SHENZHEN, China, June 10,
2024 /PRNewswire/ -- Taoping Inc. (Nasdaq: TAOP, the
"Company"), a developer of innovative smart cloud platform services
and solutions, new media and artificial
intelligence solutions, today reported a total contract
revenue value of RMB 29.8 million
(approximately USD $4.1 million) for
the month of May 2024, representing
an increase of 52% compared to the month of May 2023. This represents a 43% increase over
April 2024, which had a total
contract revenue value of RMB 20.8
million.
Led by growth of its cloud-based Smart City products and
solutions, the addition of sales of the Company's new AI-powered
Smart Terminals was also an important driver of the surge in May
contract revenue. The Company anticipates that AI-based products
will continue to expand and remain a key factor in driving revenue
growth in 2024 and beyond.
Mr. Lin Jianghuai, Chairman and CEO of Taoping, said: "The
strong revenue growth continues to accelerate as we expand our
AI-based products and respond to increasing customer demand. This
acceleration in growth is driven by several key factors: our
innovative technology, increasing overall market demand, and our
competitive edge. Importantly, we provide an enhanced customer
experience by integrating our extensive AI-enabled product
portfolio, enabling us to deliver customized solutions and foster
strong customer loyalty. 2024 has started on a high note, and we
anticipate continuing this momentum as we move forward and gain
further customer traction."
Taoping's enhanced AI-powered Smart Terminals leverage high-end
video displays to seamlessly integrate AI technology. This
facilitates rapid interaction, data collection, analysis, and more,
thereby optimizing the user experience. Initially targeting
advertisers, these enhanced terminals enable autonomous generation
of diverse advertising content, including text-to-image, posters,
and video ads. Such capability aligns with tailored promotional
strategies, offering extensive customization options. Moreover,
this functionality allows the terminals to engage audiences
naturally and instantly, significantly enhancing the efficacy of
advertising media within Taoping's ecosystem.
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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/taoping-may-contract-revenue-surges-52-yoy-led-by-continued-ai-based-business-growth-302167838.html
SOURCE Taoping Inc.
