Taoping Inc. (Nasdaq: TAOP, the "Company"), today announced the Company was awarded a RMB10 million contract to provide cloud-based advertising services to Shenzhen Zhaoyou Tech Co. Ltd. Taoping expects to recognize the full RMB10 million in revenue in 1Q 2024.
Today's announcement follows October's news of Taoping's nearly 100% year-over-year increase in contract revenue value through the first nine months of 2023 for the Company's cloud-based product and software and advertising businesses. During the nine-month period, the Company entered into contracts totaling RMB191 million (approximately US$26.55 million), the revenues from which the Company expects to recognize within fiscal year 2023.
On being awarded the RMB10 million contract to provide cloud-based advertising services to Shenzhen Zhaoyou, Mr. Lin Jianghuai, Chairman and CEO of Taoping, said: "We have been gearing up for larger cloud-based service contracts after making investments in our portfolio, infrastructure and team. We are excited to support Shenzhen Zhaoyou and look forward to Shenzhen Zhaoyou becoming another showcase customer for us as we continue to grow and expand our customer base and our cloud-based services. Our continued momentum entering the final months of 2023 places us in a position of strength to execute strategies and drive further growth in 2024."
Taoping noted it continues to benefit from high demand for its city partner ecosystem and comprehensive portfolio of core high-value, high-traffic area software development and advertising business solutions, which continues to drive growth as it leverages the Company's powerful new Cloud Nest AI system and intelligent Cloud platform.
