Despite the strong growth projections, China’s Tuya is struggling to grow.

Tuya, a well-known IoT cloud development platform, announced its 2021 financial results for the fourth quarter and fiscal year 2021 in March. According to the report, the company’s total revenue reached $302.1 million, up 67.9% year-over-year.

For the fourth quarter of fiscal 2021, Tuya’s revenue grew 19% to $75 million. GAAP net loss was $48.8 million, compared to a GAAP net loss of $18.4 million a year ago. Non-GAAP net loss per ADS was $0.06.

Tuya, which has pioneered a purpose-built IoT cloud platform, went public earlier this year and continues to expand its presence in the market. The recent semiconductor shortage is an area of concern, but Tuya appears to be prepared to handle it.

For the first quarter of fiscal 2021, Tuya reported revenue of $56.9 million, up 200%. GAAP net loss was $40.5 million, compared to GAAP net loss of $20.6 million a year ago.