Taoping Awarded RMB10 Million Cloud-Based Advertising Services Contract

Rhea-AI Summary

Taoping Inc. has been awarded a RMB10 million contract to provide cloud-based advertising services to Shenzhen Zhaoyou Tech Co. Ltd. The company expects to recognize the full RMB10 million in revenue in 1Q 2024. Taoping has seen a nearly 100% year-over-year increase in contract revenue value through the first nine months of 2023. The company entered into contracts totaling RMB191 million, the revenues from which are expected to be recognized within fiscal year 2023.

SHENZHEN, China, Oct. 31, 2023 /PRNewswire/ -- Taoping Inc. (Nasdaq: TAOP, the "Company"), today announced the Company was awarded a RMB10 million contract to provide cloud-based advertising services to Shenzhen Zhaoyou Tech Co. Ltd. Taoping expects to recognize the full RMB10 million in revenue in 1Q 2024.

Today's announcement follows October's news of Taoping's nearly 100% year-over-year increase in contract revenue value through the first nine months of 2023 for the Company's cloud-based product and software and advertising businesses. During the nine-month period, the Company entered into contracts totaling RMB191 million (approximately US$26.55 million), the revenues from which the Company expects to recognize within fiscal year 2023.

On being awarded the RMB10 million contract to provide cloud-based advertising services to Shenzhen Zhaoyou, Mr. Lin Jianghuai, Chairman and CEO of Taoping, said: "We have been gearing up for larger cloud-based service contracts after making investments in our portfolio, infrastructure and team. We are excited to support Shenzhen Zhaoyou and look forward to Shenzhen Zhaoyou becoming another showcase customer for us as we continue to grow and expand our customer base and our cloud-based services. Our continued momentum entering the final months of 2023 places us in a position of strength to execute strategies and drive further growth in 2024."

Taoping noted it continues to benefit from high demand for its city partner ecosystem and comprehensive portfolio of core high-value, high-traffic area software development and advertising business solutions, which continues to drive growth as it leverages the Company's powerful new Cloud Nest AI system and intelligent Cloud platform.

About Taoping Inc.

Taoping Inc. (Nasdaq: TAOP) has a long history of successfully leveraging technology in the development of innovative solutions to help customers in both the private and public sectors to more effectively communicate and market to their desired targets. The Company has built a far-reaching city partner ecosystem and comprehensive portfolio of high-value, high-traffic areas for its products, which are aligned together with Taoping's smart cloud platform, cloud services and solutions, new media and artificial intelligence. For more information about Taoping, please visit www.taop.com. You can also follow us on X.

Safe Harbor Statement

This press release contains "forward-looking statements" that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release, such as statements regarding our estimated future results of operations and financial position, our strategy and plans, and our objectives or goals, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. We have attempted to identify forward-looking statements by terminology including "anticipates," "believes," "can," "continue," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "should," or "will" or the negative of these terms or other comparable terminology. Our actual results may differ materially or perhaps significantly from those discussed herein, or implied by, these forward-looking statements. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: our potential inability to achieve or sustain profitability or reasonably predict our future results due to our limited operating history of providing smart cloud services, the effects of the global Covid-19 pandemic, the emergence of additional competing technologies, changes in domestic and foreign laws, regulations and taxes, uncertainties related to China's legal system and economic, political and social events in China, the volatility of the securities markets; and other risks including, but not limited to, those that we discussed or referred to in the Company's disclosure documents filed with the U.S. Securities and Exchange Commission (the "SEC") available on the SEC's website at www.sec.gov, including the Company's most recent Annual Report on Form 20-F as well as in our other reports filed or furnished from time to time with the SEC. The forward-looking statements included in this press release are made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking statements, other than as required by applicable law.

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SOURCE Taoping Inc.

FAQ

What contract did Taoping Inc. receive?

Taoping Inc. received a RMB10 million contract to provide cloud-based advertising services to Shenzhen Zhaoyou Tech Co. Ltd.

When will Taoping Inc. recognize the revenue from the contract?

Taoping Inc. expects to recognize the full RMB10 million in revenue in 1Q 2024.

What was Taoping Inc.'s year-over-year increase in contract revenue value through the first nine months of 2023?

Taoping Inc. saw a nearly 100% year-over-year increase in contract revenue value through the first nine months of 2023.

How much were the contracts entered into by Taoping Inc. during the nine-month period?

Taoping Inc. entered into contracts totaling RMB191 million (approximately US$26.55 million) during the nine-month period.

When does Taoping Inc. expect to recognize the revenues from the contracts entered into during the nine-month period?

The company expects to recognize the revenues from the contracts entered into during the nine-month period within fiscal year 2023.