TAOP Taoping Inc.

Overview and Growth

In fiscal 2025, Taoping Inc. recorded $2.23M of revenue, net loss of $10.06M, and an operating cash outflow of $2.55M. The $2.23M revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Compared with $699.00K in fiscal 2024, revenue recorded a 218.6% year-over-year increase. The company reported diluted EPS of -$7.88, adding a shareholder-level measure to the absolute income figures considered below. The company employed $39.45M of total assets, the balance-sheet base supporting its current operating and cash-flow results. The revenue-to-assets relationship was 0.06x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

Gross profit was $3.37M, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. Gross profit represented 151.3% of revenue, showing how much of the top line remained after direct costs. Operations produced a $9.23M operating loss before non-operating and tax effects. An operating margin of -414.6% reflected costs exceeding revenue-level gross profit by 414.6% of sales. After all below-operating-line items, the company recorded a net loss of $10.06M for the fiscal year. Measured against revenue, the bottom-line deficit represented 451.8% after all recognized items. Negative EBITDA totaled $7.59M, confirming that the earnings deficit remained before depreciation and amortization. Before income taxes, the company recorded a loss of $10.02M, bridging the operating result to the final net loss. Measured against revenue, the pretax deficit represented 449.9%. Income tax expense totaled $43.09K, providing the reported tax component that separates pretax and after-tax earnings. The loss-to-equity relationship was 51.5%, placing the bottom-line deficit against shareholder capital. Relative to total assets, the net loss represented 25.5%. Compared with a $1.82M net loss in fiscal 2024, the current loss increased to $10.06M.

Liquidity and Capital Structure

Total assets were $39.45M, supported by $19.91M of liabilities and $19.54M of shareholder equity. Current assets were $26.41M against $14.11M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. At 1.87x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. Cash and equivalents totaled $2.13M, identifying the most liquid reported component available within the broader current-asset balance. Measured only with cash and equivalents, coverage of current liabilities was 15.1%, excluding receivables and other current assets. Total debt was $11.43M, establishing the amount of borrowing carried within the company’s capital structure. The debt-to-equity relationship was 0.59x, showing how much debt the company carried for each unit of book equity. The debt-to-assets relationship was 29.0%, comparing borrowing with the total asset balance. The equity-to-assets relationship was 49.5%, placing book capital against the total resource base. Liabilities represented 50.5% of total assets, quantifying the liability-funded share of the company’s resource base. The cash-to-assets relationship was 5.4%, comparing reported cash and equivalents with the full positive asset balance. The asset base changed 12.3% from $35.13M in fiscal 2024, leaving current total assets higher year over year. Book equity was 23.1% higher than fiscal 2024 equity of $15.87M, showing how shareholder capital changed year over year. Compared with $1.58M in fiscal 2024, the current cash balance moved 35.2% and finished higher.

Cash Flow and Earnings Quality

Operating activities used $2.55M of cash, resulting in an operating cash outflow for the year. The company spent $1.35M on capital expenditures while operations also absorbed cash, so both ongoing activity and investment drew on liquidity during the period. The company recorded a $3.90M cash deficit after capital spending for the period. Relative to revenue, the post-investment cash deficit represented 175.1%. Relative to total assets, the post-investment cash deficit measured 9.9%.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Nov 4, 2026.