Welcome to our dedicated page for Taoping news (Ticker: TAOP), a resource for investors and traders seeking the latest updates and insights on Taoping stock.
Taoping Inc. (Nasdaq: TAOP) is a foreign private issuer that describes itself as a provider of smart cloud platform services and solutions, with activities spanning Smart City IoT platforms, digital advertising, smart elevator services, and technology-enabled agriculture. The TAOP news feed on Stock Titan aggregates company announcements, press releases, and other coverage so readers can follow how these business lines evolve over time.
Recent Taoping news has highlighted several themes. The company has reported growth in contract revenue driven by demand for AI-related products and solutions, including AI-powered Smart Terminals that support rapid interaction, data collection, and personalized content. It has also announced a major cooperation framework in modern agriculture in Mengla County, Yunnan Province, involving the development and expansion of an agricultural planting base using IoT, big data, artificial intelligence, and drones.
Another important news focus is Taoping’s expansion into smart elevator services. The company has disclosed a share purchase agreement to acquire Skyladder Group Limited, described as a leader in smart elevator services and AI-powered smart supervision, and has reported smart elevator renewal contracts awarded to a newly acquired subsidiary. These items illustrate Taoping’s efforts to extend its smart cloud and AI capabilities into infrastructure and lifecycle elevator management.
Capital markets and corporate governance developments also appear in TAOP news, including announcements of a one-for-thirty reverse stock split intended to help satisfy Nasdaq’s minimum bid price requirement and updates on shareholder approvals of changes to the company’s memorandum and articles of association. Investors and observers can use this news page to review Taoping’s own disclosures about its strategy, contracts, and corporate actions in a single, organized stream.
Taoping Inc. (Nasdaq: TAOP) has received a 180-day extension from Nasdaq until June 16, 2025, to meet the minimum bid price requirement. To maintain its Nasdaq listing, TAOP must achieve a closing bid price of at least $1.00 per share for a minimum of ten consecutive business days. The company is considering various compliance options, including a potential reverse stock split, which must be implemented at least ten business days before the deadline. Meanwhile, TAOP's ordinary shares continue to trade normally on Nasdaq under the ticker 'TAOP'.
Taoping Inc. (TAOP) has signed a non-binding letter of intent to acquire 100% of Shenzhen Yunti Internet of Things, a Smart elevator solutions provider. The acquisition would be executed through share exchange, with Yunti shareholders receiving newly issued TAOP ordinary shares. Founded in 2016, Yunti offers end-to-end Smart elevator solutions and operates two core platforms: the SaaS-based 'Tishibao' elevator management Cloud service and 'Tishibang', China's first private market elevator Internet service platform.
The deal targets China's elevator market, which is expected to reach 10.6 million units by end-2023, with an industry market size exceeding 494.3 billion RMB. The transaction is subject to due diligence, definitive agreement, board approval, and regulatory clearances, with an expected closing timeline of 12 months.
Taoping Inc. (Nasdaq: TAOP) reported strong financial results for the first half of 2024, with a 28.4% year-over-year revenue growth to $18.1 million. The company achieved significant profitability improvement, delivering net income of $0.13 per diluted share, compared to a net loss of $1.10 per diluted share in the same period last year. This growth was driven by increased demand for Taoping's Smart City products and solutions, supported by their national sales network and scalable cloud platform.
Key financial highlights include:
- Revenue increased by $4.0 million, primarily due to higher product sales and advertising revenue
- Gross profit as a percentage of revenue was 22.9%, down from 27.5% in the previous year
- Net profit attributable to the Company was $0.6 million
Taoping's CEO, Jianghuai Lin, expressed confidence in the company's business strategy and competitive advantage in the AI-dependent market.
Taoping Inc. (TAOP) reported a total contract revenue value of approximately RMB 27.4 million (USD $3.8 million) for July 2024, representing a 30% growth compared to July 2023. This growth is primarily driven by strong demand for the company's AI-based products. CEO Lin Jianghuai expressed confidence in future revenue growth opportunities, citing both macro trends in AI demand and Taoping-specific catalysts.
