Tuya Inc. (TUYA) Q4 2025 Earnings Call March 2, 2026 7:30 PM EST
Company Participants
Xuechen Wang Xueji Wang – Founder, Co-Chairman & CEO Yi Yang – Co-founder, COO, CFO & Executive Director
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Conference Call Participants
Yang Liu – Morgan Stanley, Research Division Timothy Zhao – Goldman Sachs Group, Inc., Research Division Mingran Li – China International Capital Corporation Limited, Research Division Matt Ma – Jefferies LLC, Research Division
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Presentation
Operator
Good morning, and good evening, ladies and gentlemen. Thank you for standing by, and welcome to Tuya Inc.’s Fourth Quarter and Fiscal Year 2025 Earnings Conference Call. [Operator Instructions] Please be informed that today’s conference is being recorded.
I’ll now turn the call over to your first speaker today, Ms. Regina Wang, Investor Relations Associate Director of Tuya. Please go ahead.
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Xuechen Wang
Thank you, operator. Hello, everyone. Welcome to our fourth quarter and fiscal year 2025 earnings call. Joining us today are our Founder and CEO, Mr. Jerry Wang; and our Co-Founder and CFO, Mr. Alex Yang. The fourth quarter and fiscal year 2025 financial results and webcast of the conference call are available at ir.tuya.com. A replay of this call will also be available on our IR 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.
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With that, I will now turn the call over to our Founder and CEO, Mr. Jerry Wang. Jerry will deliver his remarks in Chinese, which will be followed by a corresponding English translation. Jerry, please?
Xueji Wang Founder, Co-Chairman & CEO
[Interpreted]
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Hello, everyone. Thank you for joining Tuya’s earnings call for the fourth quarter 2025. In 2025, against the complex and evolving external environment, we maintain stability across our platform business, delivered steady full year
WASHINGTON — Two protesters were removed from a Senate Judiciary Committee hearing on March 3, 2026, as Homeland Security Secretary Kristi Noem testified for the first time since the fatal shootings of two U.S. citizens during federal immigration operations in Minneapolis sparked widespread outrage and calls to reform or abolish ICE.
Kristi Noem
The disruptions occurred during Noem’s oversight appearance before the committee, chaired by Sen. Chuck Grassley, R-Iowa, with ranking Democrat Sen. Dick Durbin of Illinois leading questioning. The session focused on the Trump administration’s mass deportation agenda, DHS funding amid a partial shutdown threat, heightened border security measures and the deadly incidents in Minnesota that have galvanized opposition to aggressive enforcement tactics.
The first interruption came moments before Noem delivered her opening statement. As she was sworn in and prompted by Grassley, a protester stood and shouted, “Kristi Noem, you should be ashamed of yourself!” and “Abolish ICE!” Capitol Police officers quickly escorted the individual from the room. Video footage shared by Fox News, APT and other outlets captured the brief chaos, with the demonstrator yelling as they were led out.
A second protester was removed shortly after, during questioning by Durbin. As the senator pressed Noem on accountability for deaths caused by immigration agents, the individual rose and shouted about “Americans killed by ICE” and accused Noem of failing to deliver justice to grieving families. The protester was swiftly removed, allowing the hearing to resume without significant delay.
Noem, the former South Dakota governor confirmed as DHS secretary in early 2026, defended the department’s actions in her prepared remarks. She touted “historic results” under President Donald Trump’s second term, including record deportations, enhanced border security and efforts to combat threats from Iran amid ongoing military operations. She described the Minneapolis incidents as tragic but emphasized that officers faced threats and that enforcement operations target criminal activity, not peaceful protesters.
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The deaths involve Renee Good, shot by an ICE officer on Jan. 7, 2026, during what DHS described as a routine enforcement action, and Alex Pretti, killed on Jan. 24 by Customs and Border Protection officers while filming operations. Both were U.S. citizens, fueling protests in Minnesota and demands from local leaders for DHS to halt operations in the state. DHS has denied wrongdoing, stating agents acted in self-defense or under threat, though investigations continue.
Grassley acknowledged “mistakes have been made” in interactions but stressed the difference between protected speech and obstruction, noting officers should not face harm while enforcing laws. Durbin pressed Noem on transparency, use of force policies and whether the administration’s rhetoric contributed to a “hateful America,” accusations Noem rejected as mischaracterizations of lawful enforcement.
The hearing unfolded against broader tensions: a partial DHS funding lapse, resistance to mass deportations and the ongoing U.S.-Israel strikes on Iran that have heightened homeland security alerts. Noem highlighted border successes and threats from foreign adversaries, but Democrats focused on civilian casualties and civil rights concerns.
