BEAUTY AND FASHION SAAS SOLUTIONS DEPLOYED BY 640+ BRANDS ACROSS 80 COUNTRIES WITH A TOTAL OF 300+ EMPLOYEES, INCLUDING OVER 130+ R&D STAFF
The Company’s customer base includes 645 brand clients, with over 704,000 digital stock keeping units (“SKUs”) for makeup, haircare, skincare, eyewear, and jewelry products
PERF IS ALREADY WORKING WITH FORTUNE 500 BEAUTY COMPANIES LIKE CLINIQUE, ESTÉE LAUDER, MAC & SALLY HANSEN JUST TO NAME A FEW
Total revenues was $14.1 million for the three months ended December 31, 2023, compared to $11.1 million in the same period of 2022, an increase of 27.6%
Full year revenue was $53.5 million in 2023, compared to $47.3 million in 2022, an increase of 13.1%
As of December 31, 2023, the Company held $154.2 million in cash and cash equivalents and 6-month time deposits
CHECK OUT THE INVESTOR PRESENTATION HERE
____________________
Hello Everyone,
We have another exciting company that we want you to take a look at for tomorrow’s session.
This is a company that we have never profiled before.
In fact, I have never seen this one profiled on any other newsletter before but with the numbers and growth that this one is demonstrating we expect that we could see that change soon.
Pull up PERF immediately.
Founded in 2015, Perfect Corp. is an AI company leading in SaaS solutions for beauty, fashion and skincare brands. It leverages technologies like Generative AI and 3D AR to enhance consumer shopping experiences across channels for brand clients. It is dedicated to transforming shopping experiences through empowering brands to embrace the digital-first world. By partnering with the largest names in the industry, Perfect Corp.’s suite of enterprise solutions delivers synergistic, technology-driven experiences that facilitate sustainable, ultra-personalized, and engaging shopping journeys, as well as equipping brands with next generation of consumer goods. Perfect Corp. also operates the YouCam suite of consumer apps, focusing on creative AI-driven features. Financially, the company delivered double-digit revenue growth year-over-year in its most recent earnings report and its bottom line was positive for Q4 2023. It maintains a strong commitment to environmental sustainability and social responsibility.
Perfect Corp. offers a complementary suite of mobile apps, including YouCam Makeup and YouCam Perfect, YouCam AI Pro, and YouCam Enhance to provide a consumer platform to virtually try-on new products, perform skin diagnoses, edit photos, and share experiences with the YouCam Community.
The popularity of artificial intelligence (AI) technology has marked a new era in the digital landscape, presenting a multitude of opportunities across various industries. Within this technological renaissance, Perfect Corp. (NYSE:PERF) stands at the forefront as a potential beneficiary, delivering enterprise SaaS solutions to transform the global beauty, skincare and fashion sectors. This article delves into how Perfect Corp. harnesses AI’s potential, its unique business approach and the potential market opportunities that lie ahead.
AI Growth And Market Influence
Goldman Sachs Research suggests that AI could be the driver of about $7 trillion in global economic growth over the next decade, potentially increasing annual global GDP by 7%. This projection places AI as a pivotal force in driving productivity and long-term economic expansion. As cloud computing’s successor, generative AI is poised to spearhead corporate software innovation and monetization, with industry giants like Microsoft Corporation and Alphabet Inc. already investing billions to capitalize on this trend. Perfect Corp. is positioning itself to capture the AI market’s exponential potential within its own niche of beauty, fashion, photo and video editing and digital avatars.
Perfect Corp: An AI-Centered Leader
At its core, Perfect Corp. embodies an AI-centered philosophy, integrating AI and augmented reality (AR) technologies to revolutionize customer engagement for global beauty, skincare and fashion brands. Its clientele spans prestigious brands and retailers, including The Estée Lauder Companies Inc., Coty Inc, Walmart Inc., Amazon.com Inc. and Alibaba Group Holding Limited, leveraging Perfect’s AI solutions to boost customer engagement, conversion rates and sales.
