Taoping Contract Revenue Value Surges 95% YoY 1H 2023

Rhea-AI Summary

Taoping Inc. reports a 95% increase in contract revenue value for its cloud-based product, software, and advertising businesses in the first half of 2023 compared to the previous year. The company has received contracts worth RMB 106 million (US$14.65 million), expected to be recognized as revenue within fiscal year 2023. The growth is attributed to the reopening post-COVID-19 and a rebound in demand from Taoping's city partner ecosystem and core high-value software development and advertising business solutions.

Positive

• Taoping Inc. experiences a significant increase in contract revenue value, indicating strong growth potential. The company has received contracts worth RMB 106 million (US$14.65 million) in the first half of 2023, a 95% increase compared to the previous year. This growth is driven by the reopening post-COVID-19 and a rebound in demand from Taoping's city partner ecosystem and core high-value software development and advertising business solutions.

Negative

• None.

SHENZHEN, China, July 11, 2023 /PRNewswire/ -- Taoping Inc. (NASDAQ: TAOP, the "Company" or "Taoping"), today reported a 95% increase in contract revenue value for its cloud-based product, software and advertising businesses for the first half of 2023 on a year over year basis. The Company has received contracts totaling RMB 106 million (approximately US$14.65 million) in the first half of 2023, all of which are expected to be completed and recognized as revenue within fiscal year 2023.

Growth was led by a post-COVID-19 reopening, and a resumption in both commercial and travel activities, which has led to a rebound in demand from Taoping's city partner ecosystem and comprehensive portfolio of core high-value, high-traffic area software development and advertising business solutions, which leverage the Company's powerful new Cloud Nest AI system and intelligent Cloud platform.

Mr. Lin Jianghuai, Chairman and CEO of Taoping, said: "2023 started off at a record pace for us and we expect to keep the driving momentum for the remaining of the year, as we layer in new products and solutions, including our off-grid wastewater solutions. This is an exciting time for us as our team has done an excellent job staying focused during the challenging COVID-19 period. Throughout this time, we have maintained a strong connection with our valued customers, ensuring that we understand and address their evolving needs. Simultaneously, we have remained committed to investing in the advancement of cutting-edge Smart City solutions, which seamlessly integrate with our AI-driven intelligent Cloud platform. This deliberate strategy allows us to offer innovative and comprehensive offerings that deliver unparalleled value to our customers."

"We are filled with optimism regarding our impressive progress thus far, but our enthusiasm reaches even greater heights as we contemplate the promising prospects that lie ahead. This stems from our advantageous competitive position, distinctive range of products, and robust financial standing."

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 via LinkedIn, Twitter or YouTube.

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 TAOP 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 is Taoping Inc.'s revenue growth in the first half of 2023?

Taoping Inc. reports a 95% increase in contract revenue value for its cloud-based product, software, and advertising businesses in the first half of 2023 compared to the previous year.

What is the total value of contracts received by Taoping Inc. in the first half of 2023?

Taoping Inc. has received contracts totaling RMB 106 million (approximately US$14.65 million) in the first half of 2023.

What is driving the growth for Taoping Inc.?

The growth is attributed to the reopening post-COVID-19 and a rebound in demand from Taoping's city partner ecosystem and core high-value software development and advertising business solutions.