Tuya Inc (NYSE:TUYA) Q1 2024 Results Conference Call May 20, 2024 8:30 PM ET
Company Participants
Reg Chai - Investor Relations Director
Xueji Wang - Founder, Co-Chairman & CEO
Yao Liu - Senior VP, CFO & Director
Conference Call Participants
Yang Liu - Morgan Stanley
Eunice Liu - Goldman Sachs
Kai Qian - CICC
Operator
Good morning and good evening, ladies and gentlemen. Thank you for standing by and welcome to Tuya Inc.'s First Quarter 2024 Earnings Conference Call. My name is Fayde and I will be coordinating your call today. [Operator Instructions]
I will 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. Thank you. Hello, everyone. Welcome to our first quarter 2024 earnings call. Joining us today are Founder and CEO of Tuya, Mr. Jerry Wang, and our CFO, Ms. Jessie Liu. The first quarter 2024 financial results and the 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 our first quarter 2024 earnings conference call.
During 2024, which marks the 10th anniversary of Tuya's founding, we are proud to have achieved significant milestones in the first quarter. Our total revenue grew by approximately 30% year-over-year and our blended gross margin reached about 47.8%, setting a new historical high. Most notably, for the first time ever, we achieved non-GAAP profitability in the first quarter, which is traditionally a revenue-light period due to the Chinese New Year.
Since we went public in March 2021, we have navigated numerous unprecedented macroeconomic events. Through proactive and ambitious strategic adjustments, we have driven significant quantitative transformations in our business. While achieving non-GAAP profitability, we continue to build long-term competitive moats and extend total addressable market.
From the perspective of the customers and scenarios supported and served by Tuya, we have evolved significantly over the past 4 years. Initially, our focus was on helping customers more efficiently and competitively achieve device intelligence through our IoT PaaS business. Today, we have expanded into spatial intelligence solutions in industrials such as apartments, hotels, community parks, mobility and energy. Furthermore, we have advanced to offering comprehensive smart solutions through a cloud platform that includes PaaS, SaaS and smart devices, including our smart Cube Cloud. This enables us to build enterprise-level intelligence platforms for global giants using Cube Cloud. As a result, our TAM is now far larger.