7Baggers

Tuya Inc
(NYSE:TUYA) 

TUYA stock logo

Tuya Inc. engages in the cloud and application development business. It provides purpose-built Internet of Things (IoT) cloud platform that delivers a suite of offerings, including Platform-as-a-Service (PaaS) and Software-as-a-Service (SaaS) to original equipment manufacturers, industry operators, ...

Founded: 2014
CEO: Jerry Wang  
Sector: Technology
Industry: Software—Infrastructure
IoTChineseSaaS
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At a glance:
Bull Thesis:
Bear Thesis:
Main Competitors:
Moat:
Income Statements:
Quarterly
Annual
    Unit: USD2025-08-26 2024-12-31 2024-08-26 2024-03-11 2024-02-27 2023-12-31 2023-08-24 2023-03-02 2022-12-31 2022-11-09 2022-08-30 2022-08-29 2022-06-22 2022-06-14 2022-03-14 2021-12-31 2021-11-22 2021-08-18 2021-05-14 
                       
      revenue
    		  73,279,000 229,990,000 64,411,000  57,004,000  45,286,000 45,015,000  62,547,000 55,324,000 55,324,000 74,967,000 74,967,000 85,578,000 84,663,000 56,868,000 
      yoy
    		  28.55%  42.23%    -18.14% -18.63%  -16.57% -35.35% -34.65% 31.83%     
      qoq
    		  -68.14% 257.07%     0.60%   13.06% 0.00% -26.20% 0.00% -12.40% 1.08% 48.88%  
      cost of revenue
    		  -38,087,000 -123,335,000 -33,948,000  -30,363,000  -25,100,000 -25,368,000  -35,777,000 -32,504,000 -32,504,000 -42,616,000 -42,616,000 -49,147,000 -48,961,000 -33,485,000 
      gross profit
    		  35,192,000 106,655,000 30,463,000  26,641,000  20,186,000 19,647,000  26,770,000 22,820,000 22,820,000 32,351,000 32,351,000 36,431,000 35,702,000 23,383,000 
      yoy
    		  32.10%  50.91%    -11.54% -13.90%  -17.25% -37.36% -36.08% 38.35%     
      qoq
    		  -67.00% 250.11%     2.74%   17.31% 0.00% -29.46% 0.00% -11.20% 2.04% 52.68%  
      gross margin %
    		NaN% NaN% 48.02% 46.37% 47.29% NaN% 46.74% NaN% 44.57% 43.65% NaN% 42.80% 41.25% 41.25% 43.15% 43.15% 42.57% 42.17% 41.12% 
      operating expenses:
    		                   
      research and development expenses
    		  -22,993,000 -102,277,000 -22,806,000  -26,474,000 14,692 -27,792,000 -32,341,000 7,582 -37,221,000 -47,588,000 -47,588,000 -46,187,000 -46,187,000 -50,736,000 -42,657,000 -34,709,000 
      sales and marketing expenses
    		  -9,387,000 -40,440,000 -10,937,000  -9,826,000 6,825 -11,203,000 -14,120,000 3,500 -15,061,000 -15,278,000 -15,278,000 -18,433,000 -18,433,000 -21,151,000 -19,388,000 -16,412,000 
      general and administrative expenses
    		  -16,861,000 -80,663,000 -23,754,000  -24,273,000 47,502 -16,181,000 -16,172,000 23,744 -17,130,000 -18,030,000 -18,030,000 -21,011,000 -21,011,000 -18,224,000 -16,292,000 -16,062,000 
      other operating incomes
    		  3,705,000 10,901,000 3,410,000  2,514,000  2,160,000 2,572,000  3,182,000 2,594,000 2,594,000 1,724,000 2,027,750 4,471,000 1,117,000 2,523,000 
      total operating expenses
    		  -45,536,000 -212,479,000 -54,087,000  -58,059,000  -53,016,000 -60,061,000  -66,230,000 -78,302,000 -78,302,000 -83,907,000 -83,907,000 -85,640,000 -77,220,000 -64,660,000 
      income from operations
    		  -10,344,000 -105,824,000 -23,624,000  -31,418,000  -32,830,000 -40,414,000  -39,460,000 -55,482,000 -55,482,000 -51,556,000 -51,556,000 -49,209,000 -41,518,000 -41,277,000 
      yoy
    		  -67.08%  -28.04%    -40.83% -27.16%  -23.46% 12.75% 33.63% 24.90%     
      qoq
    		  -90.23% 347.95%     -18.77%   -28.88% 0.00% 7.62% 0.00% 4.77% 18.52% 0.58%  
      operating margin %
    		NaN% NaN% -14.12% -46.01% -36.68% NaN% -55.12% NaN% -72.49% -89.78% NaN% -63.09% -100.29% -100.29% -68.77% -68.77% -57.50% -49.04% -72.58% 
      other income
    		                   
