Tuya - Earnings Call - Q2 2025
August 26, 2025
Transcript
Speaker 5
Good morning and good evening, ladies and gentlemen. Thank you for standing by and welcome to Tuya Inc.'s second quarter 2025 earnings conference call. Currently, all participants are in a listen-only mode. Later, we will conduct a question and answer session, and instructions will follow at that time. As a reminder, we are recording today's call. If you have any objections, you may disconnect at any time. I will now like to turn the call over to Ms. Xuechen (Regina) Wang, Investor Relations Senior Manager of Tuya. Regina, please go ahead.
Speaker 1
Thank you, Operator. Hello everyone, welcome to our second quarter 2025 earnings call. Joining us today are our Founder and the CEO of Tuya Inc., Mr. Jerry Wang, and our Co-Founder and CFO, Mr. Alex Yang. The second quarter 2025 financial results and 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 refer you to our stakeholder statements 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 to our Founder and CEO, Mr. Jerry Wang. Jerry will deliver his remarks in Chinese, which will be followed by a corresponding English translation. Jerry, please.
Speaker 4
大家好, 感谢大家参加Tuya智能2025年第二季度及上半年的业绩电话会。
Speaker 1
Hello everyone, thank you for joining Tuya Inc.'s earnings call for the second quarter of 2025.
Speaker 4
我简要总结一下整体的表现。今年上半年公司实现了约$155 million的收入, 同比增长约15%。其中第二季度收入约$80.1 million, 同比增长9.3%。在第二季度, 全球贸易环境不确定大幅上升, U.S.关税政策对全球可选消费电子行业造成了显著的干扰。下游零售渠道、品牌商、进口商以及出口企业的订单节奏和规划因此推迟或重新调整。整体而言, 公司保持了韧性, 在包含收入增长、毛利率和利润率、AI产品和生态建设等多个方面展现了结构性的亮点。
Speaker 1
Let me start with a brief overview of our performance. In the first half of 2025, Tuya Inc. generated revenues of approximately $155 million, representing about 15% YoY growth. Revenue in the second quarter reached around $80.1 million and increased to 9.3% YoY. During the quarter, global trade uncertainties intensified, with U.S. tariff policies significantly disrupting the global discretionary consumer electronics industry. As a result, downstream retail channels, brands, importers, and exporters delayed or adjusted their order repeats and planning. Nevertheless, Tuya Inc. remains resilient, delivering positive outcomes across multiple fundamentals, including revenue growth, gross margin, and profitability, as well as AI products and ecosystem development.
Speaker 4
enables continued performance even in complex environments.
Speaker 1
In terms of profitability, we maintained a blended gross margin of around 48% for both the second quarter and the first half, with all three business segments achieving stable gross margins both discretionary and year over year. On the operating profit side, despite the seasonal softness in the first half and global external challenges, we still achieved a 10% non-GAAP operating margin and a 25% net margin. Notably, non-GAAP operating profits grew approximately 127% year over year, highlighting the operating leverage embedded in Tuya Inc.'s business model, which remains sustainable even in a complex environment.
Speaker 4
can support Tuya and the industry's long-term development.
Speaker 1
Opportunities and challenges from both AI adoption and the global trade environment are driving higher market penetration. We are also engaging our developer platform to deliver high-value and next-generation AI experiences. At the end of the second quarter, the number of global developers on our platform has reached over 1.51 million. We will remain committed to long-termism, leveraging initiatives such as Tuya Open and our AI Agent development platform to broaden access to AI developer tools and build a business ecosystem that supports Tuya and the industry's long-term growth.
Speaker 4
Alex Yang 带来更多的财务表现和经营进展。
Speaker 1
Now, let me turn the call over to our Co-Founder and the CFO, Alex Yang, who will share more details about our financial performance and business progress.
Speaker 3
Hello everyone, this is Alex. I will now provide more details on our second quarter results. Please note that all figures are in US dollars, and all the comparisons are year-over-year based. Let's start with the financial performance. In the second quarter of 2025, Tuya delivered revenue of about $80 million, representing 9.3% year-over-year growth. That segment passed leverage its diversified products ecosystem to capture essential consumption demand in home appliances, delivering year-over-year growth of 7%. The smart solutions supported by focused hardware offering and differentiated solutions tailored to various customer segments, withstood macro pressures and achieved year-over-year of 16.7%. The SaaS and others revenue was about $11 million, up 15.6% year-over-year, driven by the continuing increase in recurring revenue, which exceeded 6% in Q2.
