiased information, analysis, and awards due to decades of analyst experience.

Tuya Reports Fourth Quarter and Fiscal 2024 Unaudited Financial Results and Declaration of Dividend

SANTA CLARA, Calif., Feb. 26, 2025 /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 fourth quarter and fiscal year ended December 31, 2024, and the declaration of a dividend.

Fourth Quarter 2024 Financial Highlights

  • Total revenue was US$82.1 million, up approximately 27.4% year-over-year (4Q2023: US$64.4 million).
  • IoT platform-as-a-service (“PaaS”) revenue was US$59.3 million, up approximately 25.7% year-over-year (4Q2023: US$47.2 million).
  • Software-as-a-service (“SaaS”) and others revenue was US$11.5 million, up approximately 21.1% year-over-year (4Q2023: US$9.5 million).
  • Smart solution revenue was US$11.3 million, up approximately 45.5% year-over-year (4Q2023: US$7.8 million).
  • Overall gross margin was 47.8%, up 0.5 percentage point year-over-year (4Q2023: 47.3%). Gross margin of IoT PaaS increased to 47.4%, up 2.6 percentage points year-over-year (4Q2023: 44.8%).
  • Operating margin was negative 4.6%, improved by 32.1 percentage points year-over-year (4Q2023: negative 36.7%). Non-GAAP operating margin was 10.3%, improved by 10.7 percentage points year-over-year (4Q2023: negative 0.4%).
  • Net margin was 11.9%, improved by 28.7 percentage points year-over-year (4Q2023: negative 16.8%). Non-GAAP net margin was 26.9%, improved by 7.4 percentage points year-over-year (4Q2023: 19.5%).
  • Net profits were US$9.8 million (4Q2023: negative US$10.8 million). Non-GAAP net profits were US$22.1 million, up approximately 75.8% year-over-year (4Q2023: US$12.6 million).
  • Net cash generated from operating activities was US$30.2 million (4Q2023: US$31.8 million).
  • Total cash and cash equivalents, time deposits and treasury securities recorded as short-term and long-term investments were US$1,016.7 million as of December 31, 2024, compared to US$984.3 million as of December 31, 2023.

Full Year 2024 Financial Highlights

  • Total revenue was US$298.6 million, up approximately 29.8% year-over-year (for the year ended December 31, 2023: US$230.0 million).
  • IoT platform-as-a-service (“PaaS”) revenue was US$217.1 million, up approximately 29.4% year-over-year (for the year ended December 31, 2023: US$167.7 million).
  • Software-as-a-service (“SaaS”) and others revenue was US$39.6 million, up approximately 10.6% year-over-year (for the year ended December 31, 2023: US$35.8 million).
  • Smart solution revenue was US$42.0 million, up approximately 58.3% year-over-year (for the year ended December 31, 2023: US$26.5 million).
  • Overall gross margin increased to 47.4%, up 1.0 percentage point year-over-year (for the year ended December 31, 2023: 46.4%). Gross margin of IoT PaaS increased to 47.1%, up 3.4 percentage points year-over-year (for the year ended December 31, 2023: 43.7%).
  • Operating margin was negative 15.9%, improved by 30.1 percentage points year-over-year (for the year ended December 31, 2023: negative 46.0%). Non-GAAP operating margin was 7.6%, improved by 18.5 percentage points year-over-year (for the year ended December 31, 2023: negative 10.9%), marking the first fiscal year of operating profitability on a non-GAAP basis.
  • Net margin was 1.7%, improved by 27.9 percentage points year-over-year (for the year ended December 31, 2023: negative 26.2%). Non-GAAP net margin was 25.2%, improved by 16.3 percentage points year-over-year (for the year ended December 31, 2023: 8.9%).
  • Net profits were US$5.0 million (for the year ended December 31, 2023: negative US$60.3 million), marking the first fiscal year of net profitability on a GAAP basis. Non-GAAP net profits were US$75.3 million, up approximately 268.5% year-over-year (for the year ended December 31, 2023: US$20.4 million).
  • Net cash generated from operating activities was US$80.4 million, increased by 120.5% year-over-year (for the year ended December 31, 2023: US$36.4 million).

