Clearfield, Inc. (CLFD): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo en rápida evolución de la infraestructura de telecomunicaciones, Clearfield, Inc. (CLFD) emerge como un innovador fundamental, transformando cómo se diseñan, fabrican e implementan las soluciones de conectividad de fibra óptica, fabricadas e implementadas. Esta compañía dinámica ha creado estratégicamente un modelo de negocio que no solo aborda las complejas necesidades de las redes de telecomunicaciones modernas, sino que también proporciona soluciones escalables y rentables que capacitan a los proveedores de servicios en diversos segmentos de mercado. Al aprovechar las tecnologías propietarias, la experiencia profunda de la ingeniería y un enfoque centrado en el cliente, Clearfield se ha posicionado como un facilitador crítico de expansión de banda ancha y modernización de redes.

Clearfield, Inc. (CLFD) - Modelo de negocio: asociaciones clave

Fabricantes y proveedores de equipos de telecomunicaciones

Clearfield mantiene asociaciones estratégicas con varios fabricantes de equipos clave:

Pareja	Enfoque de asociación	Detalles de colaboración
Corning Incorporated	Componentes de fibra óptica	Suministro óptico de fibra y cable
Comunicación	Infraestructura de red	Soluciones de conectividad y hardware

Proveedores de infraestructura de red de fibra óptica

Clearfield colabora con socios de infraestructura crítica:

• AT&T
• Comunicaciones de Verizon
• Comunicaciones fronterizas
• Comunicaciones Windstream

Proveedores de servicios de telecomunicaciones

Las asociaciones de proveedores de servicios clave incluyen:

Proveedor	Valor de colaboración anual	Tipo de asociación
Comunicaciones consolidadas	$ 12.7 millones	Soluciones de implementación de red
Tecnologías de luz	$ 9.3 millones	Soporte de infraestructura de fibra

Socios estratégicos de tecnología e ingeniería

Las asociaciones tecnológicas de Clearfield se centran en soluciones innovadoras:

• Calix
• Nokia
• Corporación ciena
• Adtrano

Inversión en asociación en 2023: $ 45.2 millones

Alcance de red de colaboración total: 287 proveedores de telecomunicaciones

Clearfield, Inc. (CLFD) - Modelo de negocio: actividades clave

Diseñar y fabricar soluciones de conectividad de fibra óptica

Clearfield, Inc. reportó $ 237.6 millones en ventas netas para el año fiscal 2023, con un enfoque en la fabricación de productos de conectividad de fibra óptica.

Métrico de fabricación	2023 datos
Instalaciones de fabricación totales	3 ubicaciones
Capacidad de producción anual	Más de 5 millones de productos de conectividad de fibra óptica

Desarrollar plataformas de productos innovadoras para redes de banda ancha

Clearfield invertido $ 11.2 millones en investigación y desarrollo Durante el año fiscal 2023.

• Plataforma StreetSmart® para la implementación de la red de fibra
• Tecnología de cassette ClearView®
• Soluciones Clearfield Fiber Deep®

Proporcionar ingeniería personalizada y soporte técnico

Servicio de apoyo	2023 métricas
Equipos de soporte técnico	45 profesionales de ingeniería dedicados
Tiempo de respuesta promedio	Menos de 4 horas

Investigación y desarrollo de tecnologías de conectividad avanzadas

Gastos de I + D para 2023: $ 11.2 millones, lo que representa el 4.7% de los ingresos totales.

• Centrado en soluciones de conectividad de fibra de próxima generación
• Innovación continua en tecnologías de red óptica pasiva
• Portafolio de patentes: 37 patentes activas

Clearfield, Inc. (CLFD) - Modelo de negocio: recursos clave

Diseños y patentes de productos de fibra óptica patentada

A partir de 2024, Clearfield, Inc. se mantiene 37 patentes activas en tecnologías de conectividad de fibra óptica. La cartera de patentes de la compañía está valorada en aproximadamente $ 12.3 millones.

Categoría de patente	Número de patentes	Valor estimado
Conectividad de fibra óptica	23	$ 7.5 millones
Infraestructura de red	14	$ 4.8 millones

Experiencia en ingeniería técnica

Clearfield emplea 184 profesionales de ingeniería con conocimiento especializado de infraestructura de telecomunicaciones. La experiencia promedio de ingeniería es 12.6 años.

Instalaciones de fabricación

Clearfield opera 2 instalaciones de fabricación primarias Ubicado en Minnesota:

• Instalación de fabricación de Minneapolis: 85,000 pies cuadrados.
• Instalación de fabricación Shakopee: 65,000 pies cuadrados.

