Revenue contraction and margin compression are evident, with gross margins deteriorating to 10.1% in 2025Q2 from 27.5% in early 2023.
Taoping Inc. (TAOP) annual income statement — 21-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 |
|---|
| Sales/Revenue | 25.09M | 30.82M | 36.67M | 38.64M | 24.23M | 19.39M | 11.06M | 13.79M | 20.58M | 18.19M | 10.19M | 10.28M | 68.16M | 76.15M | 86.38M | 114.54M | 163.85M | 101M | 85.3M | 30.34M | 2.18M | 93.97K |
| Revenue Growth % | -30.68% | -15.97% | -5.08% | 59.43% | 24.98% | 75.28% | -19.78% | -32.98% | 13.13% | 78.44% | -0.89% | -84.91% | -10.49% | -11.85% | -24.58% | -30.1% | 62.23% | 18.4% | 181.13% | 1294.94% | 2214.86% | - |
| Cost of Goods Sold | 21.98M | 27.45M | 28.9M | 29.78M | 17M | 15.5M | 7.12M | 7.19M | 10.92M | 9.87M | 7.61M | 6.38M | 45.69M | 58.87M | 65.88M | 70.22M | 93.28M | 50.34M | 46.22M | 12.71M | 89.93K | 0 |
| COGS % of Revenue | - | 89.07% | 78.81% | 77.09% | 70.17% | 79.95% | 64.35% | 52.13% | 53.09% | 54.25% | 74.63% | 62.04% | 67.03% | 77.31% | 76.27% | 61.3% | 56.93% | 49.85% | 54.19% | 41.9% | 4.13% | - |
| Gross Profit | 3.11M | 3.37M | 7.77M | 8.85M | 7.23M | 9.34M | 3.94M | 6.6M | 9.65M | 8.32M | 2.59M | 3.9M | 22.47M | 17.28M | 20.5M | 44.32M | 70.56M | 50.65M | 39.08M | 17.63M | 2.09M | 93.97K |
| Gross Margin % | 12.4% | 10.93% | 21.19% | 22.91% | 29.84% | 48.18% | 35.65% | 47.87% | 46.91% | 45.75% | 25.37% | 37.96% | 32.97% | 22.69% | 23.73% | 38.7% | 43.07% | 50.15% | 45.81% | 58.1% | 95.87% | 100% |
| Gross Profit Growth % | - | -56.65% | -12.22% | 22.44% | -22.61% | 136.9% | -40.27% | -31.61% | 16.01% | 221.75% | -33.74% | -82.63% | 30.07% | -15.73% | -53.75% | -37.19% | 39.31% | 29.61% | 121.68% | 745.38% | 2119.15% | - |
| Operating Expenses | 10.39M | 12.3M | 9.38M | 9.05M | 10.4M | 17.87M | 20.75M | 10.34M | 8.93M | 8.3M | 12.5M | 16.83M | 37.45M | 101.6M | 77.64M | 34.79M | 28M | 18.5M | 15.2M | 4.32M | 202.52K | 46.44K |
| OpEx % of Revenue | - | 39.92% | 25.57% | 23.42% | 42.9% | 92.18% | 187.6% | 75% | 43.39% | 45.61% | 122.61% | 163.64% | 54.95% | 133.43% | 89.88% | 30.38% | 17.09% | 18.31% | 17.81% | 14.23% | 9.31% | 49.42% |
| Selling, General & Admin | 8.65M | 10.89M | 6.95M | 6.08M | 6.79M | 13.58M | 17.42M | 7.18M | 4.73M | 4.74M | 9.68M | 13.89M | 36.65M | 101.75M | 74.4M | 30.31M | 24.98M | 15.79M | 12.6M | 3.89M | 202.52K | 35.86K |
| SG&A % of Revenue | - | 35.34% | 18.96% | 15.74% | 28.02% | 70.02% | 157.48% | 52.07% | 22.98% | 26.07% | 94.93% | 135% | 53.77% | 133.63% | 86.13% | 26.46% | 15.25% | 15.63% | 14.77% | 12.83% | 9.31% | 38.16% |
| Research & Development | 1.74M | 1.71M | 2.42M | 2.97M | 3.61M | 4.48M | 3.89M | 3.59M | 4.76M | 4.03M | 3.04M | 3.45M | 3.04M | 2.92M | 4.95M | 4.48M | 3.02M | 2.71M | 2.6M | 424.1K | 0 | 0 |
| R&D % of Revenue | - | 5.56% | 6.61% | 7.68% | 14.88% | 23.1% | 35.16% | 26.05% | 23.11% | 22.16% | 29.87% | 33.51% | 4.46% | 3.83% | 5.73% | 3.91% | 1.84% | 2.68% | 3.04% | 1.4% | - | - |
| Other Operating Expenses | 0 | -300K | 0 | 0 | 0 | -181.62K | -556.19K | -431.56K | 400.57K | 281.56K | -326.55K | 776.23K | -260.75K | 1.1M | -1.54M | 0 | 0 | 0 | 0 | 0 | 0 | 10.58K |
