Taoping reports May contract revenue up 52% y/y

Taoping reported a total contract revenue value of RMB 29.8M for the month of May 2024, representing an increase of 52% compared to the month of May 2023. This represents a 43% increase over April 2024, which had a total contract revenue value of RMB 20.8M. Led by growth of its cloud-based Smart City products and solutions, the addition of sales of the company’s new AI-powered Smart Terminals was also an important driver of the surge in May contract revenue. The company anticipates that AI-based products will continue to expand and remain a key factor in driving revenue growth in 2024 and beyond.