      other non-operating incomes
    		  1,869,000 3,113,000   778,000  779,000 778,000  694,000 653,000 653,000 653,000 653,000 652,000 653,000  
      financial income
    		  12,452,000 44,976,000 13,135,000  7,305,000  10,234,000 6,763,000  1,428,000 121,000 121,000 2,619,000 2,619,000 777,000 2,795,000 1,095,000 
      foreign exchange gain/(loss)
    		  -257,000                 
      (loss)/profit before income tax expense
    		  3,720,000                 
      income tax expense
    		  -592,000 -3,249,000 -1,122,000  -1,151,000  -811,000 -767,000  -158,000 -144,000 -144,000 -135,000 -135,000 -87,000 -242,000 -26,000 
      net (loss)/profit
    		  3,128,000                 
      net (loss)/profit attributable to tuya inc.
    		  3,128,000                 
      net (loss)/profit attributable to ordinary shareholders
    		  3,128,000                 
      other comprehensive (loss)/income
    		                   
      changes in fair value of long-term investments
    		  -139,000  -5,321,000  -1,053,000 -9,493,000 -8,347,000   -1,146,000   357,000     
      transfer out of fair value changes of long-term investments
    		    7,487,000  8,050,000             
      foreign currency translation
    		  -600,000  1,772,000  -6,882,000 -14,942,000 2,090,000 -8,982,000  -8,699,000  649,000 1,211,000 1,211,000 -98,000 740,000 -371,000 
      total comprehensive (loss)/income attributable to tuya inc.
    		  2,389,000                 
      foreign exchange gain
    		   669,000 17,000  937,000  -102,000 1,017,000  1,627,000    -48,250 -50,000 182,000  
      income before income tax expense
    		   -57,066,000                
      net income
    		   -60,315,000 -10,816,000  -23,549,000 -146,175,000 -22,730,000 -32,623,000  -35,869,000 -54,953,000 -54,953,000 -48,844,000 -48,844,000 -47,917,000 -38,130,000 -40,533,000 
      yoy
    		   -58.74% -52.42%   307.52% -58.64% -40.63%  -26.56% 14.68% 44.12% 20.50%     
      qoq
    		   457.65%   -83.89% 543.09% -30.33%   -34.73% 0.00% 12.51% 0.00% 1.93% 25.67% -5.93%  
      net income margin %
    		NaN% NaN% 0% -26.23% -16.79% NaN% -41.31% -Infinity% -50.19% -72.47% NaN% -57.35% -99.33% -99.33% -65.15% -65.15% -55.99% -45.04% -71.28% 
      net income attributable to tuya inc.
    		   -60,315,000                
      net income attributable to ordinary shareholders
    		   -60,315,000                
      other non-operating income
    		    778,000               
      loss before income tax expense
    		    -9,694,000  -22,398,000  -21,919,000 -31,856,000  -35,711,000 -54,809,000 -54,809,000 -48,709,000 -48,709,000 -47,830,000 -37,888,000 -40,507,000 
      net loss attributable to tuya inc.
    		    -10,816,000  -23,549,000 -146,175,000 -22,730,000 -32,623,000  -35,869,000 -54,953,000 -54,953,000 -48,844,000 -48,844,000 -47,917,000 -38,130,000 -40,533,000 
      net loss attribute to ordinary shareholders
    		    -10,816,000  -23,549,000  -30,861,250 -32,623,000  -35,869,000   -48,844,000 -48,844,000 -47,917,000 -38,130,000 -40,533,000 
      other comprehensive income
    		                   
