Taoping Reports First Half 2023 Financial Results
- 93% Increase in Revenue
- Continued Growth in Second Half of 2023
- None.
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93% Increase in Revenue Compared to First Half of 2022 10% Improvement in Net Loss Compared to First Half of 2022- Company Expects Continued Growth in Second Half of 2023
Mr. Lin Jianghuai, Chairman and CEO of the Company, said: "We started off 2023 at a record pace, with stability coming back following the numerous challenges, closures and tragedies of the COVID pandemic worldwide. Our Team remained focused and continued to execute on our two core business competencies, the Taoping national sales network, and its compatible, highly scalable Smart Cloud platform, which helped drive a Company record
Mr. Lin Jianghuai, continued, "We are on track for further growth in the second half of 2023, led by the rebound in demand from our 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 Cloud Nest AI system and intelligent Cloud platform. In addition to our intelligent software and Cloud platform, we have been investing in and expanding our AI-driven portfolio, including AI-related products and servers, to provide customers with fully integrated seamless solutions, as we target opportunities in this fast-growing segment. We are also benefitting from increased business momentum as we capture new business opportunities in the Smart City and new energy sectors. Our impressive progress in 2023 has already resulted in us entering into a series of long-term strategic cooperation agreements with various customers to provide Taoping's Cloud-based intelligent product solutions, including smart large screen, IoT Smart rest station and off-grid wastewater treatment solutions. We have built an advantageous competitive position and distinctive portfolio of products, which we expect will combine to help us generate significant revenue growth and operating cashflow for the Company and shareholders for year 2023 and beyond."
Financial Results for the First Six Months of Fiscal Year 2023
Revenue increased
Cost of revenue was
Administrative expenses increased by
Research and development ("R&D") expenses decreased by
Selling expenses decreased by
The Company reduced its net loss by
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
TAOPING INC. | ||||||||
(F/K/A | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
JUNE 30, 2023 AND DECEMBER 31, 2022 | ||||||||
June 30, 2023 | December 31, 2022 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash and cash equivalents | $ | 460,147 | $ | 1,014,591 | ||||
Accounts receivable, net | 6,260,433 | 9,201,245 | ||||||
Accounts receivable-related parties, net | 51,449 | 91,371 | ||||||
Advances to suppliers | 5,220,446 | 5,851,381 | ||||||
Prepaid expenses | 307,397 | - | ||||||
Inventories, net | 5,781,338 | 356,358 | ||||||
Other current assets | 1,565,835 | 1,554,488 | ||||||
Current assets from discontinued operations | 568,367 | 1,326,265 | ||||||
TOTAL CURRENT ASSETS | 20,215,412 | 19,395,699 | ||||||
Property, equipment and software, net | 6,762,448 | 7,833,902 | ||||||
Right-of-use assets | 32,467 | 48,786 | ||||||
Long-term investments | 68,717 | 95,966 | ||||||
Goodwill | 58,922 | 58,922 | ||||||
Other assets, non-current, net | 1,240,191 | 1,775,540 | ||||||
TOTAL ASSETS | $ | 28,378,157 | $ | 29,208,815 | ||||
LIABILITIES AND EQUITY | ||||||||
CURRENT LIABILITIES | ||||||||
Short-term bank loans | $ | 6,765,931 | $ | 7,203,762 | ||||
Accounts payable | 2,139,275 | 2,287,244 | ||||||
Accounts payable-related parties | 889 | - | ||||||
Advances from customers | 727,121 | 622,581 | ||||||
Advances from customers-related parties | 88,290 | 94,832 | ||||||
Amounts due to related parties | 3,587,733 | 3,338,882 | ||||||
Accrued payroll and benefits | 653,783 | 411,995 | ||||||
Other payables and accrued expenses | 4,694,607 | 4,996,344 | ||||||
Income tax payable | 84,679 | 60,054 | ||||||
