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Aeroflex

Logo: Aeroflex, Public domain, via Wikimedia Commons4

Defunct American corporation

Aeroflex Inc. was an American company which produced test equipment, RF and microwave integrated circuits, components and systems used for wireless communications.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 16, 2026.

Overview

$912.9MRevenue, fiscal 20255
-$1.3BNet income, fiscal 20255
1937Founded1

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  • TickerARX on NYSE1
  • IndustryInsurance Agents, Brokers & Service1
  • HeadquartersPlainview1
  • Websitewww.aeroflex.com
  • Incorporated inCayman Islands6
  • Business addressP.O. Box 309 Ugland House, Grand Cayman, E9 Ky1-10446
  • Filer category, Emerging growth company6

Aeroflex Inc. was an American company which produced test equipment, RF and microwave integrated circuits, components and systems used for wireless communications. Its headquarters were located in Plainview, New York. In May 2014, Aeroflex was acquired by the UK aerospace company Cobham for $1.46 billion.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-147.4%Net margin5
51.5%Revenue growth, 20255
-192.8%Return on equity5
0.17×Debt to equity5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Underwriting brought in 42% of the revenue Aeroflex broke down this way in fiscal 2025.

  1. Underwriting$430.9M542%up 26% from 2024
  2. Exchange Services$334.9M533%up 50% from 2024
  3. MGA Operations$249.1M525%up 66% from 2024
Business segments by year
Business segments202320242025
Underwriting$201.3M$341.1M$430.9M
Exchange Services$123.3M$222.7M$334.9M
MGA Operations$112.1M$149.7M$249.1M

Regions

North America brought in 56% of the revenue Aeroflex broke down this way in fiscal 2025.

  1. North America$510.4M556%up 28% from 2024
  2. United Kingdom And European Union$402.5M544%up 98% from 2024
Regions by year
Regions202320242025
North America$201.9M$399.2M$510.4M
United Kingdom And European Union$142.1M$203.4M$402.5M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs97¢$889.6M
  • Income tax3¢$23.3M

Out of $912.9M in revenue.5 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Kept or used elsewhere100¢$445.1M

Out of $445.1M of cash from operations.5

Financial statements

Revenue5$912.9M in 2025+165% since 2023
0$250.0M$500.0M$750.0M$1.0B2023: $344.0M$344.0M20232024: $602.6M$602.6M2024+75%2025: $912.9M$912.9M2025+51%
Net income5-$1.3B in 2025+1999% since 2023
-$1.5B-$1.0B-$500.0M0$500.0M2023: -$64.1M-$64.1M20232024: $22.9M$22.9M20242025: -$1.3B-$1.3B2025

Every line of the income statement in the latest annual report, as filed.5

Period ending2025-12-312024-12-312023-12-31
Ceding commission income$356.8M$249.5M$164.2M
Direct commission income$162.0M$66.7M$37.6M
Net earned premiums$298.1M$226.6M$105.1M
Net investment income$48.7M$38.9M$19.3M
Net realized gains on investments$7.9M$1.9M$500.0K
Net unrealized gains on investments$39.4M$19.0M$17.3M
Total revenues$912.9M$602.6M$344.0M
Losses and loss adjustment expenses$204.0M$167.3M$80.3M
Amortization of deferred acquisition costs$80.3M$81.4M$49.9M
General and administrative expenses$400.4M$249.3M$182.5M
Interest expenses$10.9M$12.1M$10.9M
Depreciation and amortization$35.2M$26.6M$14.5M
Profits interest distribution expenses$1.4B$0$0
Net foreign exchange losses (gains)$20.2M-$5.1M$3.5M
Other expenses$104.1M$39.0M$46.3M
Total expenses$2.2B$570.6M$387.9M
Loss before income taxes-$1.3B$32.0M-$43.9M
Income tax expense-$23.3M-$9.1M-$20.2M
Net (loss) income-$1.3B$22.9M-$64.1M
Adjustment for net (income) loss attributable to non-controlling interests-$8.9M$4.3M$15.3M
Deemed dividend upon redemption of Class C preference shares-$70.9M$0$0
Net income attributable to Accelerant common shareholders, diluted-$1.4B$27.2M-$48.8M
Net income attributable to Accelerant common shareholders, basic-$1.4B$27.2M-$48.8M
Basic (in usd per share)-$7.49$0.16-$0.29
Diluted (in usd per share)-$7.49$0.14-$0.29
Weighted-average common shares outstanding - basic (in shares)190.3M shares166.0M shares165.6M shares
Weighted-average common shares outstanding - diluted190.3M shares199.7M shares165.6M shares
Share-based compensation expense$53.6M$8.4M$4.8M

Compare Aeroflex with another company

The story

In 2002, Aeroflex acquired IFR Systems Inc, a test equipment manufacturer from Wichita, Kansas, originally founded in 1937. In 1998, IFR previously acquired Marconi Instruments, a British test equipment manufacturer.

In 2007, Aeroflex was taken private by a group of private equity firms including Veritas Capital, Golden Gate Capital, GS Direct.

In 2008, Aeroflex acquired Gaisler Research, a designer of rad-hard IP for space applications, including the open source LEON processor.

In 2009, Aeroflex acquired VI Technology, a test automation company.

In 2010, Aeroflex acquired Willtek, a test equipment manufacturer from San Diego, California. Willtek was split from another company which previously acquired Wavetek.

In 2010, Aeroflex acquired Radiation Assured Devices of Colorado Springs, Colorado and changes its name to Aeroflex RAD.

In 2010, Aeroflex acquired Advanced Control Components for $20 Million.

In 2010, Aeroflex announced an initial public offering of 17.25 million shares.

Read the full text

In FY 2010, AMS and ATS contributed almost equally to net sales. The majority of sales, particularly for AMS, are in the space, avionics, and defense markets.

In May 2014, Aeroflex was acquired by the UK aerospace company Cobham for $1.46 billion.

In March 2018, Viavi Solutions purchased Cobham AvComm and Wireless Test and Measurement, which were previously part of Aeroflex, for $455 million. These business units will continue using the name Aeroflex until March 2021.

From Wikipedia’s article on Aeroflex, shared under CC BY-SA 4.0.7

Products and brands

AMS Group

Hi-rel MSI integrated circuits

RF and microwave discretes

Mixed signal and digital application-specific integrated circuits (ASICs)

Read the full text

Motion control

ATS Group

Wireless communications test (the TM500 LTE test system was Aeroflex's top-selling product in FY 2010)

Avionics test

Signal generators

Spectrum/signal analyzers

ATE Group

In-circuit test systems

AOI

Functional Test platform

From Wikipedia’s article on Aeroflex, shared under CC BY-SA 4.0.7

Timeline

  1. 1937Founded Founded1

Recent filings

  1. Sep 30, 2026SCHEDULE 13G
  2. Sep 23, 20268-K
  3. Aug 25, 20264
  4. Aug 21, 2026144
  5. Aug 14, 2026DEFA14A
  6. Aug 14, 20268-K
  7. Aug 14, 2026DEFA14A
  8. Aug 14, 20264
  9. Aug 13, 20268-K
  10. Aug 13, 2026DEFA14A
  11. Aug 13, 202610-Q
  12. Aug 13, 2026144
  13. Aug 13, 2026DEFA14A
  14. Aug 12, 20264
  15. Aug 11, 20264

Every filing from the last three years, summarized. The full record is on SEC EDGAR.2

Sources

The numbers on this page point here. Each one links to the record it came from.

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