      total comprehensive loss attributable to tuya inc.
    		    -6,878,000  -23,434,000 -170,610,000 -28,987,000 -41,605,000  -45,714,000 -54,304,000 -54,304,000 -47,276,000 -47,276,000 -48,015,000 -37,390,000 -40,904,000 
      net loss attributable to ordinary shareholders
    		    -10,816,000  -23,549,000 -146,175,000    -35,869,000 -54,953,000 -54,953,000 -48,844,000 -48,844,000 -47,917,000 -38,130,000 -40,533,000 
      weighted-average number of ordinary shares used in computing net loss per share, basic and diluted
    		    557,103,923 555,466,061 554,945,739 553,527,529 553,527,529  553,471,745 550,172,103 556,808,050 556,808,050 562,082,216 489,149,533 561,390,691 560,936,196 268,165,312 
      net income per share
    		    -0.02  -0.04 -0.26    -0.07 -0.1 -0.1 -0.09 -0.09 -0.09 -0.07 -0.15 
      share-based compensation expenses were included in:
    		                   
      weighted average number of ordinary shares used in computing net loss per share, basic and diluted
    		                   
      foreign exchange loss
    		            -101,000 -101,000 -425,000    -325,000 
      other comprehensive income foreign currency translation
    		            649,000       
      deemed dividend to convertible preferred shareholders
    		                   
      other comprehensive loss
    		                   
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2025-09-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-11-09 2022-09-30 2022-06-30 2022-06-22 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 
                           
        assets
      		                     
        current assets:
      		                     
        cash and cash equivalents
      		845,274,000 763,788,000 653,334,000 610,901,000 614,767,000 529,501,000 498,688,000 166,274,000 86,266,000 74,815,000 133,161,000 299,898,000 299,898,000 599,213,000 743,709,000 743,709,000 963,938,000 1,035,551,000 1,085,037,000 1,142,927,000 158,792,000 
        restricted cash
      		243,000 165,000 50,000 154,000 152,000    8,276,000 4,430,000     1,129,000 1,129,000 638,000    163,000 
        short-term investments
      		112,395,000 89,985,000 194,536,000 201,114,000 175,218,000 261,740,000 291,023,000 612,541,000 856,028,000 862,724,000 821,134,000 646,031,000 646,031,000 352,300,000 240,451,000 240,451,000 102,134,000 144,000,000 171,112,000 80,358,000 20,976,000 
        accounts receivable
      		9,999,000 9,591,000 7,592,000 7,628,000 6,763,000 10,124,000 9,214,000 12,630,000 13,083,000 14,206,000 12,172,000 17,132,000 17,132,000 23,571,000 29,874,000 29,874,000 32,701,000 25,337,000 14,090,000 13,579,000 12,316,000 
        notes receivable
      		11,952,000 9,766,000 7,485,000 10,036,000 7,271,000 3,862,000 4,955,000 4,055,000 3,336,000 2,002,000 2,767,000 3,809,000 3,809,000 3,978,000 2,659,000 2,659,000 1,393,000 11,940,000 12,700,000 9,968,000 9,126,000 
        inventories
      		23,138,000 21,583,000 23,840,000 28,303,000 28,088,000 32,831,000 32,865,000 32,843,000 37,023,000 42,126,000 45,380,000 46,179,000 46,179,000 57,152,000 65,153,000 65,153,000 62,582,000 51,145,000 51,313,000 45,026,000 42,267,000 
        prepayments and other current assets
      		17,839,000 18,738,000 16,179,000 17,265,000 19,027,000 11,470,000 11,053,000 10,914,000 8,077,000 9,966,000 8,752,000 13,650,000 13,650,000 18,115,000 23,883,000 23,883,000 27,882,000 10,619,000 6,966,000 5,477,000 4,393,000 
        total current assets
      		1,020,597,000 913,616,000 903,016,000 875,401,000 851,286,000 849,528,000 847,798,000 839,257,000 1,012,089,000 1,010,269,000 1,023,366,000 1,026,699,000 1,026,699,000 1,054,329,000 1,106,858,000 1,106,858,000 1,191,268,000 1,278,592,000 1,341,218,000 1,297,335,000 248,033,000 
        non-current assets:
      		                     
