# EDGAR Filing Document

**Accession Number:** 0001899830
**File Stem:** 0001899830-26-000005
**Filing Date:** 2026-2
**Character Count:** 32910
**Document Hash:** f0ffa143430c307b7cd21ac7f2441db6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001899830-26-000005.hdr.sgml**: 20260224

**ACCESSION NUMBER**: 0001899830-26-000005

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260224

**FILED AS OF DATE**: 20260224

**DATE AS OF CHANGE**: 20260224

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Perfect Corp.
- **CENTRAL INDEX KEY:** 0001899830
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41540
- **FILM NUMBER:** 26667381

**BUSINESS ADDRESS:**
- **STREET 1:** 14F., NO. 98, MINQUAN RD.
- **STREET 2:** XINDIAN DISTRICT
- **CITY:** NEW TAIPEI CITY
- **STATE:** F5
- **ZIP:** 231
- **BUSINESS PHONE:** 886-2-8667-1265

**MAIL ADDRESS:**
- **STREET 1:** 14F., NO. 98, MINQUAN RD.
- **STREET 2:** XINDIAN DISTRICT
- **CITY:** NEW TAIPEI CITY
- **STATE:** F5
- **ZIP:** 231

    

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER**

**PURSUANT TO RULE 13a-16 OR 15d-16**

**UNDER THE SECURITIES EXCHANGE ACT OF 1934**

**For the month of February, 2026**

**Commission File Number: 001-41540**

**Perfect Corp.**

**14F, No. 98 Minquan Road**

**Xindian District**

**New Taipei City 231**

**Taiwan**

**(Address of principal executive office)**

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 <br> Form 20-F ☒ Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

    

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**INCORPORATION BY REFERENCE**

The information included in this Report on Form 6-K (including Exhibit 99.1, but excluding the quotation by the Company's Founder, Chairwoman, and Chief Executive Officer) is hereby incorporated by reference into the Company's Registration Statement on Form F-3 (File No. 333-274835) (including any prospectuses forming a part of such registration statements) and to be a part thereof from the date on which this Report on Form 6-K is filed, to the extent not superseded by documents or reports subsequently filed or furnished.

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**EXHIBIT INDEX**

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| | |
|:---|:---|
| **Exhibit** | **Description of Exhibit** |
| [99.1](a2025q4financialresults_pe.htm) | [Press Release of the Company, dated](a2025q4financialresults_pe.htm)[February](a2025q4financialresults_pe.htm)[2](a2025q4financialresults_pe.htm)[4](a2025q4financialresults_pe.htm)[, 202](a2025q4financialresults_pe.htm)6. |

---

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **Perfect Corp.** | **Perfect Corp.** |
| Date: February 24, 2026 | | |
| | /s/ Alice H. Chang | /s/ Alice H. Chang |
| | Name: | Alice H. Chang |
| | Title: | Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**Perfect Corp. Reports Unaudited Financial Results for the Three Months and the Full Year Ended December 31, 2025** 

New York – February 24, 2026 – Perfect Corp. (NYSE: PERF) ("Perfect" or the "Company"), a leading artificial intelligence ("AI") company offering AI and augmented reality ("AR") powered solutions to beauty, fashion, photo and video creative industries, today announced its unaudited financial results for the three months and the full year ended December 31, 2025.

**<u>Financial Results for the Three Months Ended December 31, 2025</u>**

**Revenue**

Total revenue was $18.1 million for the three months ended December 31, 2025, compared to $15.9 million in the same period of 2024, an increase of 14.2%. The increase was primarily due to strong growth momentum in the revenue of mobile app and web services subscriptions.

• AI- and AR- cloud solutions and subscription revenue was $16.4 million for the three months ended December 31, 2025, compared to $15.1 million in the same period of 2024, an increase of 8.7%. The increase was driven by the continued revenue growth of YouCam mobile apps and web services subscriptions, the continued popularity among consumers of Generative AI technologies and AI editing features for photos and videos, and the stable demand for the Company's online virtual product try-on solutions from brand customers.

• Licensing revenue was $0.6 million for the three months ended December 31, 2025, compared to $0.5 million in the same period of 2024, an increase of 8.0%.

