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Taoping Inc. (Nasdaq: TAOP) is a leading provider of cloud-app technologies, smart city IoT platforms, and digital advertising solutions based in China. The company operates through three main segments: Cloud-based Technology (CBT), Blockchain Technology (BT), and Traditional Information Technology (TIT). The CBT segment, which generates the majority of Taoping's revenue, focuses on providing cloud-based products and services to private sector clients, including new media, healthcare, education, and residential community management.
In recent months, Taoping Inc. has achieved significant milestones, including the development and launch of innovative off-grid wastewater treatment solutions. These solutions have garnered increased demand, driving the company's revenue momentum. Taoping offers comprehensive support throughout the project lifecycle, from planning and construction to operation and maintenance, integrated with their powerful Cloud Nest AI system and intelligent cloud platform. This holistic approach has enabled the company to expand its order pipeline and complete new projects across various provinces in China.
Taoping's financial performance has been strong, with the company reporting a 78% year-over-year growth in contract revenue for January 2024, totaling RMB 25.8 million (approximately USD $3.6 million). This growth continued with a 53% increase in contract revenue for the first quarter of 2024 compared to the same period in 2023. The company's latest AI-powered smart terminals have also contributed to its revenue surge, enhancing user experience through rapid data interaction and autonomous content generation for advertisers.
In addition to its financial achievements, Taoping has formed strategic partnerships to further penetrate the market. For instance, the company entered a cooperation agreement with Zhenjiang Fengchao Information Technology Co., Ltd. to boost sales of its AI-powered smart terminals. This collaboration aims to leverage Taoping's advanced technology to transform real estate marketing and other sectors.
Taoping's commitment to innovation and strategic investments in AI, cloud computing, and smart city solutions have positioned the company for continued growth. The company's integrated ecosystem solutions, combining technology platforms, resource exchange mechanisms, and big data services, offer substantial benefits for clients, including enhanced operational efficiency and reduced costs. As the demand for AI-driven solutions rises, Taoping is well-positioned to capitalize on emerging opportunities and drive long-term shareholder value.
Taoping Inc. (NASDAQ: TAOP) has launched smart charging pile services in six Chinese cities, with over 20,000 new users and 200,000 valid orders recorded. The charging piles, installed in Shenzhen, Guangzhou, Quanzhou, Zhenjiang, Nanyang, and Shenyang, are part of a broader strategy to expand to 50 cities by year-end. This initiative aims to address public charging needs amidst a growing 30% CAGR electric two-wheeler charging station market. The charging system enhances safety through real-time monitoring and protection features.
Taoping Inc. (NASDAQ: TAOP) has entered a three-year strategic cooperation agreement with Shenzhen Zhihui Yunti IoT Co., Ltd. to enhance elevator modernization and maintenance. TAOP will leverage its Taoping Alliance for market development, while Zhihui Yunti will provide technical support and product management. The elevator modernization market in China is projected to reach $8.2 billion by 2022, with nearly six million elevators in operation. This collaboration aims to improve smart elevator management and increase service accessibility for communities.
Taoping Inc. (NASDAQ: TAOP) announced a letter of intent to acquire at least 51% of Fujian Taoping IoT Technology Limited, with the purchase price to be paid in ordinary shares of TAOP. The acquisition aims to strengthen Taoping's position in new media and smart community services in East China. Established in 2017, Fujian Taoping serves over 2,000 customers and operates 8,899 smart screen locations in Fujian Province. This acquisition follows another recent acquisition of Zhenjiang Taoping and is expected to accelerate Taoping's digital service business and create shareholder value.
Taoping Inc. (NASDAQ: TAOP) announced a five-year strategic cooperation agreement with three companies to develop the naked-eye 3D iGallery and Smart Station projects. TAOP will lead market development through its Taoping Alliance network while the partners will contribute resources in technology and brand promotion. The iGallery is a digital art display solution, allowing audiences to enjoy 3D visuals without glasses. The Smart Station is a modular public toilet system that integrates multiple services. Projects have been implemented in cities across China, promising a new public experience.
Taoping Inc. (NASDAQ: TAOP) announced the acquisition of a 95.56% equity interest in Zhenjiang Taoping IoT Technology Limited to enhance its smart charging pile and digital media operations in East China. The deal entails issuing 201,552 restricted ordinary shares valued at $391,011 based on an average share price of $1.94. Share issuance is phased and contingent on Zhenjiang Taoping meeting revenue and income targets. The transaction aims to leverage regional strengths to drive growth in smart community services and digital media.
Taoping Inc. (NASDAQ: TAOP) has entered a three-year strategic cooperation agreement with Shenzhen Zhicheng Chuangtou New Energy to expand the smart charging pile market. TAOP will handle market development and installation, while Zhicheng provides charging equipment and management services. The partnership aims to enhance coverage to 50 cities by the end of 2022, responding to the growing demand for electric two-wheelers, which are expected to reach 350 million in China by 2022, amid only 9.7 million available charging ports.
Taoping Inc. (NASDAQ: TAOP) has announced the expansion of its Hong Kong Data Center, aiming to double its total hash rate to 700 GH/s. This project is expected to be completed by the end of January 2022, enhancing the Company’s ability to generate approximately 350 Ether per month. The site in Tsuen Wan will host more general-purpose servers, reinforcing Taoping’s commitment to developing its digital currency business in the region. The expansion follows strong progress in cloud computing resources since the Center's launch in May 2021.
Taoping Inc. (NASDAQ: TAOP) announced the establishment of its subsidiary, Kazakh Taoping Data Center Co. Ltd., to construct a cryptocurrency mining data center in Kazakhstan. The project will invest $3.2 million and aims to complete its first phase, featuring 40MW capacity, within six months. The facility will cover approximately 269,000 square feet and accommodate around 10,000 S19 Antminers. The move is viewed as a strategic expansion into the growing cryptocurrency sector, potentially generating significant value for shareholders.
Taoping (NASDAQ: TAOP) reported a 71.9% increase in revenue, reaching $6.4 million for the first half of 2021, compared to $3.7 million in the same period of 2020. This growth was fueled by higher sales of high-end data storage servers and new revenue streams from advertising and cryptocurrency mining. However, the net loss rose to $14.1 million, up from $7.7 million year-over-year, primarily driven by increased administrative expenses. Cash and cash equivalents stood at $0.8 million as of June 30, 2021, reflecting ongoing challenges in financial stability.
Taoping Inc. (NASDAQ: TAOP) has exercised a purchase option to acquire 100% of iASPEC Technology Group Co., Ltd. from its sole shareholder, Mr. Jianghuai Lin, for 612,245 unregistered ordinary shares valued at $1.8 million. This transaction will eliminate the variable interest entity (VIE) structure to enhance corporate governance. Additionally, TAOP has relocated its global corporate headquarters from Shenzhen to Hong Kong to support its international growth strategy. The transfer is pending relevant PRC government registrations.
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