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

Fourth Quarter and Fiscal Year 2024 Operating Highlights

  • IoT PaaS customers[1] for the fourth quarter and the fiscal year 2024 were approximately 2,100 and 3,700, respectively (4Q2023 and 2023: approximately 2,200 and 4,000, respectively). Total customers for the fourth quarter and the fiscal year 2024 were approximately 3,000 and 5,800, respectively (4Q2023 and 2023: approximately 3,200 and 6,100, respectively). The Company’s key-account strategy has enabled it to focus on serving strategic customers.
  • Premium IoT PaaS customers[2] for the trailing 12 months ended December 31, 2024 were 298 (4Q2023: 265). In the fourth quarter and the fiscal year 2024, the Company’s premium IoT PaaS customers contributed approximately 87.3% and 86.9% of its IoT PaaS revenue, respectively (4Q2023 and 2023: approximately 82.7% and 83.4%, respectively).
  • Dollar-based net expansion rate (“DBNER”)[3] of IoT PaaS for the trailing 12 months ended December 31, 2024 was 122% (4Q2023: 103%).
  • Registered IoT device and software developers were over 1,316,000 as of December 31, 2024, up 32.6% from approximately 993,000 developers as of December 31, 2023.
  1. The Company defines an IoT PaaS customer for a given period as a customer who has directly placed orders for IoT PaaS with the Company during that period.
  2. The Company defines a premium IoT PaaS customer as a customer as of a given date that contributed more than US$100,000 of IoT PaaS revenue during the immediately preceding 12-month period.
  3. The Company calculates DBNER of IoT PaaS for a trailing 12-month period by first identifying all customers in the prior 12-month period (i.e., those have placed at least one order for IoT PaaS during that period), and then calculating the quotient from dividing the IoT PaaS revenue generated from such customers in the current trailing 12-month period by the IoT PaaS revenue generated from the same group of customers in the prior 12-month period. The Company’s DBNER may change from period to period, due to a combination of various factors, including changes in the customers’ purchase cycles and amounts and the Company’s customer mix, among other things. DBNER indicates the Company’s ability to expand customer use of the Tuya platform over time and generate revenue growth from existing customers.

Mr. Xueji (Jerry) Wang, Founder and Chief Executive Officer of Tuya, commented, “In 2024, we achieved significant financial and business milestones, successfully reaching three key targets: quarterly non-GAAP operating profitability, full-year non-GAAP operating profitability, and full- year GAAP profitability. These accomplishments further validate the strength of our business model. We remain committed to continuously upgrading Tuya’s unique platform-driven business model, empowering developer customers with increasingly competitive smart hardware products. This enables our customers to expand their competitiveness beyond Powered-by-Tuya software capabilities into supply chain and hardware advantages. Looking ahead, AI innovation presents a tremendous opportunity, introducing a new paradigm in smart device interactions. It enhances user experiences by enabling smarter devices and optimized usage strategies tailored to personalized and differentiated needs. We will continue to build a global developer ecosystem, drive advancements in AI Devices and AI applications, and pursue product and capability innovation in high-potential market segments. At the same time, we will further expand our global market presence and remain committed to delivering long-term value to our shareholders.”

Mr. Yi (Alex) Yang, Co-Founder and Chief Financial Officer of Tuya, added, “For the full year 2024, we achieved total revenue of $298.6 million, representing a year-over-year growth of nearly 30%, with solid performance across all revenue segments. In the fourth quarter, our revenue grew 27.4% to $82.1 million. Alongside revenue growth, we improved operational efficiency and maintained strict cost management, achieving a 10.3% non-GAAP operating margin and a 26.9% non-GAAP net margin. At the end of the fourth quarter, our net cash balance stood at approximately $1.017 billion, with seven consecutive quarters of positive operating cash flow. Additionally, we declared the second dividend of the fiscal year. We firmly believe that Tuya is well-positioned to sustain long-term growth through its competitive moat while delivering returns to every shareholder who has steadfastly supported us.”

Fourth Quarter 2024 Unaudited Financial Results

REVENUE

Total revenue in the fourth quarter of 2024 increased by 27.4% to US$82.1 million from US$64.4 million in the same period of 2023, thanks to the increase in all revenue lines.

  • IoT PaaS revenue in the fourth quarter of 2024 increased by 25.7% to US$59.3 million from US$47.2 million in the same period of 2023, primarily due to increasing demand fueled by global economic recovery compared with the same period of 2023 and the Company’s strategic focus on customer needs and product enhancements. As a result, the Company’s DBNER of IoT PaaS for the trailing 12 months ended December 31, 2024 increased to 122% from 103% for the trailing 12 months ended December 31, 2023.
  • SaaS and others revenue in the fourth quarter of 2024 increased by 21.1% to US$11.5 million from US$9.5 million in the same period of 2023, primarily due to an increase in revenue from cloud software products. During the quarter, the Company remained committed to offering value-added services and a diverse range of software products with compelling value propositions to its customers.
  • Smart solution revenue in the fourth quarter of 2024 increased by 45.5% to US$11.3 million from US$7.8 million in the same period of 2023, primarily due to the increasing customer demand for smart devices with integrated intelligent software capabilities the Company developed beyond IoT.

