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.
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SOURCE Taoping Inc.