We are excited to share that our revenue for the year has nearly doubled from $18M to $35.4. Additionally, we have expanded our team from 35 to 60 employees, marking a period of substantial growth for our company. Throughout the year, our focus has been on developing our team, refining existing processes, adopting new methodologies, and ensuring timely product delivery.
In 2023, approximately 20% of our efforts were directed towards the battery plant industry. MAS successfully delivered several hundred vertical fan units characterized by short length, low sound, and cost-effectiveness. The remainder of our work encompassed a diverse range of projects, including custom Energy Recovery Ventilators (ERVs), quick ship modifications, Knockdown units, and more.
We work with most Daikin representative offices. Here were our Top 15 for 2023:
Note that for data purposes only, in the case where one rep firm designs a job an another rep firm closes, we allocate 75% of the revenue to the rep who secured basis of design, and 25% of the revenue to the rep who closed the project.
The below chart breaks down jobs we won in 2023, some already shipped and some to ship in 2024.
A few notes and highlights from 2023:
The patented Reconomizer™ is still dominating for reps when used as Basis of Design. MAS has been fortunate to design, sell, and ship an impressive number of Reconomizers, with a robust pipeline for 2024. This layout has faced nearly zero competition, solidifying its dominance in the market.
We are actively working on our first controls job. Our scope is simple, we are installing end devices and wiring to a control panel. Devices and panel were provided by the customer. We're also providing single point power. We foresee our controls capabilities increasing in 2024.
Accubloc is trending up, with multiple projects secured and shipped in 2023. In the face of growing energy code requirements, electrification trends, and the ongoing focus on reducing heating/cooling loads, Accubloc stands out for its substantial 80-95% effectiveness advantage.
We've seen a lot of success in the casino industry with our semi-custom DOAS energy recovery units, along with compact economizer units.
Knockdown jobs have continued to trend up. We've essentially knocked down every modification at this point (a triple stack enthalpy plate heat exchanger takes the cake). We continue to improve our process, and continue to receive positive feedback from reps and installing contractors.
We hosted around 20 customer visits this year - we enjoy showing off our work and our culture! MAS can customize visits to focus on specific jobs or processes on the floor, or just chat in the conference room to explore collaborative opportunities.
Looking into 2024
In Q1 2024, we're moving to a new 203,000 sq.ft. facility, setting the stage for both core business expansion and innovative research. We are excited to host you and your customers!
Following the stability of lead times and pricing in 2023, MAS remains dedicated to improving efficiency and cost-effectiveness, ensuring a competitive edge in the semi-custom market.
The future is always driven by our reps' needs. If there's anything MAS can do to help, please reach out!