COST OF REVENUE

Cost of revenue in the fourth quarter of 2024 increased by 26.1% to US$42.8 million from US$33.9 million in the same period of 2023, generally in line with the increase in the Company’s total revenue.

GROSS PROFIT AND GROSS MARGIN

Total gross profit in the fourth quarter of 2024 increased by 28.8% to US$39.2 million from US$30.5 million in the same period of 2023. Gross margin was 47.8% in the fourth quarter of 2024, compared to 47.3% in the same period of 2023, slightly increased year over year.

  • IoT PaaS gross margin in the fourth quarter of 2024 was 47.4%, compared to 44.8% in the same period of 2023.
  • SaaS and others gross margin in the fourth quarter of 2024 was 72.7%, compared to 74.2% in the same period of 2023.
  • Smart solution gross margin in the fourth quarter of 2024 was 24.9%, remained relatively steady sequentially, and compared to 29.7% in the same period of 2023.

Gross margin of each revenue stream increased or fluctuated primarily due to changes in products and solutions mix. As a developer platform with rich ecosystem of smart devices and applications, the Company is committed to focusing on software products with compelling value propositions while maintaining cost efficiency.

OPERATING EXPENSES

Operating expenses decreased by 20.4% to US$43.0 million in the fourth quarter of 2024 from US$54.1 million in the same period of 2023. Non-GAAP operating expenses were US$30.8 million in the fourth quarter of 2024, flat year over year as compared to US$30.7 million in the same period of 2023. 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, primarily consisting of employee-related costs and technical expenses, were US$23.7 million in the fourth quarter of 2024, remained relatively stable as compared to US$22.8 million in the same period of 2023. During the quarter, the average salaried employee headcount of the Company’s research and development team was flat year-over-year. Non-GAAP adjusted research and development expenses in the fourth quarter of 2024 were US$21.2 million, compared to US$19.4 million in the same period of 2023.
  • Sales and marketing expenses, primarily consisting of employee-related costs and marketing expenses, were US$9.0 million in the fourth quarter of 2024, compared to US$10.9 million in the same period of 2023, primarily due to the Company’s efforts to control expenditures and improve sales and marketing efficiency. Non-GAAP adjusted sales and marketing expenses in the fourth quarter of 2024 were US$8.2 million, compared to US$9.5 million in the same period of 2023.
  • General and administrative expenses, primarily consisting of employee-related costs, professional services and other administrative expenses, were US$13.6 million in the fourth quarter of 2024, compared to US$23.8 million in the same period of 2023, primarily due to the decline in credit-related impairment of long-term investments. Non-GAAP adjusted general and administrative expenses in the fourth quarter of 2024 were US$4.7 million, compared to US$5.3 million in the same period of 2023.
  • Other operating income, net in the fourth quarter of 2024 was US$3.3 million, primarily due to the receipt of software value-added tax refunds and various general subsidies for enterprises.

LOSS/PROFIT FROM OPERATIONS AND OPERATING MARGIN

Loss from operations in the fourth quarter of 2024 narrowed by 83.9% to US$3.8 million from US$23.6 million in the same period of 2023. The Company continued to achieve operating profitability on a non-GAAP basis with a non-GAAP profit from operations of US$8.5 million in the fourth quarter of 2024, compared to a non-GAAP loss from operations of US$0.3 million in the same period of 2023.

Operating margin in the fourth quarter of 2024 was negative 4.6%, improved by 32.1 percentage points from negative 36.7% in the same period of 2023. Non-GAAP operating margin in the fourth quarter of 2024 was 10.3%, improved by 10.7 percentage points from negative 0.4% in the same period of 2023.

NET LOSS/PROFIT AND NET MARGIN

The Company had a net profit of US$9.8 million in the fourth quarter of 2024, compared to a net loss of US$10.8 million in the same period of 2023.

The difference between loss from operations and net profit in the fourth quarter of 2024 was primarily because of a US$12.5 million interest income achieved mainly due to well implemented treasury strategies on the Company’s cash, time deposits and treasury securities recorded as short-term and long-term investments.

