Taoping Reports Record 1Q 2024 Contract Revenue with 53% Increase Compared to 1Q 2023

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Apr 09, 2024, 08:50 ET

SHENZHEN, China, April 9, 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 60.1 million (approximately USD $8.3 million) for the first quarter of 2024, representing an increase of 53% compared to the first quarter of 2023. The record growth continues to be driven by customer demand for the Company's cutting-edge Smart City solutions, AI-related products and innovative off-grid wastewater treatment solutions.

The Company reiterated its expectation for sustained growth momentum throughout the year due to its previously implemented growth strategy. This growth is projected to be driven by increased demand led by its city partner ecosystem, its diverse range of AI products and innovative Smart City solutions, which are empowered by the Company's advanced Cloud Nest AI system and intelligent Cloud platform.

Mr. Lin Jianghuai, Chairman and CEO of Taoping, said: "We are encouraged by the robust growth we've experienced and the positive feedback from customers, indicating that this momentum will continue as we progress through the year. Our growth is attributed to increasing demand and rebounding customer confidence along with the overall economy, leading to a resurgence in infrastructure investments."

"Our prudent strategy of supporting the Company's innovative product development roadmap during challenging times in the past few years has positioned us to scale up now and drive sales growth, particularly as many other competitors are reducing their supply chains. Our steady growth plan offers flexible and innovative AI-related platform solutions that customers seek to enhance business efficiencies through the integration of data analytics. Importantly, by maintaining our course, we believe we are now positioned to achieve accelerated growth in both revenue and profitability, ultimately creating greater value for our shareholders."

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.