Tuya Inc (NYSE:TUYA) Q2 2023 Results Conference Call August 23, 2023 8:30 PM ET
Company Participants
Reg Chai - Director of Investor Relations
Xueji Wang - Founder, Co-Chairman and CEO
Yao Liu - Senior VP, CFO and Director
Conference Call Participants
Yang Liu - Morgan Stanley
Timothy Zhao - Goldman Sachs
Mingran Li - CICC
Operator
Good morning, good evening ladies and gentlemen. Thank you for standing by and welcome to Tuya Inc’s Second Quarter 2023 Earnings Conference Call. [Operator Instructions]
I’ll now turn the call over to the first speaker today, Mr. Reg Chai, Investor Relations Director of Tuya. Please go ahead, sir.
Reg Chai
Okay. Good morning. Thank you. Hello, everyone. Welcome to our second quarter 2023 earnings call.
Joining us today are Founder and CEO of Tuya, Mr. Jerry Wang; and our CFO, Ms. Jessie Liu. The second quarter 2023 financial results and webcast of this conference call are available at ir.tuya.com. A replay of this call will also be available on our website in a few hours. Before we continue, I 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 to our Founder and CEO, Mr. Jerry Wang. Jerry will deliver his remarks in Chinese, which will be followed by corresponding English translation.
Xueji Wang
Hello, everyone. Thank you for joining Tuya's Q2 2023 earnings conference call.
The second quarter of 2023 marked a significant milestone for us. For the first time in our company's history, we have achieved a quarterly breakeven and recorded modest profit on non-GAAP basis of approximately $1.5 million, translating to a non-GAAP margin of around 2.7%. Moreover, we achieved a positive operational cash flow for the quarter, bringing in about $7.5 million. The moving to positive non-GAAP profitability and the expansion of positive operating cash flow, both marked a turning point in our overall day-to-day operations.
This signifies our growing capacity to generate value and intentional responsibility for any enterprise and the business operations. Undoubtedly, this accomplishment attest to the dedication of our team and the strategic operational adjustments we have implemented over the last 2 years. Each member of our organization has played a crucial role in this milestone.
Going forward, we remain firmly committed to focusing on further refining our operations, both structurally and functionally, seeking avenues to enhance efficiency and reduce costs. Our aim is to ensure consistent financial performance and progress towards achieving breaking even at the non-GAAP operating level.