Financial PerformanceBadger Meter reported a strong 2Q24 operating beat with upside on sales and margins.
Market TrendsSecular trends, ongoing adoption of cellular and the associated BEACON annuity revenue stream, plus overall per endpoint average selling price lift are supportive.
Revenue GrowthBMI's Software-as-a-Service revenue increased 35.8% y/y in 2Q24 to 6.8% of revenue, and accelerated as BMI continues to focus on connecting water meters and other equipment to technology.