#1tuya Investor Presentation First Quarter 2022 June 2022#2Disclaimer This presentation and the accompanying oral presentation (the "Presentation") have been prepared by Tuya Inc. (the "Company") solely for informational purposes and have not been independently verified. No representations, warranties or undertakings, express or implied, are made by the Company or any of its affiliates, advisers or representatives as to, and no reliance should be placed upon, the accuracy, fairness, completeness or correctness of the information or opinions presented or contained in this Presentation. Neither of the Company nor any of its affiliates, advisers, or representatives accept any responsibility whatsoever (in negligence or otherwise) for any loss howsoever arising from any information presented or contained in this Presentation or otherwise arising in connection with the Presentation. The information presented or contained in this Presentation is subject to change without notice and its accuracy is not guaranteed. tuya Information in this Presentation including, among others, any statements regarding Tuya's market position, customer data and other metrics, is based on data and analyses from various sources as of the date of this Presentation, unless otherwise indicated. This Presentation does not constitute an offer to sell or issue or an invitation to purchase or subscribe to any securities of the Company for sale in the United States or anywhere else. No securities of the Company may be sold in the United States without registration with the United States Securities and Exchange Commission or an exemption from such registration pursuant to the Securities Act of 1933, as amended (the "Securities Act") and the rules and regulations thereunder. No part of this Presentation shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. Specifically, This Presentation does not constitute a "prospectus" within the meaning of the Securities Act. This presentation does not contain all relevant information relating to the Company or its securities, particularly with respect to the risks and special considerations involved with an investment in the securities of the Company. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC. This Presentation contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as "may", "will", "expect", "anticipate", "target", "aim", "estimate", "intend", "plan", "believe", "potential", "continue", "is/are likely to" or other similar expressions. All information provided in this Presentation is as of the date of this Presentation, and the Company does not undertake any duty to update such information except as required under applicable law. In evaluating the business, the Company considers and uses non-GAAP measures, such as non-GAAP operating expenses, non-GAAP loss from operations (including non-GAAP operating margin), non-GAAP net loss (including non-GAAP net margin), and non-GAAP basic and diluted net loss per ADS, as a supplemental measure to review and assess its operating performance. The presentation of the non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"). The Company defines non-GAAP measures by measures excluding the impact of share-based compensation expenses. The Company presents the non-GAAP financial measures because they are used by the management to evaluate the operating performance and formulate business plans. The Company also believes that the use of the non-GAAP measures facilitates investors' assessment of its operating performance. Non-GAAP measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using aforementioned non-GAAP measures is that it does not reflect all items of expenses that affect the Company's operations. Share-based compensation expenses have been and may continue to be incurred in the business and are not reflected in the presentation of non-GAAP measures. Further, the non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measures, all of which should be considered when evaluating the Company's performance. The Company encourages you to review its financial information in its entirety and not rely on a single financial measure. Reconciliations of Tuya's non-GAAP