TAOP Reports Financial Results for the Six Months Ended June 30, 2021

About this update from Taoping Inc.

[{"type":"text","content":"Hong Kong, Oct. 26, 2021 (GLOBE NEWSWIRE) -- Taoping Inc. (NASDAQ: TAOP), a provider of blockchain technology and smart cloud services, today announced its unaudited financial results for the six months ended June 30, 2021. Revenue was $6.4 million for the first six months of 2021 as compared to $3.7 million for the same period of last year, representing an increase of $2.7 million, or 71.9%. The increase was primarily due to the increase of the sale of high-end data storage servers and software, the addition of advertising revenue as a result of the acquisition of Taoping New Media Co., Ltd. (“TNM”) on June 9, 2021, and the new revenue stream from cryptocurrency mining that the Company initiated in March 2021. Gross profit was $2.1 million for the first six months of 2021, an increase of $0.6 million, compared to $1.5 million for the first six months of 2020. Gross profit as a percentage of revenue was 33.3% for the first six months of 2021, decreased from 39.3% for the same period of last year. The increase in the overall gross profits was primarily contributed by the increase of software revenue. The decrease in the overall gross margin was primarily resulted from lower margin of cryptocurrency mining and advertising as a result of new business developments for these two newly added business operations. Net loss attributable to the Company was $14.1 million for the first six months of 2021, compared to a net loss attributable to the Company of $7.7 million for the same period of 2020. Most of the increase in loss was attributed to the share-based compensations granted to the Company’s employees and amortization of service compensation related to warrants issued to the consultants for their services, and loss from equity method investment of TNM, a company acquired on June 9, 2021. Excluding share-based compensation expenses and loss from equity method investment of TNM, the adjusted net loss attributable to the Company was $8.4 million for the first six months of 2021, compared to the adjusted net loss of $7.4 million for the same period of 2020. “In 2021, we made a series of strategic decisions including the investment in digital asset business and the acquisition of Taoping New Media. The new actions led to a $2.7 million year-over-year revenue increase for the first six months of 2021. We believe the new businesses will ke...

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