The firm also paid $7.7m in dividends to its owners last year, up from $2.4m in 2021, newly-filed accounts for the business show.

The net cash generated by the group last year from operations was $5.1m, which was up considerably on the $3.9m it generated in 2021.

Taoglas bills itself as a leading provider of advanced technology for smart applications.

It designs products such as antenna and radio frequency components that can be used for high-accuracy location tracking, for example.

They can be used in application such as driverless vehicles, and precision agriculture.

The company was co-founded in 2004 by Ronan Quinlan and Dermot O’Shea.

Last year they sold a majority stake in the firm to US private equity group Graham Partners. Mr Quinlan and Mr O’Shea each owned 42pc of Taoglas.

Mr Quinlan exited the business following the sale, while Mr O’Shea remained as chief executive and retained a stake in the company.

Mr O’Shea told the Irish Independent at the time of the sale that the company had managed to get to $100m in revenue on its own, but that the Graham Partners would help it to become a $1bn business.

“We want to get to $1bn in revenue by 2030 and we need the help of a firm like Graham to do that and the financial muscle they bring for our acquisition and growth plans,” said Mr O’Shea, who is based in the United States.

In the latest set of group accounts for Taoglas, the directors of the company noted that its antennas business performed strongly during 2022, with “high growth” in its audio and magnetics segment.

They added that custom internet-of-things (IOT) revenue doubled last year.

“The group is focused on continuing to develop and offer next-generation IOT solutions and services, combining the latest in high-performance radio frequency antenna technology with advanced positioning, imaging, audio and artificial intelligence technologies for enterprises with unique IOT challenges,” the directors added.

Last year, the group spent close to $10m on research and development, similar to what it spent in 2021.

The accounts also note that following its acquisition by Graham Partners, existing debt facilities were repaid as part of the transaction and new facilities were secured with Bain Capital.

Taoglas has an $18.5m revolving facility with Bain Capital and by this month had drawn down $8m of that.

Taoglas technology is also used in healthcare, for providing remote care, disease and lifestyle management, and has applications across other sectors too.

Taoglas has also provided technology that is being used in Ireland’s first ever satellite, Eirsat-1, a small cube satellite that is due to be launched at the end of this month on a Space X Falcon 9 rocket.