Tuya Smart and Seoul Semiconductor released their Q3 2022 financial reports

Tuya Smart Q3 2022 Financial Report

Recently, global IoT development platform provider Tuya Smart released its unaudited financial report for Q3 2022.

The financial report shows that in a complex and changing external operating environment, the overall gross margin increased by 1 percentage point year-on-year to 43.6%. Total revenue for the third quarter of 2022 was $45 million.

Thanks to the company's focused measures, in the third quarter, non-GAAP operating expenses decreased by 37.1% year-on-year (YoY) to $43.4 million, the operating loss narrowed by 17.9% YoY to $40.4 million, and the non-GAAP operating loss narrowed by 27.1% YoY to $23.7 million. The non-GAAP net loss rate dropped significantly, decreasing by 49% compared to the same period last year.

Among them, the SaaS and other revenue segment saw year-on-year (YoY) revenue growth of approximately 60.2% in Q3 2022 to $8.9 million, with gross margin improving year-on-year to 83.7%, maintaining steady growth.

In the fields of smart commercial lighting and building management, Tuya Smart has partnered with Honeywell Building Technologies Group, a global leader in building technology. Collaboration and development have been completed for devices and applications, and based on Tuya's mature Cube Smart Private Cloud, both parties will deepen their cooperation in the smart building sector.

Furthermore, in the third quarter of 2022, registered developers on the platform continued to achieve growth against the trend. As of September 30, 2022, the number of platform developers exceeded 647,000, representing a 26.9% increase compared to the end of 2021.

The number of new and exiting Premium customers for the IoT PaaS business, who have contributed over $100,000 in revenue continuously over the past 12 months this quarter, largely offset each other, resulting in the total number of Premium IoT PaaS customers remaining basically flat compared to the second quarter.

As a strategic product, the Cube Smart Private Cloud, an IoT platform private deployment solution launched by Tuya Smart, has delivered impressive results since the third quarter, adding several heavyweight clients including a century-old leading building materials company in Thailand, a well-known Fortune 500 multinational group, and one of Latin America's largest telecom operators.

Recently, multiple smart products including gateways, lights, and sockets powered by Tuya Smart have obtained the world's first official Matter 1.0 Certification.

Seoul Semiconductor, Seoul Opto Devices Q3 2022 Financial Report

Recently, Seoul Semiconductor and Seoul Viosys separately released their Q3 2022 financial reports.

Semiconductor Seoul's Q3 sales reached 284.1 billion KRW (approximately 1.528 billion CNY), a Year-on-year (YoY) decrease of 17% and a quarter-on-quarter slight decline of 3%.

From a business structure perspective, Seoul Semiconductor's sales revenue primarily comes from IT, automotive, lighting, and other applications (UV, laser diodes, VCSELs, etc.), with IT accounting for the largest share. Applications cover TVs, monitors, laptops, mobile phones, flashlights, and more.

In terms of profitability, Q3 operating profit margin was -4.2%, and gross margin was 15.3%.

Seoul Vio Q3 sales reached 105.3 billion KRW (approximately 566 million CNY).

From a business structure perspective, Seoul Viosys' sales revenue mainly comes from UV, WICOP, and others. During the reporting period, due to industry supply chain inventory adjustments and declining demand, the company's IT and UV product sales decreased.

Regarding profitability, Seoul Viosys's Q3 operating profit margin was -16.2%, EBITDA margin was -0.4%, and gross margin was 2%.

Next, Seoul Viosys will continue to advance Micro LED technology development and predict that Violeds UV LEDs will expand into daily application scenarios such as KT's AI quarantine robots, storage compartments in Hyundai Genesis G90 vehicles, and water purification plants.