Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________ FORM 20-F o REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR o SHELL COMPANY REPORT PURSUANT TO SEC ...

NEW YORK--(BUSINESS WIRE)--Perfect Corp., the leading AI and AR beauty and fashion technology provider and developer of ‘Beautiful AI’ solutions, today announced a groundbreaking advancement in its Skincare Pro app: the seamless integration of a cloud-based, comprehensive Customer Relationship Management (CRM) system. This innovative development will allow medspas, clinics, and other skincare businesses to improve their skin consultations significantly. The all-new cloud-based CRM features include Customer ...

Perfect Corp (NYSE:PERF) Q4 2023 Results Conference Call February 28, 2024 7:00 PM ET Company Participants Jennifer Wu - IR Manager Alice Chang - Founder, Chairwoman of the Board & CEO Pin-Jen Chen - Executive VP & Chief Strategy Officer Conference Call Participants Timothy Zhao - Goldman Sachs Clarke Jeffries - PSC Operator Good morning and good evening, ladies and gentlemen. Thank you for standing by, and welcome to the Perfect Corp.'s Earnings Conference Call. [Operator Instructions] Please note that tod ...

Revenue Growth - Total revenue for Q4 2023 was $14.1 million, a 27.6% increase compared to $11.1 million in Q4 2022. Full-year revenue for 2023 was $53.5 million, up 13.1% from $47.3 million in 2022[1][6] - AR/AI cloud solutions and subscription revenue grew 25.0% to $12.0 million in Q4 2023, with full-year revenue reaching $44.8 million, a 21.2% increase from 2022[6][7] - Revenue increased from $11,071 million in Q4 2022 to $14,124 million in Q4 2023, a growth of 27.6%[33] Profitability - Gross profit for Q4 2023 was $11.5 million, a 26.0% increase from $9.1 million in Q4 2022. Full-year gross profit rose 7.3% to $43.1 million in 2023[2][10] - Gross profit rose from $9,109 million in Q4 2022 to $11,477 million in Q4 2023, an increase of 26.0%[33] - Net income for Q4 2023 was $1.4 million, compared to a net loss of $190.3 million in Q4 2022. Full-year net income for 2023 was $5.4 million, versus a net loss of $161.7 million in 2022[2][14] - Net income turned positive from $(190,252) million in Q4 2022 to $1,400 million in Q4 2023[33] - Adjusted net income (non-IFRS) for Q4 2023 was $1.8 million, compared to an adjusted net loss of $0.01 million in Q4 2022. Full-year adjusted net income increased 72.1% to $7.0 million in 2023[2][15] - Adjusted Net Income increased from $(10) million in Q4 2022 to $1,835 million in Q4 2023[36] Cash Flow and Financial Position - Operating cash flow for 2023 was positive $13.6 million, a significant improvement from negative $3.3 million in 2022[3][16] - Cash and cash equivalents decreased from $162.6 million in 2022 to $123.9 million in 2023, a decline of 23.8%[28] - Total current assets decreased from $209.2 million in 2022 to $168.7 million in 2023, a decline of 19.4%[28] - Total liabilities increased from $28.3 million in 2022 to $31.0 million in 2023, an increase of 9.5%[31] - Total equity decreased from $182.0 million in 2022 to $139.4 million in 2023, a decline of 23.4%[31] - Current contract liabilities increased from $13.0 million in 2022 to $15.3 million in 2023, an increase of 17.8%[31] - Capital surplus decreased from $556.4 million in 2022 to $510.4 million in 2023, a decline of 8.3%[31] - Accumulated deficit improved from $(385.9) million in 2022 to $(380.5) million in 2023, a reduction of 1.4%[31] - Non-current lease liabilities increased from $87,000 in 2022 to $387,000 in 2023, a significant increase of 344.8%[31] Operational Metrics - Mobile beauty app active subscribers grew 45.7% year-over-year, reaching a record high of over 879,000 by the end of Q4 2023[7] - The company had 645 brand clients and over 704,000 digital SKUs as of December 31, 2023, up from 627 brand clients and 678,000 digital SKUs as of September 30, 2023[3] Future Outlook - The company expects 2024 full-year revenue growth to range between 12% to 16% compared to 2023, driven by strong momentum in enterprise SaaS solutions and mobile beauty app subscriptions[19] - The company launched new generative AI features for its consumer apps, which have attracted new users and increased subscriber conversions, reflecting the success of its Beautiful AI strategy[19] Expenses and Adjustments - Research and Development expenses increased from $2,571 million in Q4 2022 to $3,027 million in Q4 2023, a rise of 17.7%[33] - Interest income grew from $1,409 million in Q4 2022 to $2,554 million in Q4 2023, an increase of 81.2%[33] - Total comprehensive income improved from $(189,374) million in Q4 2022 to $1,504 million in Q4 2023[33] - Basic earnings per share improved from $(2.86) in Q4 2022 to $0.02 in Q4 2023[33] - Non-Cash Equity-Based Compensation increased from $595 million in Q4 2022 to $535 million in Q4 2023[36] - Adjusted net income excludes one-off transaction costs, non-cash equity-based compensation, and foreign exchange gains/losses[24] - The one-off transaction cost in Q4 2022 included professional services expenditures related to the de-SPAC transaction, with no such cost in Q4 2023[25]