• Others revenue was $1.2 million for the three months ended December 31, 2025, compared to $0.3 million in the same period of 2024, an increase of 286.1%. The increase was driven by the growth of virtual points purchased and consumed by end users. Virtual points are used for AI-powered services available on YouCam mobile apps and web services.

**Gross Profit**

Gross profit was $14.6 million for the three months ended December 31, 2025, compared with $11.8 million in the same period of 2024, an increase of 24.1%. Gross margin was 80.5% for the three months ended December 31, 2025, up from 74.1% in the same period of 2024. The increase in gross margin during this quarter was primarily due to the increased operational efficiency resulting from the ongoing realignment of engineering professionals as we continue to transition from customization of software toward more standardized AI solutions for our customer base.

**Total Operating Expenses**

Total operating expenses were $15.2 million for the three months ended December 31, 2025, compared with $12.2 million in the same period of 2024, an increase of 24.1%. The increase was primarily due to increases in research and development expenses and sales and marketing expenses, which were partially offset by a decrease in general and administrative expenses in the fourth quarter of 2025.

• **Sales and marketing expenses** were $7.7 million for the three months ended December 31, 2025, compared to $6.9 million during the same period of 2024, an increase of 11.4%. This increase was primarily due to an increase in marketing events and advertising expenses related to our mobile apps and web services subscription.

• **Research and development expenses** were $3.9 million for the three months ended December 31, 2025, compared to $2.8 million during the same period of 2024, an increase of 39.6%. The increase was primarily due to an increase in R&D headcount and related personnel costs including those arising from the acquisition of Wannaby Inc. ("Wannaby"), which was completed in January 2025.

• **General and administrative expenses** were $1.5 million for the three months ended December 31, 2025, compared to $1.8 million during the same period of 2024, a decrease of 11.9%. The decrease was primarily due to reduced corporate insurance premium and external professional service fees.

------

• **Impairment loss on goodwill** was $2.0 million for the three months ended December 31, 2025. No such impairment was recorded in the same period of 2024. This non-cash item increase was primarily due to the recognition of an impairment loss on goodwill arising from the acquisition of Wannaby in January 2025.

**Operating Loss**

Total operating loss was $0.6 million for the three months ended December 31, 2025, compared with an operating loss of $0.5 million in the same period of 2024, representing an increase of $0.1 million. The increase in operating loss was primarily driven by the recognition of an impairment loss of $2.0 million relating to goodwill arising from the acquisition of Wannaby in 2025.

**Net Income**

Net income was $0.1 million for the three months ended December 31, 2025, compared to $1.1 million during the same period of 2024, a decrease of 94.2%. The decrease in net income was primarily due to the recognition of an impairment loss of $2.0 million relating to goodwill arising from the acquisition of Wannaby in 2025 and the lower interest income resulting from a decline in interest rates.

**Operating Cash Flow**

Operating cash flow was $2.6 million for the three months ended December 31, 2025, compared to $3.3 million in the same period of 2024, a decrease of 21.6%.

**<u>Financial Results for the Year Ended December 31, 2025</u>**

**Revenue**

Total revenue was $69.2 million for the year ended December 31, 2025, compared to $60.2 million in the same period of 2024, an increase of 14.9%.

• AI- and AR- cloud solutions and subscription revenue was $61.1 million for the year ended December 31, 2025, compared to $53.8 million in the same period of 2024, an increase of 13.5%. The increase was driven by the continued revenue growth of YouCam mobile apps and web services subscriptions.

• Licensing revenue was $5.3 million for the year ended December 31, 2025, compared to $5.2 million in the same period of 2024, an increase of 1.7%.

• Others revenue was $2.8 million for the year ended December 31, 2025, compared to $1.2 million in the same period of 2024, an increase of 133.8%. The increase was primarily driven by the growth of virtual points purchased and consumed by end users. Virtual points are used for AI-powered services available on YouCam mobile apps and web services.

**Gross Profit**

Gross profit was $53.5 million for the year ended December 31, 2025, compared with $46.9 million in the same period of 2024, an increase of 14.0%. Gross margin was 77.4% for the year ended December 31, 2025, a slight decrease compared to 78.0% in the same period of 2024.

**Total Operating Expenses**

Total operating expenses were $55.3 million for the year ended December 31, 2025, compared with $50.1 million in the same period of 2024, an increase of 10.3%. The increase was primarily due to increases in research and development expenses and sales and marketing expenses, which were partially offset by a decrease in general and administrative expenses during the same period.

