Core Viewpoint - Taoping Inc. reported a slight decrease in revenue for 2024, focusing on AI-driven product development and enhanced existing solutions, while anticipating improved growth in 2025 due to increased demand for cloud-based technologies and strategic investments in innovation [2][3]. Financial Performance - Total revenue for the year ended December 31, 2024, was 38.6 million in 2023, attributed to a decline in traditional advertising and software revenue despite increased demand for AI-integrated products [3]. - Cost of revenue decreased by 28.9 million in 2024, with the cost of revenue as a percentage of total revenue increasing to 78.8% from 77.1% in 2023 [4]. - Gross profit margin decreased to 21.2% in 2024 from 22.9% in 2023, primarily due to lower margins in the advertising business [5]. - The net loss attributable to the company was 0.7 million in 2023 [6]. Strategic Focus - The company is positioned to benefit from China's accelerated urbanization, which is expected to drive demand for its Smart City IoT platforms [2]. - Taoping aims to expand its gross margin by increasing the contribution of higher-margin sales, particularly from AI-related products [5].
Taoping Reports Full Year 2024 Financial Results