Perfect (PERF) Planet MicroCap Showcase: VEGAS 2025 summary

Company overview and business model

• AI/AR tech software company founded in 2015, headquartered in Taipei, with over 350 professionals, half in R&D.

• Revenue distribution: ~50% from the U.S., 25-30% from EU, remainder from APEC, notably Japan.

• Operates both B2B (enterprise software) and B2C (consumer apps) businesses, sharing a unified R&D engine.

• B2B contracts are annual, priced by module, geography, and SKU count; B2C apps are freemium, with premium features via subscription.

• Over 700 brand clients and 800,000 SKUs as of end 2024, with significant growth since 2021.

Product offerings and technology

• B2B clients include major global brands; B2C apps (YouCam Makeup, YouCam Perfect) target mainly female users for virtual try-on and photo editing.

• Virtual try-on technology covers makeup, jewelry, eyewear, watches, nails, and, via M&A, now includes apparel, shoes, bags, and scarves.

• Recent acquisition of WANNA expanded product range and client base, creating strong synergies.

• B2C subscriber base grew from 200,000 in Q2 2020 to over 1 million by end of 2024, with most users opting for annual subscriptions.

• Technology enhances user engagement, reduces product returns, and supports ESG goals by minimizing sample waste.

Financial performance and strategy

• Market cap around $170 million, with $160 million+ cash and no debt.

• 2024 revenue grew 12.5%; B2C share of revenue increased from 25-30% in 2022 to 60% in 2024, causing a slight decrease in gross margin.

• Positive cash flow in 2023 and 2024; 2025 guidance for margin is 13-14.5%.

• Growth opportunities remain in expanding brand client base and moving further into skincare AI and fashion jewelry.

• M&A strategy focuses on synergetic deals that complement existing technology and accelerate product expansion.