Enniscorthy-based Taoglas, which makes and designs antennas and cellular components, reported a $23 million (€21.81 million) loss for 2023 in the first set of results since a US private equity firm acquired the Irish company early last year.
New accounts for Taoglas Buyer, a new entity that was formed when a majority stake in the group was sold to Graham Partners, reveal that turnover at the dual Irish-US headquartered group’s Irish entity reached $52.5 million from March to December 2023.
Led by co-founder Dermot O’Shea, who retained a stake in the business following its sale, Taoglas’s US and global revenue figures have not been disclosed. However, the wider group was “operationally profitable” last year, a company spokesman said, having expanded into new regions and opened an office in India in 2023.

Why switching your mortgage rate can save you a lot of money (especially if you are green)
The $23 million before-tax loss related to expenditure arising from Graham Partners’s acquisition of the firm, which was announced in February 2023, a spokesman said. Those costs included interest, transaction and management fees.
America’s war on science could have drastic results for research and drug development
Is Ireland really suffering a tourism collapse?
Microsoft president Brad Smith: ‘Our support for Ireland is steadfast’
Tariff reaction day brings news of strong tax revenues, a warning on jobs and talk of pivoting to new markets
Mr O’Shea said Taoglas performed well “despite difficult market conditions” last year.
“We believe that Taoglas is very well placed to benefit from the continued adoption of connected devices worldwide and we see significant potential across mobility and infrastructure in this regard,” he said, adding that 2024 marks “20 years in business for Taoglas”, having commenced trading in 2004 in Wexford. The company employed some 386 people across its facilities in Ireland, China, Taiwan, Germany and the US, according to the accounts.
Meanwhile, Taoglas spent $4.4 million on research and development last year, reporting total net cash use of $17.7 million in the year, which the spokesman said was “primarily driven by the operational structure with the US group”.
- Sign up for the Business Today newsletter and get the latest business news and commentary in your inbox every weekday morning
- Opt in to Business push alerts and have the best news, analysis and comment delivered directly to your phone
- Join The Irish Times on WhatsApp and stay up to date
- Our Inside Business podcast is published weekly – Find the latest episode here