Shenzhen, China, June 10, 2024 TAOPING Inc. (Nasdaq: TAOP, the “Company”), a developer of innovative smart cloud platform services and solutions, new media and artificial intelligence solutions, today announced that its total contracted revenue reached 29.8 million RMB (Approx. USD $4.1 million)month May 2024up 52% from the previous month. May 2023this is, April 2024the total contract revenue is 20.8 million RMB.
Driven by the growth of our cloud-based smart city products and solutions, along with sales of our new AI-enabled smart terminals, were also key drivers of the surge in contract revenue in May. We expect AI-based products to continue to expand and remain a key driver of revenue growth in 2024 and beyond.
Lin Jianghuai, Chairman and CEO of Taoping, said: “Strong revenue growth continues to accelerate as we expand our AI-based offerings to meet growing customer demand. This accelerated growth is driven by several key factors, including innovative technology, increasing overall market demand and competitive forces. Importantly, integrating a broader portfolio of AI-enabled products allows us to deliver enhanced customer experiences, offer customized solutions and foster strong customer loyalty. We’ve gotten off to a strong start in 2024 and look forward to continuing this momentum as we move forward and further gain customer support.”
Taoping’s enhanced AI-powered smart terminals leverage high-end video displays to seamlessly integrate AI technology, facilitating rapid interaction, data collection, analysis, and more, optimizing the user experience. Initially targeted at advertisers, these enhanced terminals can autonomously generate a variety of advertising content, including text-to-image conversion, posters, and video ads. Such capabilities are consistent with customized promotional strategies and offer a wide range of customization options. Moreover, this capability enables the terminals to naturally and instantly engage audiences, greatly improving the effectiveness of advertising media within Taoping’s ecosystem.
About Taoping Inc.
Taoping Inc. (Nasdaq: TAOP) has a long history of successfully leveraging technology in developing innovative solutions to help both private and public sector clients more effectively communicate and market to their desired targets. The company has built an extensive city partner ecosystem and a comprehensive product portfolio in high-value, high-traffic areas, which work 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 or follow us at: X.
Safe Harbor Statement
This press release contains “forward-looking statements” that involve significant risks and uncertainties. All statements other than statements of historical facts included in this press release, such as statements regarding our projections of our future operating results and financial condition, 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 attempt to identify forward-looking statements by terms such as “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “should,” “will,” or the negative of these terms or other comparable terminology. Our actual results may differ materially from those described herein or implied by these forward-looking statements. There are a number of factors that could cause actual results to differ materially from the statements in this press release. These include the fact that our limited business experience in providing smart cloud services may prevent us from achieving or maintaining profitability or making future results reasonably predictable, the impact of the global COVID-19 pandemic, the emergence of additional competing technologies, changes in domestic and international laws, regulations and taxes; Chinese Legal system and economic, political and social events Chinasecurities market volatility, and other risks described or referenced in the Company’s disclosure documents filed with the U.S. Securities and Exchange Commission (“SEC”), including those available on the SEC’s website at www.sec.gov, our most recent Annual Report on Form 20-F and other reports that the Company may file or make available from time to time with the SEC. The forward-looking statements contained 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, except as required by applicable law.
SOURCE Taoping Inc.
