Perfect Corp 2022 revenues surge 16%, losses widen

By

Benjamin Fitzgerald

Published
Mar 7, 2023

Perfect Corp., a provider of augmented reality (AR) and artificial intelligence (AI) software-as-a-service solutions to beauty and fashion brands, clocked total revenues of $47.3 million, up 16% for the year 2022.

The New Taipei City, Taiwan-based company said the double-digit revenue hike came on the back of an increase in AR/AI cloud solutions and subscription revenues during the twelve months ending December 31.

By channel, AR/AI cloud solutions and subscription revenues increased by 25.3% to $36.9 million, mostly driven by strong demand for the company’s online virtual product try-on solutions from its brand customers as well as an increase in its monthly active subscribers.

Licensing revenues decreased by 4.8% to $8.4 million,  primarily caused by brand customers’ lower demand for in-store offline solutions while brand customers shifted to investing into online virtual product try-ons.

Meanwhile, advertisement revenues decreased by 24.1% to $1.8 million.

Perfect Corp, whose clients include Estee Lauder, Nars and Sally Hansen, among others, saw net losses widen to $161.7 million, compared to $156.9 million in 2021 during 2022.


“We finished 2022 with steady revenue growth, an expanded customer base, and positive cash flow, despite the worsening macro climate and elongated sales cycles in the second half of the year," ​said Alice Chang, founder, chairwoman, and CEO of Perfect.

'Proactively responding to these challenges, we optimized our expenses, channeled our resources to boost uptake of our digital solutions, further explored categories beyond beauty, and invested into promising new geographies.

"We remain ideally positioned to seize growth opportunities generated by the intensifying digitalization of the beauty and fashion industries, brands’ pivot to online retail, and the rapid growth in use cases for AR/AI technology. Going forward, we remain committed to driving top-line growth while focusing on profitability in the face of an increasingly challenging environment, as we continue executing on our mission to transform the world with our digital tech innovations," added Chang.