Business
Taoping Reports First Half 2023 Financial Results
93% Increase in Revenue Compared to First Half of 202210% Improvement in Net Loss Compared to First Half of 2022Company Expects Continued Growth in Second
About this update from Taoping Inc.
[{"type":"text","content":" 93% Increase in Revenue Compared to First Half of 202210% Improvement in Net Loss Compared to First Half of 2022Company Expects Continued Growth in Second Half of 2023SHENZHEN, China, Sept. 1, 2023 /PRNewswire/ -- Taoping Inc. (NASDAQ: TAOP, the \"Company\") today reported financial results for the first six months of its fiscal year ending December 31, 2023.\n\n \n \n \n \n \n \n\n \nMr. Lin Jianghuai, Chairman and CEO of the Company, said: \"We started off 2023 at a record pace, with stability coming back following the numerous challenges, closures and tragedies of the COVID pandemic worldwide. Our Team remained focused and continued to execute on our two core business competencies, the Taoping national sales network, and its compatible, highly scalable Smart Cloud platform, which helped drive a Company record 93% increase in revenue for the first six months of 2023, compared to the same period of last year.\"\nMr. Lin Jianghuai, continued, \"We are on track for further growth in the second half of 2023, led by the rebound in demand from our city partner ecosystem and comprehensive portfolio of core high-value, high-traffic area software development and advertising business solutions, which leverage the Company's powerful Cloud Nest AI system and intelligent Cloud platform. In addition to our intelligent software and Cloud platform, we have been investing in and expanding our AI-driven portfolio, including AI-related products and servers, to provide customers with fully integrated seamless solutions, as we target opportunities in this fast-growing segment. We are also benefitting from increased business momentum as we capture new business opportunities in the Smart City and new energy sectors. Our impressive progress in 2023 has already resulted in us entering into a series of long-term strategic cooperation agreements with various customers to provide Taoping's Cloud-based intelligent product solutions, including smart large screen, IoT Smart rest station and off-grid wastewater treatment solutions. We have built an advantageous competitive position and distinctive portfolio of products, which we expect will combine to help us generate significant revenue growth and operating cashflow for the Company and shareholders for year 2023 and beyond.\"\nFinancial Results for the First Six Months of Fiscal Year 2023\nRevenue increase...