The Company had a non-GAAP net profit of US$22.1 million in the fourth quarter of 2024, up 75.8% compared to US$12.6 million in the same period of 2023, demonstrating the Company’s ability to sustain strong profitability on a non-GAAP basis.

Net margin in the fourth quarter of 2024 was 11.9%, improving by 28.7 percentage points from negative 16.8% in the same period of 2023. Non-GAAP net margin in the fourth quarter of 2024 was 26.9%, improving by 7.4 percentage points from 19.5% in the same period of 2023.

BASIC AND DILUTED NET LOSS/PROFIT PER ADS

Basic and diluted net profit per ADS was US$0.02 in the fourth quarter of 2024, compared to basic and diluted net loss of US$0.02 in the same period of 2023. Each ADS represents one Class A ordinary share.

Non-GAAP basic and diluted net profit per ADS was US$0.04 in the fourth quarter of 2024, compared to non-GAAP basic and diluted net profit of US$0.02 in the same period of 2023.

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$1,016.7 million as of December 31, 2024, compared to US$984.3 million as of December 31, 2023, which the Company believes 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 fourth quarter of 2024 was US$30.2 million, compared to US$31.8 million in the same period of 2023. The sustained net cash generated from operating activities also reflected our steady operating leverage.

Fiscal Year 2024 Unaudited Financial Results

REVENUE

Total revenue increased by 29.8% to US$298.6 million in 2024 from US$230.0 million in 2023, mainly due to the increase in IoT PaaS revenue and smart solution revenue.

  • IoT PaaS revenue increased by 29.4% to US$217.1 million in the year ended December 31, 2024 from US$167.7 million in the same period of 2023, primarily due to increasing demand fueled by global economic recovery compared with 2023 and the Company’s strategic focus on customer needs and product enhancements. As a result of these factors, the Company’s DBNER of IoT PaaS for the trailing 12 months ended December 31, 2024 increased to 122% from 103% for the trailing 12 months ended December 31, 2023.
  • SaaS and others revenue increased by 10.6% to US$39.6 million in the year ended December 31, 2024 from US$35.8 million in the same period of 2023, primarily due to an increase in revenue from cloud software products. During the year ended December 31, 2024, the Company remained committed to offering value-added services and a diverse range of software products with compelling value propositions to its customers.
  • Smart solution revenue increased by 58.3% to US$42.0 million in the year ended December 31, 2024 from US$26.5 million in the same period of 2023, primarily attributable to the increasing customer demand for smart devices with integrated intelligent software capabilities the Company developed beyond IoT.

COST OF REVENUE

Cost of revenue increased by 27.4% to US$157.2 million in the year ended December 31, 2024 from US$123.3 million in the same period of 2023, in line with the increase in total revenue.

GROSS PROFIT AND GROSS MARGIN

Total gross profit increased by 32.6% to US$141.4 million in the year ended December 31, 2024 from US$106.7 million in the same period of 2023. Gross margin increased to 47.4% in the year ended December 31, 2024 from 46.4% in the same period of 2023.

  • IoT PaaS gross margin was 47.1% in the year ended December 31, 2024, compared to 43.7% in the same period of 2023.
  • SaaS and others gross margin was 71.9% in the year ended December 31, 2024, compared to 74.2% in the same period of 2023.
  • Smart solution gross margin was 25.5% in the year ended December 31, 2024, compared to 25.5% in the same period of 2023.

Gross margin of each revenue stream increased or fluctuated primarily due to changes in products and solutions mix. As a developer platform with rich ecosystem of smart devices and applications, the Company is committed to focusing on software products with compelling value propositions while maintaining cost efficiency.