Innovative Applications And User Engagement
With flagship apps like YouCam Makeup and YouCam Perfect, Perfect Corp. has created an ecosystem where users can explore and express their beauty preferences through virtual makeup try-on, hairstyle try-on, body editing and more. These apps offer a blend of AI-driven features that cater to a diverse user base, enhancing the digital beauty and editing experience. Moreover, the YouCam AI Portrait & Avatar Generator invites users to delve into the metaverse with hyper-realistic digital avatars, reiterating Perfect’s prowess in creating unique, engaging user experiences through a freemium business model.
Synergistic Business Model
Perfect Corp.’s true unique selling proposition (USP) is that it caters to both enterprises and individual consumers through its AI engine and applications. The company’s business model integrates its advanced AR and AI technology to serve the B2B and B2C markets using identical technology, capitalizing on a synergistic approach across sectors. This unique business model enables a dynamic feedback loop where consumer engagement directly fuels enterprise solutions, fostering a cycle of continuous improvement and innovation across both business fronts.
Market Opportunities And Expansion
Perfect Corp.’s technological footprint in the beauty industry is underscored by its strong partnerships with more than 625 global beauty, skincare, and fashion brands and its 1 billion app downloads. With its recent expansion into new verticals, including luxury watch and jewelry Virtual Try-On (VTO), skin diagnosis, hairstyle and accessories, Perfect seems poised to present multiple additional growth opportunities. Furthermore, as brands experience strong return on investment (ROI) from these immersive and interactive AI/AR solutions, Perfect can enhance its market presence by offering an increased range of product variations (SKUs), additional modules and expanding its regional deployment through existing brand clients.
Market Projections
The augmented reality market is estimated to grow at a CAGR of 31.5% over 2021-2026 to reach an estimated value of $88.4 billion, driven by growing demand for AR in e-commerce and healthcare, while the photo editing app market is on an incline, projected to reach $402.37 million by 2030. This growth trajectory is propelled by technological advancements in camera products and software capabilities, which are integral to Perfect Corp.’s offerings. With AI and AR as the backbone, Perfect Corp. seems well-positioned to capitalize on the growth of this expanding market, especially as technological advancements continue to lower the technical knowledge required to edit photos.
Picture Perfect?
Perfect Corp exemplifies the integration of AI and AR into consumer-centric business models, offering a seamless, immersive experience that blurs the lines between the virtual and the real. With its growing success at democratizing beauty and fashion technology and its ongoing commitment to innovation, Perfect Corp. is positioning itself as a promising niche player in the expanding AI landscape.
Perfect Corp. Reports Unaudited Financial Results for the Three Months Ended December 31, 2023 and for the Full Year of 2023
FEB 28, 2024 7:00AM EST
NEW YORK–(BUSINESS WIRE)– Perfect Corp. (NYSE: PERF) (“Perfect” or the “Company”), a global leader in providing augmented reality (“AR”) and artificial intelligence (“AI”) Software-as-a-Service (“SaaS”) solutions to beauty and fashion industries, today announced its unaudited financial results for the three months ended December 31, 2023 and the full year ended December 31, 2023.
Highlights for the Three Months Ended December 31, 2023 and for the Full Year of 2023
- Total revenues was $14.1 million for the three months ended December 31, 2023, compared to $11.1 million in the same period of 2022, an increase of 27.6%. Full year revenue was $53.5 million in 2023, compared to $47.3 million in 2022, an increase of 13.1%. Both increases were primarily due to strong growth momentum in AR/AI cloud solutions and subscription revenues.
- Gross profit was $11.5 million for the three months ended December 31, 2023, compared with $9.1 million in the same period of 2022, an increase of 26.0%. Full year gross profit was $43.1 million in 2023, compared with $40.2 million in 2022, an increase of 7.3%.
- Net income was $1.4 million for the three months ended December 31, 2023, compared to a net loss of $190.3 million during the same period of 2022. Full year net income was $5.4 million for 2023, compared to a net loss of $161.7 million for 2022.
- Adjusted net income and loss (non-IFRS)1 was $1.8 million for the three months ended December 31, 2023, compared to adjusted net loss (non-IFRS) of $0.01 million in the same period of 2022. Full year adjusted net income (non-IFRS) was $7.0 million for 2023, compared with $4.1 million for 2022, an increase of 72.1%.
- Operating cash flow was positive $13.6 million in full year 2023, compared to negative $3.3 million in full year 2022.
- The Company had 162 Key Customers as of December 31, 2023, compared with 169 Key Customers as of September 30, 2023.
