NEW YORK–(BUSINESS WIRE)– Perfect Corp. (NYSE: PERF) (“Perfect” or the “Company”), a global leader in providing augmented reality (“AR”) and artificial intelligence (“AI”) solutions to consumers, beauty and fashion industries, today announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2024. The annual report can be accessed under the SEC Filing section on the Company’s investor relations website at https://ir.perfectcorp.com.
The Company will provide a hard copy of its annual report containing the audited consolidated financial statements, free of charge, to its shareholders upon request. Requests should be directed to 14F, No. 98 Minquan Road, Xindian District, New Taipei City 231, Taiwan, or via email at Investor_Relations@PerfectCorp.com.
About Perfect Corp.
Perfect Corp. (NYSE: PERF) leverages ‘Beautiful AI’ innovations to make our world more beautiful. As a pioneer and leader in the space, Perfect Corp. works with over 650 partners around the globe to empower brands to embrace the digital-first world by transforming shopping journeys through digital tech innovations. Perfect Corp.’s suite of enterprise solutions delivers synergistic, technology-driven experiences that facilitate sustainable, ultra-personalized, and engaging shopping journeys through hyper-realistic virtual try-ons, AI-powered skin analyses, personalized product recommendation tools and many more Beautiful AI innovations. For more information, visit https://ir.perfectcorp.com.
Sales of SKYX’s Advanced and Smart Home Related Products Surge Over 1,000%; SKYX Expects its products to be in 20,000 Units/Homes by Q1 2025 and an Additional Tens of Thousands of Units/Homes in 2025
Company Expects Significant Projects and Orders and to Become Cash Flow Positive in Second Half of 2025
SKYX Achieves Revenue Growth in Four Consecutive Quarters for 2024 Q1: $19M | Q2: $21M | Q3: $22.2M | Q4: $23.7M Record Sales
SKYX’s Safety Code Standardization Team Anticipates Support from Additional Safety Organizations and Leading Members for a Safety Mandatory Standardization of its Ceiling Technology
MIAMI, March 24, 2025 (GLOBE NEWSWIRE) — SKYX Platforms Corp. (NASDAQ: SKYX) (d/b/a SKYX Technologies) (the “Company” or “SKYX”), an award winning highly disruptive advanced and smart home platform technology company with over 97 U.S. and Global pending and issued patents and a portfolio of over 60 lighting and home décor websites, with a mission to make homes and buildings become advanced-safe-smart instantly as the new standard, today reported its financial and operational results for the Fourth Quarter and Fiscal Year ended December 31, 2024.
SKYX will hold a conference call today, March 24, 2025, at 4:30 p.m. Eastern Time to discuss the results. See below for dial-in information.
Fourth Quarter 2024 and Subsequent Highlights
SKYX Reports 48% Growth in 2024 Revenues From $58.8 million in 2023 to $86.3 million in 2024
Generated a record $23.7 million in revenue in Q-4 2024 compared to $22.2M in Q-4 2023.
Reported $15.5 million in cash, cash equivalents, and restricted cash, as of December 31, 2024, compared to $13.0 million as of September 30, 2024.
In March 2025, Company secured additional $1.45 million funding including from a strategic investor through its $2.00 Series A-1 Preferred Offering.
As common with companies such as ours when sales are converted into cash rapidly, often referred to as the “Dell Working Capital Model”, the Company continues to leverage its trades payable to finance its operations, to enhance its cash position and to lower its cost of capital.
Management anticipates significant orders and to become cash flow positive during the second half of 2025.
Reported a reduction in General and Administrative expense by $5.7 million to $31.4 million as of December 31, 2024 from $37.0 million as of December 31, 2023.
SKYX reported a $3.3 million decrease in total liabilities and a reduction of $3.9 million in net loss.
Net loss per share decreased by $0.09 to ($0.36) per share in 2024 compared to ($0.45) in 2023. Adjusted EBITDA loss per share, a non-GAAP measure, amounted to $(0.13) per share in 2024, as compared to $(0.17) per share, in 2023.
In 2024, Company Secured $11 million equity preferred stock investment led by the Shaner Group, a leading Marriott hotel owner with over 70 hotels, including significant insider investing by SKYX’s President Steve Schmidt, who invested $500,000, Co-CEO Lenny Sokolow and Co-CEO John Campi, who each invested $250,000. Preferred investment representing $2.00 per share of common stock with NO warrants.
Market Acceptance and Recent Events:
Company expects to continue increasing units and grow its revenue to pro, builders, and retail segment. Company continues to grow its market penetration of its advanced and smart plug & play products, expecting its products to be in 20,000 U.S. and Canadian units/homes by the end of Q-1 2025.
Company expects its products to be in tens of thousands additional homes, incrementally in 2025.
SKYX’s technologies provide opportunities for recurring revenues through interchangeability, upgrades, monitoring, and subscriptions.
Company is focused on the “Razor & Blades” model and its product range includes its advanced ceiling electrical outlet (Razor) and its advance and smart home plug & play products (Blades) including lighting, Chandeliers/Pendants, ceiling fans, recessed lights, down lights, exit signs, emergency lights, holiday/kids/themes lights, indoor/outdoor wall lights among others smart products.
Company continues to utilize its e-commerce platform of over 60 websites for lighting and home décor to educate and enhance its market penetration to both retail and professional segments.
SKYX collaborates with Home Depot for its Advanced and Smart Plug & Play Products for both retail and professional segments. SKYX’s product offering will include a variety of its Advanced and Smart Plug & Play Products including Retrofit Kits, Smart Light Fixtures, Smart Ceiling Fans, Ceiling Outlet Receptacles, Recessed Lights and more.
Company collaborates with Wayfair for Its Advanced and Smart Plug & Play Products for both retail and professional segments. SKYX’s product offering will include a variety of its advanced and Smart Plug & Play products including Retrofit Kits, Smart Light Fixtures, Smart Ceiling Fans, Ceiling Outlet Receptacles, Recessed Lights and more.
SKYX collaborates with U.S. and world leading lighting companies including Kichler Quoizel, European leading company, EGLO, and worlding lighting manufacturer Ruee.
Collaborated with Cavco Homes, a leading U.S. prefabricated home manufacturer, for integrating our advanced and smart plug & play technologies into Cavco’s high-end premium homes shown at the builder show. Cavco is a public company that has sold nearly one million homes and continues to deliver close to 20,000 annually.
Three luxury developments by Forte Developments, including an 80-story high-rise in Miami’s Brickell District and projects in Clearwater Beach and Jupiter, Florida, will feature SKYX’s technology. More than 12,000 smart plug & play products, including ceiling outlets, lighting, fans, and emergency fixtures, will be supplied across 400+ units.
A 1,000-unit mixed-use development by Jeremiah Baron Companies will incorporate smart plug & play technologies, with 140 units receiving initial product supply. This product rollout will include ceiling outlets, lighting, fans, and emergency fixtures, with deliveries continuing throughout construction.
