Tuya Inc. Maintains Solid Growth Momentum Amid Global Complexity
Tuya Inc., a leading global IoT platform company, has reported strong financial results for the second quarter of 2026, despite the ongoing challenges posed by the global operating environment.
In its earnings conference call on August 24th, the company revealed that its total revenue reached $92.9 million, representing a year-over-year increase of 16%. This growth momentum was driven by the expanding demand for smart products across various categories, including home appliances and emerging AI-enabled product categories.
The company's core PaaS (Platform as a Service) business also showed impressive growth, with revenue increasing by 16.9% year-over-year. This reflected the resilience of Tuya's platform business across different regions and product categories, as well as its ability to adapt to changing market conditions.
Underpinning this success was the company's strategic focus on advancing AI-driven development capabilities, including the extension of AI capabilities beyond foundation models and standalone features towards platformization, productization, and scenario-based deployment. This enabled Tuya to deliver high-quality AI companion product solutions that have begun to gain traction in the market.
Mr. Jerry Wang, Founder and CEO of Tuya Inc., emphasized that the company will continue to deepen its focus on three key areas: advancing AI's native application and product innovation; enhancing AI development tools such as live coding, agent orchestration, and cloud-edge device collaboration; and expanding globally proven solutions while strengthening its developer ecosystem and industry partnerships.
Co-Founder and CFO Alex Yang also highlighted the company's strong financial performance, with PaaS revenue reaching $67.9 million, up 16.9% year-over-year, and AI application and other segments generating revenue of about $11.5 million, a year-over-year increase of 3.9%. The number of PaaS premium customers for the trailing 12 months reached 318, contributing approximately 89.5% of the PaaS revenue.
Looking ahead, Tuya Inc.'s commitment to innovation and strategic growth initiatives will undoubtedly position the company as a leading player in the rapidly evolving IoT landscape. With its strong track record of performance and forward-thinking approach, the future looks bright for this dynamic and ambitious company."