- As of December 31, 2023, the Company’s customer base included 645 brand clients, with over 704,000 digital stock keeping units (“SKUs”) for makeup, haircare, skincare, eyewear, and jewelry products, compared with 627 brand clients and over 678,000 digital SKUs as of September 30, 2023.
Ms. Alice H. Chang, the Founder, Chairwoman, and Chief Executive Officer of Perfect, commented, “We closed out 2023 with strong fourth quarter results, achieving a 27.6% year-over-year double-digit revenue growth along with improved gross profit and positive net income. This performance was fueled by robust momentum in our AR/AI cloud solutions and subscription revenue, driven by our advanced AI development. In particular, our beautiful AI products and strategy – encompassing Beauty AI, Skin AI, Fashion AI, and Gen AI – represent the core of our business going forward. While the impact of the pandemic is gradually mitigating, we anticipate a robust recovery in the sales cycle and pipeline in 2024 as conditions improve. We firmly believe that our AI capabilities position us well for continued growth in 2024 and beyond.”
Financial Results for the Three Months Ended December 31, 2023 and for the Full Year of 2023
Revenue
Total revenue was $14.1 million for the three months ended December 31, 2023, compared to $11.1 million in the same period of 2022, an increase of 27.6%. Full year revenue was $53.5 million in 2023, compared to $47.3 million in 2022, an increase of 13.1%.
- AR/AI cloud solutions and subscription revenue was $12.0 million for the three months ended December 31, 2023, compared to $9.6 million in the same period of 2022, an increase of 25.0%. Full year AR/AI cloud solutions and subscription revenue was $44.8 million in 2023, compared with $36.9 million in 2022, an increase of 21.2%. Both double digit growths were due to strong demand for the Company’s online virtual product try-on and skincare solutions from brand customers, the robust momentum in its mobile beauty app subscription growth, and the increasing popularity for its Gen AI technologies and AI editing features for photos and videos. The Company’s mobile beauty app active subscribers grew by 45.7% year over year, reaching a historical high of over 879,000 active subscribers at the end of the fourth quarter of 2023. This increase reflected the continuous interests in the Company’s mobile beauty app services from customers and users.
- Licensing revenue was $1.8 million for the three months ended December 31, 2023, compared to $1.0 million in the same period of 2022, an increase of 77.6%. The increase was due to slightly higher demand from the legacy product license in this quarter. Full year licensing revenue was $7.5 million for 2023, compared with $8.4 million for 2022, a decrease of 10.5%. Since licensing revenue is mostly generated from traditional offline services, the 10.5% decrease indicates brand customers’ strong demand for online virtual product try-on instead of in-store offline offerings.
- Advertisement revenue was $0.3 million for the three months ended December 31, 2023, compared to $0.4 million in the same period of 2022, a decrease of 32.8%. Full year advertisement revenue was $1.2 million in 2023, compared with $1.8 million in 2022, a decrease of 36.1%. The decreases aligned with the Company’s strategy of allocating less resources to advertisement services and focusing on expanding the market leadership in providing AR- and AI-SaaS solutions to brand customers.
Gross Profit
Gross profit was $11.5 million (or 81.3% gross margin) for the three months ended December 31, 2023, compared with $9.1 million (or 82.3% gross margin) in the same period of 2022, an increase of 26.0%. Full year gross profit was $43.1 million in 2023 (or 80.6% gross margin), compared with $40.2 million in 2022 (or 84.9% gross margin), an increase of 7.3%. Despite the increase in gross profits, both gross margins decreased, primarily resulting from the increase in third-party payment processing fees paid to digital distribution partners such as Google and Apple in light of the increase in our mobile app subscription revenue.
Total Operating Expenses
Total operating expenses were $12.7 million for the three months ended December 31, 2023, compared with $77.9 million in the same period of 2022, a decrease of 83.7%. Full year total operating expenses were $48.8 million for 2023, compared with $111.2 million for 2022, a decrease of 56.2%. Both decreases were primarily due to the high base of non-cash listing expenses occurred in the fourth quarter of 2022.