financial measures to the most comparable U.S. GAAP measures are included at the end of this Presentation. Unless otherwise indicated, all references in this Presentation to "Tuya", "we", "our", "us", or similar terms refer to Tuya Inc. and its subsidiaries and, in the context of describing its operations and consolidated financial information, also include our variable interest entity in the PRC. 1#3tuga Build an lot Developer Ecosystem Enable Everything to Be Smart#4Revenue Updates by Segment Revenue breakdown for the quarter (USD'M) Total Revenue $56.9 Q1'21 YoY -2.7% Overall $55.3 Q1'22 $49.8 Q1'21 lot PaaS YoY -16.1% $41.8 Q1'22 SaaS and Others Core Business $2.3 Q1'21 YoY +147% $5.8 Q1'22 Smart Device Distribution $4.8 Q1'21 YoY +64% $7.8 Q1'22 Non-Core business tuya 3#5PaaS Business 120%+ for 10 Consecutive Quarters 188% Q4'19 - 173% Dollar-Based Net Expansion Rate Remained over Q1'20 160% 179% Q2'20 181% Q3'20 210% A LEADING LEVEL IN CLOUD PAAS AND SAAS INDUSTRY FOR TEN CONSECUTIVE QUARTERS Q4'20 211% Q1'21 179% Q2'21 153% 122% Q3'21 Q4'21 Q1'22 tuya Note: Tuya calculates dollar-based net expansion rate of loT PaaS for a trailing 12-month period by first identifying all customers in the prior 12-month period (i.e., those who have placed at least one order for loT PaaS during that period), and then calculating the quotient by dividing the loT PaaS revenue generated from such customers in the trailing 12-month period by the loT PaaS revenue generated from the same group of customers in the prior 12-month period. 4#6PaaS Business Base 125 ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ Premium IoT PaaS customers¹ Contributed ~86% of loT PaaS revenue in Q1'22 Q1'20 Strengthening Ecosystem with Expanding Customer Total loT PaaS customers we served in Q1'22 (#Number of customers) 216 Q1'21 303 Q1'22 850 Q1'20 2,200 Q1'21 2,650 Q1'22 tuya 1. Tuya defines a premium loT PaaS customer as a customer as of a given date that contributed more than US$100,000 of loT PaaS revenue during the immediately preceding 12-month period. 2. A management metric calculated by dividing total loT PaaS revenue contributed by premium loT PaaS customers for last twelve-month period by total number of premium loT PaaS customers during that period. 5 сл#7Lighting Products Underperformed in Q1'22 Due to Weakened Consumer Purchase Power Caused by Global Inflation Q1'21 vs Q1'22 Q1'21 www/m Q1'22 Q1'21 Q1'22 Lighting & Electricals ~3x selling price variance Note: Icons are for illustrative purpose only. The penetration rate is the Company's estimation. Consumer Security & Sensors Smart penetration rate over 80%+ L Q1'21 " Q1'22 Big & Small Appliances 1.05 to 1.10x selling price variance Q1'21 Others ww Q1'22 tuya 6#8Strong Revenue Growth in SaaS and Others SaaS and Others revenue (USD'M) $0.7 Q1'20 $1.2 Q2'20 $1.8 Q3'20 $2.4 Q4'20 $2.3 Q1'21 $3.4 Q2'21 $5.6 Q3'21 $7.3 Q4'21 $5.8 Q1'22 +147% Q1 SaaS and Others Revenue Y/Y Growth tuya 7#9Hotel SaaS tuya 11 ALIPAY Tuya Hotel SaaS Integrates Surrounding Commercial Resources Efficiently 1 I I I 1 I I SaaS — Strategic Partnership Between Tuya and Alipay I I Nail Salon 11/ Bar 11/ Barber Shop SaaS Tuya Smart Hotel 1% Grocery Store Software + Hardware loT Capability tuya ALIPAY >>> Big Data + Algorithm & Platform Marketing Capability For hotels: ● Obtain the capability of connecting surrounding commercial zones More diversified revenue model Integrate resources and reduce operating costs For customers: Wider range of product options Enjoy lower discounts Better purchasing experience with more convenient payment method tuya In the future, the cooperation model between Tuya and Alipay can be applied to any scenario requires payment.... 