Clearfield, Inc. Files 2024 Annual Report

TL;DR

Clearfield's 2024 10-K is in. Get the full financial picture.

AI Summary

Clearfield, Inc. filed its 10-K for the fiscal year ending September 30, 2024. The company, formerly known as APA Enterprises, Inc., reported its financial performance and business operations. Key financial data and operational details are presented in this comprehensive annual report.

Why It Matters

This filing provides investors and stakeholders with a detailed overview of Clearfield, Inc.'s financial health and strategic direction for the past fiscal year, influencing investment decisions.

Risk Assessment

Risk Level: medium — This is a standard annual financial filing with no immediate red flags or significant new risks highlighted in the provided snippet.

Key Players & Entities

• Clearfield, Inc. (company) — Filer of the 10-K
• APA Enterprises, Inc. (company) — Former name of Clearfield, Inc.
• 2024-09-30 (date) — Fiscal year end date
• 2024-11-15 (date) — Filing date

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value CLFD The Nasdaq Stock Mar

Filing Documents

• clfd20240930_10k.htm (10-K) — 1930KB
• ex_748018.htm (EX-19) — 60KB
• ex_745471.htm (EX-21.1) — 5KB
• ex_745472.htm (EX-23.1) — 2KB
• ex_745473.htm (EX-31.1) — 12KB
• ex_745474.htm (EX-31.2) — 12KB
• ex_745475.htm (EX-32) — 5KB
• exh19logo.jpg (GRAPHIC) — 8KB
• return5yr.jpg (GRAPHIC) — 107KB
• 0001171843-24-006402.txt ( ) — 10728KB
• clfd-20240930.xsd (EX-101.SCH) — 77KB
• clfd-20240930_def.xml (EX-101.DEF) — 576KB
• clfd-20240930_lab.xml (EX-101.LAB) — 512KB
• clfd-20240930_pre.xml (EX-101.PRE) — 614KB
• clfd-20240930_cal.xml (EX-101.CAL) — 77KB
• clfd20240930_10k_htm.xml (XML) — 1981KB

BUSINESS

BUSINESS 1 ITEM 1A.

RISK FACTORS

RISK FACTORS 7 ITEM 1B. UNRESOLVED STAFF COMMENTS 16 ITEM 1C. CYBERSECURITY 16 ITEM 2.

PROPERTIES

PROPERTIES 17 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 18 ITEM 4. MINE SAFETY DISCLOSURES 18 PART II. 18 ITEM 5. MARKET FOR REGISTRANT ' S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 18 ITEM 6. [RESERVED] 22 ITEM 7. MANAGEMENT ' S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 22 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 32 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 33 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 63 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 63 ITEM 9B. OTHER INFORMATION 63 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 63 PART III. 64 ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 64 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 64 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 64 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 64 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 64 PART IV. 64 ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 64 ITEM 16. FORM 10-K SUMMARY 67

SIGNATURES

SIGNATURES 68 PART I Cautionary Note Regarding Forward-Looking Statements Clearfield, Inc., together with its subsidiaries, is referred to in this report as "we," "us," "our," and the "Company." We make statements from time to time regarding our business and prospects, such as projections of future performance, statements of management's plans and objectives, forecasts of market trends, and other matters that are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Statements containing the words or phrases "will likely result," "are expected to," "will continue," "is anticipated," "estimates," "projects," "believes," "expects," "anticipates," "intends," "target," "goal," "plans," "objective," "aims," "should," "could" or similar expressions identify forward-looking statements. Forward-looking statements may appear in documents, reports, filings with the Securities and Exchange Commission (SEC), news releases, written or oral presentations made by our authorized officers or other representatives. For such statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Our future results, including results expressed in or implied by forward-looking statements, involve a number of risks and uncertainties. Forward-looking statements are not guarantees of future actions, outcomes, results, or performance. Any forward-looking statement made by us or on our behalf speaks only as of the date on which such statement is made. We do not undertake any obligation to update or keep current any forward-looking statement to reflect events or circumstances arising after the date of such statement, except as required by law. In addition to the factors identified or described by us from time to time in filings with the SEC, the

BUSINESS

ITEM 1. BUSINESS Company Overview We design, manufacture, and distribute fiber protection, fiber management, and fiber delivery solutions to enable rapid and cost-effective fiber-fed deployment throughout the broadband service provider space primarily across North America. Our "fiber to anywhere" platform serves the unique requirements of Community Broadband customers (Tier 2 and 3 telco carriers, utilities, municipalities, and alternative carriers), Multiple System Operators (cable television), Large Regional Service Providers (ILEC operating a multi-state network with more than 500,000 subscribers), National Carriers (wireline/wireless national telco carriers (Tier 1)), and International customers (primarily Europe, Canada, Mexico, and Caribbean Markets). Our mission is to enable the lifestyle that better broadband provides through innovative product design that accelerates fiber-based deployment, making communications simpler and more affordable for people everywhere. We believe our products offer broadband service providers a competitive advantage at a crucial time when demand for fiber-based services is increasing to historic levels as providers focus on passing and connecting more homes. We are driven to help broadband service providers reduce the cost - and increase the speed of fiber deployment. Segments We are engaged in global operations. Our operations currently comprise of two reportable segments: the Clearfield Operating Segment (referred to herein as "Clearfield"), and the Nestor Cables Operating Segment (referred to herein as "Nestor Cables" or "Nestor"). Clearfield Operating Segment Clearfield is focused on providing fiber management, fiber protection, and fiber delivery products that accelerate the turn-up of fiber-based networks in residential homes, businesses, and network infrastructure in the wireline and wireless access network. We offer a broad portfolio of fiber products that allow service providers to build fiber networks faster,

View Full Filing

View this 10-K filing on SEC EDGAR