Here are a few brief analogies to describe Badger Meter:

• Cisco for water utility networks
• Honeywell for water management solutions
• The Intel of smart water meters

• Water Meters: Devices for accurately measuring water consumption in residential, commercial, and industrial settings.
• Advanced Metering Infrastructure (AMI) & Automatic Meter Reading (AMR) Systems: Integrated solutions, including communication networks and data collectors, for remote and automated collection of water meter data.
• Industrial Flow Measurement Products: A range of sensors and instrumentation for measuring liquid and gas flow, level, and pressure in industrial processes and critical applications.
• Utility Software Solutions: Data analytics, asset management, and billing software platforms designed to optimize water utility operations and enhance customer service.

Badger Meter (BMI) primarily sells its products and solutions to other companies and organizations (B2B).

According to Badger Meter's recent SEC filings (e.g., their annual 10-K report), no single customer accounts for 10% or more of its net sales. This indicates a highly diverse and fragmented customer base, meaning there are no individual "major customer" companies by name that constitute a significant portion of their revenue to be listed with their public symbols.

However, Badger Meter serves several major categories of customers across various sectors:

• Municipal Water Utilities: These are the primary customers for Badger Meter's smart water meters, advanced metering infrastructure (AMI), communications solutions, and software for water distribution and consumption monitoring. These entities are typically government-owned or quasi-governmental organizations (e.g., city water departments, regional water authorities) and are generally not publicly traded companies.
• Industrial Companies: Various industrial sectors utilize Badger Meter's flow measurement and control products for critical applications. These include companies in chemical processing, food & beverage, pharmaceutical, power generation, oil & gas, and general manufacturing industries. While many companies in these sectors are publicly traded, no single company represents a major customer for BMI due to their diversified client base.
• Commercial Entities: This category includes businesses and large institutions that use flow measurement and control solutions for applications such as HVAC systems, irrigation, and sub-metering in commercial buildings.

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Kenneth C. Bockhorst, Chairman, President & Chief Executive Officer

Ken joined Badger Meter in October 2017 as Chief Operating Officer and was promoted to President and Chief Executive Officer on January 1, 2019, and Chairman of the Board on January 1, 2020. He has over 20 years of experience in global operations management. Prior to joining Badger Meter, he served at Actuant Corporation (now Enerpac Tool Group) for six years, most recently as executive vice president of the energy segment. His career also includes product management and operational leadership roles at IDEX Corporation and Eaton Corporation. During his time at Actuant, he developed and executed strategic plans that involved major portfolio enhancements through both acquisition and divestiture activities. He previously held positions as president of the Hydratight business unit and global vice president of operations for Enerpac.

Robert A. Wrocklage, Senior Vice President – Chief Financial Officer

Bob joined Badger Meter in August 2018 as VP-Finance, was promoted to Vice President – Chief Financial Officer effective January 1, 2019, and became Senior Vice President – Chief Financial Officer in 2020. Before joining Badger Meter, he spent ten years at Actuant Corporation, where his most recent role was Corporate Controller and Principal Accounting Officer. He also held various finance leadership roles within Actuant's Enerpac division and served three years as Internal Audit Leader. He began his career in public accounting with seven years at Deloitte & Touche LLP and Arthur Andersen LLP.

William R.A. Bergum, Vice President – General Counsel and Secretary

Bill has served as Vice President – General Counsel and Secretary at Badger Meter since 2003, overseeing global legal affairs, corporate governance, compliance, and risk management. Prior to Badger Meter, he was corporate counsel for a U.S. division of Veolia Environmental Services (Onyx Waste Systems, Inc.). His professional background also includes roles as vice president and assistant general counsel for Fortis Health (Fortis Insurance Company) and staff attorney for Care Providers of Minnesota.

Fred J. Begale, Vice President – Engineering

Fred joined Badger Meter in 2007 as director of business development and was promoted to Vice President – Engineering in 2011, where he is responsible for all of the company's engineering and product design and development activities. Before his time at Badger Meter, Fred spent nearly 20 years at Eaton Corporation in various operations, research, product development, engineering, technology, and project management roles.

Sheryl Hopkins, Vice President – Human Resources

Sheryl joined Badger Meter in her current role in October 2020, where she is responsible for leading and overseeing all of the company's human resources policies, programs, and practices. Prior to Badger Meter, she served as vice president of human resources for ADVENT. Her career also includes human resources leadership positions at Runzheimer International, Eaton Corporation, and other multinational public companies.

The key risks to Badger Meter's business include its reliance on public utility spending, the intense competitive landscape in the smart water solutions market, and potential disruptions in its supply chain coupled with rising material and labor costs.

1. Reliance on Municipal Spending and Demand Volatility: A substantial portion of Badger Meter's revenue, approximately two-thirds, is dependent on spending by public utilities. Fluctuations or delays in state and local government funding can lead to deferred orders for smart metering projects, creating near-term volatility in the company's sales, despite the long-term demand for infrastructure upgrades.
2. Intense Competition: Badger Meter operates within a highly competitive global market for flow measurement and smart water solutions. Major competitors, such as Sensus (a Xylem company), Neptune Technology Group, and Itron, hold significant market shares. This competitive environment necessitates continuous innovation and differentiation to maintain market position and secure new business.
3. Supply Chain Disruptions and Cost Inflation: The company's financial results are susceptible to risks associated with its supply chain, including potential disruptions and increases in the cost of materials (such as copper, electronics, and batteries) and labor. Sustained inflation in input costs could pressure profit margins, even with efforts in automation and pricing power.

The potential emergence of dominant, integrated utility management platforms from large technology companies or industrial software giants. These platforms could standardize and control entire utility technology stacks across water, electric, and gas, thereby commoditizing specialized hardware (like water meters) and proprietary software offered by companies like Badger Meter, shifting the primary value capture to the overarching platform provider.

