TAOP - Taoping Reports 80% Increase in Contract Revenue Value for the Full Year 2023 | Benzinga
SHENZHEN, China, Jan. 16, 2024 /PRNewswire/ -- Taoping Inc. (NASDAQ:TAOP, the ", Company", )), today reported an 80% increase in the Company's contract revenue value for the full year of 2023, as compared with the full year of 2022. The Company entered into contracts totaling RMB 270 million (approximately US$37.94 million) during 2023, with the majority of the revenue expected to be recognized within fiscal year 2023 and the balance in fiscal year 2024.
Taoping achieved strong growth throughout 2023, with demand led by the Company's city partner ecosystem and comprehensive portfolio of core high-value, high-traffic area software development and advertising business solutions. The Company continued to invest in its impressive new product pipeline and R&D efforts into powerful new AI-driven solutions, which the Company expects will make significant contributions during fiscal year 2024.
Mr. Lin Jianghuai, Chairman and CEO of Taoping, said: "We are very encouraged with our strong growth in 2023 as our business rebounded along with the overall economy. As spending on travel and outdoor activities returned, we saw a significant uptick in interest in our solutions from customers. Based on customer demand levels, ...