Taoping's enhanced AI-powered Smart Terminals offer efficiency, customization, and engagement features, making them attractive to businesses aiming to optimize operations and enhance customer interactions. These terminals facilitate rapid interaction, data collection, analysis, and personalized content delivery, providing valuable insights for informed decision-making.
Taoping Inc. (Nasdaq: TAOP) has secured a new order for its enhanced AI-powered Smart Terminals from Lu'an Wanjiang Advertising Media Co., The order, valued at up to US$600,000, will see the terminals installed in various locations across Lu'an City. This expansion aligns with Taoping's strategy to capitalize on the growing demand for AI-based products in advertising and media markets.
The company will also provide technical services based on its Cloud Nest AI system to support Lu'an Media in leveraging AI for advertising marketing. Taoping aims to expand its presence in Lu'an and other cities in Anhui Province through this partnership. The Chinese advertising terminal market is projected to exceed 10 billion RMB by 2026, driven by technological advancements and smart city initiatives.
Taoping reported a total contract revenue value of approximately RMB 140 million (USD $19.3 million) for the first half of 2024, marking a 32% increase from the year-ago period.
The growth is driven by their AI-based products, especially the AI-powered Smart Terminals, which enhance business operations and customer interactions through efficiency, customization, and engagement.
Chairman and CEO Lin Jianghuai emphasized the sustained growth potential into the second half of the year, citing positive customer feedback and new opportunities.
The company aims to leverage its AI product portfolio to unlock greater shareholder value.
Taoping Inc. (Nasdaq: TAOP) announced that it received a notification from Nasdaq on June 21, 2024, stating that the company is not in compliance with the minimum bid price requirement of $1.00 per share as per Nasdaq Listing Rule 5550(a)(2).
The company has until December 18, 2024, to regain compliance. If the stock price stays above $1.00 for at least 10 consecutive business days during this period, the issue will be resolved. Alternatively, a reverse stock split may be considered.
If compliance is not regained by December 18, 2024, Taoping may be eligible for an additional 180-day grace period, provided it meets other listing standards. Failure to comply could result in delisting, though the company can appeal.
The notification does not affect the current listing of TAOP shares on Nasdaq.
Taoping (Nasdaq: TAOP) reported a substantial increase in contract revenue for May 2024, reaching RMB 29.8 million (USD $4.1 million), a 52% year-over-year growth and a 43% rise from April 2024. This growth is primarily driven by the expansion of its AI-powered Smart Terminals and cloud-based Smart City products. CEO Lin Jianghuai attributed the surge to innovative technology, rising market demand, and competitive advantages. The AI-enabled Smart Terminals optimize user experience by integrating high-end video displays for autonomous advertising content generation. The company expects continued momentum in revenue growth throughout 2024.
Taoping (Nasdaq: TAOP) has secured a new AI-powered Smart Terminal contract worth over US$1 million and announced a strategic partnership with Zhenjiang Fengchao Technology (ZFT) to enhance market penetration. Taoping's new AI-powered Smart Terminals integrate advanced AI technology with high-end video displays, aimed at advertisers to autonomously generate diverse content. The strategic alliance with ZFT will initially focus on Jiangsu Province cities, including Zhenjiang, Changzhou, Yangzhou, and Xuzhou. ZFT's extensive experience in real estate is expected to facilitate the deployment of these terminals. Taoping will also continue to offer AI technical services via a subscription model, aiming to drive revenue growth, expand margins, and increase profitability.
Taoping (Nasdaq: TAOP) reported a total contract revenue of RMB 20.8 million (USD $2.9 million) for April 2024, a 25% increase from April 2023. The growth is attributed to rising demand for AI-based products and Smart City solutions. Chairman and CEO Lin Jianghuai emphasized the strategic alignment with AI and cloud-based products, which enhance efficiency and customer interactions while offering higher returns. Recent product introductions, such as Smart Terminals, are expected to drive long-term growth and enhance shareholder value.
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