A strategic partnership with JIT Electrical Supply, a leading builder supplier, will expand SKYX’s footprint in electrical, lighting, and ceiling fan markets. JIT, which has supplied over 100,000 U.S. homes, will distribute SKYX’s lighting solutions, ceiling fans, recessed lights, emergency lights, exit signs, and indoor/outdoor wall lights beginning early 2025.
Huey Long, former Amazon E-Commerce Director and executive at Walmart and Ashley Furniture, has joined as head of SKYX’s e-commerce platform. He will collaborate with the existing team to expand market penetration across 60 lighting and home décor websites and other key e-commerce channels in the U.S. and Canada.
Greg St. John, former Home Depot lighting head and CEO of Eglo and Cordelia Lighting, has been appointed President of Lighting, Fans, and Smart Home Products. With 30+ years of industry experience, he will lead expansion efforts in retail, homebuilder, and commercial markets, overseeing partnerships with Home Depot, Wayfair, and other major retailers.
Safety Standardization Mandatory Code / Insurance Specification and Recommendation
SKYX’s code team, led by industry veterans Mark Earley, former head of the National Electrical Code (NEC), and Eric Jacobson, former President and CEO of the American Lighting Association (ALA). Company’s safety Code Standardization team believes it will achieve assistance from additional safety organizations with its code mandatory safety standardization efforts based on the product’s significant safety aspects. Mr. Earley and Mr. Jacobson were instrumental in numerous code and safety changes in both the electrical and lighting industries. Both strongly believe that, in light of the Company’s standardization progress including its product specification approval voting for by ANSI / NEMA (American National Standardization Institute / National Electrical Manufacturers Association) and being voted into 10 segments in the NEC Code Book, it has met the necessary safety conditions for becoming a ceiling safety standardization requirement for homes and buildings.
Insurance Companies. Company strongly believes its products can save insurance companies many billions of dollars annually by reducing fires, ladder falls, and electrocutions among other things. Management expects that once it completes an entire range and variations of its safe advanced plug & play products it will start being recommended by insurance companies.
2024 Financial Results:
Revenue in 2024 increased to a record $86.3 million including record sales of $23.7 million which were realized in the fourth quarter including e-commerce sales, smart home products and advanced plug & play products. Gross profit in 2024 increased to $24.6 million, or 28% of revenue. Gross profit was positively impacted by the gross profit from the acquisition of the Belami e-commerce platform, which contained over 60 websites for lighting and home décor. Cash, cash equivalents and restricted cash, amounted to $15.5 million as of December 31, 2024, as compared to 13.0 million as of September 30, 2024. Cash used in operating activities for 2024 amounted to $18.3 million, as compared to $13.0 million in 2023. Net loss per share decreased by $0.09 to $0.36 per share in 2024 when compared to 2023. Adjusted EBITDA loss per share, a non-GAAP measure, amounted to $(0.13) per share in 2024, as compared to $(0.17) per share, in 2023.
The Company’s annual report on Form 10-K will be filed with the SEC and will be made available on the Company’s investor relations website: https://ir.skyplug.com/sec-filings/.
Management Commentary
Our year ended December 31, 2024 was highlighted by our four quarters of consecutive growth including sales and rollout of our advanced ceiling smart and standard plug & play platform products on many leading U.S. and Canadian websites. We believe we have accelerated our cadence of sales with a robust gross margin profile, notably managing the cash burn of SKYX. Our e-commerce platform with over 60 websites is expected to continue providing additional cash flow to the Company. Management anticipates that the Company will become cash flow positive during the second half of 2025.
About SKYX Platforms Corp.
As electricity is a standard in every home and building, our mission is to make homes and buildings become safe-advanced and smart as the new standard. SKYX has a series of highly disruptive advanced-safe-smart platform technologies, with over 97 U.S. and global patents and patent pending applications. Additionally, the Company owns over 60 lighting and home decor websites for both retail and commercial segments. Our technologies place an emphasis on high quality and ease of use, while significantly enhancing both safety and lifestyle in homes and buildings. We believe that our products are a necessity in every room in both homes and other buildings in the U.S. and globally. For more information, please visit our website at https://skyplug.com/ or follow us on LinkedIn.
Forward-Looking Statements
Certain statements made in this press release are not based on historical facts, but are forward-looking statements. These statements can be identified by the use of forward-looking terminology such as “aim,” “anticipate,” “believe,” “can,” “could,” “continue,” “estimate,” “expect,” “evaluate,” “forecast,” “guidance,” “intend,” “likely,” “may,” “might,” “objective,” “ongoing,” “outlook,” “plan,” “potential,” “predict,” “probable,” “project,” “seek,” “should,” “target” “view,” “will,” or “would,” or the negative thereof or other variations thereon or comparable terminology, although not all forward-looking statements contain these words. These statements reflect the Company’s reasonable judgment with respect to future events and are subject to risks, uncertainties and other factors, many of which have outcomes difficult to predict and may be outside our control, that could cause actual results or outcomes to differ materially from those in the forward-looking statements. Such risks and uncertainties include statements relating to the Company’s ability to successfully launch, commercialize, develop additional features and achieve market acceptance of its products and technologies and integrate its products and technologies with third-party platforms or technologies; the Company’s ability to achieve positive cash flows; the Company’s efforts and ability to drive the adoption of its products and technologies as a standard feature, including their use in homes, hotels, offices and cruise ships; the Company’s ability to capture market share; the Company’s estimates of its potential addressable market and demand for its products and technologies; the Company’s ability to raise additional capital to support its operations as needed, which may not be available on acceptable terms or at all; the Company’s ability to continue as a going concern; the Company’s ability to execute on any sales and licensing or other strategic opportunities; the possibility that any of the Company’s products will become National Electrical Code (NEC)-code or otherwise code mandatory in any jurisdiction, or that any of the Company’s current or future products or technologies will be adopted by any state, country, or municipality, within any specific timeframe or at all; risks arising from mergers, acquisitions, joint ventures and other collaborations; the Company’s ability to attract and retain key executives and qualified personnel; guidance provided by management, which may differ from the Company’s actual operating results; the potential impact of unstable market and economic conditions on the Company’s business, financial condition, and stock price; and other risks and uncertainties described in the Company’s filings with the Securities and Exchange Commission, including its periodic reports on Form 10-K and Form 10-Q. There can be no assurance as to any of the foregoing matters. Any forward-looking statement speaks only as of the date of this press release, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by U.S. federal securities laws.
Non-GAAP Financial Measures
Management considers earnings (loss) before interest, taxes, depreciation and amortization, or EBITDA, as adjusted, an important indicator in evaluating the Company’s business on a consistent basis across various periods. Due to the significance of non-recurring items, EBITDA, as adjusted, enables management to monitor and evaluate the business on a consistent basis. The Company uses EBITDA, as adjusted, as a primary measure, among others, to analyze and evaluate financial and strategic planning decisions regarding future operating investments and potential acquisitions. The Company believes that EBITDA, as adjusted, eliminates items that are not part of the Company’s core operations, such as interest expense, amortization expense, and impairment charges associated with intangible assets, or items that do not involve a cash outlay, such as share-based payments and non-recurring items, such as transaction costs. EBITDA, as adjusted, should be considered in addition to, rather than as a substitute for, pre-tax income (loss), net income (loss) and cash flows used in operating activities. This non-GAAP financial measure excludes significant expenses that are required by GAAP to be recorded in the Company’s financial statements and is subject to inherent limitations. Investors should review the reconciliation of this non-GAAP financial measure to the comparable GAAP financial measure. Investors should not rely on any single financial measure to evaluate the Company’s business.
