Badger Meter makes water meters and smart water management technology, selling primarily to municipal water utilities with a smaller industrial instrumentation business. The core product is the water meter itself — the billing instrument of a water utility — but Badger Meter sells a full technology stack around it: mechanical and ultrasonic meter hardware, the ORION family of cellular radio endpoints that transmit meter data wirelessly, and BEACON, a cloud-hosted SaaS platform offering dashboards, leak detection, and water usage analytics. Badger Meter markets these collectively under the BlueEdge brand, with cellular AMI (Advanced Metering Infrastructure) as the entry point and additional sensors layering on top. Beyond the meter, Badger Meter also sells water quality monitors, pressure and leak detection sensors, and sewer monitoring solutions (via the recently acquired SmartCover brand). Utility Water is roughly 89% of revenue, with the remainder in Flow Instrumentation sold to commercial and industrial customers. About 85% of annual U.S. meter demand is replacement of aging meters, making the business durable across economic cycles. When a utility deploys cellular AMI radios, it also subscribes to BEACON SaaS for the life of the device — typically 10-15 years — creating a compounding base of recurring software revenue. Higher-margin ultrasonic meters, cellular radios, and software carry better margins than basic mechanical meters, so as utilities upgrade, margins improve organically. Badger Meter estimates only ~40% of U.S. water meters have converted to AMI, implying a long growth runway.