        property, equipment and software
      		11,424,000 8,557,000 6,619,000 2,959,000 2,394,000 2,455,000 2,589,000 2,676,000 2,627,000 3,313,000 3,827,000 4,425,000 4,425,000 5,301,000 6,365,000 6,365,000 6,805,000 7,306,000 5,788,000 4,737,000 4,374,000 
        land use rights
      		8,792,000 8,793,000 8,825,000                   
        operating lease right-of-use assets
      		3,729,000 5,248,000 4,550,000 4,866,000 6,007,000 6,959,000 7,647,000 6,480,000 7,057,000 8,916,000 9,736,000 10,803,000 10,803,000 13,956,000 19,491,000 19,491,000 22,181,000 16,872,000 20,142,000 11,796,000 12,267,000 
        long-term investments
      		81,397,000 181,875,000 180,092,000 222,830,000 220,401,000 217,320,000 207,489,000 199,731,000 16,947,000 18,031,000 18,031,000 26,562,000 26,562,000 26,562,000 27,714,000 27,714,000 26,078,000 4,720,000 869,000 913,000 920,000 
        other non-current assets
      		668,000 314,000 678,000 9,647,000 9,562,000 959,000 877,000 895,000 618,000 1,084,000 1,179,000 1,316,000 1,316,000 1,474,000 1,789,000 1,789,000 1,818,000 1,774,000 1,563,000 1,773,000 1,729,000 
        total non-current assets
      		106,253,000 204,787,000 200,764,000 240,302,000 238,364,000 227,693,000 218,602,000 209,782,000 27,249,000 31,344,000 32,773,000 43,106,000 43,106,000 47,293,000 55,359,000 55,359,000 56,882,000 30,672,000 28,362,000 19,219,000 19,290,000 
        total assets
      		1,126,850,000 1,118,403,000 1,103,780,000 1,115,703,000 1,089,650,000 1,077,221,000 1,066,400,000 1,049,039,000 1,039,338,000 1,041,613,000 1,056,139,000 1,069,805,000 1,069,805,000 1,101,622,000 1,162,217,000 1,162,217,000 1,248,150,000 1,309,264,000 1,369,580,000 1,316,554,000 267,323,000 
        liabilities and shareholders’ equity
      		                     
        current liabilities:
      		                     
        accounts payable
      		23,285,000 19,457,000 19,051,000 18,040,000 11,638,000 16,112,000 11,577,000 10,494,000 9,221,000 7,154,000 9,595,000 6,171,000 6,171,000 14,945,000 10,327,000 10,327,000 12,212,000 19,856,000 31,054,000 23,620,000 23,159,000 
        advances from customers
      		26,671,000 27,145,000 31,346,000 29,906,000 32,299,000 31,565,000    27,060,000            
        deferred revenue, current
      		9,087,000 7,797,000 7,525,000 7,303,000 6,504,000 6,806,000 6,802,000 6,758,000 6,310,000 6,339,000 6,821,000 6,224,000 6,224,000 7,407,000 8,474,000 8,474,000 9,254,000 8,672,000 7,030,000 5,781,000 3,468,000 
        accruals and other current liabilities
      		64,227,000 67,806,000 32,257,000 63,606,000 30,625,000 29,467,000 32,807,000 30,538,000 32,957,000 27,179,000 33,383,000 33,441,000 33,441,000 32,858,000 31,707,000 31,707,000 50,847,000 57,352,000 40,238,000 28,425,000 31,738,000 
        incomes tax payables
      		490,000 483,000    270,000                
        lease liabilities, current
      		1,820,000 3,403,000 3,798,000 3,718,000 3,872,000 3,896,000 3,883,000 3,062,000 3,244,000 3,876,000 3,850,000 4,163,000 4,163,000 4,918,000 5,607,000 5,607,000 5,697,000 5,096,000 6,629,000 6,405,000 6,326,000 
        total current liabilities
      		125,580,000 126,091,000 94,337,000 122,573,000 84,938,000 88,116,000 87,534,000 78,933,000 77,355,000 71,608,000 81,282,000 78,047,000 78,047,000 90,524,000 87,851,000 87,851,000 109,098,000 119,923,000 119,613,000 90,979,000 91,928,000 
        non-current liabilities:
      		                     
