The following is a summary of the Perfect Corp. (PERF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Perfect Corp reported a Q1 revenue growth of 17.7% to $14.3 million, largely due to the growth of its AI/AR cloud solutions and subscription services.

• Net revenue was at a positive $0.6 million, driven by its strong business model, resulting in an operating cash flow influx of $3.5 million.

• It registered a decrease from smaller clients but this does not significantly impact the company's revenue.

• G&A expenses were lower than forecasted due to focused efforts on maintaining lower costs.

Business Progress:

• Perfect Corp reported a year-on-year increase of 30% in its mobile beauty app active subscribers.

• The company was successful in renewing contracts with large clients and securing deals with several new makeup brands for virtual try-on services.

• Momentum is robust in its AI skincare diagnostics product.

• It has forayed into the luxury jewelry and watch markets by integrating their virtual try-on offerings into clients' digital channels - signaling market expansion.

• The company also emphasized on continuous investment in AI advancements to deliver innovative products in Beauty AI, Skincare AI and Fashion AI.

• For FY 2024, projected revenue growth is between 12% and 16%. Allocations to R&D, sales and marketing are being amplified to expand and acquire new customers.

• The company is also proactively adapting to the financial pressures faced by some of its clients by streamlining G&A operations.

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