Taoping Reports First Half 2026 Results
Key Highlights
- ➤Gross margin 12.8%, up 270 basis points from 10.1% (TAOP)
- ➤Net loss $2.5 million, down 46.7% year over year (TAOP)
- ➤Elevator project and MRO revenue totaled $3.7 million, 31.3% of revenue
- ➤Smart elevator platform surpassed 10,000 connected elevators
- ➤Revenue $11.9 million, down from $17.6 million year over year (TAOP)
Expert Statements
Bin Ma, Co-Chief Executive Officer of Taoping
“Taoping's first half financial results mark an important step in the company's transformation. We intentionally reduced our exposure to lower-margin business areas, and the benefits are beginning to show in our financial metrics: gross margin expanded, while operating and net losses were nearly cut in half. At the same time, elevator project and MRO services grew to nearly one-third of revenue. That is a more durable foundation than the business had a year ago.”
Bin Ma, Co-Chief Executive Officer of Taoping
“Importantly, we have expanded our addressable market opportunity. We now have more than 10,000 elevators connected to our smart management platform and a full-lifecycle offering that spans modernization, maintenance and recurring platform services. We are also working with PICC Property and Casualty on an insurance-plus-technology model that uses our patented technology to make maintenance activity traceable and help address fraudulent service records. Following a successful demonstration project in Tianjin, we believe the model can be replicated across major urban regions. With policy support for urban renewal and elevator modernization strengthening, our focus is to execute the order book, grow subscription and MRO revenue, and build a scalable mix of hardware, platform services and insurance technology that can improve cash generation and create lasting value for shareholders.”
* Gross Margin Expands 270 Basis Points, Net Loss Narrows 47 Percent * Smart Elevator Platform Surpasses 10,000 Connected Elevators as Taoping Builds a Higher-Quality Recurring Revenue Base TIANJIN, China, Sept. 29, 2026 /PRNewswire/ -- Taoping Inc. (Nasdaq: TAOP, the "Company"), a provider of cloud-based smart city, Internet of Things and intelligent infrastructure solutions, today announced unaudited financial results for the six months ended June 30, 2026. The Company expects to file a report on Form 6-K covering the six months ended June 30, 2026 with the U.S. Securities and Exchange Commission ("SEC") on or about September 29, 2026.
* Higher-quality revenue mix gains momentum. Elevator project and maintenance, repair and operations ("MRO") revenue totaled $3.7 million, or approximately 31.3% of first-half revenue. Project and MRO gross margins were approximately 23.5% and 32.2%, respectively. * Smart elevator platform reaches significant scale. More than 10,000 elevators are now connected to and managed through Taoping's platform across older residential communities, affordable housing and urban public infrastructure, establishing an operating base for subscription and service revenue. * Gross margin expanded. Gross margin increased to 12.8% from 10.1%, a 270-basis-point improvement, as higher-margin elevator revenue partially replaced lower-margin legacy hardware sales. * Cost discipline supports the transition. Administrative expenses declined 41.9% to $2.7 million, and selling expenses fell 58.8% to $0.2 million. * Losses narrowed sharply. Operating loss improved 46.8% to $2.2 million, while net loss improved 46.7% to $2.5 million. Mr. Bin Ma, Co-Chief Executive Officer of Taoping, commented, "Taoping's first half financial results mark an important step in the company's transformation. We intentionally reduced our exposure to lower-margin business areas, and the benefits are beginning to show in our financial metrics: gross margin expanded, while operating and net losses were nearly cut in half. At the same time, elevator project and MRO services grew to nearly one-third of revenue. That is a more durable foundation than the business had a year ago."
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