OPERATING EXPENSES

Operating expenses decreased by 11.0% to US$189.1 million in the year ended December 31, 2024 from US$212.5 million in the same period of 2023. Non-GAAP operating expenses decreased by 9.9% to US$118.7 million in the year ended December 31, 2024 from US$131.7 million in the same period of 2023. 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 were US$95.0 million in the year ended December 31, 2024, down 7.1% from US$102.3 million in the same period of 2023, primarily because of (i) the Company’s strategic streamlining of its research and development team and operations, (ii) lower share-based compensation expenses as equity incentive awards granted at higher valuations in previous years have been gradually amortized, and (iii) partially offset by a one-time increase in share-based compensation expenses resulting from the repricing of stock options. During the year, the average salaried employee headcount of the Company’s research and development team was down approximately 11.6% year over year. Non-GAAP adjusted research and development expenses in the year ended December 31, 2024 were US$80.7 million, compared to US$87.5 million in the same period of 2023.
  • Sales and marketing expenses were US$37.1 million in the year ended December 31, 2024, down 8.3% from US$40.4 million in the same period of 2023, primarily because of (i) the Company’s strategic streamlining of its sales and marketing team, (ii) lower share -based compensation expenses as equity incentive awards granted at higher valuations in previous years have been largely amortized, (iii) the Company’s efforts to control expenditures and improve sales and marketing efficiency, and (iv) partially offset by a one-time increase in share-based compensation expenses resulting from the repricing of stock options. Non-GAAP adjusted sales and marketing expenses in the year ended December 31, 2024 were US$32.0 million, compared to US$35.0 million in the same period of 2023.
  • General and administrative expenses were US$68.3 million in the year ended December 31, 2024, down 15.4% from US$80.7 million in the same period of 2023, primarily because of (i) the decline in credit-related impairment of long-term investments, (ii) the Company’s strategic streamlining of its general and administrative team, and (iii) partially offset by a one-time increase in share-based compensation expenses resulting from the repricing of stock options. Non-GAAP adjusted general and administrative expenses in the year ended December 31, 2024 were US$17.4 million, compared to US$20.1 million in the same period of 2023.
  • Other operating incomes, net were US$11.3 million in the year ended December 31, 2024, primarily due to receipts of software value-added tax refund and various general subsidies for enterprises.

LOSS/PROFIT FROM OPERATIONS AND OPERATING MARGIN

Loss from operations was US$47.6 million in the year ended December 31, 2024, narrowed by 55.0% compared to US$105.8 million in the same period of 2023. Non-GAAP profit from operations were US$22.7 million in the year ended December 31, 2024, marking the first fiscal year of operating profitability on a non-GAAP basis, compared to a non-GAAP loss of US$25.1 million in the same period of 2023.

Operating margin was negative 15.9% in the year ended December 31, 2024, improved by 30.1 percentage points from negative 46.0% in the same period of 2023. Non-GAAP operating margin was 7.6% in the year ended December 31, 2024, improved by 18.5 percentage points from negative 10.9% in the same period of 2023.

NET LOSS/PROFIT AND NET MARGIN

The Company had a net profit of US$5.0 million in the year ended December 31, 2024, compared to a net loss of US$60.3 million in the in the year ended December 31, 2023, marking the first fiscal year of net profitability on a GAAP basis.

The difference between loss from operation and net profit in the year ended December 31, 2024 was primarily because of a US$50.7 million interest income achieved mainly due to well implemented treasury strategies on the Company’s cash, time deposits and treasury securities recorded as short-term and long-term investments

The Company had a non-GAAP net profit of US$75.3 million in the year ended December 31, 2024, increased by 268.5% compared to US$20.4 million in the same period of 2023, demonstrating the Company’s ability to sustain strong profitability on a non-GAAP basis.

Net margin was 1.7% in the year ended December 31, 2024, improved by 27.9 percentage points from negative 26.2% in the same period of 2023, and non-GAAP net margin was 25.2% in the year ended December 31, 2024, improved by 16.3 percentage points from 8.9% in the same period of 2023.

BASIC AND DILUTED NET LOSS/PROFIT PER ADS

Basic and diluted net profit per ADS were US$0.01 in the year ended December 31, 2024, compared to basic and diluted net loss of US$0.11 in the same period of 2023. Each ADS represents one Class A ordinary share of the Company.

Non-GAAP basic and diluted net profit per ADS in the year ended December 31, 2024 were US$0.13, compared to basic and diluted net profit per ADS of US$0.04 and US$0.03 in the same period of 2023, respectively.

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$1,016.7 million as of December 31, 2024, compared to US$984.3 million as of December 31, 2023, which the Company believes is sufficient to meet its current liquidity and working capital needs.

NET CASH GENERATED FROM OPERATING ACTIVITIES

Net cash generated from operating activities was US$80.4 million in the year ended December 31, 2024, up 120.5% compared to US$36.4 million in the same period of 2023. The net cash generated from operating activities in the year ended December 31, 2024 improved mainly due to the increase in the Company’s revenue, the decrease in operating expenses and 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

With the stabilizing macroeconomic environment and normalizing downstream inventory levels in 2024, the industry is currently on a positive trajectory. With the effective implementation of the Company’s customer and product strategies, along with the utilization and innovation of emerging technologies like AI, the Company is confident in its business prospects.

