two excerpts"Financially, we finished 2023 with performance in-line with our expectations. We reported over $20 million in revenue for the full year driven by record SaaS revenue of nearly $10.7 million, or a 31% increase as compared to 2022. This included an all-time quarterly high of over $2.8 million in SaaS revenue for the fourth quarter of 2023.
As expected, we did not report positive EBITDA in 2023 due to the absence of the large, high margin OEM licensing order that did not repeat this year, but also because we are reinvesting the positive cashflow from our self-sustaining businesses, built on previous generations of hardware with long useful lives, to fund the R&D and commercialization of our emerging businesses. From a balance sheet perspective, we enter 2024 with a higher cash plus GIC balance on December 31, 2023 as compared to our ending cash balance at Q3 2023, and we are poised to capitalize on our 2023 investments in the year ahead." (From the Letter to Shareholders.)
From the body of the FInancial Report...
| | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
| SaaS | $2,801,661 | $2,787,664 | $2,690,573 | $2,413,200 |
| | | | | |
| | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 |
| SaaS | $2,253,618 | $2,073,284 | $2,155,912 | $1,675,072 |
Technical services up a surprising amount over 2022, $3,215,794 versus $1,899,940.