- Sales and marketing (“S&M”) expenses were $6.7 million for the three months ended December 31, 2023, compared to $6.3 million during the same period of 2022, an increase of 6.0%. This was due to an increase in marketing and user acquisition costs. Full year sales and marketing expenses were $25.7 million for 2023, compared to $24.5 million, an increase of 4.8%. This was primarily due to the increase in the marketing events and user acquisition costs, which was partially offset by the decrease in sales and marketing people related expenses.
- Research and development (“R&D”) expenses were $3.0 million for the three months ended December 31, 2023, compared to $2.6 million during the same period of 2022, an increase of 17.7%. Full year research and development expenses were $11.5 million for 2023, compared to $10.5 million for 2022, an increase of 9.3%. The increases were resulted from increases in R&D headcount and related personnel costs.
- General and administrative (“G&A”) expenses were $3.0 million for the three months ended December 31, 2023, compared to $69.0 million during the same period of 2022, a decrease of 95.7%. Full year general and administrative expenses were $11.6 million for 2023, compared to $76.2 million for 2022, a decrease of 84.8%. The decreases were due to the significant decreases in listing related expenses after the de-SPAC transaction and listing process was complete in 2022.
Net Income and Loss
Net Income was $1.4 million for the three months ended December 31, 2023, compared to a net loss of $190.3 million during the same period of 2022. Full year net income was $5.4 million for 2023, compared to a net loss of $161.7 million for 2022. The increases in our bottom line were due to the significant decreases in listing related expenses after the de-SPAC transaction and listing process was completed in 2022 and the increase in fair value of convertible redeemable preferred shares in 2022, which were then converted to Perfect Ordinary Shares upon recapitalization.
Adjusted Net Income (Non-IFRS)
Adjusted net income was $1.8 million for the three months ended December 31, 2023, compared to adjusted net loss of $0.01 million in the same period of 2022. Full year adjusted net income was $7.0 million for 2023, compared with $4.1 million for 2022, an increase of 72.1%.
Liquidity
As of December 31, 2023, the Company held $123.9 million in cash and cash equivalents (or $154.2 million when including 6-month time deposits of $30.3 million, which are classified as current financial assets at amortized cost under IFRS), compared to $115.0 million as of September 30, 2023 (or $201.3 million when including time deposits). The decrease was a result of the completion of tender offer to purchase up to approximately 16 million shares for an aggregate purchase price of approximately $50 million.
The Company had a positive operating cash flow of $13.6 million in full year 2023, compared to negative $3.3 million in full year 2022. The improvement demonstrated the company’s ability to generate sufficient cash flow to support business operations.
Recent Development
On November 24, 2023, the Board of Directors of the Company approved a tender offer to purchase up to 16,129,032 Class A ordinary shares of the Company, par value $0.10 per share (each, a “Class A Ordinary Share”), at a price of $3.10 per share for an aggregate purchase price of approximately $50 million, subject to certain limitations and legal requirements (the “Tender Offer”). The Tender Offer expired at 5:00 P.M., New York City time, on December 26, 2023. A total of 16,129,010 Class A Ordinary Shares were tendered under the tender offer, representing approximately 15.9% of the total number of issued Class A Ordinary Shares outstanding as of the commencement of the tender offer on November 27, 2023.
Business Trends and Outlook for 2024
The strong performance in revenue growth of the fourth quarter of 2023 was a clear signal of recovery in the enterprise new business acquisition from late 2023 versus the slow and prolonged enterprise sales cycle observed in the first half of 2023. The Company entered the fourth quarter of 2023 focused on deepening the penetration in different verticals to provide AI-powered skincare diagnosis products, as well as an increase in the adoption of virtual try-on solutions for jewelry and fashion markets.
On the consumer app front, the Company has launched several new generative AI features for app users. The addition of AI features not only attracted new users to download YouCam apps, but also effectively converted more users into paying subscribers. This progress reflects the result of Company’s Beautiful AI strategy, which focuses on providing world class AI solutions for Beauty AI, Skin AI, Fashion AI, and Gen AI. Those 4 key pillars will play a pivotal role in the Company’s core business moving forward and the Company is committed to keep investing in AI to strengthen our leading position in AI.
Based on the above strong momentum in both enterprise SaaS solution demands and in the mobile beauty app subscriptions business, the Company observed a strong healthy recovery in 2024 with an increase of over 20% in business pipelines. Perfect Corp.’s outlook on its 2024 full-year revenue is:
- The Company’s total revenue recognized under IFRS year-over-year growth rate is expected to range from 12% to 16% compared to 2023.