Please dial in at least 10 minutes before the start of the call to ensure timely participation.
A playback of the call will be available until April 24, 2025. To listen, call within the United States and Canada or when calling internationally. Please use the replay pin number 10197998. A webcast is also available at the following link: https://viavid.webcasts.com/starthere.jsp?ei=1713008&tp_key=5deb952af5
Company to Provide Corporate Updates Including New Developments, Fourth Quarter 2024 and 2024 Full Year Overview and Financial Results; Conference Call to be Held on Monday, March 24, 2025, at 4:30 PM Eastern Time
March 20, 2025 09:34 ET
MIAMI, March 20, 2025 (GLOBE NEWSWIRE) — SKYX (NASDAQ: SKYX) (d/b/a “SKYX Technologies”), a highly disruptive advanced and smart home platform technology company for homes and buildings, with more than 97 issued and pending patents globally and a portfolio of over 60 lighting and home décor websites, announces today that it will host a Corporate Update call and present fourth quarter 2024 and 2024 full year overview and financial results. The conference call will be held on Monday, March 24, 2025, at 4:30 p.m. Eastern Time.
SKYX Participating Members will Include:
Rani Kohen, Founder and Executive Chairman
Steve Schmidt, SKYX President, (Former President of Nielsen Data Corporation and former CEO of Office Depot International)
Lenny Sokolow, Co-CEO
Marc Boisseau, CFO
SKYX Platforms – Q4 2024 and 2024 Full Year Corporate Update Call
Date: Monday, March 24, 2025 Time: 4:30 p.m. Eastern Time U.S./Canada Dial-in: 1-412-317-5180 International Dial-in: 1-844-825-9789
Please dial in at least 10 minutes before the start of the call to ensure timely participation.
A playback of the call will be available until April 24, 2025. To listen, call within the United States and Canada or when calling internationally. Please use the replay pin number 10197998. A webcast is also available at the following link: https://viavid.webcasts.com/starthere.jsp?ei=1713008&tp_key=5deb952af5
About SKYX Platforms Corp.
As electricity is a standard in every home and building, our mission is to make homes and buildings become safe-advanced and smart as the new standard. SKYX has a series of highly disruptive advanced-safe-smart platform technologies, with over 97 U.S. and global patents and patent pending applications. Additionally, the Company owns over 60 lighting and home decor websites for both retail and commercial segments. Our technologies place an emphasis on high quality and ease of use, while significantly enhancing both safety and lifestyle in homes and buildings. We believe that our products are a necessity in every room in both homes and other buildings in the U.S. and globally. For more information, please visit our website at https://skyplug.com/ or follow us on LinkedIn.
Forward-Looking Statements
Certain statements made in this press release are not based on historical facts, but are forward-looking statements. These statements can be identified by the use of forward-looking terminology such as “aim,” “anticipate,” “believe,” “can,” “could,” “continue,” “estimate,” “expect,” “evaluate,” “forecast,” “guidance,” “intend,” “likely,” “may,” “might,” “objective,” “ongoing,” “outlook,” “plan,” “potential,” “predict,” “probable,” “project,” “seek,” “should,” “target” “view,” “will,” or “would,” or the negative thereof or other variations thereon or comparable terminology, although not all forward-looking statements contain these words. These statements reflect the Company’s reasonable judgment with respect to future events and are subject to risks, uncertainties and other factors, many of which have outcomes difficult to predict and may be outside our control, that could cause actual results or outcomes to differ materially from those in the forward-looking statements. Such risks and uncertainties include statements relating to the Company’s ability to successfully launch, commercialize, develop additional features and achieve market acceptance of its products and technologies and integrate its products and technologies with third-party platforms or technologies; the Company’s efforts and ability to drive the adoption of its products and technologies as a standard feature, including their use in homes, hotels, offices and cruise ships; the Company’s ability to capture market share; the Company’s estimates of its potential addressable market and demand for its products and technologies; the Company’s ability to raise additional capital to support its operations as needed, which may not be available on acceptable terms or at all; the Company’s ability to continue as a going concern; the Company’s ability to execute on any sales and licensing or other strategic opportunities; the possibility that any of the Company’s products will become National Electrical Code (NEC)-code or otherwise code mandatory in any jurisdiction, or that any of the Company’s current or future products or technologies will be adopted by any state, country, or municipality, within any specific timeframe or at all; risks arising from mergers, acquisitions, joint ventures and other collaborations; the Company’s ability to attract and retain key executives and qualified personnel; guidance provided by management, which may differ from the Company’s actual operating results; the potential impact of unstable market and economic conditions on the Company’s business, financial condition, and stock price; and other risks and uncertainties described in the Company’s filings with the Securities and Exchange Commission, including its periodic reports on Form 10-K and Form 10-Q. There can be no assurance as to any of the foregoing matters. Any forward-looking statement speaks only as of the date of this press release, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by U.S. federal securities laws.
Conduent’s Maven ® Disease Surveillance & Outbreak Management System empowers Ireland’s Health Service Executive to effectively track and manage public health threats
Republic of Ireland becomes the first European Union country to use Maven, following its successful implementations in the United States, United Kingdom and Australia
FLORHAM PARK, N.J. — Conduent Incorporated (Nasdaq: CNDT), a global technology-driven business solutions and services company, today announced that the Republic of Ireland’s Health Service Executive (HSE) selected the company’s Maven ® Disease Surveillance & Outbreak Management System to monitor, manage and report infectious diseases. Maven will replace HSE’s legacy surveillance system to more effectively track disease outbreaks and take prompt actions to protect public health.
Under the five-year contract, Conduent will implement its Maven cloud-hosted software platform as well as provide maintenance and support. The system’s flexibility will enable HSE staff to configure it for seamless data sharing, integration and coordination among medical professionals and epidemiologists. Upon receiving a case or laboratory report, Maven automatically generates a disease event, significantly reducing manual data entry and duplication of efforts.
“Like many public health organizations globally, HSE faces increasing complexity as infectious diseases continue to escalate and impact our ability to protect public health,” said Dr. John Cuddihy, National Director of Public Health at HSE. “By implementing the Maven system and collaborating with Conduent, we’ll gain a modern, national platform that not only enables early detection of health events but also transforms raw data into actionable intelligence. This platform will empower faster, more coordinated responses to better serve the people of Ireland.”
This contract marks Maven’s expansion into the European Union, where it joins its existing public health deployments in the United States, the United Kingdom and Australia. This system will enhance HSE’s ability to rapidly detect and respond to public health events across Ireland, providing critical insights into both emerging and established infectious disease threats.
With over two decades of proven outcomes, Maven is currently utilized by 28 other government agencies around the world to manage emerging threats to their residents. Conduent also offers online and in-person training of the system, and through its long-standing Maven Users Group, manages a global community of public health officials who collaborate and exchange best practices.
