Augmented reality tools that let shoppers try on lipstick shades or eyeglasses frames before buying have become a familiar part of online beauty and fashion shopping, and few companies have supplied more of that technology than Perfect Corp. (NYSE: PERF). The company builds AI and AR software for beauty and fashion brands and also runs its own consumer facing YouCam apps, and this week it found itself explaining quarterly earnings while also trying to close a deal that would take it off the stock market entirely.
Before U.S. markets opened today, Perfect Corp. reported second quarter revenue of $16.34 million and earnings per share of $0.01. Net margin came in at 6.62%, and return on equity was 3.02% for the period. The results build on a first quarter in which revenue reached $17.9 million, up 12% from the year before, with EPS of $0.023 that beat analyst expectations by a wide margin. Taken together, the numbers describe a company still growing, if modestly, and still generating profit even as its subscription and enterprise software businesses mature.
Ordinarily, a report like this would prompt questions about growth rates or margin trends. This quarter, though, most of the attention is aimed elsewhere. On July 10, 2026, Perfect Corp. signed a definitive agreement to merge with ProjectNY, a Cayman Islands company controlled by the firm’s founder, chairwoman, and chief executive, Alice H. Chang. Under the agreement, ProjectNY will merge into Perfect Corp., which will survive the transaction as a privately held company. Every outstanding ordinary share, aside from shares held by continuing shareholders, excluded shares, and shares where holders exercise dissenters’ rights, will be cancelled in exchange for $2.00 in cash per share.
That price represents a premium of roughly 48.1% over the closing price on March 17, 2026, the last trading day before Perfect Corp. disclosed it had received a preliminary going private proposal, and about 39.6% above the 30 day volume weighted average price (VWAP) before that announcement. Chang and several entities she controls, along with CyberLink Corp. (TWSE: 5203), have signed voting agreements committing them to support the merger. Together, those parties hold approximately 53.4% of Perfect Corp.’s outstanding shares and roughly 81.2% of total voting power, which gives the deal a strong path toward shareholder approval.
A special committee of independent directors reviewed the proposal on behalf of minority shareholders, retaining Kroll, LLC as financial advisor and DLA Piper UK LLP as legal counsel. That committee recommended the deal unanimously, and Perfect Corp.’s board approved it on that basis. The transaction still needs approval from at least two thirds of the votes cast at an extraordinary general meeting, and assuming that happens, the companies expect to close the deal in the fourth quarter of 2026. Once completed, Perfect Corp.’s shares would be delisted from the New York Stock Exchange and deregistered with U.S. securities regulators.
For anyone holding shares heading into the vote, the calculation is fairly direct. The $2.00 offer sits well above where the stock traded before takeover talk began, and Monday’s earnings report gave no obvious reason to doubt the business fundamentals behind that price. The open question is less about whether the numbers support the deal and more about whether the terms feel fair to shareholders who have no say in how the company is run once Chang’s affiliated entities take it private. Founder led buyouts routinely raise that tension, since the person negotiating the exit price is also the person who will own what’s left afterward, and Perfect Corp.’s coming shareholder vote will be where that tension gets resolved one way or another.