Lease liability-current | 28,595 | 29,373 | ||||||
Other current liability | 74,574 | 149,148 | ||||||
Current liabilities from discontinued operations | 64,575 | 377,539 | ||||||
TOTAL CURRENT LIABILITIES | 18,910,052 | 19,571,754 | ||||||
Lease liability | 4,899 | 20,369 | ||||||
TOTAL LIABILITIES | 18,914,951 | 19,592,123 | ||||||
EQUITY | ||||||||
Ordinary shares, 2023 and 2022: par | 163,154,015 | 161,404,797 | ||||||
Additional paid-in capital | 22,447,083 | 22,447,083 | ||||||
Reserve | 10,209,086 | 10,209,086 | ||||||
Accumulated deficit | (209,863,637) | (208,054,607) | ||||||
Accumulated other comprehensive income | 23,516,659 | 23,610,333 | ||||||
Total equity of the Company | 9,463,206 | 9,616,692 | ||||||
Non-controlling interest | - | - | ||||||
Total Equity | 9,463,206 | 9,616,692 | ||||||
TOTAL LIABILITIES AND EQUITY | $ | 28,378,157 | $ | 29,208,815 | ||||
* On August 1, 2023, the Company implemented a one-for-ten reverse stock split of the Company's issued and outstanding ordinary shares. Except shares |
TAOPING INC. | ||||||||||||||||||
(F/K/A | ||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||
FOR THE SIX MONTHS ENDED JUNE 30, 2023 AND 2022 | ||||||||||||||||||
Six Months Ended | ||||||||||||||||||
June 30, 2023 | June 30, 2022 | |||||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||||
Revenue – Products | $ | 8,074,534 | $ | 2,882,990 | ||||||||||||||
Revenue – Products-related parties | 71,420 | - | ||||||||||||||||
Revenue – Software | 3,777,209 | 1,785,891 | ||||||||||||||||
Revenue – Advertising | 1,316,932 | 1,184,761 | ||||||||||||||||
Revenue – Advertising-related parties | - | 12,379 | ||||||||||||||||
Revenue – Other | 835,555 | 1,416,423 | ||||||||||||||||
Revenue – Other-related parties | 2,359 | 19,078 | ||||||||||||||||
TOTAL REVENUE | 14,078,009 | 7,301,522 | ||||||||||||||||
Cost – Products | 7,386,299 | 2,724,655 | ||||||||||||||||
Cost – Software | 1,711,442 | 828,310 | ||||||||||||||||
Cost – Advertising | 1,090,137 | 676,382 | ||||||||||||||||
Cost – Other | 15,231 | 486,047 | ||||||||||||||||
TOTAL COST | 10,203,109 | 4,715,394 | ||||||||||||||||
GROSS PROFIT | 3,874,900 | 2,586,128 | ||||||||||||||||
Administrative expenses | 3,750,087 | 3,002,768 | ||||||||||||||||
Research and development expenses | 1,585,894 | 2,050,609 | ||||||||||||||||
Selling expenses | 215,152 | 343,211 | ||||||||||||||||
LOSS FROM OPERATIONS | (1,676,233) | (2,810,460) | ||||||||||||||||
Subsidy income | 142,324 | 89,596 | ||||||||||||||||
(Loss) from equity method investment | (836) | (307,403) | ||||||||||||||||
Other income (loss), net | 40,767 | 1,511,572 | ||||||||||||||||
Interest expense and debt discounts, net of interest income | (261,812) | (287,697) | ||||||||||||||||
Loss before income taxes | (1,755,790) | (1,804,392) | ||||||||||||||||
Income tax expense | (34,513) | (4,283) | ||||||||||||||||
Net loss from continuing operations | (1,790,303) | (1,808,675) | ||||||||||||||||
Net loss from discontinued operations | (18,727) | (191,880) | ||||||||||||||||
NET LOSS | (1,809,030) | (2,000,555) | ||||||||||||||||
Less: Net loss attributable to the non- controlling interest | - | - | ||||||||||||||||
NET LOSS ATTRIBUTABLE TO THE COMPANY | $ | (1,809,030) | $ | (2,000,555) | ||||||||||||||
Loss per share – Basic and Diluted* | ||||||||||||||||||
CONTINUING OPERATIONS | ||||||||||||||||||
Basic | ||||||||||||||||||
Diluted | ||||||||||||||||||
DISCONTINUED OPERATIONS | ||||||||||||||||||
Basic | ||||||||||||||||||
Diluted | ||||||||||||||||||
NET LOSS PER SHARE ATTRIBUTABLE TO THE COMPANY* | ||||||||||||||||||
Basic | ||||||||||||||||||
Diluted | ||||||||||||||||||
* On August 1, 2023, the Company implemented a one-for-ten reverse stock split of the Company's issued and outstanding ordinary shares. Except shares Accompanying notes are provided in the Company's 6-K filing with the |
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SOURCE Taoping Inc.