From a regional perspective, leading long-term customers in Europe achieved a double-digit growth in niche categories such as the ambient lighting and home appliances, including air conditioners and air fryers. New customers, including top Turkish solar storage companies and leading HVAC manufacturers in Austria and other regions, too, who began cooperations on energy-saving production lines. In Asia-Pacific, various rollouts progressed as expected. Several Southeast Asian telecom customers, starting with the Cube platform deployment, entered the larger scale delivery space, while smart home and realistic products in Singapore advanced into implementations, contributing meaningful revenue across both hardware and software in the future, in the now quarter and the futures. In North America, a flagship AI solution, the Smart Bird Feeder, saw strong momentum and demand, reflecting consumers' sustained willingness to pay for emotional-driven experiences by AI.
In China, AI toy solutions gained positive feedback in Q2, with plans to expand IP collaborations and target diversified audiences. Admittedly, ever since shifting tariff policies introduced global trend uncertainty, stakeholders across the discretionary consumer electronics value chain had become active in their own interest, significantly pursuing offline retail systems overseas. Nevertheless, Tuya's diversified product ecosystem and software technology capability enabled us to take targeted approaches to withstand their pressures, demonstrating our structural resilience. On margins, Q2 blended gross margin was 48.4%. PaaS gross margin reached a historical height of 48.7%, while smart solutions and SaaS and others delivered a gross margin of 22.5% and 72%. Considering that Tuya's gross margin reflects the outcome of a platform-based business model combined with a rich hardware ecosystem, Q2 margins were aligned with our management expectations, maintaining stable, robust margins and a foundation for achieving strong operating leverage.
On the expense side, we maintained disciplined execution since early 2024. After right-sizing our team, we have managed to meet operational needs, including upgrading AI capability, increasing investment in R&D cloud on AI technology, building our AI developer community, and hosting creative events, while keeping non-GAAP net operating expenses stable. We have remained across $30 million per quarter for six consecutive quarters. Additionally, in May, we achieved a dismissed victory in the fierce class action lawsuit initiated in 2022, successfully defending the rights of Tuya stakeholders. This also marked a conclusion for the related expenses and amended future risk for potential lawsuits. As a result, our operating leverage improved significantly, and we delivered nearly an 11% non-GAAP operating margin in Q2. On net profit, we achieved a 25.1% non-GAAP net margin and a 15.7% GAAP net margin in Q2, with GAAP margin expanding over 11% points.
While interest rates cut absorbed parts of the net margin increase, this was offset by a decline of over 50% in our accounting share-based compensation expenses, further unleashing accounting profitability. In terms of cash flow, we generated strong operating cash flow of over $18 million in Q2 and paid out our second cash dividends of about $37 million. Net cash balance stood at just above $1 billion at the quarter end. Looking ahead, we'll continue to explore ways to deploy excess capital to support our business. Next, let me share the quarter's updates on our AI developer ecosystem. Tuya has always been at the forefront of the AI hardware and application deployment, and we remain fully committed to advancing the AI ecosystem. Our goal is to continually lower the development threshold of AI devices products and promote their broader AI innovations and adaptations.
First off, let me highlight two data points. As of June 13, 2025, 93% of Tuya's shipped product categories were equipped with AI capabilities. Meanwhile, Tuya AI Developer Platform delivered AI agent services that supported 150 million AI interactions per day globally, across scenarios such as AI Notes, AI Translate, AI Health, AI Energy, AI Pet Care, AI Trendy Play, AI Dimming, AI Safety Guard, and Robotics. In line with this, we also see strong efforts and rapid expansion across our developer ecosystem infrastructures. Over the past quarter, many AI developers activated Tuya Open Cloud Services and commercial AI developers collectively created 9,372 AI agents across categories, including toys, pets, appliances, electronic devices, and securities. These numbers reflect the growing penetration of AI into households and industrial smart devices. The Tuya Open Source community also gained strong traction across Discord, Reddit, WeChat groups, and other platforms.
