SHENZHEN, China, Oct. 12,
2023 /PRNewswire/ -- Taoping Inc. (Nasdaq: TAOP, the
"Company"), today reported a nearly 100% year-over-year increase in
the Company's contract revenue value for its cloud-based product,
software and advertising businesses in the first nine months of
2023. The Company entered into contracts totaling RMB 191 million (approximately US$26.55 million) during the first nine months of
2023, the revenues from which the Company expects to recognize
within fiscal year 2023.
The surge in growth follows the 95% year-over-year increase
in contract revenue value reported for the first six months of
2023. High demand for Taoping's city partner ecosystem and
comprehensive portfolio of core high-value, high-traffic area
software development and advertising business
solutions continues to drive growth and leverage the Company's
powerful new Cloud Nest AI system and intelligent Cloud
platform.
Mr. Lin Jianghuai, Chairman and CEO of Taoping, said: "After the
Company's record start to 2023, we had high expectations for our
business in the post-pandemic environment. Travel and interest in
outdoor activities are once again popular, causing governments and
private enterprises to further increase spending and accelerate
development timelines to accommodate the higher demand on
facilities and public spaces. For Taoping, our commitment to
expanding our integrated solutions ecosystem enables us to now
capture a greater share of these expanded growth opportunities. We
expect this momentum to continue through 2023 as we focus on
profitable revenue growth and maximizing the return on the many new
products and solutions we successfully launched over the past few
quarters."
"We are particularly excited about the many growth opportunities
for our off-grid wastewater solutions, given the critical need for
smaller, easy-to-install, and highly effective yet more economical
solutions like Taoping's, and our leading-edge Smart City
solutions, which seamlessly integrate with our AI-driven
intelligent Cloud platform. Given Taoping's strong year-to-date
growth and outlook, we believe our share price is undervalued and
does not fully reflect Taoping's fundamentals, impressive portfolio
pipeline and the underlying value of our ecosystem of integrated
solutions. We believe our continued focus on strategy execution and
delivery of improved financial results will drive greater value for
investors and lead to a higher share price that more accurately
reflects the Company's long-term intrinsic value."
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.