Tuya is a Chinese cloud platform company that provides IoT/AIoT infrastructure to brands and manufacturers who want to build smart, connected devices without developing the underlying software themselves. Tuya's customers — including Philips, Panasonic, Schneider Electric, and Midea — use Tuya's cloud connectivity, development tools, and AI capabilities to bring smart devices to market quickly, from lighting and appliances to security cameras and energy management systems. Tuya served roughly 5,900 customers and supported over 3,800 brands as of FY25. The company generates revenue across three segments: PaaS (~72% of revenue), where OEMs and brands pay per device or capability activated on the platform; SaaS (~14%), which includes vertical software solutions, cloud storage, and AI audio/video services that recur over the life of deployed devices; and Smart Solutions (~14%), where Tuya acts as a hardware integrator, sourcing finished smart devices and embedding its own software. Because PaaS fees are embedded in every device a customer ships, Tuya's revenue scales with customer device volumes, tying it to consumer electronics cycles. The SaaS segment, with gross margins above 70%, is increasingly important as recurring revenue accrues from a growing installed device base. Tuya's growth strategy centers on deepening AI integration across its platform, expanding into multimodal AI applications like companion toys and home energy management systems, and growing its developer ecosystem, which reached 1.8M registered developers in FY25. Tuya holds a net cash balance exceeding $1B against annual revenue of roughly $322M, reflecting an asset-light model.