Our global developer base surpasses 27,000 for the AI staff, with documentation reaching 55 countries and regions. Open source code contributions exceeded 2.3 million lines, and core contributors steadily emerge as the ecosystem scales. While driving developer engagement, we also emphasize co-creation within the ecosystem. Since Q2, we have partnered with ecosystem collaborators to host multiple hackathon events across online and offline channels, generating hundreds of makers, AI devices, prototypes, and with commercial potentials. Those events spanned universities, embedded engineering communities, makerspaces, incubators, cloud developer communities, and cultural IP developer groups, continually streaming ways to bring AI into millions of households worldwide. For example, in Niche Unite, we co-host a mega hackathon, AdventureX 2025, and attracted over 800 young developers and makers globally over five days.
Participants created a range of original projects through our teamwork and collaborations, with the direct method feedbacks from developers and broad media coverage reaching over 10 million people who watched this hackathon. More importantly, we are exploring pathways for makers' projects to commercialization. For example, the community initiative OTAP robot projects has entered commercialization, with distribution partners fueling its marketing and promotion. It has also driven adoption of Tuya T5 developer boards across the developer ecosystem. Another category of AI patent products, which won awards in hackathon competitions, attracted interest from the celebrity agency and the consumer market, drawing incubation attention from multiple commercial partners. In addition, our collaborations with the Open Dev community are bringing AI hardware development into university and embedding developer circle room, enabling developers to practice AIoT applications during their study. Looking ahead, we'll continue our effort in two directions.
The first one, future lower the threshold of AI developers, leveraging Tuya's AI agent development platform, AI coding tools, and scenario-based teaching to help more developers get started quickly with AI device hardware development. Secondly, accelerating the commercialization of more AI hardware innovations through collaborations within the developer community, co-creation mechanisms, and ecosystem partners to bring excellent products to market and create commercial opportunities. To conclude, while facing a macro challenge in Q2, the company maintains strong profitability in the first half of this year and made solid progress in smart solutions, AI devices, and developer ecosystem. Looking ahead, we remain focused on the long term, executing a three major growth strategy to offset near-term macro challenges while strengthening our foundation for sustainable growth. The three major directions will be: the first, we'll continue deepening relationships with core customers.
We'll meet the different needs of both new and non-standing customers with differentiated approaches, providing tailored product solutions and technology support to help them to maintain competitiveness in their respective markets. Second, we'll boldly seize regional opportunities. In Europe, we'll focus on high demand categories such as AI-driven energy saving and air conditioners. In Asia-Pacific, we'll promote smart fixation of residential buildings and compacts through its integrated AIoT platform, combining hardware and software. In North America, we'll focus on the consumer scenarios, expanding strong willingness to pay, such as pet or ambient entertainment. In China, we'll deepen partnerships with major companies, gradually building consumer awareness through e-commerce and pursue industry penetration via realistic growth channels. Third, we'll accelerate AI innovation among developers, carving new AI-driven hardware applications as well as agent intelligence-building hardware, driving the industry-wide shift of the smart products towards the AI agent-enabled hardware.
Finally, based on our current financial performance, our board has approved a cash dividend totaling about $33,000,000. Regular dividend payments reflect Tuya's commitment to returning value to the capital market and our shareholders. They also underscore our enduring confidence in the company's industry perspective, product portfolio, competitive positions, and long-term growth potential, regardless of the market conditions on the macro side. Thank you all, operators. I think that's all we'd like to present today. We can begin with the Q&A session.
Speaker 5
Thank you. To ask a question, please press star one-one on your telephone and wait for your name to be announced. To withdraw your question, please press star one-one again. One moment while we compile our Q&A roster. Our first question is going to come from a line of Yang Liu with Morgan Stanley. Your line is open. Please go ahead.
Speaker 2
Thanks for the opportunity to ask a question. Two questions from my side. The first one is regarding the growth outlook. Given the changing global trade environment in late second quarter and the third quarter, what is the management expectation of the business growth going into the third quarter or the rest of the year? Should we see some acceleration in top line or the past shipment growth? The second question is regarding the FX impact. Could management update us what is the constant currency growth for top line in second quarter? Yeah, to help us to understand what is the FX impacts to the P&L. Thank you.
Speaker 4
Yeah, I'll answer the first one first. For Q3 and the rest of this year, we'll see that the uncertainty on the tariff situation continues because till now we still don't have the conclusion or we don't have the agreement between countries. The rest of this year, we'll see that the consumer electronics categories we're covering right now are still under pressure. The first shipment for Q2 for those products that have been tariffed, and we will have to meet the products trying to sell, but the retail price is trying to impact it. We will have to close the eye to witness what's going to be the end demand reflex looks like.