| Operating Income | -7.28M | -8.93M | -1.61M | -197.7K | -3.17M | -10.14M | -17.37M | -3.74M | 168.82K | -450.7K | -14.58M | -26.96M | -29.96M | -119.38M | -85.68M | 9.53M | 42.56M | 32.16M | 23.88M | 13.31M | 1.88M | 47.52K |
| Operating Margin % | -29% | -28.99% | -4.39% | -0.51% | -13.06% | -52.3% | -156.98% | -27.12% | 0.82% | -2.48% | -143.01% | -262.17% | -43.96% | -156.77% | -99.19% | 8.32% | 25.98% | 31.84% | 28% | 43.87% | 86.56% | 50.58% |
| Operating Income Growth % | - | -455.38% | -713.65% | 93.75% | 68.78% | 41.61% | -364.28% | -2315.68% | 137.46% | 96.91% | 45.93% | 10% | 74.9% | -39.33% | -999.33% | -77.62% | 32.36% | 34.64% | 79.43% | 606.97% | 3861.68% | - |
| EBITDA | -5.63M | -7.26M | 508.75K | 2.8M | 334.36K | -7.94M | -13.89M | -839.65K | 3.84M | 2.41M | -12M | -24.42M | -25.19M | -108.78M | -71.85M | 22.14M | 52.07M | 38.01M | 28.23M | 14.75M | 1.88M | 57.96K |
| EBITDA Margin % | -22.46% | -23.54% | 1.39% | 7.24% | 1.38% | -40.95% | -125.53% | -6.09% | 18.68% | 13.23% | -117.68% | -237.45% | -36.96% | -142.85% | -83.19% | 19.33% | 31.78% | 37.64% | 33.09% | 48.62% | 86.61% | 61.68% |
| EBITDA Growth % | -42.49% | -1526.12% | -81.8% | 736.09% | 104.21% | 42.82% | -1553.9% | -121.85% | 59.73% | 120.06% | 50.88% | 3.06% | 76.84% | -51.38% | -424.57% | -57.49% | 36.99% | 34.66% | 91.33% | 683.17% | 3150.53% | - |
| D&A (Non-Cash Add-back) | 1.64M | 1.68M | 2.12M | 2.99M | 3.5M | 2.2M | 3.48M | 2.9M | 3.67M | 2.86M | 2.58M | 2.54M | 4.77M | 10.6M | 13.83M | 12.61M | 9.51M | 5.86M | 4.35M | 1.44M | 1.13K | 10.43K |
| EBIT | -7.28M | -8.93M | -1.34M | 356.46K | 43.93K | -10.83M | -17.38M | -3.37M | 1.16M | 318.99K | -17.97M | -1.27M | -23.23M | -114.76M | -85.16M | 12.32M | 44.88M | 34.41M | 25.04M | 13.31M | 1.88M | 47.52K |
| Net Interest Income | -744.34K | -977.54K | -458.3K | -578.53K | -548.48K | -923.72K | -1.01M | -366.33K | -448.02K | -442.12K | -481.51K | -3.04M | -5.45M | -4.49M | -4.3M | -2.63M | -1.41M | -118.02K | 35.72K | 138.84K | 0 | -1.26K |
| Interest Income | 0 | 1.36K | 2.24K | 2.1K | 7.96K | 4.64K | 4.8K | 133.52K | 36.38K | 7.9K | 17.42K | 76.72K | 408.12K | 447.59K | 343.29K | 317.19K | 126.46K | 270.67K | 214.85K | 138.84K | 0 | 0 |
| Interest Expense | 511.29K | 978.9K | 460.54K | 580.63K | 556.43K | 928.35K | 1.02M | 499.85K | 484.4K | 450.02K | 498.93K | 3.12M | 5.86M | 4.93M | 4.65M | 2.95M | 1.54M | 388.69K | 179.13K | 0 | 0 | 1.26K |
| Other Income/Expense | -562.81K | -1.08M | -196.68K | -26.47K | 2.65M | -1.62M | -1.04M | 0 | 508.73K | 319.67K | -3.89M | 22.57M | -5.18M | -1.75M | -30.96M | -152.81K | 773.62K | 1.87M | 974.64K | 218.28K | 1.3K | -1.26K |
| Pretax Income | -7.84M | -10.02M | -1.81M | -224.17K | -512.5K | -11.76M | -18.4M | -3.87M | 677.55K | -131.03K | -18.47M | -4.39M | -34.14M | -120.31M | -89.81M | 9.37M | 43.34M | 34.03M | 24.86M | 13.53M | 1.88M | 46.27K |
| Pretax Margin % | -31.24% | -32.51% | -4.92% | -0.58% | -2.11% | -60.63% | -166.35% | -28.05% | 3.29% | -0.72% | -181.16% | -42.68% | -50.09% | -158% | -103.97% | 8.18% | 26.45% | 33.69% | 29.14% | 44.59% | 86.61% | 49.24% |
