$Tuya Inc (TUYA.US)$ The financial performance for the third quarter of 2024 has been announced. The financial report shows that the company's Q3 revenue is $81.6 million, a year-on-year growth of 33.6%; net loss of $4.4 million, compared to a net loss of $4.9 million in the same period last year. Basic and diluted loss per ADS is $0.01, compared to a loss of $0.01 per ADS in the same period last year.

Under non-GAAP, the net income was $20.1 million, a year-on-year increase of 99.5%, with basic and diluted earnings per ADS of $0.04, compared to earnings of $0.02 per ADS in the same period last year.

By business segment, the internet of things paas revenue was $57.9 million, a year-on-year increase of 26.4%; saas and other revenue was $9.9 million, a year-on-year increase of approximately 16.7%; intelligent solutions revenue was $13.8 million, a year-on-year increase of 102.9%.

The overall gross margin was 46.0%, compared to 46.7% in the same period last year. The gross margin for internet of things paas increased to 46.9%, compared to 44.6% in the same period last year.

The net cash generated from operating activities was $2390. As of September 30, 2024, the total amount of cash and cash equivalents, as well as time deposits and treasury bonds recorded as short-term and long-term investments, was $1.0239 billion.

In the third quarter, there were approximately 2200 customers for internet of things paas, compared to approximately 2100 customers in the same period last year. The total number of customers was approximately 3100, compared to about 3000 customers in the same period last year.

As of September 30, 2024, there were 286 high-quality internet of things paas customers in the consecutive 12 months, compared to 263 in the same period last year. In the third quarter, high-quality internet of things paas customers contributed to approximately 85.6% of the internet of things paas revenue.

As of September 30, 2024, the revenue-based internet of things paas net expansion rate was 124%, compared to 78% in the same period last year.

As of September 30, 2024, the registered internet of things devices and software developers exceeded 1,260,000, an increase of 26.9% from approximately 993,000 developers as of December 31, 2023.