Taoping Inc Stock Price, News & Analysis

Taoping Inc. (NASDAQ: TAOP) has announced a strategic cooperation framework agreement with Zhenjiang Economic and Technological Development Zone (ZETDZ) to support its East China Expansion Project. TAOP plans to establish a wholly-owned subsidiary with registered capital of $30 million. ZETDZ will assist in project construction and operational support. The project includes setting up the Taoping G cloud data center and developing Taoping digital servers. This initiative aims to enhance TAOP's market presence in East China and accelerate its cloud application and digital business growth.

Taoping (NASDAQ: TAOP) has launched two new high-performance digital servers, GY3070Pro and GY2060S, designed for cloud computing and big data applications. These servers, integrated with Taoping's smart cloud management platform, boast low power consumption, low cost, and high performance. The company anticipates $15 million in external sales for its digital server business in 2021. This strategic move is expected to enhance Taoping's G cloud computing ecosystem and provide customers with flexible deployment options for high-speed computing solutions.

Taoping Inc. (NASDAQ: TAOP) announced it received the "2021 Science and Technology Innovation and Invention Achievement" Award at the 18th China Scientists Forum held on May 24, 2021. The forum, promoting enterprise science and technology development, featured COO Zhixiong Huang discussing AI and the company's smart cloud ecosystem. TAOP's innovative smart cloud platform, powered by its G cloud data center, supports various industries in digital transformation. The recognition positions TAOP as a key partner in the digital landscape for enterprises.

Taoping Inc. (NASDAQ: TAOP) has established a majority-owned subsidiary, Taoping Digital Assets (Hong Kong) Limited, aimed at enhancing its global competitiveness and supply chain. The new subsidiary will manage the Hong Kong Data Center and support the company's five business divisions. Mr. Chi To Ip, an expert in IT and digital asset project management with over 20 years of experience, has been appointed as president. This strategic move is part of TAOP's broader global expansion plan, reinforcing its commitment to growth in the digital asset sector.

Taoping Inc. (NASDAQ: TAOP) announced key management changes, including the appointment of Ms. Liqiong (Iris) Yan as Chief Financial Officer. The company established two new business divisions: Digital Server Business Division and G Cloud Computing Power Business Division. Mr. Zhiqiang Zhao and Mr. Zhixiong Huang were appointed as directors for these divisions, respectively. The overall structure now includes five divisions. Taoping reaffirmed its 2021 financial guidance, projecting revenues between $40 million to $50 million and operating income of $8 million to $10 million.

Taoping Inc. (NASDAQ: TAOP) announced the launch of its "Taoping G Cloud Hong Kong Data Center" in Hong Kong. The facility will deploy 1,000 general-purpose servers optimized for Ethereum and cloud desktops, achieving a total hashrate of 480,000 MH/s. The first batch of 300 servers will be operational by the end of May 2021. Located in a key international hub, the center offers robust power and broadband connectivity. This initiative is a significant step in Taoping's strategy to expand its global GPU cloud computing capabilities.

Taoping Inc. (NASDAQ: TAOP) has entered a strategic cooperation agreement with ZNDS Global Technology PTE. LTD. for a 5-year term starting May 1, 2021, aiming to develop the GPU cloud computing market. TAOP plans to supply at least $10 million in computing power, with an initial purchase of a minimum of $1 million in GPU services by September 30, 2021. This partnership is expected to enhance TAOP's presence in the international market, focusing on high-performance computing applications such as cloud services and AI.

Taoping Inc. (NASDAQ: TAOP) reported a revenue decline to $11.0 million for the year ending December 31, 2020, down 20% from $13.8 million in 2019. The net loss attributable to the company reached $17.7 million, compared to $3.6 million in 2019. Despite a 96% revenue increase in H2 2020 from H1, the company faced challenges due to COVID-19. Looking forward, TAOP expects 2021 revenue between $40 million and $50 million and operating income of $8 million to $10 million.