Social media amplified the disruptions, with clips from Fox News, NBC News and The Independent circulating widely. Reactions split along partisan lines: supporters praised Noem’s composure and called protesters disruptive, while critics hailed the interruptions as necessary accountability for what they termed excessive force.
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Capitol Police handled the removals efficiently, with no arrests reported as of late afternoon March 3. Such outbursts are common in high-profile hearings on immigration, echoing past disruptions during debates over border policy.
Noem’s testimony marked her first major congressional appearance since confirmation, following limited December questioning. The session continued into the afternoon with exchanges on funding, Iran-related threats and immigration enforcement protocols.
As the hearing progressed, attention shifted to policy questions, but the early protests underscored deep divisions over the Trump administration’s immigration agenda and its human costs. Noem maintained that DHS prioritizes safety and rule of law, while opponents demanded reforms to prevent future tragedies.
The committee plans follow-up sessions if needed, with potential votes on DHS appropriations looming amid the funding impasse.
Jon Gray, President and COO of Blackstone, speaks during the Axios BFD event in New York City, U.S., October 12, 2023. REUTERS/Brendan McDermid
Brendan Mcdermid | Reuters
Blackstone president Jon Gray on Tuesday defended the quality of loans within the firm’s flagship private credit fund after investors pulled nearly 8% from it in the last quarter.
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The alternative asset management giant said in a late Monday filing that it allowed investors to withdraw 7.9% of BCRED, which it calls the largest private credit fund in the world, with about $82 billion invested. Blackstone did so in part by allowing the firm’s own investors to plow $150 million into the fund.
The move sparked a sell-off in Blackstone shares, which fell as much as about 8.5% in morning trading Tuesday, as well as in other private credit peers.
“When you think about credit quality, the 400-plus borrowers here, they had 10% EBITDA growth last year,” Gray told CNBC’s David Faber, using a term referring to a company’s financial performance. “So when we look at this, we feel pretty darn good.”
Instead of calming markets, recent moves by alternative asset managers to allow investors to cash out of funds have only added to jitters around private credit and loans to the software industry. Last month, the storm intensified when Blue Owl said it found buyers for $1.4 billion of its loans, in part to help cash out 30% of an embattled credit fund.
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Now, with the far larger asset manager Blackstone being swept up in it, concerns around private credit seem to be broadening.
“We’ve had a ton of noise,” Gray told CNBC. “As you guys know better than anybody in the press, this has become a story.”
Concerns were first triggered last fall with the collapse of Tricolor and First Brands, firms that also received funding from banks, the Blackstone executive noted.
“There’s a constant spin cycle, and so when that’s happening, it’s not a surprise that investors can get nervous,” Gray said. “Financial advisors can say, ‘Hey, I want to redeem.’”
A Blackstone spokesman said the firm and its employees’ investment in BCRED was “about meeting 100% of requests for the quarter with certainty and timeliness. They underscore our conviction in BCRED and alignment with its investors.”
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The fund delivered 9.8% annualized returns since inception for Class I shares, the spokesman said.
WASHINGTON — The joint U.S.-Israeli military campaign against Iran, dubbed Operation Epic Fury by the United States and Operation Roaring Lion by Israel, has featured an extensive array of fighter jets since strikes began Feb. 28, 2026. U.S. Central Command (CENTCOM) and the Israel Defense Forces (IDF) have employed fifth-generation stealth fighters, fourth-generation multirole aircraft and electronic warfare platforms to achieve air superiority, suppress defenses and conduct precision strikes on Iranian ballistic missile sites, command centers, air defenses and naval assets.
As of March 4, 2026, more than 1,250 targets have been hit in Iran during the operation’s first week, with fighter jets playing a central role alongside long-range bombers like the B-2 Spirit and B-1B Lancer. The campaign has involved coordinated waves of aircraft from U.S. carriers in the Arabian Sea and Mediterranean, forward-deployed bases in the Middle East, and direct missions from the United States.
Here are the primary fighter jets confirmed in use during the strikes, based on CENTCOM releases, IDF statements and open-source reporting:
F-35 Lightning II
1. **F-35 Lightning II (U.S. and Israel)** — The fifth-generation stealth multirole fighter has been a cornerstone of operations. U.S. Air Force F-35As from the 48th Fighter Wing at RAF Lakenheath and Vermont Air National Guard, plus Marine Corps F-35Cs from the carrier USS Abraham Lincoln, conducted strikes and suppression of enemy air defenses (SEAD). Israel deployed its F-35I Adir variant — known as “Mighty One” — in large numbers, with reports of up to 670 sorties targeting missile systems and leadership. The F-35’s low observability enabled initial penetrations against Iranian radars.