“We’re honored to have the Republic of Ireland join the growing Maven user community,” said Anna Sever, President, Government Solutions at Conduent. “By implementing Maven, we’re equipping HSE with the tools necessary to protect citizens against infectious diseases while delivering long-term value.”
Organizations use Maven to detect, monitor, track and report on deadly outbreaks like COVID-19, C. auris and Mpox and more than 100 other communicable and non-communicable diseases including Ebola, Zika, measles, tuberculosis, HIV/STDs and influenza. Find out how Maven can safeguard public health at Conduent Government Solutions.
About Conduent Conduent delivers digital business solutions and services spanning the commercial, government and transportation spectrum – creating valuable outcomes for its clients and the millions of people who count on them. The Company leverages cloud computing, artificial intelligence, machine learning, automation and advanced analytics to deliver mission-critical solutions. Through a dedicated global team of approximately 55,000 associates, process expertise and advanced technologies, Conduent’s solutions and services digitally transform its clients’ operations to enhance customer experiences, improve performance, increase efficiencies and reduce costs. Conduent adds momentum to its clients’ missions in many ways including disbursing approximately $100 billion in government payments annually, enabling 2.3 billion customer service interactions annually, empowering millions of employees through HR services every year and processing nearly 13 million tolling transactions every day. Learn more at www.conduent.com.
Trademarks Conduent is a trademark of Conduent Incorporated in the United States and/or other countries. Other names may be trademarks of their respective owners.
Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
2025 preview. We anticipate that the company’s revenue momentum will build throughout the year as new business signings take effect. Moreover, with the prospect of additional efficiencies from initiatives such as corporate-level cost reductions, and a reduction in real estate footprint, we expect adj. EBITDA margins to expand as the year progresses.
Quarterly outlook. In Q1, we expect $767 million in revenue and $14 million in adj. EBITDA, a modest 1.8% margin. However, based on growing revenue and increasing efficiency, we expect adj. EBITDA margins to improve in each subsequent quarter, culminating in margins of nearly 8% in Q4. Given our Q4 revenue estimate of $830 million, we believe the company will exit 2025 with revenue and adj. EBITDA run rates in line with its stated target ($3.2B-$3.3B in annual revenue and 8% adj. EBITDA margins).
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
SKYX Revenues Increased from Quarter to Quarter During 2024 with $19M in Q-1, 21.4M in Q-2, $22.2M in Q-3, and $23.7M in Q-4
SKYX Filed an 8K Announcing Strategic $1 Million Preferred Funding in Addition to the $11 Million Strategic Funding in October 2024, totaling $12 million in Preferred Funding Led by The Shaner Group a Leading Marriott Hotels Owner with Over 70 Hotels
Company Expects Its Products to Be in 20,000 Units/Homes by The End of Q-1 2025 in the U.S and Canada to Both Retail and Pro Segments
SKYX’s Technologies Provide Opportunities for Recurring Revenues Through Interchangeability, Upgrades, Monitoring and Subscriptions
MIAMI, March 17, 2025 (GLOBE NEWSWIRE) — SKYX Platforms Corp. (NASDAQ: SKYX) (d/b/a SKYX Technologies) (the “Company” or “SKYX”), a highly disruptive advanced and smart home platform technology company for homes and buildings, with more than 97 issued and pending patents globally and a portfolio of over 60 lighting and home décor websites, today announced record pre-audited financial results for the fourth quarter ended December 31, 2024, with revenues of $23.7 million, compared to $22.2 million in the third quarter. SKYX achieved consistent revenue growth throughout 2024, reporting:
$19 million in the first quarter
$21.4 million in the second quarter
$22.2 million in the third quarter
$23.7 million in the fourth quarter
Additionally, SKYX filed an 8-K announcing an additional $1 million in preferred funding, bringing the total to $12 million, following the $11 million strategic funding secured in October 2024. This funding round was led by The Shaner Group, a leading Marriott hotel owner with over 70 hotels.
The company expects its smart plug & play products to be in 20,000 homes/units by the end of the first quarter of 2025 across both retail and professional segments in the U.S. and Canada.
Recent Accomplishments SKYX continues to expand its market presence, strengthen strategic partnerships, and enhance leadership as it accelerates adoption of its advanced and smart plug & play technologies.
Huey Long, former Amazon E-Commerce Director and executive at Walmart and Ashley Furniture, has joined as head of SKYX’s e-commerce platform. He will collaborate with the existing team to expand market penetration across 60 lighting and home décor websites and other key e-commerce channels in the U.S. and Canada.
A new collaboration with Cavco Homes, a leading U.S. prefabricated home manufacturer, will integrate smart plug & play technologies into Cavco’s high-end premium homes. The company has sold nearly one million homes and continues to deliver close to 20,000 annually.
Three luxury developments by Forte Developments, including an 80-story high-rise in Miami’s Brickell District and projects in Clearwater Beach and Jupiter, Florida, will feature SKYX’s technology. More than 12,000 smart plug & play products, including ceiling outlets, lighting, fans, and emergency fixtures, will be supplied across 400+ units.
Greg St. John, former Home Depot lighting head and CEO of Eglo and Cordelia Lighting, has been appointed President of Lighting, Fans, and Smart Home Products. With 30+ years of industry experience, he will lead expansion efforts in retail, homebuilder, and commercial markets, overseeing partnerships with Home Depot, Wayfair, and other major retailers.
A 1,000-unit mixed-use development by Jeremiah Baron Companies will incorporate smart plug & play technologies, with 140 units receiving initial product supply. This rollout, beginning January 2025, will include ceiling outlets, lighting, fans, and emergency fixtures, with deliveries continuing throughout construction.
Fourth Quarter 2024 Highlights
A $11 million strategic investment at $2.00 per share in preferred stock, led by Lance Shaner, Chairman & CEO of Shaner Hotel Group, strengthens SKYX’s ability to execute its growth strategy and achieve cash flow positivity in 2025.
Significant insider investments included $500,000 from President Steve Schmidt and $250,000 each from Co-CEOs Lenny Sokolow and John Campi, reinforcing confidence in SKYX’s long-term vision.
A collaboration with Wayfair, one of the world’s leading home décor retailers, will introduce smart plug & play lighting and ceiling fan products to the platform. These offerings, including retrofit kits, smart light fixtures, recessed lights, and ceiling outlet receptacles, will be available in the coming weeks for retail consumers and professional segments, including designers and architects.
A strategic partnership with JIT Electrical Supply, a leading builder supplier, will expand SKYX’s footprint in electrical, lighting, and ceiling fan markets. JIT, which has supplied over 100,000 U.S. homes, will distribute SKYX’s lighting solutions, ceiling fans, recessed lights, emergency lights, exit signs, and indoor/outdoor wall lights beginning early 2025.