As far as we know, right now for the major retailers for North America and the brands and the importers and the manufacturers, they all have the concern that the demand was trying to have the risk of the decline after the retail price raising. For this year, we will see that for the promotion seasons like Christmas, Black Friday, back to school, and all the new product planning and the promotion forecast, those buyers, they will really show this kind of concerned mindset instead of too optimistic. Some of the orders, they will shift from the higher value of the smart one into some lower value and with the entry-level one. Even including Europe, they have the same type of uncertainty as well. Those kind of buyers, they're not too optimistic. They have very conscious to review all the reflex on the end users in a very short-term dynamically.
Also, we are facing a very long supply chain. From the core components into the manufacturing, into the logistics internationally, and into the retails, we have more roles on the supply chains. We have more noises for the uncertainty. Typical stuff is that while the retail price is facing pressure to raise, from the retail side into the importer side, into the brands, into the manufacturers, every people are renegotiating how to absorb those kind of risk costs. That kind of negotiation across multiple roles, multiple entities takes longer. That's why we see that in the past couple of months, those kind of negotiations took place and didn't end. A typical example of what I see is that on the offline retailers and the e-commerce, those price impacts start to reflect very directly.
Like some of the robotic vacuum, we can see here is that some of the fast-growing robotic vacuum brands from China, their gross margin and profit declined so much. That's kind of because of the tariff and bargain impact. For Tuya, what we see is that the tariff impact exists, and also at the same time, last year we did quite good for the energy saving incentive program for France. That incentive policy is trying to reduce a little bit. What we see is that for Q3, yeah, there's still pressure, but it should be getting better in Q4. That's for the first question. For the second question, yes, there's some pressures on currency as well. Right now, what we see is kind of stable. There's pressure, but it's under control. That's all.
Speaker 2
Thank you.
Speaker 5
Thank you. One moment for our next question. Our next question will be from the line of Timothy Zhao with Goldman Sachs. Your line is open. Please go ahead.
Speaker 4
Great. Thank you, Manager, for taking my question and congrats on the very solid results. Also, two questions from my side. One is really on the competitive landscape in the AIoT PaaS segment. Just wondering how management sees the competitive advantage when I think the whole industry is moving from the traditional, say, IoT PaaS to AIoT, and what are our ways to maintain such kind of competitive advantage globally? Secondly, it's on your shareholder return policy. I think it's very pleasing to see the dividend declaration announcement from this quarter. Just wondering if management can provide us a more structural way in terms of understanding the shareholder return policy for the years ahead. Thank you. Yes. Thank you, Timothy.
For the first one, what we see is that we are doing a lot of things to motivate those developers from the existing or from the historical IoT applications into the AI applications. Like I described, we're doing a lot of different webinars, trainings, and events to grab all those kinds of ideas, innovative plans from the developer sides that they have, anything that they can think on, how it can bring AI into the new user experience together. The data I already shared is that for the first half of this year, over 93% of the products that are building with the Tuya platform for the first half of this year already come with AI capability. We're really doing quite a good penetration of combining the new AI feature set into the existing Tuya developer ecosystem and the customer base as well. That's the first one.
We continue to do more because a very exciting opportunity we see is that coming on with the AI stuff, we have more categories that this technology will be able to cover. Like the toy, like those kinds of emotional-driven entertainment. Without the large language models, those types of categories that exist or didn't seem the opportunity how you can turn that into a smart thing. Right now, it is. We will continue to do that, to have more of my existing developers try out the AI feature set and understand those kinds of AI technology and also to exchange the ideas of creativity. That's one thing. Another thing is that once we find out those kinds of great ideas or great prototypes, we're using our networks, using our marketing resources to incubate and helping our developer to commercialize. That's what we continue to do.
We are looking forward to have more, I would say, AI essential applications be built out in the future for the long run. That is one. The second part for the dividend or for the shareholder return, like we said for the two quarters before, we will consider the dividend as a regular policy or two solutions that we offer for the shareholders' return besides any other things. The dividend is based on the stable profitability of the company, the stable business model, and the growth, and also a very healthy net operating cash flow. Our dividend will be based on that, and we're offering as a regular solution for the shareholders. That's all, Timothy.
