Taoping Secures Over US$5.5 Million in Smart Elevator Orders, Further Bolsters Strategic Alignment with Important Growth Segment
The orders include elevator modernization work, while a shift toward subscriptions is intended to increase recurring service revenue.
Rhea-AI Summary
Taoping (TAOP) secured more than US$5.5 million in smart elevator project orders through its wholly owned subsidiary, Skyladder Technology.
The multiple awards include a follow-on project in the China-Singapore Tianjin Eco-City. Taoping says elevator modernization accounts for a meaningful share of the new business, without specifying its value.
The company is working toward a “Project + Platform Subscription” model designed to increase the share of recurring service revenue. It identified project execution, broader market reach and greater platform adoption as priorities.
Positive
- Smart elevator orders exceed US$5.5 million across multiple projects
Negative
- None.
Details
Market move: TAOP -15.23% vs previous close. smart elevator contract award
On Sep 24, the day this news came out, the latest delayed price for TAOP is 15.23% below the previous close. Argus tracked a peak move of +31.3% during the session. Argus tracked a trough of -34.3% from its starting point during tracking. Our momentum scanner has recorded 44 alerts for this stock so far that day. The latest delayed price is $0.54. Relative volume is exceptionally heavy at 3359.7x the average.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.
Key Figures
- Smart elevator order value
- Exceeding US$5.5 million
- Combined value of multiple projects secured by Skyladder Technology
- Residential elevators expected to be upgraded or installed
- 575,000 elevators
- Nationwide during China's 15th Five-Year Plan period
Historical Context
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Secured approximately $5.2 million in smart elevator project orders under its AI-powered growth strategy.
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Announced smart elevator orders exceeding US$3 million through subsidiary Skyladder Technology.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
iot technical
predictive maintenance technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
The new awards include a follow-on project in the China-Singapore Tianjin Eco-City, reflecting continued customer demand for Taoping's products and services. Elevator modernization also represents a meaningful share of the new business, aligning the Company's growth strategy with
At a press conference of the State Council Information Office of
Taoping is positioned at the intersection of these trends. Its proprietary smart elevator management platform supports real-time operational monitoring, fault alerts, predictive maintenance, and maintenance-workflow management, helping customers move from reactive repairs toward preventive service.
Mr. Bin Ma, Co-Chief Executive Officer of Taoping, commented, "These orders provide further evidence that our AI-powered smart elevator growth strategy is gaining important commercial momentum. Urban renewal is expanding the market for elevator modernization with customers demanding improved safety, reliability, and maintenance efficiency over the full equipment lifecycle. We are focused on capturing a greater number of these opportunities by shifting toward a 'Project + Platform Subscription' model designed to generate a greater mix of recurring service revenue. Our priorities are clear: execute these projects, broaden our market reach, increase platform adoption, and translate that progress into durable growth and long-term shareholder value."
About Taoping Inc.
Taoping Inc. (Nasdaq: TAOP) has a long history of successfully leveraging technology in the development of innovative cloud-based technologies on the Smart City IoT platform, and related products and services. The Company has built a far-reaching city partner ecosystem and comprehensive portfolio of high-value, high-traffic areas for its products, which are aligned together with Taoping's smart cloud platform, cloud services and solutions, and new media. For more information about Taoping, please visit http://en.taop.com.
Safe Harbor Statement
This press release contains "forward-looking statements" that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release, such as statements regarding our estimated future results of operations and financial position, our strategy and plans, and our objectives or goals, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. We have attempted to identify forward-looking statements by terminology including "anticipates," "believes," "can," "continue," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "should," or "will" or the negative of these terms or other comparable terminology. Our actual results may differ materially or perhaps significantly from those discussed herein, or implied by these forward-looking statements. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: our potential inability to achieve or sustain profitability or reasonably predict our future results; risks related to our strategic transformation, including our ability to successfully transition from legacy businesses to platform-based services; risks related to executing our growth strategy in the smart elevator and intelligent infrastructure markets; our ability to obtain additional financing on acceptable terms if needed; intense competition in the IoT and smart city technology markets; changes in domestic and foreign laws, regulations and taxes; uncertainties related to China's legal system and economic, political and social events in China; the volatility of the securities markets; and other risks including, but not limited to, those that we discussed or referred to in the Company's disclosure documents filed with the U.S. Securities and Exchange Commission (the "SEC") available on the SEC's website at www.sec.gov, including the Company's most recent Annual Report on Form 20-F as well as in our other reports filed or furnished from time to time with the SEC. The forward-looking statements included in this press release are made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking statements, other than as required by applicable law.
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SOURCE Taoping Inc.
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