Perfect's 9-Month Revenue Up on Virtual Try-On Offerings

Revenue at augmented reality (AR) and artificial intelligence (AI) company Perfect grew 22.1% year on year for the first nine months of 2022, said the company Wednesday. As of Sept. 30, the software-as-a-service company for the beauty and fashion industries had 151 key customers, up from 137 in the prior-year period; brand clients grew from 450 to 483, it said. “Despite the prolonged sales cycles in new business expansion driven by macroeconomic uncertainties" and foreign exchange volatility, "we believe that first-time buyer hesitation is only temporary and mostly driven by the lack of clarity in near-term macroeconomic outlook,” said CEO Alice Chang. The company, which listed on the New York Stock Exchange Oct. 31, hopes to “strike a balance between growth and profitability,” said Chief Strategy Officer Pin-Jen Chen. AR/AI cloud solutions and subscription revenue grew 31% to $27.3 million vs. the first nine months of 2021, driven by demand for the company’s online virtual product try-on offerings from its brand customers, plus an increase in monthly active subscribers. Ad revenue dropped 22.2% to $1.4 million, it said.