Speaker 2
Great. Thank you.
Speaker 5
Thank you. As a reminder, if you would like to ask a question, please press star one-one. Our next question comes from the line of Kai Xiao with China International Capital Corporation Limited. Your line is open. Please go ahead.
Speaker 0
Okay. Thank you, management. I have two questions as well. My first question is on your gross margins. With this quarter, your gross margin has steadily expanded, with mass margin in particular rising fast. My question is, what are the key drivers for the gross margin going forward? In particular, how would the AI-related revenue affect your overall gross margin mix? That's for the gross margin question. My sixth question is on the SaaS and smart device solutions. Could you share the primary growth engines for the two sectors and what's your outlook going forward? Thank you.
Speaker 4
Okay. The first one, I think that the gross margin represents the competitiveness of the technology to our provider and also the value propositions for us in the entire industry. Right now, all the customers will really see my gross margin. I think that will be as a public company. They continue to be satisfied with what we're offering, no matter if it's on the technology, it's on the services, it's on what we can offer to help them to transit from a legacy device maker into a smart device maker, from a device reselling business model into more like the software services, AI services-based recurring model. I think that the gross margin represents that. For us, we manage the three business models separately. For the PaaS we're offering, we're satisfied with the gross margin range so far. For the SaaS, the key part is that it's a regular software-based.
The gross margin above 70% will be a regular base. We're not looking forward to push that up into 80% or 90% because that's not the real estate. We're looking forward to scale that faster. As you can see here, starting from Q2, we're really seeing the SaaS trend growing faster than the PaaS. We are starting to acquire or transit more end users to those kind of SaaS offerings as premium features as a recurring model, and we have more stickiness on the recurring side. That's for the SaaS. For the solutions we're looking for in the long run, because it's a software and hardware combined, essentially we have more and more portion coming from the hardware side. For that part, above 20% of the gross margin for the solutions already represents that we're taking a higher value proposition for that part.
I think that's what we're looking forward to, to maintain above 20% gross margin for the solutions is what we're looking forward to do, coming on with our scalability. I think that's a key part. We feel comfortable about the current position so far because we're ready to take the higher values on the existing growth we have in the industry. We'll continue to push more scalability. I think that's for that part. The second part is about the solution, right? I think that's for the solutions. For the solutions on the strategy side, the solutions are not open for everyone, kind of. The solution will more focus on the key customers or the top-tier customers in their own prospective market, either in their own region or in their own vertical industry.
The solutions are providing differentiated offerings for those customers to help them to provide higher value products to the market. Those key customers, either they have a better position that they can offer a higher pricing product, or they have the better position to provide a differentiated product. We will not face very brutal competitions on the commodities. We don't offer the commodities. I think that's the first one. Through that part, we're kind of working along with those key customers to making a product roadmap 6 to 12 months ahead. We kind of become their key suppliers for all their most advanced products or flagship products for the long run. I think that's what we are driving forces for the long term.
The more we start to deliver for those customers, the more opportunity we have to working along with those customers for the long run, and the more opportunity we can take in more portion of their business and for any type of smart devices for the long run. I think that's a key part. What we see a very good trend here is that starting with Q2, finally, we're starting to offer the AI solutions. Not only the smart bird feeders, that's what we try out for last year, but also for this Q2, we're starting to deliver the AI toy and with the two significant leaders for the toy industry in China. One is Heizu Wang, another one is IP from NetEase. Those feedbacks from the customer side and from the end user side become very positive.
We start to scale that kind of new, totally new vertical categories that we don't have before. While we have more and more AI essential or AI-empowered solutions offering, we really see that, yeah, we're starting to open more doors. For the second half of this year, our shipment for AI-based energy solutions, and we're starting to compare this, and we're looking to have that and grab that opportunity as fast as we can as well. I think that's for the solution part.
Speaker 0
Thank you, Alex.
Speaker 5
Thank you. One moment for our next question. Our next question comes from the line of Matt Ma with Jefferies LLC. Your line is open. Please go ahead.
