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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) announced it received the "2021 Science and Technology Innovation and Invention Achievement" Award at the 18th China Scientists Forum held on May 24, 2021. The forum, promoting enterprise science and technology development, featured COO Zhixiong Huang discussing AI and the company's smart cloud ecosystem. TAOP's innovative smart cloud platform, powered by its G cloud data center, supports various industries in digital transformation. The recognition positions TAOP as a key partner in the digital landscape for enterprises.
Taoping Inc. (NASDAQ: TAOP) has established a majority-owned subsidiary, Taoping Digital Assets (Hong Kong) Limited, aimed at enhancing its global competitiveness and supply chain. The new subsidiary will manage the Hong Kong Data Center and support the company's five business divisions. Mr. Chi To Ip, an expert in IT and digital asset project management with over 20 years of experience, has been appointed as president. This strategic move is part of TAOP's broader global expansion plan, reinforcing its commitment to growth in the digital asset sector.
Taoping Inc. (NASDAQ: TAOP) announced key management changes, including the appointment of Ms. Liqiong (Iris) Yan as Chief Financial Officer. The company established two new business divisions: Digital Server Business Division and G Cloud Computing Power Business Division. Mr. Zhiqiang Zhao and Mr. Zhixiong Huang were appointed as directors for these divisions, respectively. The overall structure now includes five divisions. Taoping reaffirmed its 2021 financial guidance, projecting revenues between $40 million to $50 million and operating income of $8 million to $10 million.
Taoping Inc. (NASDAQ: TAOP) announced the launch of its "Taoping G Cloud Hong Kong Data Center" in Hong Kong. The facility will deploy 1,000 general-purpose servers optimized for Ethereum and cloud desktops, achieving a total hashrate of 480,000 MH/s. The first batch of 300 servers will be operational by the end of May 2021. Located in a key international hub, the center offers robust power and broadband connectivity. This initiative is a significant step in Taoping's strategy to expand its global GPU cloud computing capabilities.
Taoping Inc. (NASDAQ: TAOP) has entered a strategic cooperation agreement with ZNDS Global Technology PTE. LTD. for a 5-year term starting May 1, 2021, aiming to develop the GPU cloud computing market. TAOP plans to supply at least $10 million in computing power, with an initial purchase of a minimum of $1 million in GPU services by September 30, 2021. This partnership is expected to enhance TAOP's presence in the international market, focusing on high-performance computing applications such as cloud services and AI.
Taoping Inc. (NASDAQ: TAOP) reported a revenue decline to $11.0 million for the year ending December 31, 2020, down 20% from $13.8 million in 2019. The net loss attributable to the company reached $17.7 million, compared to $3.6 million in 2019. Despite a 96% revenue increase in H2 2020 from H1, the company faced challenges due to COVID-19. Looking forward, TAOP expects 2021 revenue between $40 million and $50 million and operating income of $8 million to $10 million.
Taoping Inc. (NASDAQ: TAOP) announced that its CEO, Mr. Jianghuai Lin, received the Innovative Entrepreneur Award on April 25, 2021, recognizing his contributions to the media and education sectors through TAOP's smart cloud services. The Company emphasizes digital transformation via artificial intelligence and big data, providing integrated solutions across various industries. Mr. Lin highlighted the award's potential to enhance brand recognition for TAOP both domestically and internationally.
Taoping Inc. (NASDAQ: TAOP) has established Taoping Capital Limited, a wholly-owned subsidiary in Hong Kong, to enhance its blockchain and digital asset initiatives alongside its cloud-based services. This subsidiary will focus on investing in blockchain technologies, including acquiring bitcoin mining equipment and general-purpose servers for Ethereum. Mr. Jianghuai Lin will lead Taoping Capital, supported by the experienced Mr. Huaqiao Zhang as Chief Advisor. The strategic move aims to bolster TAOP’s growth and operational capabilities in an evolving digital landscape.
Taoping Inc. (NASDAQ: TAOP) launched the "Taoping G Cloud Data Center" in Dong-guan City, China, with plans to deploy 3,000 servers by 2021. The center aims for a total hashrate of 1,450,000 MH/s, enhancing the company's capabilities in blockchain and GPU cloud computing. The data center supports demand growth driven by technological advancements and COVID-19. Recent forecasts predict a 31% CAGR for the GPU market, increasing from $20.6 billion in 2019 to $104.7 billion by 2025, boosting Taoping's digital transformation efforts.
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