Taoping Inc. (TAOP)
Pre-Market:1.0800 +0.5520 (+104.5455%)
Taoping Contract Revenue Value Surges 95% YoY 1H 2023
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.
(PRNewsfoto/Taoping Inc.)
(PRNewsfoto/Taoping Inc.)
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.
