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Tuya revenue rises 16% in Q2, but operating cash flow falls 66%
Tuya reported second-quarter operating cash flow of $6.2 million, down 66.1% year over year, even as operating profit climbed and operating margin improved to 10%.
Tuya Inc. (NYSE: TUYA) reported second-quarter revenue of $92.9 million on August 24, up 16% from a year earlier, with platform-as-a-service revenue increasing 16.9% to $67.9 million and smart home and robot product revenue rising 23.2% to $13.5 million.
According to Yahoo Finance, cash generation weakened even as reported profitability improved. Net cash generated from operating activities fell 66.1% to $6.2 million from $18.2 million, while GAAP profitability improved alongside a shift in expenses.
The outlet said Tuya’s operating profit reached $9.3 million from $1.1 million, lifting GAAP operating margin to 10% from 1.4%. Non-GAAP operating profit also increased 11.7% to $9.6 million, though its margin slipped 0.4 percentage points to 10.3%.
Yahoo Finance noted margin expansion had mixed drivers: overall gross margin declined 2.1 percentage points to 46.3%, while PaaS gross margin fell to 46.8% from 48.7%. The company’s balance sheet showed cash, time deposits, and treasury securities totaling $976.1 million as of June 30, near its roughly $1.1 billion market capitalization.