Taoping Reports Record 78% Year-Over-Year Contract Revenue Growth for January

Taoping Reports Record 78% Year-Over-Year Contract Revenue Growth for January

PR Newswire

SHENZHEN, China, Feb. 7, 2024

SHENZHEN, China, Feb. 7, 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 78% year-over-year growth in contract revenue for the month of January 2024. With a total value of RMB 25.8 million (approximately USD $3.6 million), the record monthly contract revenue level was driven by demand for the Company's recently launched AI-related products and its innovative new off-grid wastewater treatment solution.

The Company noted it expects the growth momentum to continue throughout the year as it benefits from increased demand led by its city partner ecosystem and comprehensive portfolio of AI-related products and its Smart City solutions.

Mr. Lin Jianghuai, Chairman and CEO of Taoping, said: "We achieved our latest significant milestone, delivering record contract revenue growth during a typically slower period marked by Chinese New Year closures. Demand from customers for Taoping's advanced Cloud Nest AI system, intelligent Cloud platform, cutting-edge Smart City solutions, and innovative off-grid wastewater treatment solutions has been on the rise. There is a growing interest in our AI-driven solutions as customers strive to enhance business efficiencies through the integration of data analytics and advanced AI technologies. Given our expected continued strong growth, we believe we are also well positioned to unlock greater value, as we execute on our strategies to drive greater value for all 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.

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SOURCE Taoping Inc.