        lease liabilities, non-current
      		1,631,000 1,835,000 851,000 1,251,000 2,120,000 3,162,000 3,904,000 3,504,000 3,907,000 4,738,000 5,292,000 6,213,000 6,213,000  13,789,000 13,789,000 16,048,000 11,029,000 11,840,000 5,032,000 5,688,000 
        deferred revenue, non-current
      		401,000 460,000 377,000 596,000 425,000 437,000 506,000 470,000 407,000 367,000 394,000 248,000 248,000  678,000 678,000 859,000 945,000 988,000 901,000 707,000 
        other non-current liabilities
      		  767,000 1,534,000 2,300,000 3,113,000 3,891,000 4,669,000 5,447,000 6,226,000 7,004,000 7,782,000 7,782,000  7,832,000 7,832,000 8,484,000     
        total non-current liabilities
      		2,032,000 2,295,000 1,995,000 3,381,000 4,845,000 6,712,000 8,301,000 8,643,000 9,761,000 11,331,000 12,690,000 14,243,000 14,243,000  22,299,000 22,299,000 25,391,000 21,111,000 22,617,000 5,933,000 6,395,000 
        total liabilities
      		127,612,000 128,386,000 96,332,000 125,954,000 89,783,000 94,828,000 95,835,000 87,576,000 87,116,000 82,939,000 93,972,000 92,290,000 92,290,000  110,150,000 110,150,000 134,489,000 141,034,000 142,230,000 96,912,000 98,323,000 
        shareholders’ equity:
      		                     
        class a ordinary shares
      		 27,000  25,000 25,000   25,000 25,000 25,000      25,000      
        class b ordinary shares
      		 4,000  4,000 4,000   4,000 4,000 4,000      4,000      
        treasury stock
      		 -1,050,000  -29,386,000 -43,628,000   -62,490,000 -68,514,000 -71,801,000      -66,235,000      
        additional paid-in capital
      		 1,569,409,000  1,614,161,000 1,637,052,000   1,608,985,000 1,600,206,000 1,586,511,000      1,538,155,000      
        accumulated other comprehensive loss
      		 -19,539,000  -15,419,000 -18,323,000   -21,029,000 -20,372,000 -20,487,000            
        accumulated deficit
      		 -558,834,000  -579,636,000 -575,263,000   -564,032,000 -559,127,000 -535,578,000      -422,851,000      
        total shareholders’ equity
      		   989,749,000 999,867,000   961,463,000 952,222,000 958,674,000      1,052,067,000      
        total liabilities and shareholders’ equity
      		   1,115,703,000 1,089,650,000   1,049,039,000 1,039,338,000 1,041,613,000      1,162,217,000      
        liabilities and shareholders' equity
      		                     
        shareholders' equity:
      		                     
        ordinary shares
      		                    11,000 
        total shareholders' equity
      		 990,017,000                    
        total liabilities and shareholders' equity
      		 1,118,403,000                    
        current liabilities
      		                     
        income tax payables
      		  360,000    689,000 726,000              
        non-current liabilities
      		                     
        9
      		                     
        advance from customers
      		      31,776,000 27,355,000 25,623,000  27,633,000 28,048,000 28,048,000 30,396,000 31,736,000 31,736,000 31,088,000 28,947,000 34,503,000 26,589,000 27,078,000 
        accumulated other comprehensive income
      		               2,969,000      
        accumulated other comprehensive income/
      		                     
        14
      		                     
        current assets
      		                     
        non-current assets
      		                     
        shareholders’ equity
      		                     
        liabilities, mezzanine equity and shareholders' (deficit)/equity
      		                     
        income tax payable
      		                  159,000 159,000 159,000 
        mezzanine equity
      		                     
        series a convertible preferred shares
      		                    9,000,000 
        series a-1 convertible preferred shares
      		                    2,680,000 
        series b convertible preferred shares
      		                    29,000,000 
        series c convertible preferred shares
      		                    115,007,000 
        series d convertible preferred shares
      		                    177,980,000 
        total mezzanine equity
      		                    333,667,000 
        non-current
      		                     
        other non-current liability
      		                 9,137,000 9,789,000   
        ​
      		                    2,020,000 
        consolidated balance sheets:
      		                     
        liabilities, mezzanine equity and shareholders’ (deficit)/equity
      		                     
        shareholders’ (deficit)/equity:
      		                     
