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Taoping reports Record 78% Y-O-Y Contract Revenue Growth for January

Taoping Inc. (Nasdaq: TAOP, the “Company”), a developer of innovative smart cloud platform services and solutions, new media and artificial intelligence solutions, today reported 78% year-over-year growth in contract revenue for the month of January 2024. With a total value of RMB 25.8 million (approximately USD $3.6 million), the record monthly contract revenue level was driven by demand for the Company’s recently launched AI-related products and its innovative new off-grid wastewater treatment solution.

The Company noted it expects the growth momentum to continue throughout the year as it benefits from increased demand led by its city partner ecosystem and comprehensive portfolio of AI-related products and its Smart City solutions.

Mr. Lin Jianghuai, Chairman and CEO of Taoping, said: “We achieved our latest significant milestone, delivering record contract revenue growth during a typically slower period marked by Chinese New Year closures. Demand from customers for Taoping’s advanced Cloud Nest AI system, intelligent Cloud platform, cutting-edge Smart City solutions, and innovative off-grid wastewater treatment solutions has been on the rise. There is a growing interest in our AI-driven solutions as customers strive to enhance business efficiencies through the integration of data analytics and advanced AI technologies. Given our expected continued strong growth, we believe we are also well positioned to unlock greater value, as we execute on our strategies to drive greater value for all shareholders.”

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