2. **F-22 Raptor (U.S.)** — About a dozen F-22s from Joint Base Langley-Eustis, Va., deployed to Israel ahead of the operation, marking the first combat deployment there. Additional Raptors went to RAF Lakenheath. As air superiority fighters, they escorted strike packages, engaged potential air threats and maintained dominance over Iranian airspace. CENTCOM photos showed F-22s in theater by late February.
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3. **F-15 Variants (U.S. and Israel)** — U.S. Air Force F-15E Strike Eagles provided multirole strike capability, though three were lost to friendly fire over Kuwait on March 2. Israel used F-15s to launch standoff missiles, including Black Sparrow air-launched ballistic missiles, against deep targets. The F-15’s range and payload supported extended missions.
4. **F-16 Fighting Falcon (U.S. and Israel)** — Dozens of U.S. F-16s, including Wild Weasel variants for SEAD, operated from regional bases. Israel’s F-16s contributed to the initial wave destroying air defenses in western Iran. The multirole fighter’s versatility aided in precision strikes and drone intercepts.
5. **F/A-18 Super Hornet (U.S. Navy/Marines)** — Carrier-based F/A-18E/Fs from the USS Abraham Lincoln and USS Gerald R. Ford launched with heavy loads, including AGM-154 Joint Standoff Weapons. Video from CENTCOM showed Super Hornets taking off for strikes. The platform’s flexibility supported naval integration in the Gulf.
6. **EA-18G Growler (U.S. Navy)** — Electronic attack variants jammed Iranian radars and communications, suppressing defenses during strike waves. Growlers, based on the F/A-18, operated from carriers and provided critical electronic warfare support.
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Israeli Air Force operations involved 200-300 fighter jets in the opening hours, establishing air supremacy over Tehran and western Iran. The IDF claimed strikes on hundreds of targets, including missile launchers and command sites, with fighter jets operating with impunity after neutralizing defenses.
U.S. forces amassed about 30 F-35s in the region pre-operation, alongside F-22s, F-15Es and F-16s. Carrier strike groups provided additional F/A-18s and Growlers. Support aircraft like E-3 Sentry AWACS, P-8 Poseidon maritime patrol and KC-135 tankers enabled long-range missions, while MQ-9 Reapers and new LUCAS one-way attack drones supplemented strikes.
The campaign’s air component has drawn from lessons of prior operations, emphasizing stealth, standoff weapons and electronic warfare to minimize risk. Iranian retaliation — including ballistic missiles and drones — has been intercepted by Patriot, THAAD and fighter patrols, though incidents like the F-15 losses highlight operational hazards.
As strikes continue into the second week, fighter jets remain pivotal in maintaining pressure on Iranian capabilities while U.S. officials signal operations could extend weeks. The mix of platforms underscores the integrated, multi-domain approach defining modern air campaigns.
Well, that’s one way to get software stocks outperforming the market again.
The iShares Expanded Tech-Software Sector ETF, or IGV, was down 1% on Tuesday. Amid the broader market turmoil unfolding on Wall Street, that’s actually not too bad.
The S&P 500 was down 2.3%, while the S&P 500 tech sector was down 2.4%. The Nasdaq Composite was down 2.6%.
Aeries Technology, Inc (AERT) Shareholder/Analyst Call March 3, 2026 8:30 AM EST
Company Participants
Bhisham Khare – CEO & Director Daniel Webb – CFO & Chief Investment Officer
Presentation
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Bhisham Khare CEO & Director
Good morning. I’m Ajay Khare, Chief Executive Officer and a member of Board of Directors of Aeries Technology, Inc. and will be serving as the Chairman of this Annual General Meeting. It is my pleasure to welcome you all to the Annual General Meeting of the Shareholders of the company. This Annual General Meeting of Shareholders is held for the purposes described in the proxy statements prepared by the company for this meeting and provided to our shareholders.
The following officers and members of the management team of the company are in attendance today: me, Ajay Khare, Chief Executive Officer; and Daniel S. Webb, Chief Financial Officer. The formal business of the meeting will begin with the proof that proper notice of the meeting has been given and that a quorum is present. Daniel S. Webb, Chief Financial Officer and the Secretary of this Annual General Meeting will now report to you regarding this notice.
