TUYA INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF DECEMBER 31, 2023 AND 2024

(All amounts in US$ thousands (“US$”),

except for share and per share data, unless otherwise noted)

As of December 31,

2023

2024

ASSETS

Current assets:

Cash and cash equivalents

498,688

653,334

Restricted cash

–

50

Short-term investments

291,023

194,536

Accounts receivable, net

9,214

7,592

Notes receivable, net

4,955

7,485

Inventories, net

32,865

23,840

Prepayments and other current assets, net

11,053

16,179

Total current assets

847,798

903,016

Non-current assets:

Property, equipment and software, net

2,589

6,619

Land use rights, net

–

8,825

Operating lease right-of-use assets, net

7,647

4,550

Long-term investments

207,489

180,092

Other non-current assets, net

877

678

Total non-current assets

218,602

200,764

Total assets

1,066,400

1,103,780

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable

11,577

19,051

Advances from customers

31,776

31,346

Deferred revenue, current

6,802

7,525

Accruals and other current liabilities

32,807

32,257

Incomes tax payables

689

360

Lease liabilities, current

3,883

3,798

Total current liabilities

87,534

94,337

Non-current liabilities:

Lease liabilities, non-current

3,904

851

Deferred revenue, non-current

506

377

Other non-current liabilities

3,891

767

Total non-current liabilities

8,301

1,995

Total liabilities

95,835

96,332

TUYA INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)

AS OF DECEMBER 31, 2023 AND 2024

(All amounts in US$ thousands (“US$”),

except for share and per share data, unless otherwise noted)

As of December 31,

As of December 31,

2023

2024

Shareholders’ equity:

Ordinary shares

–

–

Class A ordinary shares

25

25

Class B ordinary shares

4

4

Treasury stock

(53,630)

(15,726)

Additional paid-in capital

1,616,105

1,612,712

Accumulated other comprehensive loss

(17,091)

(19,716)

Accumulated deficit

(574,848)

(569,851)

Total shareholders’ equity

970,565

1,007,448

Total liabilities and shareholders’ equity

1,066,400

1,103,780

TUYA INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME

(All amounts in US$ thousands (“US$”),

except for share and per share data, unless otherwise noted)

For the Three Months Ended

For the Year Ended

December 31,

December 31,

December 31,

December 31,

2023

2024

2023

2024

Revenue

64,411

82,059

229,990

298,617

Cost of revenue

(33,948)

(42,821)

(123,335)

(157,187)

Gross profit

30,463

39,238

106,655

141,430

Operating expenses:

Research and development expenses

(22,806)

(23,705)

(102,277)

(95,049)

Sales and marketing expenses

(10,937)

(9,048)

(40,440)

(37,081)

General and administrative expenses

(23,754)

(13,618)

(80,663)

(68,254)

Other operating incomes, net

3,410

3,337

10,901

11,334

Total operating expenses

(54,087)

(43,034)

(212,479)

(189,050)

Loss from operations

(23,624)

(3,796)

(105,824)

(47,620)

Other income/(loss)

Other non-operating income, net

778

767

3,113

4,180

Financial income, net

13,135

12,474

44,976

50,718

Foreign exchange gain/(loss), net

17

864

669

(136)

(Loss)/profit before income tax expense

(9,694)

10,309

(57,066)

7,142

Income tax expense

(1,122)

(524)

(3,249)

(2,145)

Net (loss)/profit

(10,816)

9,785

(60,315)

4,997

Net (loss)/profit attributable to Tuya Inc.

(10,816)

9,785

(60,315)

4,997

Net (loss)/profit attribute to ordinary shareholders

(10,816)

9,785

(60,315)

4,997

Net (loss)/profit

(10,816)

9,785

(60,315)

4,997

Other comprehensive (loss)/income

Changes in fair value of long-term investments

(5,321)

153

(7,791)

14

Transfer out of fair value changes of long-term investments

7,487

–

15,537

65

Foreign currency translation

1,772

(4,450)

(2,722)

(2,574)

Total comprehensive (loss)/income attributable to Tuya Inc.

(6,878)

5,488

(55,291)

2,372

TUYA INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME (CONTINUED)

(All amounts in US$ thousands (“US$”),

except for share and per share data, unless otherwise noted)

For the Three Months Ended

For the Year Ended

December 31,

December 31,

December 31,

December 31,

2023

2024

2023

2024

Net (loss)/profit attributable to Tuya Inc.

(10,816)

9,785

(60,315)

4,997

Net (loss)/profit attributable to ordinary shareholders

(10,816)

9,785

(60,315)

4,997

Weighted average number of ordinary shares used in

computing net (loss)/profit per share, basic and diluted

– basic

557,103,923

587,987,654

555,466,061

573,782,783

– diluted

557,103,923

589,689,036

555,466,061

591,006,801

Net (loss)/profit per share attributable to

ordinary shareholders, basic and diluted