Note that this forecast is based on the Company’s current assessment of the market and operational conditions, and that these factors are subject to change.
NEWS
Perfect Corp. CEO and Founder Alice Chang Will Present the Powerful Impact of AI for Women at the 2024 USC Women’s Conference
PUBLISHED
4 DAYS AGO
Perfect Corp. Reports Unaudited Financial Results for the Three Months Ended December 31, 2023 and for the Full Year of 2023
PUBLISHED
4 DAYS AGO
Perfect Corp. Takes Virtual Beauty Experiences To New Heights with One-of-a-Kind Multi-Tone AR 3D Blush Try-On
PUBLISHED
FEB 22, 2024
Perfect Corp. Goes West with the Expansion of the Global Beauty & Fashion Tech Forum, Inviting Attendees to Discover the Magic of Beautiful AI
PUBLISHED
FEB 20, 2024
Perfect Corp. to Announce Financial Results for the Full Year 2023 on February 28, 2024
PUBLISHED
FEB 16, 2024
Perfect Corp. Expands AI Skin Simulation Technology, Helping Consumers Visualize Skin Improvements in Seconds
PUBLISHED
FEB 1, 2024
Perfect Corp. Wins Two Innocos Biohackers’ Beauty Awards for Best Skincare Diagnostic and Best Haircare Diagnostic with its Beautiful AI Solutions
PUBLISHED
JAN 30, 2024
PUBLISHED
JAN 2, 2024
PERFECT CORP. SET TO REVEAL TOP AI TECH TRENDS OF 2024 AT CES WITH GAME-CHANGING ‘BEAUTIFUL AI’ INNOVATIONS ACROSS BEAUTY, SKINCARE, FASHION, AND GENERATIVE AI
PUBLISHED
DEC 27, 2023
PERFECT CORP. ANNOUNCES PRELIMINARY RESULTS OF PREVIOUSLY ANNOUNCED SELF TENDER OFFER TO PURCHASE UP TO 16,129,032 CLASS A ORDINARY SHARES FOR AN AGGREGATE PURCHASE PRICE OF UP TO $50,000,000
PUBLISHED
DEC 21, 2023
THE BEAUTIFUL AI REVOLUTION: LATEST GLOBAL TREND REPORT BY PERFECT CORP. REVEALS THE TOP GENERATIVE AI TRENDS IN BEAUTY AND FASHION
PUBLISHED
DEC 19, 2023
PERFECT CORP (NYSE:PERF): THE VANGUARD OF BEAUTY AND FASHION TECH INNOVATION THAT HELPS BRANDS DRIVE SALES
PUBLISHED
DEC 15, 2023
PERFECT CORP. INITIATES TENDER OFFER: A DEEP DIVE INTO WHAT THIS MEANS FOR INVESTORS
PUBLISHED
DEC 13, 2023
“AI THAT MAKES EVERYTHING BEAUTIFUL”: EXPLORING PERFECT CORP.’S SUITE OF CUTTING-EDGE APPS POWERED BY GENERATIVE AI
PUBLISHED
DEC 1, 2023
HOLIDAY AI MAGIC UNLEASHED: PERFECT CORP. LAUNCHES EXCLUSIVE HOLIDAY FEATURES ACROSS FULL SUITE OF YOUCAM APPS
PUBLISHED
NOV 29, 2023
PERFECT CORP. TO SHOWCASE CUTTING-EDGE ‘BEAUTIFUL AI’ INNOVATIONS FOR BEAUTY AI, SKIN AI, FASHION AI, AND GENERATIVE AI AT THE AI SUMMIT NEW YORK 2023
PUBLISHED
NOV 27, 2023
PERFECT CORP. ANNOUNCES COMMENCEMENT OF SELF TENDER OFFER TO PURCHASE UP TO 16,129,032 CLASS A ORDINARY SHARES FOR AN AGGREGATE PURCHASE PRICE OF UP TO $50,000,000
PUBLISHED
NOV 15, 2023
PERFECT CORP. PARTNERS WITH SONA DERMATOLOGY TO ENHANCE PATIENT EXPERIENCE WITH AI SKIN DIAGNOSTIC TECHNOLOGY
PUBLISHED
NOV 14, 2023
A GLIMPSE INTO THE FUNDAMENTALS OF PERFECT CORP., THE COMPANY THAT SEEMS SET TO REVOLUTIONIZE THE BEAUTY AND FASHION INDUSTRY THROUGH ITS INNOVATIVE TECHNOLOGY
PUBLISHED
NOV 8, 2023
HOW PERFECT CORP (NYSE:PERF) IS INTEGRATING AI AND AR TO TRANSFORM THE GLOBAL BEAUTY, SKINCARE AND FASHION INDUSTRIES
MANAGEMENT TEAM
Alice H. Chang CEO and Chairwoman of the Board
