Q2 2026 Tuya Inc. Earnings Call Transcript
Key Points
- Total revenue grew 16% year-over-year to $92.9 million, with PaaS revenue up 16.9%.
- AI companion product shipments expanded, with Xuzu ranking first in AI toy category on Tmall during June 18 Shopping Festival.
- Launched Tuya CodeBuilder, an AI-powered live coding tool that reduces AI hardware development cycles and has expanded to 30 product categories.
- Registered developers on the platform exceeded 2.09 million, strengthening the developer ecosystem.
- Maintained double-digit non-GAAP operating margin at 10.3%, with net cash from operations positive at $6.2 million.
- Gross margin declined due to upstream semiconductor cost fluctuations and business mix changes.
- AI application segment revenue growth slowed to 3.9% year-over-year, impacted by a shift away from lower-margin B2B projects.
- Demand recovery in traditional lighting and IP camera categories has been slow, reflecting divergent performance across product segments.
- Middle East business remains paused due to military conflict, with no recovery expected until late Q3 or Q4.
- North America demand is price-sensitive, with fluctuations in low-price devices due to supply chain pricing increases.
Good morning and good evening, ladies and gentlemen. Thank you for standing by, and welcome to Tuya Inc.âs second-quarter 2026 earnings conference call. (Operator Instructions) Please be informed that todayâs conference is being recorded.
I will now turn the call over to your first speaker today, Ms. Regina Wang, Investor Relations, Associate Director of Tuya. Please go ahead.
Thank you, operator. Hello, everyone. Welcome to our second-quarter 2026 earnings conference call.
Joining us today is our Founder and CEO, Mr. Jerry Wang; and our Co-Founder and CFO, Mr. Alex Yang. Our results and the webcast of the conference call are available at ir.tuya.com. A replay of this call will also be available on our IR website in a few hours.
Before we continue, I'd like to refer you to our Safe Harbor statement in our earnings press release, which applies to this call as we will make forward-looking statements.
With that, I will now turn the call over to our Founder and
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