• **Sales and marketing expenses** were $30.8 million for the year ended December 31, 2025, compared to $28.2 million during the same period of 2024, an increase of 9.2%.

• **Research and development expenses** were $15.4 million for the year ended December 31, 2025, compared to $12.0 million during the same period of 2024, an increase of 28.4%.

------

• **General and administrative expenses** were $7.0 million for the year ended December 31, 2025, compared to $8.5 million during the same period of 2024, a decrease of 17.7%.

• **Impairment loss on goodwill** was $2.0 million for the year ended December 31, 2025. No such impairment was recorded in the same period of 2024. This non-cash item increase was driven by the recognition of an impairment loss on goodwill arising from the acquisition of Wannaby in 2025.

**Operating Loss**

Total operating loss was $1.7 million for the year ended December 31, 2025, compared with an operating loss of $3.1 million in the same period of 2024, a decrease of $1.4 million The decrease in operating loss was primarily driven by higher revenue and gross profit, with operating expenses growing at a more moderate pace, which was partially offset by recognition of an impairment loss of $2.0 million on goodwill arising from the acquisition of Wannaby in 2025.

**Net Income**

Net income was $4.6 million for the year ended December 31, 2025, compared to $5.0 million during the same period of 2024, a decrease of 7.5%.

**Operating Cash Flow**

Operating cash flow was $13.3 million for the year ended December 31, 2025, compared to $13.0 million in the same period of 2024, an increase of 2.3%. The Company continues to invest in growth while maintaining a healthy cash flow to support business operations underscoring the Company's operational health and sustainability.

**Capital Resource**

As of December 31, 2025, the Company's cash and cash equivalents remained stable at $126.0 million (or $172.4 million when including 6-month time deposits of $36.3 million and US Treasuries of $10.2 million, which are classified as current and non-current financial assets at amortized cost under IFRS, respectively), compared to $127.1 million (or $165.9 million when including time deposits and money market funds) as of December 31, 2024.

**Key Business Metrics**

• The number of active subscribers for the Company's YouCam mobile apps and web services was 908,000 as of December 31, 2025, compared to over 946,000 as of September 30, 2025, a decrease of 4.0%. This decline was as a result of the mobile app subscription plan's average selling price increase initiative introduced in early 2025, which strategically prioritized higher revenue per user and long-term monetization efficiency over short-term volume growth.

• As of December 31, 2025, the Company's cumulative customer base included 859 brand clients, with over 982,000 digital stock keeping units ("SKUs") for makeup, haircare, skincare, shoes, bags, eyewear, watches and jewelry products, compared to 842 brand clients and over 953,000 digital SKUs as of September 30, 2025. The number of Key Customers<sup>1</sup> of the Company as of December 31, 2025 was 135 compared to 142 as of September 30, 2025. The decline in the number of Key Customers was primarily due to certain customers being downgraded as a result of lower spending during the period.

<sup>1</sup> "Key Customers" refers to the Company's brand customers who contributed revenue of more than $50,000 in the trailing 12 months ended on the measurement date.

------

**CEO Remarks and Business Outlook for 2026**

We continue to invest in the development of new products and services, including Generative AI beauty solutions, while driving greater operational efficiencies across the organization. This disciplined execution delivered strong revenue growth, a meaningful improvement in company operation, reduction of operating loss, and sustained cash flow generation. As a result, we ended 2025 with a strong cash position, providing the flexibility to invest strategically and support our long-term growth objectives. While the Company reported an operating loss for the period, this was primarily driven by an impairment loss of goodwill charge related to the acquisition of Wannaby. Excluding this non-cash item, the Company would have generated operating income for the fourth quarter and full year of 2025. Perfect Corp. will continue to work toward operating income under IFRS reporting standards in the near term, reflecting the scalability and discipline of its business model. Reaching this milestone would mark a pivotal moment in the Company's journey, validating years of investment in platform development, AI innovation, and go-to-market execution.