Rani Kohen, Founder/Inventor and Executive Chairman, of SKYX Platforms, said, “SKYX continues to execute on its vision of making homes and buildings smarter, safer, and more advanced as the new standard. With strong financial backing, key strategic partnerships, and growing market adoption of our smart plug & play technologies, we are expanding across retail, professional, and e-commerce channels at an accelerated pace. The addition of industry-leading executives, collaborations with top developers and suppliers, and increasing penetration into high-growth markets reinforce our position as a disruptive force in home and building technology. We remain committed to delivering innovative solutions that drive efficiency, safety, and long-term value for our customers, partners, and investors.”
About SKYX Platforms Corp.
As electricity is a standard in every home and building, our mission is to make homes and buildings become safe-advanced and smart as the new standard. SKYX has a series of highly disruptive advanced-safe-smart platform technologies, with over 97 U.S. and global patents and patent pending applications. Additionally, the Company owns over 60 lighting and home decor websites for both retail and commercial segments. Our technologies place an emphasis on high quality and ease of use, while significantly enhancing both safety and lifestyle in homes and buildings. We believe that our products are a necessity in every room in both homes and other buildings in the U.S. and globally. For more information, please visit our website at https://skyplug.com/ or follow us on LinkedIn.
Forward-Looking Statements Certain statements made in this press release are not based on historical facts, but are forward-looking statements. These statements can be identified by the use of forward-looking terminology such as “aim,” “anticipate,” “believe,” “can,” “could,” “continue,” “estimate,” “expect,” “evaluate,” “forecast,” “guidance,” “intend,” “likely,” “may,” “might,” “objective,” “ongoing,” “outlook,” “plan,” “potential,” “predict,” “probable,” “project,” “seek,” “should,” “target” “view,” “will,” or “would,” or the negative thereof or other variations thereon or comparable terminology, although not all forward-looking statements contain these words. These statements reflect the Company’s reasonable judgment with respect to future events and are subject to risks, uncertainties and other factors, many of which have outcomes difficult to predict and may be outside our control, that could cause actual results or outcomes to differ materially from those in the forward-looking statements. Such risks and uncertainties include statements relating to the Company’s ability to successfully launch, commercialize, develop additional features and achieve market acceptance of its products and technologies and integrate its products and technologies with third-party platforms or technologies; the Company’s efforts and ability to drive the adoption of its products and technologies as a standard feature, including their use in homes, hotels, offices and cruise ships; the Company’s ability to capture market share; the Company’s estimates of its potential addressable market and demand for its products and technologies; the Company’s ability to raise additional capital to support its operations as needed, which may not be available on acceptable terms or at all; the Company’s ability to continue as a going concern; the Company’s ability to execute on any sales and licensing or other strategic opportunities; the possibility that any of the Company’s products will become National Electrical Code (NEC)-code or otherwise code mandatory in any jurisdiction, or that any of the Company’s current or future products or technologies will be adopted by any state, country, or municipality, within any specific timeframe or at all; risks arising from mergers, acquisitions, joint ventures and other collaborations; the Company’s ability to attract and retain key executives and qualified personnel; guidance provided by management, which may differ from the Company’s actual operating results; the potential impact of unstable market and economic conditions on the Company’s business, financial condition, and stock price; and other risks and uncertainties described in the Company’s filings with the Securities and Exchange Commission, including its periodic reports on Form 10-K and Form 10-Q. There can be no assurance as to any of the foregoing matters. Any forward-looking statement speaks only as of the date of this press release, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by U.S. federal securities laws.
RESTON, Va., March 17, 2025 /PRNewswire/ — V2X (NYSE: VVX) has been awarded a position on the U.S. Navy’s Worldwide Expeditionary Multiple Award Contract (WEXMAC) 2.0, a key vehicle for delivering enhanced global logistics capabilities.
Administered jointly by the Army Contracting Command and the Naval Supply Systems Command, WEXMAC 2.0 streamlines procurement processes and integrates technology to enhance logistical support for joint forces and federal agencies worldwide. The contract is designed to strengthen global military operations through rapid and efficient supply chain solutions.
V2X was selected to support 22 regions and will leverage its global footprint to deliver solutions and logistical capabilities that sustain and set the theater. This multiple-award, indefinite-delivery/indefinite-quantity contract has an initial five-year period with a ceiling value of $1.2 billion, with an option to extend up to 10 years for a total of $2.4 billion.
“This award reaffirms our commitment to delivering mission-critical solutions that strengthen global security and ensure warfighters have the resources they need,” said Jeremy C. Wensinger, President and Chief Executive Officer of V2X. “It advances the defense logistics framework, enabling exceptional support for global expeditionary missions with efficiency, reliability, and agility.”
About V2X V2X builds innovative solutions that integrate physical and digital environments by aligning people, actions, and technology. V2X is embedded in all elements of a critical mission’s lifecycle to enhance readiness, optimize resource management, and boost security. The company provides innovation spanning national security, defense, civilian, and international markets. With a global team of approximately 16,000 professionals, V2X enables mission success by injecting AI and machine learning capabilities to meet today’s toughest challenges across all operational domains.
Investor Contact Mike Smith, CFA Vice President, Treasury, Corporate Development and Investor Relations IR@goV2X.com 719-637-5773
Media Contact Angelica Spanos Deoudes Senior Director, Marketing and Communications Angelica.Deoudes@goV2X.com 571-338-5195
Comtech Telecommunications Corp. engages in the design, development, production, and marketing of products, systems, and services for advanced communications solutions in the United States and internationally. It operates in three segments: Telecommunications Transmission, Mobile Data Communications, and RF Microwave Amplifiers. The Telecommunications Transmission segment provides satellite earth station equipment and systems, over-the-horizon microwave systems, and forward error correction technology, which are used in various commercial and government applications, including backhaul of wireless and cellular traffic, broadcasting (including HDTV), IP-based communications traffic, long distance telephony, and secure defense applications. The Mobile Data Communications segment provides mobile satellite transceivers, and computers and satellite earth station network gateways and associated installation, training, and maintenance services; supplies and operates satellite packet data networks, including arranging and providing satellite capacity; and offers microsatellites and related components. The RF Microwave Amplifiers segment designs, develops, manufactures, and markets satellite earth station traveling wave tube amplifiers (TWTA) and broadband amplifiers. Its amplifiers are used in broadcast and broadband satellite communication; defense applications, such as telecommunications systems and electronic warfare systems; and commercial applications comprising oncology treatment systems, as well as to amplify signals carrying voice, video, or data for air-to-satellite-to-ground communications. The company serves satellite systems integrators, wireless and other communication service providers, broadcasters, defense contractors, military, governments, and oil companies. Comtech markets its products through independent representatives and value-added resellers. The company was founded in 1967 and is headquartered in Melville, New York.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Making Progress. Comtech made some progress in its business transformation during the fiscal second quarter, although business conditions remain challenging. The most significant change came post quarter-end with the amendment to its senior secured credit agreement that cures the covenant breaches as of January 31, 2025.
2Q25 Results. Revenue totaled $126.6 million, down 5.7% from the year ago period, but up 9.3% sequentially. Gross margin of 26.7% fell y-o-y, but improved sequentially from 12.5% in 1Q25. Comtech reported a net loss of $48.7 million, before preferred stock adjustments, compared to a net loss of $10.6 million in 2Q24. Adjusted net loss was $0.35/sh compared to a net loss of $0.15/sh last year.
