Taoping Reports 80% Increase in Contract Revenue Value for the Full Year 2023

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Jan 16, 2024, 09:00 ET

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.

SOURCE Taoping Inc.