Perfect's Beauty AI Agent goes beyond a traditional LLM application by adding a purpose-built intelligence layer on top of the core model. Rather than relying solely on prompt engineering and linear processing, we apply context engineering to modularize inputs, classify intent, and route tasks through parallel sub-agents—resulting in faster response times, higher precision, and reduced hallucination risk. By combining Retrieval-Augmented Generation (RAG) with precision engineering, our agent doesn't just talk; it can see, score, and recommend with proven accuracy across product virtual try-ons and skin analysis use cases. This architecture positions Perfect Corp. as a Beauty AI infrastructure, delivered through enterprise-grade Widgets, Software Development Kits (SDKs), and Application Programming Interfaces (APIs), and designed with brand safety, governance, and auditability at its core.

As previously mentioned, our API business is steadily taking shape across multiple growth vectors. Since 2025, Perfect Corp. has built a comprehensive API suite supporting beauty, skin, jewelry, fashion, shoes and apparel industries. Firstly, our agency strategy allows us to act as a force multiplier by embedding our API-driven solutions directly into agency workflows, enabling faster deployment and broader reach. Secondly, we are expanding into new verticals, including the medical and dermatology segments, where our Skin AI technology enhances patient engagement through advanced visualization and personalized experiences. We are also extending our visual commerce capabilities beyond beauty, using virtual try-on to elevate product visualization across categories such as jewelry, shoes, watches, hair, and accessories, further diversifying our addressable market and long-term growth potential.

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first architecture that integrates seamlessly into our partners' ecosystems. At the same time, we are progressing beyond siloed point solutions toward a unified AI agent capable of operating across multiple roles—delivering a more intelligent, scalable, and impactful omni-solution for both consumers and brands."

**Business Outlook for 2026**

Driven by continued revenue growth in both YouCam mobile apps and web service subscriptions, along with sustained demand for our enterprise solutions, the Company expects the full year 2026 total revenue to increase by approximately 10% with a range of plus or minus 2% compared to full year 2025. This forecast is based on the Company's current assessment of the market and operational conditions, and that these factors are subject to change.

**About Perfect Corp.**

Founded in 2015, Perfect Corp. is a leading AI company offering self-developed AI- and AR- powered solutions dedicated to transforming the world with digital tech innovations that make your virtual world beautiful. On Perfect's direct consumer business side, Perfect operates a family of YouCam consumer apps and web-editing services for photo, video and camera users, centered on unleashing creativity with AI-driven features for creation, beautification and enhancement. On Perfect's enterprise business side, Perfect empowers major beauty, skincare, fashion, jewelry, and watch brands and retailers by supplying them with omnichannel shopping experiences through AR product try-ons and AI-powered skin diagnostics. With cutting-edge technologies such as Generative AI, real-time facial and hand 3D AR rendering and cloud solutions, Perfect enables personalized, enjoyable, and engaging shopping journey and helps brands elevate customer engagement, increase conversion rates, and propel sales growth. Throughout this journey, Perfect maintains its unwavering commitment to environmental sustainability and fulfilling social responsibilities. For more information, visit https://ir.perfectcorp.com/.

**Forward-Looking Statements**

This communication contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, or the Exchange Act, that are based on beliefs and assumptions and on information currently available to Perfect. In some cases, you can identify forward-looking statements by the following words: "may," "will," "could," "would," "should," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict," "project," "potential," "continue," "ongoing," "target," "seek" or the negative or plural of these words, or other similar expressions that are predictions or indicate future events or prospects, although not all forward-looking statements contain these words. Any statements that refer to expectations, projections or other characterizations of future events or circumstances, including strategies or plans, are also forward-looking statements. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by these forward-looking statements. These statements are based on Perfect's reasonable expectations and beliefs concerning future events and involve risks and uncertainties that may cause actual results to differ materially from current expectations. These factors are difficult to predict accurately and may be beyond Perfect's control. Forward-looking statements in this communication or elsewhere speak only as of the date made. New uncertainties and risks arise from time to time, and it is impossible for Perfect to predict these events or how they may affect Perfect. In addition, risks and uncertainties are described in Perfect's filings with the Securities and Exchange Commission. These filings may identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Perfect cannot assure you that the forward-looking statements in this communication will prove to be accurate. There may be additional risks that Perfect presently does not know or that Perfect currently does not believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by Perfect, its directors, officers or employees or any other person that Perfect will achieve its objectives and plans in any specified time frame, or at all. Except as required by applicable law, Perfect does not have any duty to, and does not intend to, update or revise the forward-looking statements in this communication or elsewhere after the date of this communication. You should, therefore, not rely on these forward-looking statements as representing the views of Perfect as of any date subsequent to the date of this communication.