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 700 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For additional information, visit www.ISG-One.com
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Improved Metrics. While fourth quarter revenue was down on a reported basis, it was in-line with our expectations and at the upper-end of management’s $57-$58 million guidance. Importantly, ISG delivered an improved gross margin of 41.5% from 38.3% last year due to higher utilization and the sale of its automation unit. Flowing through to the bottom line, adjusted EBITDA had an improved margin of 11.3% from 8.9% last year.
A Year of Headwinds. Fiscal year 2024 was highlighted by headwinds for the Company, as its clients delayed decision making throughout the year. Uncertainty regarding the macroenvironment, geopolitical conflict in Europe, and political uncertainty impacted spending in 2024.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 700 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For additional information, visit www.ISG-One.com
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Fourth Quarter Results. Revenue for the quarter totaled $57.8 million, nearing the top of management’s guidance and in-line with our estimate of $58 million. Net income totaled $3.0 million, or $0.06 per diluted share, an improvement from a loss of $2.9 million or $0.06 per share, last year. We estimated a net loss of $0.2 million or breakeven per share. Adjusted EBITDA was $6.5 million, the midpoint of management’s guidance and above our estimate of $6 million.
More Cash in Hand. ISG generated cash from operations of $6.6 million during the quarter, and with the sale of the automation unit last quarter, had total cash on hand of $23.1 million at the end of the quarter, up 138% from the prior quarter. Debt declined to 25% y-o-y to $59.2 million as of December 31, 2024. Management maintained a goal of 2.0-2.5x debt to EBITDA ratio.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Comtech Telecommunications Corp. engages in the design, development, production, and marketing of products, systems, and services for advanced communications solutions in the United States and internationally. It operates in three segments: Telecommunications Transmission, Mobile Data Communications, and RF Microwave Amplifiers. The Telecommunications Transmission segment provides satellite earth station equipment and systems, over-the-horizon microwave systems, and forward error correction technology, which are used in various commercial and government applications, including backhaul of wireless and cellular traffic, broadcasting (including HDTV), IP-based communications traffic, long distance telephony, and secure defense applications. The Mobile Data Communications segment provides mobile satellite transceivers, and computers and satellite earth station network gateways and associated installation, training, and maintenance services; supplies and operates satellite packet data networks, including arranging and providing satellite capacity; and offers microsatellites and related components. The RF Microwave Amplifiers segment designs, develops, manufactures, and markets satellite earth station traveling wave tube amplifiers (TWTA) and broadband amplifiers. Its amplifiers are used in broadcast and broadband satellite communication; defense applications, such as telecommunications systems and electronic warfare systems; and commercial applications comprising oncology treatment systems, as well as to amplify signals carrying voice, video, or data for air-to-satellite-to-ground communications. The company serves satellite systems integrators, wireless and other communication service providers, broadcasters, defense contractors, military, governments, and oil companies. Comtech markets its products through independent representatives and value-added resellers. The company was founded in 1967 and is headquartered in Melville, New York.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
New Capital Infusion. Last night, after the market closed, Comtech Telecommunications announced a new $40 million capital infusion from the current holders of Comtech’s convertible preferred and subordinated debt, or White Hat Capital and Magnetar Financial. The new capital infusion is made on the same terms and conditions as the prior subordinated debt investment.
Uses. Of the $40 million infusion, $27.3 million is being used to prepay the senior secured term loan and $3.2 million to reduce the revolving credit facility, with a waiver of the prepayment penalties that would have been owed in accordance with the terms of the credit agreement.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Mr. Long’s Proven Track Record in Driving E-Commerce Growth and Innovation Includes Leadership Roles at Walmart, Ashley Furniture, and Amazon
Mr. Long will Collaborate with the Existing E-commerce Management Team and Founders to Expand SKYX ‘s Sales and Market Penetration of Its Disruptive Advance and Smart Home Plug & Play Technologies in the U.S. and Canadian Markets
MIAMI, March 03, 2025 (GLOBE NEWSWIRE) — SKYX Platforms Corp. (NASDAQ: SKYX) (d/b/a SKYX Technologies) (the “Company” or “SKYX”), a highly disruptive advanced and smart home platform technology company for homes and buildings, with more than 97 issued and pending patents globally and a portfolio of over 60 lighting and home décor websites, announces today that Huey Long, former Director of Amazon E-Commerce, Senior Vice President of Walmart, and Executive Vice President at Ashley Furniture, has joined SKYX to lead its e-commerce platform.
Mr. Long will work together with the existing e-commerce management team and founders to drive innovation and expand sales and market penetration of SKYX’s advanced and smart home plug & play technologies across the U.S. and Canadian markets.
Long is renowned for his strategic vision and operational excellence across advanced business ecosystems. With over 28 years of experience in e-commerce, omnichannel retail, and global sourcing, he brings a wealth of expertise and leadership to SKYX. His career includes pivotal roles at industry-leading companies, including as Director at Amazon.com, where he spearheaded the development of Amazon Basics, the company’s first private brand initiative. Additionally, he has served as Senior Vice President at Walmart Stores Inc., General Merchandise Manager at Sam’s Club, and Executive Vice President at Ashley Furniture.
Commenting on his appointment, Huey Long said, “I am honored to join SKYX and work with its e-commerce management team and founders at such an exciting time. The company’s commitment to innovation with its game-changing plug & play technologies aligns perfectly with my passion for driving value through innovation, strategic transformation, and operational excellence. I look forward to driving growth and further expanding the market penetration of SKYX’s technologies in the U.S. and Canadian markets. SKYX’s disruptive and smart platform technologies present a unique opportunity for recurring revenues.”
Rani Kohen, Founder/Inventor and Executive Chairman, of SKYX Platforms, said, “Huey’s extensive experience in e-commerce and omnichannel retail makes him uniquely positioned to drive the next phase of growth of our advanced and smart home plug & play platform technologies. We are excited to have Huey on board and look forward to his leadership as we continue to grow our market penetration.”
About SKYX Platforms Corp.
As electricity is a standard in every home and building, our mission is to make homes and buildings become safe-advanced and smart as the new standard. SKYX has a series of highly disruptive advanced-safe-smart platform technologies, with over 97 U.S. and global patents and patent pending applications. Additionally, the Company owns over 60 lighting and home decor websites for both retail and commercial segments. Our technologies place an emphasis on high quality and ease of use, while significantly enhancing both safety and lifestyle in homes and buildings. We believe that our products are a necessity in every room in both homes and other buildings in the U.S. and globally. For more information, please visit our website at https://skyplug.com/ or follow us on LinkedIn.
