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]
Perfect(PERF) - 2023 Q4 - Annual Report