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**PERFECT CORP. AND SUBSIDIARIES**

**UNAUDITED CONSOLIDATED BALANCE SHEETS**

**DECEMBER 31, 2024 AND 2025**

**(Expressed in thousands of United States dollars)**

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| | | |
|:---|:---|:---|
| | **December 31,<br>2024** | **December 31,<br>2025** |
|<br>**Assets** | **Amount** | **Amount** |
| **Current assets** | | |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $127121 | $125976 |
| &nbsp;&nbsp;&nbsp;Current financial assets at fair value through profit or loss | 2746 |  |
| &nbsp;&nbsp;&nbsp;Current financial assets at amortized cost | 36000 | 36300 |
| &nbsp;&nbsp;&nbsp;Current contract assets | 977 | 968 |
| &nbsp;&nbsp;&nbsp;Accounts receivable | 7902 | 7567 |
| &nbsp;&nbsp;&nbsp;Other receivables | 352 | 358 |
| &nbsp;&nbsp;&nbsp;Current income tax assets | 271 | 22 |
| &nbsp;&nbsp;&nbsp;Inventories | 18 | 17 |
| &nbsp;&nbsp;&nbsp;Other current assets | 2522 | 2138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** | 177909 | 173346 |
| **Non-current assets** |  |  |
| &nbsp;&nbsp;&nbsp;Non-current financial assets at amortized cost |  | 10173 |
| &nbsp;&nbsp;&nbsp;Property, plant and equipment | 554 | 695 |
| &nbsp;&nbsp;&nbsp;Right-of-use assets | 485 | 659 |
| &nbsp;&nbsp;&nbsp;Intangible assets | 32 | 4421 |
| &nbsp;&nbsp;&nbsp;Deferred income tax assets | 2047 | 2483 |
| &nbsp;&nbsp;&nbsp;Guarantee deposits paid | 146 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total non-current assets** | 3264 | 18624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $181173 | $191970 |

---

(Continued)

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**PERFECT CORP. AND SUBSIDIARIES**

**UNAUDITED CONSOLIDATED BALANCE SHEETS (continued)**

**DECEMBER 31, 2024 AND 2025**

**(Expressed in thousands of United States dollars)**

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| | | |
|:---|:---|:---|
| | **December 31,<br>2024** | **December 31,<br>2025** |
|<br>**Liabilities and Equity** | **Amount** | **Amount** |
| **Current liabilities** | | |
| &nbsp;&nbsp;&nbsp;Current contract liabilities | $17218 | $21902 |
| &nbsp;&nbsp;&nbsp;Other payables | 11656 | 12831 |
| &nbsp;&nbsp;&nbsp;Other payables – related parties | 46 | 72 |
| &nbsp;&nbsp;&nbsp;Current tax liabilities | 649 | 996 |
| &nbsp;&nbsp;&nbsp;Current provisions | 1899 | 1061 |
| &nbsp;&nbsp;&nbsp;Current lease liabilities | 402 | 444 |
| &nbsp;&nbsp;&nbsp;Other current liabilities | 341 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current liabilities** | 32211 | 37665 |
| **Non-current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Non-current financial liabilities at fair value through profit or loss | 1793 | 419 |
| &nbsp;&nbsp;&nbsp;Deferred income tax liabilities |  | 488 |
| &nbsp;&nbsp;&nbsp;Non-current lease liabilities | 108 | 239 |
| &nbsp;&nbsp;&nbsp;Net defined benefit liability, non-current | 46 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total non-current liabilities** | 1947 | 1210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 34158 | 38875 |
| **Equity** |  |  |
| Capital stock |  |  |
| &nbsp;&nbsp;&nbsp;Perfect Class A Ordinary Shares, $0.1 (in dollars) par value | 8506 | 8506 |
| &nbsp;&nbsp;&nbsp;Perfect Class B Ordinary Shares, $0.1 (in dollars) par value | 1679 | 1679 |
| Capital surplus |  |  |
| &nbsp;&nbsp;&nbsp;Capital surplus | 512990 | 514400 |
| Retained earnings |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (375420) | (370793) |
| Other equity interest |  |  |
| &nbsp;&nbsp;&nbsp;Other equity interest | (740) | (697) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total equity** | 147015 | 153095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and equity** | $181173 | $191970 |