Alice H. Chang is Perfect’s founder and has served as the CEO and Chairwoman of the Board since Perfect’s inception in June 2015. Prior to founding Perfect, Ms. Chang served as Chief Executive Officer of CyberLink from October 1997 to May 2015, which under her leadership, became a publicly listed Taiwan-based multimedia software company with offices globally. Prior to that, Ms. Chang was the chief financial officer and executive vice president of Trend Micro Incorporated (TSE: 4704) where she led the capital markets and fund-raising activities. Prior to that, Ms. Chang held various positions in Citicorp across investment banking functions. Ms. Chang holds an MBA from the University of California, Los Angeles, and a B.Sc. from National Taiwan University.
Pin-Jen (Louis) Chen Executive Vice President and Chief Strategy Officer
Pin-Jen (Louis) Chen has served as Perfect’s Executive Vice President and Chief Strategy Officer since March 2022, where he leads the company’s corporate development, strategic partnerships, and marketing efforts. Mr. Chen joined Perfect since its inception in June 2015 as the Vice President of Business Development and Marketing. Prior to joining Perfect, Mr. Chen spent 12 years at CyberLink Corp., where he served as the Vice President of Business Development and Marketing, Head of Consumer Business, and as a development engineer. Mr. Chen holds an M.Sc. and a B.Sc. in computer science from National Taiwan University.
Wei-Hsin Tsen (Johnny Tseng) Senior Vice President and Chief Technology Officer
Wei-Hsin Tsen (Johnny Tseng) has served as Perfect’s Senior Vice President and Chief Technology Officer since January 2019. Dr. Tseng joined Perfect since its inception in June 2015 as the Senior Vice President of Research and Development, leading the company’s engineering efforts. Prior to joining Perfect, Dr. Tseng spent 18 years at CyberLink Corp., where he served as the Senior Vice President of its Research and Development Department, and was a director and manager of its Architecture Department. Dr. Tseng holds a Ph.D., an EMBA and a B.Sc. in computer science from National Taiwan University.
Weichuan (Wayne) LiuChief Growth Officer and President of Americas
Weichuan (Wayne) Liu has served as Perfect’s Chief Growth Officer and President of Americas since March 2022. Mr. Liu joined Perfect since its inception in June 2015 as the Vice President of Business Development and Marketing and the General Manager of Perfect’s U.S. office. Prior to joining Perfect, Mr. Liu served as the Associate Vice President of Business Development at CyberLink Corp. from October 2009 to May 2015. From January 2003 to September 2009, Mr. Liu worked as a senior engineering manager at NVIDIA Corporation (Nasdaq: NVDA). Mr. Liu holds an MBA from Santa Clara University, an M.Sc. from Case Western Reserve University, a B.Sc. from National Tsing Hua University, and a Ph.D. degree in electrical engineering from University of Southern California.
Hsiao-Chuan (Iris) ChenVice President and Head of Finance and Accounting
Hsiao-Chuan (Iris) Chen has served as Perfect’s Vice President and Head of Finance and Accounting since January 2022 and oversees corporate finance and accounting activities of the Company. Prior to joining Perfect, Ms. Chen spent 22 years at CyberLink Corp. since February 2000, with her last two roles being the Special Assistant of the Chief Executive Officer’s Office since March 2021 and the Head of Finance and Accounting since February 2000. Prior to joining CyberLink Corp., Ms. Chen worked at Deloitte from September 1994 to August 1997. Ms. Chen holds an MBA from National Taiwan University and a B.Sc. in agricultural economics from National Chung-Hsing University.
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