8#10Commercial Lighting SaaS — Delivered Many Benchmark Projects Overall Performance in Q1'22 ~280 New Projects E♡ 20+ Potential Customers 35,000+ New Access Devices 15+ New Obtained Brands C&D China Construction Development Corporation - Street Lighting Projects Note: Graphics are for illustrative purpose only. Enabled smart control through NB-IOT Included 500 street lights on 16 city streets Application Scenarios SaaS School & Classroom Chain Stores Commercial Lighting SaaS Office Building Garage Warehouse Logistic Park →Dimas Lighting Dimas Lighting - Commercial lighting Intelligent Platform Leveraged Tuya's software capabilities to construct in- house intelligent platform Delivered several industrial lighting projects tuya 9#11Tuya Cube Breakthrough The Largest Telecom Operator in Indonesia Cover 55%+ of all Indonesia households and hundreds of millions of registered users; Cube Solution accelerates the development of its Indonesian smart home appliance market. A Leading Utility Giant in China Support to build its own loT intelligent platform; Cube solution will complete the deployment of loT private cloud platform and build their loT Platform capabilities. Cube aws A Top 5 Two & Three Wheeled EV Developer in China Provide full suite of private cloud solution, which includes (i) deployment of cube private cloud; (ii) telematics platform; (iii) App and operation & management platform. A Leading Telecom Operator in China Assist with the establishment and deployment of the private cloud platform; Provide stable and direct connection between loT devices and private cloud. tuya 10#12Stable Gross Margin Gross Margin Overall gross margin 24% 25% 26% lot PaaS gross margin 28% 28% 29% 67% 28% SaaS and Others gross margin 81% 76% 29% 31% 30% 30% 73% 33% 76% 78% 34% 35% 77% 38% 40% 41% 42% 42% 43% 41% 42% 42% 42% 43% 74% 75% 75% 73% 73% 42% 77% Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Note: Numbers are rounded for presentation purposes. Main drivers: Effective implementation of pricing and cost management and efficiency improvement initiatives Expansion into higher-margin loT PaaS product lines Note: Overall gross margin fluctuated due to the increase in revenue contribution of smart device distribution business with GPM of 9.1% in Q1'21 caused by customer mix and variable purchase timing. tuya 11#13Operating Margin and Net Margin Non-GAAP operating margin¹ (43%) Q1'21 (63%) (68%) Q1'22 After excluding one-off losses Non-GAAP net margin¹ (42%) Q1'21 (62%) After excluding one-off losses (67%) Q1'22 Main drivers: ● ● Increased employee-related costs due to headcounts in Q1 tuya One-off compensations to employees due to team restructuring One-off commercial penalties and restoration fees due to termination of tenancies 1. Non-GAAP measures. Please refer to the earning release or financial reports for reconciliations of these non-GAAP measures to their most comparable GAAP equivalents. Note: Numbers are rounded for presentation purposes. 12#14→ Expanding Developer Ecosystem /> Product Development 1. "Developer" refers to registered developer, as of March 31, 2022. 582,000 Developers¹ +14% Quarter over Quarter / +80% Year over Year App Development tuya Cloud Development tuya 13#15tuya Building an loT Developer Ecosystem Enabling Everything to Be Smart#16Appendix: Reconciliation of Non-GAAP to GAAP Reconciliation of operating expenses to non-GAAP operating expenses Research and development expenses Add: Share-based compensation Adjusted Research and development expenses Sales and marketing expenses Add: Share-based compensation Adjusted Sales and marketing expenses General and administrative expenses Add: Share-based compensation Adjusted General and administrative expenses Reconciliation of loss from operations to non-GAAP loss from operations Loss from operations Add: Share-based compensation expenses Non-GAAP Loss from operations Non-GAAP operating margin Reconciliation of net loss to non-GAAP net loss Net loss Add: Share-based compensation expenses Non-GAAP net loss Non-GAAP net margin Weighted average number of ordinary shares used in computing non-GAAP net loss per share, basic and diluted Non-GAAP net loss per share attributable to ordinary shareholders - basic and diluted For the Three Months Ended For the Three Months Ended March 31, 2021 March 31, 2022 USD'000 USD'000 (34,709) 3,845 (30,864) (16,412) 2,139 (14,273) (16,062) 10,798 (5,264) (41,277) 16,782 (24,495) (43.1%) tuya (40,533) 16,782 (23,751) (41.8%) 268,165,312 (0.09) (47,588) 4,130 (43,458) (15,278) 1,653 (13,625) (18,030) 11,873 (6,157) (55,482) 17,656 (37,826) (68.4%) (54,953) 17,656 (37,297) (67.4%) 556,808,050 (0.07) 15