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Daniel Webb CFO & Chief Investment Officer
Mr. Chairman, the proxy materials for this meeting were made available via Internet and notice of Internet availability of proxy materials was mailed on or about February 6, 2026, to each shareholder of record as of close of business on January 28, 2026, the record date for this meeting, the notice complied with requirements of the amended and restated memorandum and Articles of Association of the company and the laws of the Cayman Islands. Affidavit attesting to the mailing of the notice of the meeting will be filed with the records of the meeting.
LONDON — British actor Leo Woodall has quickly become one of the most talked-about talents in Hollywood, transitioning from breakout roles in prestige television to leading parts in major streaming projects and feature films. As of March 2026, the 29-year-old is generating buzz with the upcoming Netflix limited series Vladimir, premiering March 5, and a high-profile casting opposite Sydney Sweeney in the Edith Wharton adaptation Custom of the Country.
Leo Woodall
Here are 10 essential facts about Leo Woodall in 2026:
Born into a Theatrical Family — Leo Vincent Woodall was born on September 14, 1996, in Hammersmith, West London, and raised in Shepherd’s Bush. He is the youngest of three siblings, with an older sister Constance and brother Gabriel. His father, Andrew Woodall, is an established actor known for roles in Solo: A Star Wars Story and television series like The Reckoning. His mother, Jane Mary Ashton, studied drama but did not pursue acting professionally. Woodall’s stepfather, Alexander Morton, is also an actor, and the family traces ancestry to silent film star Maxine Elliott, giving him deep roots in performance arts.
Drama School Graduate — Woodall initially considered sports but shifted to acting after watching Peaky Blinders. He enrolled at Arts Educational School (ArtsEd) in London at age 19 and graduated in 2019 with a Bachelor of Arts in Acting. The training provided a foundation for his early professional gigs.
Early Career Beginnings — Post-graduation, Woodall debuted on television with a 2019 episode of the BBC medical drama Holby City as Jake Reader. He followed with small roles, including a short film Man Down and features like Nomad and the Russo Brothers’ Cherry (2021) alongside Tom Holland, where he played a soldier in a low-pressure, fun environment that introduced him to big-budget filmmaking.
Breakout in The White Lotus — Woodall gained international recognition in 2022 as Jack in the second season of HBO’s The White Lotus. His portrayal of a charming yet questionable Essex lad vacationing in Sicily earned praise for its mix of humor, vulnerability and edge, thrusting him into the spotlight amid the show’s critical and commercial success.
Romantic Lead in One Day — In 2024, Woodall starred as Dexter Mayhew in Netflix’s adaptation of David Nicholls’ novel One Day, opposite Ambika Mod. The romantic drama miniseries, following two friends over two decades, showcased his emotional range and chemistry, solidifying his status as a leading man in prestige streaming content.
Diverse Roles Across Genres — Woodall has tackled varied parts, including Adrian Ivashkov in Peacock’s Vampire Academy (2022), a recurring role in Amazon’s Citadel (2023), and appearances in other projects. His versatility spans satire, romance, action and drama, appealing to major platforms.
Upcoming Netflix Thriller Vladimir — Woodall stars opposite Rachel Weisz in Vladimir, a limited series premiering March 5, 2026, on Netflix. Based on Julia May Jonas’ 2022 novel, it follows a middle-aged professor (Weisz) whose obsession with her younger colleague Vladimir (Woodall) consumes her life. Recent interviews, including on TODAY, highlight Woodall discussing the themes of desire, aging and obsession, while sharing his fandom for shows like The Traitors.
High-Profile Casting with Sydney Sweeney — In February 2026, Deadline reported Woodall joining Sydney Sweeney in Custom of the Country, a Studiocanal and Rabbit’s Foot Films adaptation of Edith Wharton’s novel directed by Josie Rourke. The period drama positions him in a major feature opposite one of Hollywood’s biggest rising stars.
Other 2026 Projects — Woodall leads the thriller Tuner, co-starring Dustin Hoffman, set for theatrical release in May 2026. He also appears in Prime Target and has been linked to Harry Potter and the Goblet of Fire in some casting rumors. His schedule reflects rapid ascent, with multiple high-visibility roles.
Personal Style and Public Persona — Known for his tattoos — often acquired for roles — Woodall maintains a low-key social media presence (@leowoodall on Instagram) while attending events like Burberry’s Winter 2026 show. He has spoken candidly about bullying in school, survival instincts and family support. Woodall keeps his personal life private but has been linked romantically to Meghann Fahy from The White Lotus.