---

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**PERFECT CORP. AND SUBSIDIARIES**

**UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME**

**FOR THE THREE MONTHS AND YEARS ENDED DECEMBER 31, 2024 AND 2025**

**(Expressed in thousands of United States dollars)**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31** | **Three months ended December 31** | **Years ended December 31** | **Years ended December 31** |
| | **2024** | **2025** | **2024** | **2025** |
|<br>**Items** | **Amount** | **Amount** | **Amount** | **Amount** |
| Revenue | $15881 | $18134 | $60202 | $69154 |
| Cost of sales and services | (4116) | (3538) | (13258) | (15630) |
| Gross profit | 11765 | 14596 | 46944 | 53524 |
| Operating expenses |  |  |  |  |
| &nbsp;&nbsp;Sales and marketing expenses | (6939) | (7732) | (28213) | (30811) |
| &nbsp;&nbsp;General and administrative expenses | (1759) | (1549) | (8501) | (6996) |
| &nbsp;&nbsp;Research and development expenses | (2777) | (3878) | (12000) | (15405) |
| &nbsp;&nbsp;Expected credit losses | (771) | (73) | (1373) | (75) |
| &nbsp;&nbsp;Impairment loss on goodwill |  | (1965) |  | (1965) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | (12246) | (15197) | (50087) | (55252) |
| Operating loss | (481) | (601) | (3143) | (1728) |
| Non-operating income and expenses |  |  |  |  |
| &nbsp;&nbsp;Interest income | 1833 | 1424 | 7708 | 6134 |
| &nbsp;&nbsp;Other income | 36 |  | 55 | 28 |
| &nbsp;&nbsp;Other gains and losses | (447) | (448) | (316) | 1319 |
| &nbsp;&nbsp;Finance costs | (4) | (5) | (18) | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-operating income and expenses | 1418 | 971 | 7429 | 7465 |
| **Income before income tax** | 937 | 370 | 4286 | 5737 |
| &nbsp;&nbsp;Income tax benefit (expense) | 158 | (307) | 735 | (1094) |
| **Net income** | $1095 | $63 | $5021 | $4643 |
| **Other comprehensive income** |  |  |  |  |
| &nbsp;&nbsp;**Components of other comprehensive income that will not be reclassified to profit or loss** |  |  |  |  |
| &nbsp;&nbsp;Actuarial gains (losses) on defined benefit plans | $31 | $(16) | $31 | $(16) |
| &nbsp;&nbsp;**Components of other comprehensive income that will be reclassified to profit or loss** |  |  |  |  |
| &nbsp;&nbsp;Exchange differences arising on translation of foreign operations | (223) | (112) | (217) | 43 |
| **Other comprehensive income, net** | $(192) | $(128) | $(186) | $27 |
| **Total comprehensive income** | $903 | $(65) | $4835 | $4670 |
| Net income, attributable to: |  |  |  |  |
| &nbsp;&nbsp;Shareholders of the parent | $1095 | $63 | $5021 | $4643 |
| Total comprehensive income attributable to: |  |  |  |  |
| &nbsp;&nbsp;Shareholders of the parent | $903 | $(65) | $4835 | $4670 |
| Earnings per share (in dollars) |  |  |  |  |
| &nbsp;&nbsp;Basic earnings per share of Class A and Class B Ordinary Shares | $0.01 | $0.01 | $0.05 | $0.05 |
| &nbsp;&nbsp;Diluted earnings per share of Class A and Class B Ordinary Shares | $0.01 | $0.01 | $0.05 | $0.05 |

---

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**PERFECT CORP. AND SUBSIDIARIES**

**UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**FOR THE THREE MONTHS AND YEARS ENDED DECEMBER 31, 2024 AND 2025**

