Taoping reports FY23 contract revenue value up 80% to $37.94M

Taoping reported an 80% increase in the Company’s contract revenue value for the FY23, as compared with the FY22. The Company entered into contracts totaling RMB 270M, or approximately $37.94M, during 2023, with the majority of the revenue expected to be recognized within FY23 and the balance in FY24. Taoping achieved strong growth throughout 2023, with demand led by the Company’s city partner ecosystem and comprehensive portfolio of core high-value, high-traffic area software development and advertising business solutions. The Company continued to invest in its impressive new product pipeline and R&D efforts into powerful new AI-driven solutions, which the Company expects will make significant contributions during FY24.