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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