Perfect Corp. subscription revenues boost sales

AI/AR imaging software companies Perfect Corp. announced its unaudited financial results for the three months ended Dec. 31, 2023 and the full year ended Dec. 31, 2023.

Total revenues were $14.1 million for the three months ended Dec. 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 Dec. 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 Dec. 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.

Perfect Corp. had 162 key customers as of Dec. 31, 2023, compared with 169 key customers as of Sept. 30, 2023.

As of Dec. 31, 2023, the company’s customer base included 645 brand clients, with more than 704,000 digital stock keeping units (“SKUs”) for makeup, haircare, skincare, eyewear, and jewelry products, compared with 627 brand clients and more than 678,000 digital SKUs as of September 30, 2023.

“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,” said Alice H. Chang, founder, CEO and chairwoman of Perfect. “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.”

AR/AI cloud solutions and subscription revenue was $12.0 million for the three months ended Dec. 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%.