Vincent Caldwell was a graduate of the Freeport Institute of Technology (he refuses to call it FIT) and was hired to SparaCorp almost instantly. Vincent was involved in all manner of designs for everything from robots to armor designs. He was able to achieve tremendous results extraordinarily under budget and was the envy of his rivals. Unfortunately, the politics of the corporation were slightly more dangerous and Vincent was less than an effective player. His rivals discovered his ability to create staggeringly complex weapons was due to his Metaman ability to comprehend machinery at an intuitive level.
If it were up to Death Mask III, Vincent would have been moved to a private firm where he could work on diabolical machines of doom in private. Death Mask III has fostered genocidal plots against metamen in the past but has always been willing to make room for individuals without scruples. However, Vincent didn't really catch his eye and SpartaCorp's hiring policies were clear, Metamen were not to be tolerated. Given the boot, Vincent was furthermore sued and indicted for fraud regarding his creations.
This was bad enough but the final straw came when Jack Washington took over the company and proceeded to reveal many of the people involved in supply weapons to PHANTOM and various supervillains. Completely to his surprise, he discovered he was one of them. His attempts to cover it up ended up getting him punched in the face by Dawn Wing. He was forced to mortgage his house in order to make bail.
So he became a terrorist.
It's surprisingly easy to become associated with the wrong sorts of people if you've even a peripheriary association with SpartaCorp. Jack Washington Junior's takeover of the company meant a lot of former PHANTOM employees were out of a job and Vincent saw his chance to make ends meat by forming his own company. Well, not so much company as an illegal arms dealership with himself at the head. In secret factories spread across the United States, Vincent has used his inhuman understanding of special technology he's examined to create factories for highly advanced weaponry and sells them at a fraction of their cost.
Which is still more money than most people make in a lifetime.
The Armorer, for a mere 100,000 dollar downpayment and promises of criminal assistance in the future, will gladly outfit your average criminal with a suit of power armor. If you're wondering how the average criminal can afford the equivalent of a new house, the Armorer is quite willing to put you in contact with people who do loans. His associates have stolen millions for him in properietary information, experimental technology, and generally caused the sorts of chaos which he loves to profit from.
The 100,000 dollar suits are generally low-intensity work for the Armorer, built out of a bunch of scraps like Tony Stark in an afternoon.
He's fully capable of using his genius to create things equal to or superior than the Steel Commando's armor for countries and terrorist groups with a budget. He just thinks quantity has a quality all its own.
These "mass orders" don't include the automated factories fully capable of popping out weak power-armor for mooks.
In truth, the Armorer actually makes far more from using this money to make semi-legitimate arms sales to Third World countries and dictators than he does from creating the literally dozens of supervillains he's created. The Armorer, however, is obsessed with something not immediately supplied by arms-dealing. Yes, he craves respect and the power to humiliate the people who looked down upon him. It's a tired and overused motivation but that's because it's so very true to life.
The Armorer desires to show up SpartaCorp by becoming one of the world's biggest arms traffickers, humiliate the country by having his creations defeat its heroes, and cause chaos enough more people want to buy his armaments. He's currently facing down the Iron Corps as they're starting to investigate the rash of armor-related weapons and supervillains which are starting to appear across the country.
Vincent, in person, doesn't really look like much of a supervillain. Hell, he doesn't look like much of a arms dealer. He looks more like the kind of guy who founds DotComs. Despite this, he's a complete sociopath as the first time he ordered one of his armored troopers to throw someone off a building (which was mostly him caught up in the moment) he found he didn't care. Indeed, he liked the sense of power he got from it. Vincent is also completely amoral to what his weapons are used for, having actually constructed nuclear weapons overnight and sold them causally to Zulan.
Really, the Armorer has discovered that being a criminal mastermind is fun and he enjoys the perks of it. He'd be even more dangerous than he already was if he could learn to make full-use of his abilities and possessed a good deal more business savvy. He's learning, however, and in five-to-ten years he could become a man responsible for outfitting entire nations with weapons too powerful for anyone to oppose.