The Company will remain committed to continuously iterating and improving its products and services and further enhancing software and hardware capabilities, particularly by leveraging the AI capabilities, expanding key customer base, investing in innovations and new opportunities, diversifying revenue streams, and further optimizing operating efficiency. At the same time, the Company understands that future trajectories may encounter challenges, including shifting consumer spending patterns, regional economic disparities, inventory management, foreign exchange rate and interests rate volatility, and broader geopolitical uncertainties.

Declaration of Dividend and Record Date

On February 26, 2025, the Board has approved the declaration and distribution of a dividend (the “Dividend“) of US$0.0608 per ordinary share, or US$0.0608 per ADS, to such holders as at the close of business on March 13, 2025, Hong Kong Time and New York Time, respectively. The aggregate amount of the Dividend will be approximately US$37 million, which is payable in U.S. dollars and in cash, and will be funded by surplus cash and to be paid out from the share premium account of the Company. The determination to make distributions and the amount of such distributions will be made at the discretion of its Board and will be based upon the Company’s operations and earnings, including, but not limited, considerations of the Company’s GAAP and Non-GAAP net profits, cash flows, financial conditions and other relevant factors.

In order to qualify for the Dividend, with respect to ordinary shares registered on the Company’s Hong Kong share register, all valid documents for the transfers of shares accompanied by the relevant share certificates must be lodged with the Company’s Hong Kong share registrar, Computershare Hong Kong Investor Services Limited, at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen’s Road East, Wan Chai, Hong Kong, no later than 4:30 p.m. on Thursday, March 13, 2025, Hong Kong time; and with respect to the ordinary shares registered on the Company’s principal share register in the Cayman Islands, all valid documents for the transfers of shares accompanied by the relevant share certificates must be lodged with the Company’s principal share registrar, Maples Fund Services (Cayman) Limited, at PO Box 1093, Boundary Hall, Cricket Square, Grand Cayman, KY1-1102, Cayman Islands, no later than 3:30 p.m. on Wednesday, March 12, 2025, Cayman Islands time (due to the time difference between Cayman Islands and Hong Kong).

Dividend to be paid to the holders of ADSs issued by the depositary of the ADSs will be subject to the terms of the deposit agreement.

The payment date is expected to be on or around April 9, 2025 for holders of ordinary shares, and on or around April 15, 2025 for holders of ADSs.

Conference Call Information

The Company’s management will hold a conference call at 08:00 A.M. Eastern Time on Wednesday, February 26, 2025 (09:00 P.M. Beijing Time on Wednesday, February 26, 2025) to discuss the financial results. In advance of the conference call, all participants must use the following link to complete the online registration process. Upon registering, each participant will receive access details for this conference including a conference access code, a PIN number (personal access code), the dial-in number, and an e-mail with detailed instructions to join the conference call.

Online registration: https://register.vevent.com/register/BI7d279945a4c846f48483fdfc0e47a728 

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at https://ir.tuya.com, and a replay of the webcast will be available following the session.

About Tuya Inc.

Tuya Inc. (NYSE: TUYA; HKEX: 2391) is a global leading AI cloud platform service provider with a mission to build an AIoT developer ecosystem and enable everything to be smart. Tuya has pioneered a purpose-built cloud developer platform with cloud and generative AI capabilities that delivers a full suite of offerings, including Platform-as-a-Service, or PaaS, Software-as-a- Service, or SaaS, and smart solutions for developers of smart device, commercial applications, and industries. Through its cloud 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.

Use of Non-GAAP Financial Measures

In evaluating the business, the Company considers and uses non-GAAP financial measures, such as non-GAAP operating expenses, non-GAAP loss from operations (including non-GAAP operating margin), non-GAAP net (loss)/profit (including non-GAAP net margin), and non-GAAP basic and diluted net (loss)/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, credit-related impairment of long-term investments and litigation costs 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, credit-related impairment of long-term investments and litigation costs 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.

Safe Harbor Statement

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 statement. 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 statement 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.

Investor Relations Contact

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

The Blueshirt Group
Gary Dvorchak, CFA
Phone: +1 (323) 240-5796
Email: gary@blueshirtgroup.co

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

 

 

TUYA INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2024

(All amounts in US$ thousands (“US$”),

except for share and per share data, unless otherwise noted)

As of December 31,

As of December 31,

2023

2024

ASSETS

Current assets:

Cash and cash equivalents

498,688

653,334

Restricted cash

50

Short-term investments

291,023

194,536

Accounts receivable, net

9,214

7,592

Notes receivable, net

4,955

7,485

Inventories, net

32,865

23,840

Prepayments and other current assets, net

11,053

16,179

Total current assets

847,798

903,016

Non-current assets:

Property, equipment and software, net

2,589

6,619

Land use rights, net

8,825

Operating lease right-of-use assets, net

7,647

4,550

Long-term investments

207,489

180,092

Other non-current assets, net

877

678

Total non-current assets

218,602

200,764

Total assets

1,066,400

1,103,780

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable

11,577

19,051

Advances from customers

31,776

31,346

Deferred revenue, current

6,802

7,525

Accruals and other current liabilities

32,807

32,257

Incomes tax payables

689

360

Lease liabilities, current

3,883

3,798

Total current liabilities

87,534

94,337

Non-current liabilities:

Lease liabilities, non-current

3,904

851

Deferred revenue, non-current

506

377

Other non-current liabilities

3,891

767

Total non-current liabilities

8,301

1,995

Total liabilities

95,835

96,332

 

 

TUYA INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
AS OF DECEMBER 31, 2023 AND 2024

(All amounts in US$ thousands (“US$”),

except for share and per share data, unless otherwise noted)

As of December 31,

As of December 31,

2023

2024

Shareholders’ equity:

Ordinary shares

Class A ordinary shares

25

25

Class B ordinary shares

4

4

Treasury stock

(53,630)

(15,726)

Additional paid-in capital

1,616,105

1,612,712

Accumulated other comprehensive loss

(17,091)

(19,716)

Accumulated deficit

(574,848)

(569,851)

Total shareholders’ equity

970,565

1,007,448

Total liabilities and shareholders’ equity

1,066,400

1,103,780

 

 

TUYA INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE (LOSS)/INCOME

(All amounts in US$ thousands (“US$”),

except for share and per share data, unless otherwise noted)

For the Three Months Ended

For the Year Ended

December 31,

December 31,

December 31,

December 31,

2023

2024

2023

2024

Revenue

64,411

82,059

229,990

298,617

Cost of revenue

(33,948)

(42,821)

(123,335)

(157,187)

Gross profit

30,463

39,238

106,655

141,430

Operating expenses:

Research and development expenses

(22,806)

(23,705)

(102,277)

(95,049)

Sales and marketing expenses

(10,937)

(9,048)

(40,440)

(37,081)

General and administrative expenses

(23,754)

(13,618)

(80,663)

(68,254)

Other operating incomes, net

3,410

3,337

10,901

11,334

Total operating expenses

(54,087)

(43,034)

(212,479)

(189,050)

Loss from operations

(23,624)

(3,796)

(105,824)

(47,620)

Other income/(loss)

Other non-operating income, net

778

767

3,113

4,180

Financial income, net

13,135

12,474

44,976

50,718

Foreign exchange gain/(loss), net

17

864

669

(136)

(Loss)/profit before income tax expense

(9,694)

10,309

(57,066)

7,142

Income tax expense

(1,122)

(524)

(3,249)

(2,145)

Net (loss)/profit

(10,816)

9,785

(60,315)

4,997

Net (loss)/profit attributable to Tuya Inc.

(10,816)

9,785

(60,315)

4,997

Net (loss)/profit attribute to ordinary shareholders

(10,816)

9,785

(60,315)

4,997

Net (loss)/profit

(10,816)

9,785

(60,315)

4,997

Other comprehensive (loss)/income

Changes in fair value of long-term investments

(5,321)

153

(7,791)

14

Transfer out of fair value changes of long-term investments

7,487

15,537

65

Foreign currency translation

1,772

(4,450)

(2,722)

(2,574)

Total comprehensive (loss)/income attributable to Tuya Inc.

(6,878)

5,488

(55,291)

2,372

 

 

TUYA INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE (LOSS)/INCOME (CONTINUED)

(All amounts in US$ thousands (“US$”),

except for share and per share data, unless otherwise noted)

For the Three Months Ended

For the Year Ended

December 31,

December 31,

December 31,

December 31,

2023

2024

2023

2024

Net (loss)/profit attributable to Tuya Inc.