Badger Meter (BMI) operates primarily in two main product categories: Utility Water and Flow Instrumentation. The addressable markets for these segments are as follows:

Utility Water

• Global Water Meter Market: The global water meter market size was valued at $19.7 billion in 2020 and is projected to reach $29.16 billion by 2030, with a compound annual growth rate (CAGR) of 4.1% from 2021 to 2030. Another estimate places the global water meter market size at approximately USD 26.39 billion in 2025.
• Global Smart Water Meter Market: This market was valued at USD 4.6 billion in 2024 and is predicted to reach USD 13.1 billion by 2034, growing at an 11.0% CAGR during that period. Other reports indicate the global smart water metering market reached US$6.8 billion in 2024. It is also projected to reach USD 9.04 billion by 2030 from USD 4.61 billion in 2024, at a CAGR of 11.9% between 2024 and 2030. Another source estimates the global smart water metering market to reach approximately USD 14.06 billion by 2034, growing at an 11.65% CAGR.
• North America Smart Water Meter Market: This market was valued at USD 1.65 billion in 2024 and is expected to reach USD 2.98 billion by 2030, rising at a CAGR of 10.35%. Another valuation for North America smart water metering market was US$ 1.598 billion in 2023, projected to reach US$ 3.121 billion by 2031 with a CAGR of approximately 8.7%.
• North America AMI Water Meter Market: The North America AMI water meter market size was valued at USD 468.9 million in 2024 and is estimated to grow at a CAGR of 28.7% from 2025 to 2034. The U.S. AMI water meters market is projected to surpass USD 3.9 billion by 2034.

Flow Instrumentation

• Global Flow Meter Market: The global flow meter market size was estimated at USD 10.64 billion in 2024 and is projected to reach USD 15.17 billion by 2030, growing at a CAGR of 6.0% from 2025 to 2030. Other estimates value the global flow meters market size at USD 13.20 billion in 2025, forecasted to reach around USD 27.97 billion by 2034, accelerating at a CAGR of 8.70%. Additionally, the global flow meter market size was valued at USD 9.2 billion in 2024 and is estimated to reach USD 15.1 billion by 2033, exhibiting a CAGR of 5.14% during 2025-2033.
• North America Flow Meters Market: The North America Flowmeters market was valued at USD 1456.12 million in 2022 and is projected to reach USD 3.492 billion by 2030, with a CAGR of 5.0% during the forecast period. This market is also expected to witness growth of 7.1% CAGR during the forecast period (2024-2031). North America accounted for a significant global share of 46.4% in the flow meter market in 2023.

Badger Meter (BMI) is expected to drive future revenue growth over the next 2-3 years through a combination of strategic initiatives and ongoing market trends in smart water solutions. The key drivers include:

1. Continued Adoption of Advanced Metering Infrastructure (AMI) Solutions: Badger Meter anticipates sustained revenue growth from the increasing adoption of its cellular AMI solutions. This includes higher sales of ultrasonic meters and ORION cellular endpoints, which are integral to modernizing water utility infrastructure. The company holds a leading position in North American smart water markets, with the AMI adoption rate currently at approximately one-third of connections, indicating significant future growth potential as utilities upgrade their systems.
2. Expansion of Software-as-a-Service (SaaS) Offerings: Growth in Badger Meter's SaaS platforms, particularly BEACON Software and the comprehensive BlueEdge suite of modular smart water management solutions, is a significant revenue driver. These software solutions provide actionable data for utilities and homeowners, generating recurring revenue streams with higher gross margins compared to hardware sales.
3. Strategic Acquisitions and Portfolio Enhancement: Strategic acquisitions, such as the recent integration of SmartCover, are expected to contribute to utility water sales and broaden Badger Meter's smart water portfolio. SmartCover, which offers advanced sewer and lift-station monitoring capabilities, is now integrated into Badger's BlueEdge suite and is positioned for growth by leveraging Badger Meter's sales network.
4. Growth in Water Quality and Network Monitoring Solutions: Badger Meter is expanding its offerings beyond traditional metering to include real-time water quality monitoring, high-frequency pressure monitoring, and network monitoring solutions. These advanced solutions help utilities improve operational efficiency and address the increasing emphasis on water conservation and sustainable infrastructure, driving demand for a broader range of smart water technologies.
5. Favorable Product Mix and Pricing Strategies: An ongoing structural shift towards products with higher average selling prices and margins, combined with the company's ability to implement strategic price increases, will support revenue growth. This favorable product mix, particularly with ultrasonic meters and cellular AMI radios, contributes to an expanding gross margin profile and is expected to continue.

Share Repurchases

• Badger Meter's Board of Directors approved a new share repurchase authorization of up to $75 million through November 30, 2028, in November 2025.
• Under a previous authorization from February 2023, the company repurchased approximately $15 million worth of common stock during the fourth quarter of 2025.
• Annual share buybacks amounted to $427K in 2022.

Share Issuance

• Badger Meter's net common equity issued/repurchased for 2024 was $1 million.
• Net common equity issued/repurchased for 2023 was also $1 million.
• Net common equity issued/repurchased for 2021 was $2 million.

Outbound Investments

• In January 2025, Badger Meter announced the acquisition of SmartCover Systems, which provides real-time monitoring of water collection systems.
• This acquisition strengthens Badger Meter's BlueEdge suite of solutions.

Capital Expenditures

• Badger Meter's capital expenditures were $13 million in 2024, $12 million in 2023, and $5.89 million in 2022.
• In 2024, the company invested capital to expand manufacturing output, add automation, and acquire test equipment to support its growing customer base.