**(Expressed in thousands of United States dollars)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31** | **Three months ended December 31** | **Years ended December 31** | **Years ended December 31** |
| | **2024** | **2025** | **2024** | **2025** |
|<br>**Items** | **Amount** | **Amount** | **Amount** | **Amount** |
| **<u>CASH FLOWS FROM OPERATING ACTIVITIES</u>** |  |  |  |  |
| Profit before tax | $937 | $370 | $4286 | $5737 |
| Adjustments to reconcile profit (loss) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation expense | 206 | 226 | 747 | 871 |
| &nbsp;&nbsp;&nbsp;Amortization expense | 12 | 34 | 51 | 145 |
| &nbsp;&nbsp;&nbsp;Expected credit losses | 771 | 73 | 1373 | 75 |
| &nbsp;&nbsp;&nbsp;Interest income | (1833) | (1424) | (7708) | (6134) |
| &nbsp;&nbsp;&nbsp;Interest expense | 4 | 5 | 18 | 16 |
| &nbsp;&nbsp;&nbsp;Net gains on financial assets at fair value through profit or loss |  | (19) |  | (51) |
| &nbsp;&nbsp;&nbsp;Net (gains) losses on financial liabilities at fair value through profit or loss | 334 | 125 | 227 | (1532) |
| &nbsp;&nbsp;&nbsp;Share-based payment transactions | 593 | 226 | 2774 | 1410 |
| &nbsp;&nbsp;&nbsp;Impairment loss on goodwill |  | 1965 |  | 1965 |
| Changes in operating assets and liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable | (665) | 1965 | (2300) | 480 |
| &nbsp;&nbsp;&nbsp;Current contract assets | 1037 | 385 | 1789 | 12 |
| &nbsp;&nbsp;&nbsp;Inventories | 3 |  | 15 |  |
| &nbsp;&nbsp;&nbsp;Other current assets | (219) | (175) | 1514 | 444 |
| &nbsp;&nbsp;&nbsp;Current contract liabilities | (592) | (1720) | 1949 | 4565 |
| &nbsp;&nbsp;&nbsp;Other payables | 307 | (905) | 1362 | 1074 |
| &nbsp;&nbsp;&nbsp;Other payables – related parties | (7) | (2) | (2) | 27 |
| &nbsp;&nbsp;&nbsp;Current provisions | 129 | (52) | (449) | (849) |
| &nbsp;&nbsp;&nbsp;Other current liabilities | 46 | (9) | 80 | 16 |
| &nbsp;&nbsp;&nbsp;Net defined benefit liability, non-current | 1 |  | 3 |  |
| Cash inflow generated from operations | 1064 | 1068 | 5729 | 8271 |
| Interest received | 2266 | 1552 | 7699 | 6122 |
| Interest paid | (4) | (5) | (18) | (16) |
| Income tax paid | (73) | (65) | (407) | (1072) |
| &nbsp;&nbsp;&nbsp;Net cash flows from operating activities | 3253 | 2550 | 13003 | 13305 |
| **<u>CASH FLOWS FROM INVESTING ACTIVITIES</u>** |  |  |  |  |
| Acquisition of financial assets at fair value through profit or loss | (2773) | (232) | (2773) | (6143) |
| Proceeds from disposal of financial assets at fair value through profit or loss |  | 6194 |  | 8940 |
| Acquisition of financial assets at amortized cost | (25000) | (35118) | (80574) | (82718) |
| Proceeds from disposal of financial assets at amortized cost | 25000 | 25000 | 74874 | 72300 |
| Acquisition of subsidiaries, net of cash acquired |  |  |  | (5981) |
| Acquisition of property, plant and equipment | (3) | (7) | (392) | (425) |
| Proceeds from disposal of property, plant and equipment |  | 2 |  | 3 |
| Acquisition of intangible assets |  |  | (6) |  |
| Increase in guarantee deposits paid |  | 28 | (8) | (39) |
| &nbsp;&nbsp;&nbsp;Net cash flows used in investing activities | (2776) | (4133) | (8879) | (14063) |
| **<u>CASH FLOWS FROM FINANCING ACTIVITIES</u>** |  |  |  |  |
| Repayment of principal portion of lease liabilities | (144) | (143) | (525) | (562) |
| &nbsp;&nbsp;&nbsp;Net cash flows used in financing activities | (144) | (143) | (525) | (562) |
| Effects of exchange rates changes on cash and cash equivalents | (389) | (180) | (349) | 175 |
| **Net increase (decrease) in cash and cash equivalents** | (56) | (1906) | 3250 | (1145) |
| **Cash and cash equivalents at beginning of period** | 127177 | 127882 | 123871 | 127121 |
| **Cash and cash equivalents at end of period** | $127121 | $125976 | $127121 | $125976 |

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