Exhibit 99.1 Perfect Corp. Reports Unaudited Financial Results for the Three Months Ended December 31, 2023 and for the Full Year of 2023 New York – February 28, 2024 – Perfect Corp. (NYSE: PERF) ("Perfect" or the "Company"), a global leader in providing augmented reality ("AR") and artificial intelligence ("AI") Software-as-a-Service ("SaaS") solutions to beauty and fashion industries, today announced its unaudited financial results for the three months ended December 31, 2023 and the full year ended Decem ...

NEW YORK--(BUSINESS WIRE)--Perfect Corp., the leading AI and AR beauty and fashion technology provider and developer of ‘Beautiful AI’ solutions, today announced an exciting enhancement to its 3D Blush Virtual Try-On tool. Users can now explore a wider spectrum of shades, textures, and a variety of color combinations with the introduction of 3-tone blush color virtual try-ons. This latest addition to the virtual makeup try-on technology further amplifies Perfect Corp.’s vision to beautify the world through ...

NEW YORK--(BUSINESS WIRE)--Perfect Corp. (NYSE: PERF) (“Perfect” or the “Company”), a global leader in providing augmented reality (“AR”) and artificial intelligence (“AI”) Software-as-a-Service (“SaaS”) solutions to beauty and fashion industries, today announced that it plans to release its financial results for full year 2023 before U.S. markets open on Wednesday, February 28, 2024 and to hold a conference call at 7:00 p.m. Eastern Time the same day on February 28, 2024 (or 8:00 a.m. Taipei Standard Time ...

NEW YORK--(BUSINESS WIRE)--Perfect Corp., the leading AI and AR beauty and fashion technology provider and developer of ‘Beautiful AI’ solutions, today announced the expansion of its advanced AI-powered skin simulation technologies. The breakthrough tools allow consumers to detect their skin types and issues in order to generate hyper-realistic skin visualizations. With the newest addition of acne, oiliness and radiance skin simulation technology, the expanded AI skin simulation solution will now provide sk ...

Perfect Corp. Wins Two Innocos Biohackers’ Beauty Awards for Best Skincare Diagnostic and Best Haircare Diagnostic with its Beautiful AI solutions (Photo: Business Wire)Perfect Corp. Wins Two Innocos Biohackers’ Beauty Awards for Best Skincare Diagnostic and Best Haircare Diagnostic with its Beautiful AI solutions (Photo: Business Wire)NEW YORK--(BUSINESS WIRE)--Perfect Corp., the leading AI and AR beauty and fashion technology provider and developer of ‘Beautiful AI’ solutions, today proudly announced that ...

NEW YORK--(BUSINESS WIRE)--Perfect Corp., the leading AI and AR beauty and fashion technology provider and developer of ‘Beautiful AI’ solutions, proudly announces that its groundbreaking ‘AI Selfie’ tool within the YouCam Apps has been honored with the prestigious 2024 BIG Innovation Award. This recognition by the BIG Innovation Awards acknowledges Perfect Corp.'s commitment to redefining self-expression through cutting-edge Generative AI technology in its pursuit of creating ‘Beautiful AI’ solutions. R ...