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-06-22 
              
          cash flows from operating activities:
        		      
          net profit
        		      
          adjustments to reconcile net profit to net cash generated from operating activities:
        		      
          share-based compensation
        		     17,656,000 
          depreciation and amortization of property, equipment and software
        		     920,000 
          amortization of right-of-use assets
        		     1,549,000 
          allowance for doubtful receivables/allowance for credit losses
        		      
          inventory write-downs
        		     -44,000 
          loss on disposal of property, equipment and software
        		      
          gain on disposal of long-term investment
        		      
          loss on foreign currency exchange rates
        		     101,000 
          change in unrealized investment income
        		      
          fair value change on short-term and long-term investments
        		     1,529,000 
          impairment loss of long-term investments
        		      
          changes in operating assets and liabilities:
        		      
          accounts receivable
        		     2,165,000 
          notes receivable
        		     -1,266,000 
          inventories
        		     -2,527,000 
          prepayments and other current assets
        		     804,000 
          other non-current assets
        		     29,000 
          accounts payable
        		     -1,885,000 
          advances from customers
        		      
          deferred revenue
        		     -961,000 
          income tax payables
        		      
          accruals and other liabilities
        		      
          lease liabilities
        		     -1,208,000 
          other non-current liabilities
        		      
          net cash (used in)/generated from operating activities
        		      
          cash flows from investing activities:
        		      
          payment for short-term investments
        		     -168,547,000 
          proceeds from disposal of short-term investments
        		     28,701,000 
          proceeds from disposal in long-term investments
        		      
          purchase of property, equipment and software
        		     -537,000 
          purchase of land use rights
        		      
          proceeds from disposal of property, equipment and software
        		     78,000 
          payment for long-term investments
        		     -1,636,000 
          provision of third party loans
        		      
          proceeds from other investing activities
        		      
          net cash (used in)/generated from investing activities
        		      
          cash flows from financing activities:
        		      
          payment for repurchase of ordinary shares
        		      
          proceeds from exercise of share options
        		      
          proceeds from issuance of class a ordinary shares upon the dual primary listing, net of cost of issuance
        		      
          payments of deferred offering costs
        		      
          payments of dividend
        		      
          net cash from financing activities
        		      
          effect of exchange rate changes on cash and cash equivalents, restricted cash
        		 961,000 -2,818,000    
          net increase in cash and cash equivalents, restricted cash
        		  -532,100,000    
          cash and cash equivalents, restricted cash at the beginning of year
        		      
          cash and cash equivalents, restricted cash at the end of year
        		      
          supplemental cash flow disclosures
        		      
          cash paid for income tax
        		      
          net loss
        		     -54,953,000 
          adjustments to reconcile net loss to net cash generated from operating activities:
        		      
          allowance for doubtful receivables / allowance for credit losses
        		      
          investment loss
        		      
          advance from customers
        		     648,000 
          income tax payable
        		      
          accruals and other payables
        		     -19,140,000 
          other non-current liability
        		     -652,000 
          provision of bridge loans
        		      
          loan repayment
        		      
          proceeds from issuance of class a ordinary shares upon initial public offering and related over-allotment option, net of cost of issuance
        		      
          payment for repurchase and cancellation of ordinary shares
        		      
          proceeds from issuance of ordinary shares prior to initial public offering
        		      
          net cash generated from financing activities
        		      
          supplemental schedule of non-cash investing activities
        		      
          conversion from bridge loan into investment
        		      
          net cash from operating activities
        		  -57,111,000   -57,374,000 
          capital expenditures
        		  0   -537,000 
          free cash flows
        		  -57,111,000   -57,911,000 
          net cash from investing activities
        		     -141,941,000 
          net decrease in cash and cash equivalents, restricted cash
        		      
          cash and cash equivalents, restricted cash at the beginning of period
        		 133,161,000     
          cash and cash equivalents, restricted cash at the end of period
        		 79,245,000     
          allowance for doubtful receivables
        		     -118,000 
          gain on disposal of a long-term investment
        		      
          proceeds from disposal of a long-term investment
        		      
          subscription contributions from shareholders
        		      
          net cash (used in)/ generated from financing activities
        		      
          net cash generated from/(used in) investing activities
        		      
          net cash (used in)/generated from financing activities
        		      
          net (decrease)/increase in cash and cash equivalents, restricted cash
        		      
          •
        		      
          gain on disposal of property, equipment and software
        		     -21,000 
          payments of deferred professional costs
        		      
          net cash generated from investing activities
        		      
          proceeds from issuance of convertible preferred shares, net of issuance costs
        		      
          payment for repurchase of convertible preferred shares
        		      
          ·