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PERF-WT

Perfect Corp.

PERF-WT

Perfect Corp. • NYSE
$0.02 ▼ -20.31% (-0.00)
Market Cap $49.51 M
52w High $0.04
52w Low $0.02
Dividend Yield 0%
P/E 0
Volume 6.43K
Outstanding Shares 3.24B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $18.659M ▲ $13.65M ▼ $2.08M ▲ 11.147% ▲ $0.02 ▲ $2.484M ▲
Q2-2025 $16.347M ▲ $13.774M ▲ $207K ▼ 1.266% ▼ $0.002 ▼ $921K ▼
Q1-2025 $16.014M ▲ $12.631M ▲ $2.293M ▲ 14.319% ▲ $0.023 ▲ $2.729M ▲
Q4-2024 $15.881M ▼ $12.246M ▼ $1.095M ▼ 6.895% ▼ $0.01 ▼ $1.159M ▼
Q3-2024 $16.127M $13.033M $2.532M 15.7% $0.025 $2.483M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $170.126M ▲ $194.181M ▲ $41.247M ▲ $152.934M ▲
Q2-2025 $167.79M ▲ $190.154M ▲ $39.528M ▲ $150.626M ▲
Q1-2025 $164.603M ▼ $187.27M ▲ $37.234M ▲ $150.036M ▲
Q4-2024 $165.867M ▲ $181.173M ▲ $34.158M ▲ $147.015M ▲
Q3-2024 $163.177M $179.632M $34.113M $145.519M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $2.225M ▲ $2.768M ▼ $-21K ▲ $-116K ▲ $2.545M ▲ $2.515M ▼
Q2-2025 $207K ▼ $3.648M ▼ $-6.688M ▼ $-168.519K ▼ $-2.966M ▼ $3.53M ▼
Q1-2025 $2.485M ▲ $4.326M ▲ $-3.205M ▼ $-134K ▲ $1.182M ▲ $4.28M ▲
Q4-2024 $1.095M ▼ $3.253M ▼ $-2.776M ▼ $-144K ▼ $-56K ▼ $3.25M ▼
Q3-2024 $2.269M $4.232M $1.84M $-142K $6.381M $4.102M

Five-Year Company Overview

Income Statement

Income Statement Revenue has been growing steadily over the past several years, but from a relatively small base. The business now appears to have moved from sizable losses to slight profitability, with gross margins that look very healthy for a software platform. That said, profits are still thin, and past swings from loss to profit show that earnings can be quite volatile. The core story is a niche software company that has largely completed its transition from “investment mode” to “near‑breakeven and modestly profitable,” but still needs continued growth to make its earnings base more durable.

Balance Sheet

Balance Sheet The balance sheet looks conservative and relatively clean. The company holds a solid cash position for its size and carries no financial debt, which reduces financial risk and gives some flexibility to keep investing in growth. Shareholders’ equity has improved significantly, moving from negative to clearly positive, suggesting the past balance sheet stress tied to earlier losses and the SPAC process has largely been repaired. The main watchpoint is that, while healthy, the asset base is still small, so the company remains a relatively small-scale player financially.

Cash Flow

Cash Flow Cash generation has recently turned a corner, with operating and free cash flow modestly positive in the last couple of years after earlier periods of roughly break-even performance. Capital spending is very light, consistent with an asset‑light, software‑driven model, which helps convert earnings into cash. Overall, the business now appears able to fund itself without heavy external financing, as long as growth investments remain disciplined. However, the cash cushion, while helpful, is not huge in absolute terms, so maintaining positive cash flow through economic and industry cycles remains an important risk factor to monitor.

Competitive Edge

Competitive Edge Perfect Corp. operates in a specialized niche at the intersection of beauty, fashion, and advanced AI/AR software, where it has been a clear early mover. Its technology is embedded in many well‑known global brands and retailers, and the enterprise SaaS model creates recurring relationships that can be sticky once integrated. A major strength is its data advantage from hundreds of millions of consumer app downloads and a large, curated skin‑image dataset, which is difficult and time‑consuming for new entrants to replicate. At the same time, the company operates in a space that could attract larger tech platforms and beauty conglomerates, so sustaining its lead in accuracy, ease of integration, and measurable sales impact for clients will be critical to preserving its moat.

Innovation and R&D

Innovation and R&D Innovation is the core of Perfect Corp.’s identity: it has pushed real-time virtual try‑on, AI skin analysis, and now generative AI tools into commercial use ahead of many rivals. The company is expanding from beauty into fashion and luxury goods via acquisitions and new products, and is actively rolling out APIs and omnichannel tools to make its technology easier to embed everywhere consumers shop. Generative AI features, like the AI beauty agent and advanced simulations, deepen personalization and open new subscription and enterprise use cases. This innovation engine is a major asset but also demands continuous R&D spending and strong execution, and there is some uncertainty around how quickly emerging areas like healthcare applications can be turned into sizable, reliable revenue streams.

Summary

Perfect Corp. is a small but growing software company that has built a strong position in a very specific niche: AI‑ and AR‑powered experiences for beauty and fashion. Financially, it has moved from meaningful losses to slight profitability with positive cash generation, supported by high gross margins, no debt, and a decent cash buffer, though on a modest scale. Strategically, its strengths lie in first‑mover status, a deep data moat, recognizable brand partnerships, and a product suite that appears hard to quickly copy. Key uncertainties center on its relatively small size, still‑thin profitability, the need to keep innovating in a fast‑moving AI landscape, and the possibility of heightened competition from larger technology or beauty players. Watching whether it can sustain revenue growth, widen profit margins, deepen enterprise penetration—especially in luxury fashion—and successfully enter new verticals like healthcare will be important for assessing its longer‑term trajectory.