(10,816)

9,785

(60,315)

4,997

Net (loss)/profit attributable to ordinary shareholders

(10,816)

9,785

(60,315)

4,997

Weighted average number of ordinary shares used in

computing net (loss)/profit per share, basic and diluted

– basic

557,103,923

587,987,654

555,466,061

573,782,783

– diluted

557,103,923

589,689,036

555,466,061

591,006,801

Net (loss)/profit per share attributable to

ordinary shareholders, basic and diluted

– Basic

(0.02)

0.02

(0.11)

0.01

– Diluted

(0.02)

0.02

(0.11)

0.01

Share-based compensation expenses were included in:

Research and development expenses

3,446

2,487

14,734

14,347

Sales and marketing expenses

1,462

869

5,446

5,098

General and administrative expenses

11,028

8,855

45,036

48,305

 

 

TUYA INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(All amounts in US$ thousands (“US$”),

except for share and per share data, unless otherwise noted)

For the Three Months Ended

For the Year Ended

December 31,

December 31,

December 31,

December 31,

2023

2024

2023

2024

Net cash generated from operating activities

31,760

30,182

36,443

80,352

Net cash generated from investing activities

299,763

45,556

332,455

107,428

Net cash generated from/(used in) financing activities

162

(33,022)

(2,223)

(33,200)

Effect of exchange rate changes on cash and cash equivalents, restricted cash

729

(387)

(1,148)

116

Net increase in cash and cash equivalents, restricted cash

332,414

42,329

365,527

154,696

Cash and cash equivalents, restricted cash at the beginning of period

166,274

611,055

133,161

498,688

Cash and cash equivalents, restricted cash at the end of period

498,688

653,384

498,688

653,384

 

 

TUYA INC.

UNAUDITED RECONCILIATION OF NON-GAAP MEASURES TO THE MOST
 DIRECTLY COMPARABLE FINANCIAL MEASURES

(All amounts in US$ thousands (“US$”),

except for share and per share data, unless otherwise noted)

For the Three Months Ended

For the Year Ended

December 31,

December 31,

December 31,

December 31,

2023

2024

2023

2024

Reconciliation of operating expenses to non-GAAP operating expenses

Research and development expenses

(22,806)

(23,705)

(102,277)

(95,049)

Add: Share-based compensation expenses

3,446

2,487

14,734

14,347

Adjusted Research and development expenses

(19,360)

(21,218)

(87,543)

(80,702)

Sales and marketing expenses

(10,937)

(9,048)

(40,440)

(37,081)

Add: Share-based compensation expenses

1,462

869

5,446

5,098

Adjusted Sales and marketing expenses

(9,475)

(8,179)

(34,994)

(31,983)

General and administrative expenses

(23,754)

(13,618)

(80,663)

(68,254)

Add: Share-based compensation expenses

11,028

8,855

45,036

48,305

Add: Credit-related impairment of long-term investments

7,435

72

15,537

261

Add: Litigation costs

2,300

Adjusted General and administrative expenses

(5,291)

(4,691)

(20,090)

(17,388)

Reconciliation of loss from operations to non-GAAP (loss)/profit from operations

Loss from operations

(23,624)

(3,796)

(105,824)

(47,620)

Operating margin

(36.70 %)

(4.60 %)

(46.00 %)

(15.90 %)

Add: Share-based compensation expenses

15,936

12,211

65,216

67,750

Add: Credit-related impairment of long-term investments

7,435

72

15,537

261

Add: Litigation costs

2,300

Non-GAAP (loss)/profit from operations

(253)

8,487

(25,071)

22,691

Non-GAAP Operating margin

(0.40 %)

10.30 %

(10.90 %)

7.60 %

 

 

TUYA INC.

UNAUDITED RECONCILIATION OF NON-GAAP MEASURES TO THE MOST
DIRECTLY COMPARABLE FINANCIAL MEASURES (CONTINUED)

(All amounts in US$ thousands (“US$”),

except for share and per share data, unless otherwise noted)

For the Three Months Ended

For the Year Ended

December 31,

December 31,

December 31,

December 31,

2023

2024

2023

2024

Reconciliation of net (loss)/profit to non-GAAP net profit

Net (loss)/profit

(10,816)

9,785

(60,315)

4,997

Net margin

(16.8 %)

11.9 %

(26.2 %)

1.7 %

Add: Share-based compensation expenses

15,936

12,211

65,216

67,750

Add: Credit-related impairment of long-term investments

7,435

72

15,537

261

Add: Litigation costs

2,300

Non-GAAP Net profit

12,555

22,068

20,438

75,308

Non-GAAP Net margin

19.5 %

26.9 %

8.9 %

25.2 %

Weighted average number of ordinary shares used in computing non-GAAP net profit per share,

– Basic

557,103,923

587,987,654

555,466,061

573,782,783

– Diluted

589,438,606

589,689,036

586,431,849

591,006,801

Non-GAAP net profit per share attributable to ordinary shareholders

– Basic

0.02

0.04

0.04

0.13

– Diluted

0.02

0.04

0.03

0.13