Flying 40 post nearly $1 billion in revenues

We are hopeful this won’t be the final time we congratulate the Flying 40 — New Mexico’s top technology firms over the past five years.

Since 1998, Technology Ventures Corp. has tracked and recognized the achievements of some of our state’s top-performing tech companies and highlighted their contribution to the state’s economy annually. Regrettably, TVC shut its doors May 1 after losing its annual funding from Lockheed Martin Corp., the former manager of Sandia National Laboratories.

That loss, however, doesn’t detract from this year’s impressive list of Flying 40 companies, which encompasses businesses from a wide range of technology sectors, including engineering, information technology, aviation, aerospace, solar energy, etc.

The list reflects three categories of companies: top revenueproducing firms independent of their annual financial growth; top revenue-growth companies with more than $10 million in annual income; and fast-growing firms with between $1 million and $10 million in revenue. That growth is measured over five years, from 2012-2016.

Their annual revenue ranges from a low of $32 million for the Los Alamos-based engineering firm TechSource Inc. up to $233 million for the engineering behemoth Applied Research Associates in Albuquerque.

There’s good reason they’re called the Flying 40: Collectively, the companies generated nearly $1 billion in revenue while providing high-wage jobs for almost 5,000 people.

The complete list of Flying 40 companies appeared in the Journal’s Business Outlook section on Monday.

Congratulations, Flying 40, you are proving New Mexico is a great place to start and grow tech companies.