Speaker 0
Hello. Good morning, management. Thank you for taking my question. I have two questions. The first one is also related to the U.S. tariffs. Are we observing a shift of China-based supply chain to overseas for our brand customers? If so, what are the impacts on Tuya? Should we expect to see incremental costs, for example, in module logistics? The second question is related to margins. We are seeing that for smart solutions, its gross margin is 22.5% in the second quarter, which is relatively lower than previous quarters. Just wondering, what is the reason behind that? Also, given our business model can enjoy a very strong operating leverage, over the next three to five years, what kind of margin profile do you expect to see the company to achieve? Thank you.
Speaker 4
Okay. Yeah. The first one is that, yes, after the tariff situations, every people are talking about the shift in the supply chains globally. That kind of topic has not been discussed this year because the first tariff raise started taking place in 2018. What we see here is that just for those products manufactured and sold to the United States, different categories react in different ways. For those categories, we require less component and less rely on a very diversified supply chain. Some simple stuff like the plugs, maybe LED bulbs. Those types of categories, not only this year, I think that four or five years ago, many manufacturers are trying to relocate in other countries like Mexico, Vietnam, Thailand, including India. Those manufacturers already relocated somehow. Some categories super rely on their key components supplying, like the air conditioner. They have way more complicated supply chain.
It's not easy to move that out entirely. The major air conditioner manufacturers still have to produce in China. Different categories right now are impacting in different levels. Those shifting supply chains already taking place for years. For us, we just follow the flow, wherever the customer wants to produce the finished products, we just deliver our modules to their location. I think that's the first one. The pressure comes from that, especially in Q2, as we can see that those tariff policies, the challenge is that the United States or President Trump tried to raise the tariff for almost every other country, including Mexico, Japan, Vietnam, China. For the short term, the importers don't know where is the safest place to produce or where is the stable place to do that. I think that's where the shift comes from.
What we're seeing for the long term is that anyhow, this is a negotiation across multiple entities, across multiple nations. The negotiation is going to work out with a deal. Once there's a deal, there's a price that how people have to pay that. Then there will come a conclusion. All the merchants, they know that how they can re-price that and trying to sell that on a steady level, even with a higher price. That's what we're looking forward to wait and find out. Those negotiations seem to progress somehow and seem to have conclusions maybe in the next couple of months, right? We're ready to see. We extend it twice, but we're looking there should be a conclusion. We're looking to have that. That's the first one.
For the short term, there's no easy option for the manufacturing for the manufacturers because almost everyone will be tariffed at a different price. For the long run, as long as there is a price, people will figure out how to continue to do the business because we're not cutting off. I think that's about tariffs. The second one about the gross margin, I'm really sure part of the parts on the previous questions. We'll review the gross margin, split it into three, split it into three sections because either the PaaS or the SaaS or the solutions, they come in a totally different value proposition and face different types of competitions. We'll more review those gross margins to see whether we take the higher value proposition. For the solutions, maybe we'll take a higher value proposition versus their in-house design team or versus any other solution providers.
For the PaaS, we review as whether we can really offer as a PaaS company or as a platform company. For the SaaS, it's whether we are really running a SaaS-based business. For that part, the value proposition is to show the competitiveness for us as a different role. As I shared before, the PaaS, the range was so far between 47% to 48%. We're satisfied with that. For the SaaS, above 70% as a regular SaaS company, we're good with that. For the solutions, a higher proposition is above 20%. I think that it's good. I think that's a key part we managed. One of the reasons for the solutions, as you can see, the solution margin declined slightly in Q2. The reason is that the solution is more supply chain business, more supply chain related.
In Q2, we started to offer some new solutions like the AI toy solutions like I explained. As a starting point of some new products or the new solutions, we have the space to cost down, coming on with the scalability. We're offering at the lower margin, we think it's fine. Coming on with our scaled business, we have more space that we can free the cost. I think that's a key part. The most important thing for us is to prove those solutions really worked out, coming on with the right end user demand and to come with the competitiveness that we can help the customer to facing any falls. At the same time that's coming on with the scalability, we'll be able to increase the operating leverage and the margin performance for the long run. I think that's how we run that. Thank you.
Speaker 0
Thank you, Alex. That's very helpful.
Speaker 5
Thank you. Seeing no more questions in the queue, let me turn the conference back over to Regina Wong for closing remarks.
Speaker 1
Thank you, operator, and thank you all once again for joining us today. If you have any further questions, please feel free to contact our team at Tuya. Goodbye and see you next quarter.
Speaker 5
This concludes today's conference call. Thank you for participating. You may now disconnect.