Taoping May Contract Revenue Surges 52% YoY Led by Continued AI-based Business Growth

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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.

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