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SHENZHEN, China, June 10, 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 29.8 million (approximately USD $4.1 million) for the month of May 2024, representing an increase of 52% compared to the month of May 2023. This represents a 43% increase over April 2024, which had a total contract revenue value of RMB 20.8 million.
Led by growth of its cloud-based Smart City products and solutions, the addition of sales of the Company's new AI-powered Smart Terminals was also an important driver of the surge in May contract revenue. The Company anticipates that AI-based products will continue to expand and remain a key factor in driving revenue growth in 2024 and beyond.
Mr. Lin Jianghuai, Chairman and CEO of Taoping, said: "The strong revenue growth continues to accelerate as we expand our AI-based products and respond to increasing customer demand. This acceleration in growth is driven by several key factors: our innovative technology, increasing overall market demand, and our competitive edge. Importantly, we provide an enhanced customer experience by integrating our extensive AI-enabled product portfolio, enabling us to deliver customized solutions and foster strong customer loyalty. 2024 has started on a high note, and we anticipate continuing this momentum as we move forward and gain further customer traction."
Taoping's enhanced AI-powered Smart Terminals leverage high-end video displays to seamlessly integrate AI technology. This facilitates rapid interaction, data collection, analysis, and more, thereby optimizing the user experience. Initially targeting advertisers, these enhanced terminals enable autonomous generation of diverse advertising content, including text-to-image, posters, and video ads. Such capability aligns with tailored promotional strategies, offering extensive customization options. Moreover, this functionality allows the terminals to engage audiences naturally and instantly, significantly enhancing the efficacy of advertising media within Taoping's ecosystem.
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.