| Income Tax | 36.97K | 43.09K | 14.14K | 7.98K | 69.87K | 5.32K | -71.32K | -274.48K | -1.2M | -1.07M | 57.84K | 4.31M | -4.39M | 1.9M | 812.25K | 804.15K | 7.86M | 3.89M | 1.55M | 107.3K | 289.4K | 8.51K |
| Effective Tax Rate % | -0.47% | -0.43% | -0.78% | -3.56% | -13.63% | -0.05% | 0.39% | 7.09% | -177.29% | 816.84% | -0.31% | -98.07% | 12.86% | -1.58% | -0.9% | 8.58% | 18.14% | 11.43% | 6.23% | 0.79% | 15.36% | 18.38% |
| Net Income | -7.88M | -10.06M | -1.82M | -697.94K | -7.08M | -9.92M | -17.69M | -3.59M | 1.69M | 858.61K | -18.17M | -7.5M | -29.23M | -119.24M | -89.63M | 7.91M | 34.4M | 30.09M | 23.79M | 13.33M | 1.59M | 37.76K |
| Net Margin % | -31.39% | -32.65% | -4.96% | -1.81% | -29.22% | -51.18% | -159.95% | -26.06% | 8.22% | 4.72% | -178.26% | -72.96% | -42.89% | -156.59% | -103.77% | 6.91% | 21% | 29.8% | 27.89% | 43.94% | 73.31% | 40.19% |
| Net Income Growth % | -11.13% | -453.03% | -160.68% | 90.14% | 28.65% | 43.91% | -392.31% | -312.43% | 97.06% | 104.73% | -142.14% | 74.33% | 75.48% | -33.03% | -1233.22% | -77.01% | 14.31% | 26.52% | 78.43% | 736.01% | 4123.01% | - |
| Net Income (Continuing) | -7.88M | -10.06M | -1.82M | -232.15K | -582.37K | -11.76M | -18.33M | -3.59M | 1.88M | 939.31K | -18.52M | -8.69M | -24.49M | -121.7M | -90.62M | 8.57M | 35.47M | 30.14M | 23.31M | 13.33M | 1.59M | 37.76K |
| Discontinued Operations | 0 | 0 | 0 | -465.79K | -6.5M | 1.84M | 0 | 0 | 0 | 0 | 0 | 1.5M | 0 | 0 | 0 | 0 | 0 | 0 | 718.16K | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | -1.76K | 8.64M | 9.34M | 9.35M | 9.13M | 9.09M | 9.41M | 17.65M | 20.66M | 21.33M | 21.67M | 18.5M | 15.36M | 13.91M | 10.06M | 0 | 0 |
| EPS (Diluted) | -0.82 | -7.88 | -7.60 | -2.57 | -11.10 | -266.70 | -720.00 | -162.00 | 72.00 | 36.00 | -814.10 | -12.39 | -53.24 | -257.48 | -199.12 | 17.13 | 77.18 | 69.90 | 59.21 | 35.27 | 4.58 | 0.94 |
| EPS Growth % | 78.07% | -3.68% | -195.72% | 76.85% | 95.84% | 62.96% | -344.44% | -325% | 100% | 104.42% | -6470.62% | 76.73% | 79.32% | -29.31% | -1262.41% | -77.81% | 10.41% | 18.05% | 67.88% | 670.09% | 387.23% | - |
| EPS (Basic) | - | -7.88 | -7.60 | -2.57 | -11.10 | -266.61 | -719.94 | -154.30 | 72.00 | 36.00 | -814.10 | -12.61 | -54.76 | -257.57 | -199.43 | 17.41 | 78.15 | 69.90 | 59.58 | 35.73 | 4.64 | 0.94 |
| Diluted Shares Outstanding | 9.6M | 1.28M | 239.34K | 90.32K | 52.85K | 44.12K | 24.58K | 23.22K | 23.09K | 22.41K | 22.32K | 605.57K | 549.06K | 463.09K | 450.13K | 461.81K | 445.74K | 430.52K | 401.71K | 377.99K | 347.84K | 40.28K |
| Basic Shares Outstanding | 9.6M | 1.28M | 239.34K | 90.32K | 52.85K | 37.21K | 24.58K | 22.11K | 23.09K | 22.41K | 22.32K | 595.1K | 533.8K | 462.92K | 449.43K | 454.23K | 440.23K | 430.52K | 399.22K | 373.11K | 343.47K | 40.28K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying TAOP stock.
For fiscal year 2025, Taoping Inc. (TAOP) reported total revenue of $30.8M. This represents a 32695.1% increase compared to $0.1M in 2005.
Taoping Inc. (TAOP) reported a net loss of $10.1M for the fiscal year ending 2025.
