SHENZHEN, China, Jan. 16,
2024 /PRNewswire/ -- Taoping Inc. (Nasdaq: TAOP,
the "Company"), today reported an 80% increase in the Company's
contract revenue value for the full year of 2023, as compared with
the full year of 2022. The Company entered into contracts totaling
RMB 270 million (approximately
US$37.94 million) during 2023, with
the majority of the revenue expected to be recognized within fiscal
year 2023 and the balance in fiscal year 2024.
Taoping achieved strong growth throughout 2023, with demand led
by the Company's city partner ecosystem and comprehensive portfolio
of core high-value, high-traffic area software development and
advertising business solutions. The Company continued to invest in
its impressive new product pipeline and R&D efforts into
powerful new AI-driven solutions, which the Company expects will
make significant contributions during fiscal year 2024.
Mr. Lin Jianghuai, Chairman and CEO of Taoping, said: "We are
very encouraged with our strong growth in 2023 as our business
rebounded along with the overall economy. As spending on travel and
outdoor activities returned, we saw a significant uptick in
interest in our solutions from customers. Based on customer demand
levels, we expect continued strong growth in 2024, with increased
contributions from Taoping's powerful new Cloud Nest AI system and
intelligent Cloud platform, our leading-edge Smart City solutions
and innovative off-grid wastewater treatment solution, as well as
other AI-driven businesses."
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.