Forward-Looking Statements Certain statements made in this press release are not based on historical facts, but are forward-looking statements. These statements can be identified by the use of forward-looking terminology such as “aim,” “anticipate,” “believe,” “can,” “could,” “continue,” “estimate,” “expect,” “evaluate,” “forecast,” “guidance,” “intend,” “likely,” “may,” “might,” “objective,” “ongoing,” “outlook,” “plan,” “potential,” “predict,” “probable,” “project,” “seek,” “should,” “target” “view,” “will,” or “would,” or the negative thereof or other variations thereon or comparable terminology, although not all forward-looking statements contain these words. These statements reflect the Company’s reasonable judgment with respect to future events and are subject to risks, uncertainties and other factors, many of which have outcomes difficult to predict and may be outside our control, that could cause actual results or outcomes to differ materially from those in the forward-looking statements. Such risks and uncertainties include statements relating to the Company’s ability to successfully launch, commercialize, develop additional features and achieve market acceptance of its products and technologies and integrate its products and technologies with third-party platforms or technologies; the Company’s efforts and ability to drive the adoption of its products and technologies as a standard feature, including their use in homes, hotels, offices and cruise ships; the Company’s ability to capture market share; the Company’s estimates of its potential addressable market and demand for its products and technologies; the Company’s ability to raise additional capital to support its operations as needed, which may not be available on acceptable terms or at all; the Company’s ability to continue as a going concern; the Company’s ability to execute on any sales and licensing or other strategic opportunities; the possibility that any of the Company’s products will become National Electrical Code (NEC)-code or otherwise code mandatory in any jurisdiction, or that any of the Company’s current or future products or technologies will be adopted by any state, country, or municipality, within any specific timeframe or at all; risks arising from mergers, acquisitions, joint ventures and other collaborations; the Company’s ability to attract and retain key executives and qualified personnel; guidance provided by management, which may differ from the Company’s actual operating results; the potential impact of unstable market and economic conditions on the Company’s business, financial condition, and stock price; and other risks and uncertainties described in the Company’s filings with the Securities and Exchange Commission, including its periodic reports on Form 10-K and Form 10-Q. There can be no assurance as to any of the foregoing matters. Any forward-looking statement speaks only as of the date of this press release, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by U.S. federal securities laws.
NEW YORK–(BUSINESS WIRE)– Perfect Corp. (NYSE: PERF) (“Perfect” or the “Company”), a global leader in providing artificial intelligence (“AI”) and augmented reality (“AR”) Software-as-a-Service (“SaaS”) solutions to beauty and fashion industries, today announced its unaudited financial results for the three months and the full year ended December 31, 2024.
Highlights for the Three Months Ended December 31, 2024
Total revenuewas $15.9 million for the three months ended December 31, 2024, compared to $14.1 million in the same period of 2023, an increase of 12.4%. The increase was primarily due to growth momentum in the revenue of AI- and AR- cloud solutions and mobile app subscriptions.
Gross profitwas $11.8 million for the three months ended December 31, 2024, compared with $11.5 million in the same period of 2023, an increase of 2.5%.
Net income was $1.1 million for the three months ended December 31, 2024, compared to a net income of $1.4 million during the same period of 2023, a decrease of 21.8%.
Adjusted net income (non-IFRS)1was $2.3 million for the three months ended December 31, 2024, compared to adjusted net income (non-IFRS) of $2.1 million in the same period of 2023, an increase of 8.2%.
Operating cash flowwas $3.3 million in the fourth quarter of 2024, compared to $3.1 million in the same period of 2023, an increase of 3.4%.
The Company’s YouCam mobile beauty app and web active subscribers grew by 14.3% year-over-year, reaching a record high of over 1 million active subscribers as of end of 2024.
As of December 31, 2024, the Company’s cumulative customer base included 732 brand clients, with over 822,000 digital stock keeping units (“SKUs”) for makeup, haircare, skincare, eyewear, watches and jewelry products, compared to 708 brand clients and over 806,000 digital SKUs as of September 30, 2024. The number of Key Customers2of the Company remained stable at 151, as of both December 31, 2024, compared and September 30, 2024 due to the stability of our enterprise business.
Highlights for the Year Ended December 31, 2024
Total revenuewas $60.2 million for the year ended December 31, 2024, compared to $53.5 million in the same period of 2023, an increase of 12.5%.
Gross profitwas $46.9 million for the year ended December 31, 2024, compared with $43.1 million in the same period of 2023, an increase of 8.9%.
Net incomewas $5.0 million for the year ended December 31, 2024, compared to a net income of $5.4 million during the same period of 2023, a decrease of 7.3%.
Adjusted net income (non-IFRS)was $8.3 million for the year ended December 31, 2024, compared to adjusted net income (non-IFRS) of $7.0 million in the same period of 2023, an increase of 18.6%.
Operating cash flowwas $13.0 million for the year ended December 31, 2024, compared to $13.6 million in the same period of 2023, a decrease of 4.2%.
Ms. Alice H. Chang, the Founder, Chairwoman, and Chief Executive Officer of Perfect commented, “We are pleased to report solid double-digit growth, positive net income, healthy cash flow, and a strong balance sheet for 2024, fully meeting our previous guidance. This remarkable performance is a testament to our team’s resilience and the visionary leadership of our management. By capitalizing on market opportunities and expanding our total addressable market, we are not only attracting new clients but also laying the foundation for sustained long-term growth. Our commitment to innovation ensures that we will continue to deliver cutting-edge solutions that meet evolving market demands. With a comprehensive strategy in place, we are excited about the future and confident in our ability to create ongoing value for all our stakeholders.”
Financial Results for the Three Months Ended December 31, 2024 and for the Full Year 2024
Revenue
Total revenue was $15.9 million for the three months ended December 31, 2024, compared to $14.1 million in the same period of 2023, an increase of 12.4%. Full-year revenue was $60.2 million in 2024, compared to $53.5 million in 2023, an increase of 12.5%.
AI- and AR- cloud solutions and subscription revenue was $15.1 million for the three months ended December 31, 2024, compared to $12.0 million in the same period of 2023, an increase of 25.4%. Full-year AI- and AR- cloud solutions and subscription revenue was $53.8 million in 2024, compared with $44.8 million in 2023, an increase of 20.2%. The double digit growth was driven by the robust momentum in the growth of YouCam mobile beauty app subscription, stable demand for the Company’s online virtual product try-on solutions from brand customers, and the growing popularity among consumers of Generative AI technologies and AI editing features for photos and videos. The Company’s YouCam mobile beauty app and web active subscribers grew by 14.3% year-over-year, once again reaching a record high of over 1 million active subscribers as of the end of the fourth quarter of 2024. This increase reflected the sustained demand in the Company’s YouCam mobile beauty app services from subscribers and users.
Licensing revenue was $0.5 million for the three months ended December 31, 2024, compared to $1.8 million in the same period of 2023, a decrease of 72.2%. Full year licensing revenue was $5.2 million for 2024, compared with $7.5 million for 2023, a decrease of 30.8%. The Company anticipates that this legacy non-recurring revenue will become increasingly immaterial as it continues to prioritize enhancing its market leadership in offering AI- and AR-based SaaS subscription solutions for brands and customers.
