Business
Taoping Reports First Half 2022 Financial Results
64% Increase in Revenue180 Basis Point Improvement in Gross Margin86% Improvement in Net LossHONG KONG, Sept. 7, 2022 /PRNewswire/ -- Taoping Inc. (NASDAQ:
About this update from Taoping Inc.
[{"type":"text","content":" 64% Increase in Revenue180 Basis Point Improvement in Gross Margin86% Improvement in Net LossHONG KONG, Sept. 7, 2022 /PRNewswire/ -- Taoping Inc. (NASDAQ: TAOP, the \"Company\" or \"TAOP\") today reported financial results for the first six months of its fiscal year ending December 31, 2022.\nMr. Lin Jianghuai, Chairman and CEO of Taoping, said: \"In a challenging market we achieved 64% revenue growth, a 180 basis point improvement in gross margin and an 86% improvement in net loss. We have seen a significant uptick in demand as offices reopen and workers return. We expect this to add positive momentum to our site-based digital advertising business and other smart community related businesses that are driven by our proprietary Taoping Cloud eco-system. We are very excited about these greenfield opportunities, which build on Taoping's two core competencies, the Taoping national sales network, and its compatible, highly scalable cloud platform, making it a valued partner by many other smart-community customers and solution providers.\"\nMr. Lin continued: \"We are optimistic as we enter the second half of 2022, with a further expansion planned for our core business as we leverage the scalable platform we have built. We also remain excited about the truly global long-term opportunities in cryptocurrency mining. This was a meaningful growth driver for us in the first six months of 2022 despite the broader market volatility. Longer term we expect to see a further mainstream adoption of cryptocurrency, which will serve as a catalyst for our growth. We remain focused on accelerating our profitable revenue growth, while at the same time driving an increase in shareholder value more inline the Company's impressive results, strong fundamentals and compelling business prospects.\"\nFinancial Results for the First Six Months of Fiscal Year 2022\nRevenue increased 64% to $10.5 million for the first 6 months of fiscal year 2022, compared to $6.4 million for the first 6 months of fiscal year 2021. The revenue growth reflects the Company's continued execution on its two core competencies, the Taoping national sales network, and its compatible, highly scalable cloud platform. The revenue mix was 27% from products, 17% from software, 11% from advertising, 31% from cryptocurrency mining and 14% from other.\nFor the six months ended June 30, 2022...