Tuya Reports First Quarter 2021 Unaudited Financial Results
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Tuya Inc. (TUYA) Reports Q1 Loss of $0.09 on Revenues of $56.9M
May 13, 2021 4:45 PM EDTTuya Inc. (NYSE: TUYA) reported Q1 EPS of ($0.09), versus ($0.08) reported last year. Revenue for the quarter came in at $56.9 million, versus $18.95 million reported last year.
First Quarter 2021 Financial Highlights
Total revenue was US$56.9 million, up approximately 200% year over year (1Q2020: US$18.9 million).IoT PaaS revenue was US$49.8 million, up approximately 227% year over year (1Q2020: US$15.2 million).SaaS and other revenue was US$2.3 million, up approximately 224% year over year (1Q2020: US$0.7 million).Overall gross margin for the quarter increased to 41.1%, up 10.8 percentage points year over year (1Q2020: 30.3%). Gross... More