04.24.24
Perfect Corp. -- a global leader in providing AI and augmented reality (AR) software-as-a-service solutions to beauty and fashion industries -- reported that total revenue was $14.3 million for Q1 2024, compared to $12.1 million in the same period of 2023, reflecting an increase of 17.7%.
The increase, company officials say, was primarily due to strong growth momentum in the revenue of AI- and AR- cloud solutions and mobile app subscriptions.
“As the enterprise market gradually regains its momentum, we are well-positioned to deepen our penetration across diverse verticals, delivering AI-powered skin solutions and driving increased adoption of our virtual try-on services within the makeup, jewelry, and fashion industries,” said Alice H. Change, founder and CEO. “With our proven track record across multiple sectors, we are confident that our advanced AI capabilities and strong partnership with clients will continue to fuel our business growth, pushing the boundaries of innovation and delivering values to our customers and shareholders in 2024 and beyond.”
AI- and AR- cloud solutions and subscription revenue was $12.4 million for the three months ended March 31, 2024, compared to $10.4 million in the same period of 2023, an increase of 19.6%. The double-digit growth was driven by strong demand for the company’s online virtual product try-on and skincare solutions from brand customers; the robust momentum in the growth of YouCam mobile beauty app subscription; and the growing popularity for its Gen AI technologies and AI editing features for photos and videos.
The company’s YouCam mobile beauty app active subscribers grew by 30.0% year over year, reaching a record high of over 902,000 active subscribers at the end of the first quarter of 2024. This increase reflected the continuous demand in the company’s YouCam mobile beauty app services from subscribers and users.