Tuya, Inc. (NYSE:TUYA) Q4 2023 Earnings Conference Call February 27, 2024 7:30 PM ET
Company Participants
Reg Chai - IR Director
Jerry Wang - Founder and CEO
Jessie Liu - CFO
Conference Call Participants
Yang Liu - Morgan Stanley
Timothy Zhao - Goldman Sachs
Mingran Li - CICC
Operator
Good morning and good evening, ladies and gentlemen. Thank you for standing by and welcome to Tuya Inc.'s Fourth 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
Thank you. Hello, everyone. Welcome to our fourth quarter 2023 earnings call. Joining us today, are Founder and CEO of Tuya, Mr. Jerry Wang and our CFO Mr. Jessie Liu. The fourth 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. Thank you.
Jerry Wang
Hello everyone. Thank you for joining Tuya's fourth quarter 2023 earnings conference call. The fourth quarter of 2023 marked an exceptional period of progress, building upon momentum of third quarter, as we executed our strategic plan and thoroughly reviewed our operations. This approach led to significant advances across all business and performance indicators. Specifically, we reported total revenue of approximately $64.4 million for the quarter, representing a robust year-over-year increase of 42.2%, which underscores our positive trajectory.
The gross margins of our three business segments have steadily increased, driving our blended gross margin to a new high of 47.3%, which is a testament to the strong value that our platform, products, and services deliver to our customers. From an operational and profitability standpoint in the fourth Quarter, our non-GAAP net profit climbed to around $12.6 million, a quarter-over-quarter increase of about 25%. Our financial strength is further evidenced by our net cash from operating activities, which reached approximately $31.8 million in net inflows for the quarter.
Enabling our net cash participation to rise to $984 million by the end of the fourth quarter. In summary, the fourth quarter results reinforced our confidence that we are emerging from the clinical downturn in our industry. Looking back on the year, we returned to year-over-year growth and achieved full-year non-GAAP profit for the first time. Throughout 2023, we implemented strategic adjustments and transformations for validating the operational and commercial benefits of combining our key account focus and product enrichment strategies. This strategy yielded significantly better results.