Gross Profit
Gross profit was $11.8 million for the three months ended December 31, 2024, compared with $11.5 million in the same period of 2023, an increase of 2.5%. Despite the increase in gross profit, our gross margin decreased to 74.1% for the three months ended December 31, 2024, from 81.3% in the same period of 2023. Full-year gross profit was $46.9 million in 2024, compared with $43.1 million in 2023, an increase of 8.9%. Full-year 2024 gross margin slightly decreased to 78.0% in 2024 from 80.6% in 2023. The decrease in gross margin was primarily due to the increase in third-party payment processing fees paid to digital distribution partners, such as Google and Apple, due to the steady growth in our YouCam mobile app subscription revenue.
Total Operating Expenses
Total operating expenses were $12.2 million for the three months ended December 31, 2024, compared with $12.7 million in the same period of 2023, a decrease of 3.6%. The decrease was primarily due to declines in research and development (“R&D”) expenses and general and administrative (“G&A”) expenses in the fourth quarter of 2024. Full-year total operating expenses were $50.1 million in 2024, compared with $48.8 million in 2023, an increase of 2.7%. The increase was primarily due to increases in sales and marketing expenses and R&D expenses, which were mostly offset by a decrease in general and administrative expenses.
Sales and marketing expenseswere $6.9 million for the three months ended December 31, 2024, compared to $6.7 million during the same period of 2023, an increase of 3.6%. Full-year sales and marketing expenses were $28.2 million for 2024, compared to $25.7 million in 2023, an increase of 9.7%. This increase was primarily due to an increase in marketing events and advertising expenses related to our mobile apps and cloud computing
Research and development expenseswere $2.8 million for the three months ended December 31, 2024, compared to $3.0 million during the same period of 2023, a decrease of 8.3%. The decrease primarily resulted from streamlining of certain R&D processes and optimizing expenses. Full-year R&D expenses were $12.0 million for 2024, compared to $11.5 million in 2023, an increase of 4.7%. The increases resulted from increases in R&D headcount and related personnel costs.
General and administrative expenseswere $1.8 million for the three months ended December 31, 2024, compared to $3.0 million during the same period of 2023, a significant decrease of 41.0%. Full-year G&A expenses were $8.5 million for 2024, compared to $11.6 million in 2023, a decrease of 26.6%. The significant decrease was primarily due to reduced corporate insurance premium and external professional service fees.
Net Income
Net income was $1.1 million for the three months ended December 31, 2024, compared to a $1.4 million during the same period of 2023. Full-year net income was $5.0 million for 2024, compared to $5.4 million for 2023. The positive net income was supported by our steady revenue growth and effective cost control.
Adjusted Net Income (Non-IFRS)
Adjusted net income was $2.3 million for the three months ended December 31, 2024, compared to $2.1 million in the same period of 2023, an increase of 8.2%. Full-year adjusted net income was $8.3 million for 2024, compared to $7.0 million for 2023.
Liquidity and Capital Resource
As of December 31, 2024, the Company’s cash and cash equivalents remained stable at $127.1 million (or $165.9 million when including money market funds of $2.7 million and 6-month time deposits of $36.0 million, which are classified as current financial assets at fair value through profit or loss and current financial assets at amortized cost under IFRS), compared to $127.2 million as of September 30, 2024 (or $163.2 million when including time deposits).
The Company had a positive operating cash flow of $3.3 million in the fourth quarter of 2024, compared to $3.1 million in the same period of 2023. The Company had a positive operating cash flow of $13.0 million in the full year of 2024, compared to $13.6 million in 2023. The Company continues to invest in growth while maintaining a healthy cash reserve to support business operations underscoring the Company’s operational health and sustainability.
Recent Developments
As previously announced by the Company, on December 23, 2024, Perfect entered into an agreement with Farfetch, a leading global marketplace for the luxury fashion industry, pursuant to which Perfect agreed to acquire 100% of the equity interests in Wannaby Inc. (“Wannaby”), which is a pioneer in augmented reality and computer vision technologies, specializing in virtual try-on solutions for the fashion industry.
On January 8, 2025, Perfect completed the acquisition Wannaby. Wannaby is now a wholly-owned subsidiary of Perfect.
Business Outlook for 2025
Based on the growth momentum in both YouCam mobile apps and web subscriptions and enterprise SaaS solution demands, the Company anticipates a year-over-year total revenue growth rate of 13% to 14.5% for 2025, compared to 2024.
Note that this forecast is based on the Company’s current assessment of the market and operational conditions, and that these factors are subject to change.
Conference Call Information
The Company’s management will hold an earnings conference call at 7:30 p.m. Eastern Time on February 26, 2025 (7:30 a.m. Taipei Time on February 27, 2025) to discuss the financial results. For participants who wish to join the call, please complete online registration using the link provided below in advance of the conference call. Upon registering, each participant will receive a participant dial-in number and a unique access PIN, which can be used to join the conference call.
A live and archived webcast of the conference call will also be available at the Company’s investor relations website at https://ir.perfectcorp.com.
About Perfect Corp.
Founded in 2015, Perfect Corp. is a beautiful AI Company and global leader in enterprise SaaS solutions. As an innovative powerhouse in using artificial intelligence (AI) to transform the beauty and fashion industries, Perfect empowers major beauty, skincare, fashion, jewelry, and watch brands and by providing consumers with omnichannel shopping experiences through augmented reality (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. In addition, Perfect also operates a family of YouCam consumer apps for photo, video and camera users, centered on unleashing creativity with AI-driven features for creation, beautification and enhancement. With the help of technologies, Perfect 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.
Use of Non-IFRS Financial Measures
This press release and accompanying tables contain certain non-IFRS financial measures, including adjusted net income, as supplemental metrics in reviewing and assessing Perfect’s operating performance and formulating its business plan. Perfect defined these non-IFRS financial measures as follows:
Adjusted net income (loss) is defined as net income (loss) excluding one-off transaction costs3 , non-cash equity-based compensation, and non-cash valuation (gain)/loss of financial liabilities. Starting from the first quarter of 2024, we no longer exclude foreign exchange gain (loss) from adjusted net income (loss). As we transitioned to using the U.S. dollar as the functional currency for certain subsidiaries in 2023, our foreign exchange gains (losses), which historically have predominantly been unrealized, have not been material since 2023. For a reconciliation of adjusted net income (loss) to net income (loss), see the reconciliation table included elsewhere in this press release.
Non-IFRS financial measures are not defined under IFRS and are not presented in accordance with IFRS. Non-IFRS financial measures have limitations as analytical tools, which possibly do not reflect all items of expense that affect our operations. Share-based compensation expenses have been and may continue to be incurred in our business and are not reflected in the presentation of the non-IFRS financial measures. In addition, the non-IFRS financial measures Perfect uses may differ from the non-IFRS measures used by other companies, including peer companies, and therefore their comparability may be limited. The presentation of these non-IFRS financial measures is not intended to be considered in isolation from or as a substitute for the financial information prepared and presented in accordance with IFRS. The items excluded from our adjusted net income are not driven by core results of operations and render comparison of IFRS financial measures with prior periods less meaningful. We believe adjusted net income provides useful information to investors and others in understanding and evaluating our results of operations, as well as providing a useful measure for period-to-period comparisons of our business performance. Moreover, such non-IFRS measures are used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting.
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