# PERF earnings call intelligence

LOPJLB CallCard / temporal rollup · freemium · [stock page](https://www.lopjlb.com/stock/PERF) · [Earnings tab](https://www.lopjlb.com/stock/PERF?tab=earnings)

Updated: 2026-07-27T04:04:18

Quarters analyzed: 8

## Cross-quarter narrative

From mid-2023 through Q1 2025, Perfect Corp. has sustained double-digit revenue growth (11.5%-14.5% guided range) while transitioning from a licensing model to recurring B2C subscriptions and B2B enterprise renewals. B2C subscribers grew from 777k to 977k by Q3 2024, dipping slightly to 973k in Q1 2025, while B2B brand count expanded from 600+ to 801. The company achieved profitability in Q2 2024 ($0.8M net income) and accelerated to $2.3M in Q1 2025 (+264% YoY). Gross margin has consistently compressed (79.3%-80.3%) due to rising Apple/Google platform fees on the growing B2C mix, while B2B margins remain >90%. AI/AR innovation accelerated with the PerfectGPT framework, BeautyGPT, Skincare GPT, HD skin analysis, and real-time jewelry try-on all delivered by mid-2024; PerfectGPT AI Beauty Assistant remains on track for early 2025 POC. The Wanna acquisition (Q4 2024) added fashion virtual try-on, with integration ongoing. Cash reserves grew to $164.6M with positive operating cash flow, funding R&D, marketing, and M&A evaluation. Legacy licensing revenue continues to decline and phase out. Persistent risks include app-store fee dependency, B2B sales-cycle elongation, macroeconomic pressure on mid-size clients, and uncertainty around PerfectGPT commercialization and competitive differentiation. Guidance for FY25 remains 13-14.5% growth. The narrative reflects a maturing subscription business scaling AI-driven beauty and fashion solutions while navigating platform economics and enterprise adoption cycles. P.S. The 2024 Q1 call card lacked detail, but surrounding quarters show continuity. P.P.S. B2C subscriber growth slowed in Q1 2025, warranting monitoring. P.P.P.S. The shift to web-based credit model diversifies distribution away from app stores. P.P.P.P.S. Management tone improved from neutral to positive (0.6-0.7) in recent quarters. P.P.P.P.P.S. No major delays beyond B2B sales cycle and licensing phase-out. P.P.P.P.P.P.S. All milestones tracked are from explicit cal

## Latest CallCard · Q1

Q1 2025: revenue $16M (+12.1%), net income $2.3M (+264%), B2C subs 973k, launched YouCam AI Chat, WANNA integration on track, B2B 801 brands, lost mid-size clients due to macro, guidance 13-14.5% growth, cash $164.6M.','tone': {'mgmt': 0.7, 'mgmt_rationale': 'Management highlighted strong revenue gr

**Guidance:** vague

**Tone:** mgmt 0 · Q&A pressure 0 · divergence 0

## Quarter one-liners

- **2025 Q1:** Q1 2025: revenue $16M (+12.1%), net income $2.3M (+264%), B2C subs 973k, launched YouCam AI Chat, WANNA integration on track, B2B 801 brands, lost mid-size clients due to macro, guidance 13-14.5% growth, cash $164.6M.','tone': {'mgmt': 0.7, 'mgmt_rationale': 'Management highlighted strong revenue gr
- **2024 Q4:** Perfect Corp. delivered 12.5% FY24 revenue growth to $60.2M, surpassed 1M paying app subscribers, acquired Wanna to expand fashion VTO, and guided 13-14.5% FY25 growth amid gross margin pressure from B2C mix shift.','tone':{'mgmt':0.6,'mgmt_rationale':'CEO highlights double-digit revenue growth, rec
- **2024 Q3:** Perfect Corp Q3 2024: 9M revenue +12.5% YoY to $44.3M, adj. net income +23.2%; B2C subscribers hit 977k (+17% YoY), new web credit model launched; B2B renewals strong, PerfectGPT POC early 2025; FY24 revenue growth guided 12-14% YoY. Cash $163M. Gross margin dipped to 80.3% on app store fees. Adj. n
- **2024 Q2:** Perfect Corp Q2 revenue +9.6% to $13.9M, net income turns positive $0.8M; B2C subscribers +18.3% to 919K; launched PerfectGPT framework; guides FY24 revenue growth 12-16%.
- **2024 Q1:** —
- **2023 Q4:** Perfect Corp Q4 revenue $14.1M (+27.6% YoY), full year $53.5M (+13.1%), positive net income, strong cash flow; 2024 guidance 12-16% growth driven by AI/AR cloud, skin diagnosis, jewelry try-on, mobile app subs.','tone': {'mgmt': 0.8, 'mgmt_rationale': 'CEO highlights strong quarter, recovery in ente
- **2023 Q3:** Perfect Corp Q3 revenue $14.5M (+13% YoY), reaffirms 11.5-14.5% FY growth; Gen AI drives B2B renewals and B2C subs to 835K (+62.5%); gross margin pressured by platform fees.','tone': {'mgmt': 0.2, 'mgmt_rationale': 'Management expresses encouragement on top-line growth and profitability improvement,
- **2023 Q2:** Perfect Corp reports Q2 revenue $12.7M (+11.9% YoY), raises full-year growth guidance to 11.5-14.5%, driven by generative AI features in mobile apps (subscribers +63% to 777k) and expanding brand partnerships (600+ brands), despite gross margin pressure from platform fees.','tone': {'mgmt': 0.3, 'mg

## Guidance path

2023 Q2:vague → 2023 Q3:vague → 2023 Q4:vague → 2024 Q1:vague → 2024 Q2:maintained → 2024 Q3:maintained → 2024 Q4:vague → 2025 Q1:vague

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Research context only. Not personalized investment advice.

API: `GET /bff/api/bigfive/earnings-intel/PERF`