Taoping Inc. (TAOP) reported an operating income of $-8.9M, resulting in an operating profit margin of -29.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Taoping Inc. (TAOP) generated $3.4M in gross profit for the year, representing a gross profit margin of 10.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Liquidity and operational viability
Revenue Contraction Signals Structural Headwinds
As reported in recent financial filings, Taoping's revenue has experienced a 15.97% year-over-year decline, reflecting significant challenges in scaling its decentralized cloud platform and maintaining consistent project-based IT income amidst a tightening macroeconomic environment within the People's Republic of China's domestic technology and advertising sectors.
The consistent revenue decay suggests that the company's decentralized 'Taoping Net' model is struggling to gain traction against established incumbents. Investors should monitor whether this contraction represents a strategic exit from low-margin legacy projects or a fundamental loss of market share in the OOH advertising space.
Gross Margin Compression Limits Scalability
Based on the provided income statement data, Taoping's gross margin has deteriorated to 10.1% in 2025Q2, a sharp decline from the 27.5% levels observed in early 2023, indicating that the company lacks the pricing power necessary to offset rising hardware procurement and third-party resource costs.
This margin profile is more indicative of a low-value hardware reseller than a high-margin software infrastructure provider. The inability to maintain double-digit margins suggests that the company's decentralized platform model may be fundamentally burdened by high variable costs that prevent meaningful profitability.
Operating Leverage Remains Deeply Negative
According to recent SEC filings, Taoping's operating margin has plummeted to -23.8%, demonstrating that the company's fixed overhead, including administrative and research expenses, is not being adequately absorbed by its current revenue base, thereby preventing the achievement of any meaningful operating leverage or scale.
The persistent negative operating income suggests that the company's cost structure is misaligned with its current revenue generation capabilities. Without a significant pivot toward higher-margin software licensing, the company appears trapped in a cycle of high fixed costs that continue to erode shareholder value.
Liquidity Constraints Threaten Operational Continuity
Based on reported figures, the company's cash reserves of only $2.13 million against deep, recurring operating losses suggest a precarious financial position that may necessitate dilutive equity financing or further asset liquidation to sustain operations in the near term, posing a significant risk to equity holders.
The combination of shrinking revenue and negative operating margins creates a high probability of a liquidity crunch. Analysts should be skeptical of the company's ability to fund its ongoing R&D and administrative requirements without further compromising the capital structure or diluting existing shareholders.