SHENZHEN, China, April 25, 2023 /PRNewswire/ — Taoping Inc. (NASDAQ:TAOP, the “, Company”, or “, Taoping”, )) today reported 25% revenue growth for the year ended December 31, 2022. The Company also announced the filing of its annual report on Form 20-F for the year ended on December 31, 2022 with the U.S. Securities and Exchange Commission (“SEC”).
Mr. Lin Jianghuai, Chairman and CEO of Taoping, commented, “While we are pleased with the strong 25% revenue growth for the full year 2022, we have much more room to drive improvements in both revenue growth and profitability. The reality is we achieved the higher revenue growth while navigating the adverse impacts of ongoing COVID-19 shutdowns, and widespread supply chain, logistics and inflationary issues that reduced customer demand due to rolling business closures and led to higher costs. In addition, our results reflect the absorption of costs related to our strategic decision to pivot and shutter an evolving cryptocurrency mining business. We believe we have put these adverse issues behind us, which allowed us to enter 2023 in a much stronger position. We continue to see extensive opportunities for growth in our core competencies: the Taoping national sales network and the highly scalable and compatible Cloud platform, and our strong software development capabilities, which make Taoping a valued partner by many other smart-community customers and solution providers. We will continue to focus on leveraging our integrated ecosystem solutions, well established brand, technology platform and industry reputation along with strategic expansion into the smart community and new energy business sectors.”
“We are also very excited about the momentum we have been building in our newer environmentally friendly and smart city solutions business. For example, we recently announced an agreement to provide Wuxuan County with customized intelligent, Cloud-based product solutions, including Taoping’s new Blue Box off-grid wastewater treatment solution, IoT Smart Rest Station, fully autonomous street sweeper and smart large screen displays. As we previously indicated, …
