Aashi Shah

Lisa Thompson

Brian Schwartz

Patrick McCann

Christopher Riccio

Mike Kupinski

- Perfect Corp (PERF) operates in the **AI AR space for beauty and fashion**, serving both **B2B clients** (over **800 brand clients** including LVMH, Estee Lauder) and **B2C consumers** through its YouCam apps.  **[1899830_tx_375150_1]** **[1899830_tx_375150_3]** 
- The company's revenue mix has shifted significantly, with **B2C now contributing over 60%** of revenue (up from 25% at listing in late 2022), leading to a **blended gross margin decrease to 75%** in Q2 2025 due to lower B2C margins.  **[1899830_tx_375150_1]** **[1899830_tx_375150_2]** **[1899830_tx_375150_5]** 
- Perfect Corp reported **12.5% growth in 2024** and provided **2025 top-line growth guidance of 13% to 14.5%**.  **[1899830_tx_375150_4]** **[1899830_tx_375150_5]**  The company maintains a strong financial position with **over $167 million in cash and cash equivalents** and positive operating cash flow of **~$8 million in H1 2025**.  **[1899830_tx_375150_5]** 
- In January 2025, Perfect Corp acquired **Wannabe (Wana)** for **approximately $6 million**, expanding its AI AR virtual try-on capabilities to include jewelry, watches, shoes, bags, and clothing.  **[1899830_tx_375150_4]** 
- The company's near-term goal is to reach **$100 million in revenue** as soon as possible, driven by continued investment in **Gen AI R&D** and expansion into new B2B clients and services.  **[1899830_tx_375150_5]**

Perfect (PERF)