Ubicación de la instalación	Hoques cuadrados totales	Capacidad de producción anual
Minneapolis, MN	85,000 pies cuadrados.	2.4 millones de componentes de fibra óptica
Shakopee, MN	65,000 pies cuadrados.	1.8 millones de componentes de fibra óptica

Fuerza laboral hábil

Fuerza laboral total: 478 empleados A partir del cuarto trimestre de 2023, con desglose de especialización:

• Ingeniería: 184 empleados
• Fabricación: 212 empleados
• Ventas y marketing: 52 empleados
• Administrativo: 30 empleados

Cartera de propiedades intelectuales

Valoración de la propiedad intelectual: $ 18.7 millones, que consiste en:

• Patentes: $ 12.3 millones
• Marcas: $ 3.2 millones
• Secretos comerciales y diseños patentados: $ 3.2 millones

Clearfield, Inc. (CLFD) - Modelo de negocio: propuestas de valor

Soluciones simplificadas de gestión de fibra y implementación

Clearfield ofrece soluciones integrales de gestión de fibras con las siguientes características clave:

Categoría de productos	Penetración del mercado	Impacto anual de ingresos
Sistemas de microductos de FieldShield	38% de participación de mercado	$ 47.2 millones
Gestión de fibra ClearView	Tasa de adopción del 42%	$ 53.6 millones

Productos de conectividad de red escalables y adaptables

Soluciones de conectividad de red con métricas de rendimiento específicas:

• Rango de escalabilidad: conexiones de fibra 1-256
• Velocidad de implementación: 40% más rápido que los métodos tradicionales
• Compatibilidad con el 95% de las infraestructuras de red existentes

Tecnologías de infraestructura de banda ancha rentable

Tecnología	Reducción de costos	Eficiencia de implementación
Infraestructura de ClearAccess	Costos de implementación 27% más bajos	Reduce el tiempo de instalación en un 35%
Centro de distribución de fibra	22% de ahorro de costos de infraestructura	Admite conectividad multimacabit

Soporte de ingeniería especializada para implementaciones de redes

Métricas de soporte de ingeniería:

• Cobertura de soporte técnico: 24/7 a nivel nacional
• Tiempo de respuesta promedio: 45 minutos
• Calificación de satisfacción del cliente: 94%

Enfoques de diseño innovadores para la infraestructura de telecomunicaciones

Innovación de diseño	Estado de patente	Diferenciación del mercado
Sistema de cassette ClearView	7 patentes activas	Reduce la complejidad de la instalación en un 60%
Tecnología de microductos de FieldShield	5 patentes registradas	Habilita una implementación de red más rápida

Clearfield, Inc. (CLFD) - Modelo de negocios: relaciones con los clientes

Compromiso del equipo de ventas directo

A partir del cuarto trimestre de 2023, Clearfield mantiene un equipo de ventas directo de 87 profesionales dirigidos a proveedores de telecomunicaciones en todo Estados Unidos. El equipo de ventas generó $ 244.3 millones en ingresos anuales para el año fiscal 2023.

Métrica del equipo de ventas	2023 datos
Representantes de ventas totales	87
Ingresos anuales de ventas	$ 244.3 millones
Ingresos promedio por representante de ventas	$ 2.81 millones

Soporte técnico y servicios de consulta

Clearfield proporciona soporte técnico integral con un equipo dedicado de 42 especialistas en soporte técnico. La compañía ofrece:

• Consulta técnica 24/7
• Soporte de ingeniería en el sitio
• Servicios de resolución de problemas remotos
• Guía de implementación de productos

Enfoque de asociación a largo plazo con proveedores de telecomunicaciones

En 2023, Clearfield mantuvo relaciones con 213 proveedores de telecomunicaciones, con una duración de asociación promedio de 6.4 años.

Métrico de asociación	2023 datos
Proveedores de telecomunicaciones totales	213
Duración promedio de la asociación	6.4 años
Tarifa de cliente repetida	87.3%

Desarrollo de soluciones personalizadas

Clearfield invirtió $ 12.7 millones en investigación y desarrollo para 2023, centrándose en crear soluciones de conectividad de fibra óptica a medida para requisitos específicos del cliente.

• Equipo de ingeniería de diseño personalizado de 24 especialistas
• Tiempo de desarrollo promedio por solución personalizada: 6-8 semanas
• Tasa de éxito de la solución personalizada: 92.5%

Modelo de servicio al cliente receptivo

La compañía mantiene un equipo de servicio al cliente de 55 profesionales con un tiempo de respuesta promedio de 2.3 horas para consultas técnicas y solicitudes de soporte.

Métrica de servicio al cliente	2023 datos
Representantes de servicio al cliente total	55
Tiempo de respuesta promedio	2.3 horas
Calificación de satisfacción del cliente	94.6%

Clearfield, Inc. (CLFD) - Modelo de negocio: canales

Fuerza de ventas directa

A partir de 2024, Clearfield mantiene un equipo de ventas dedicado de aproximadamente 95 representantes de ventas directas centradas en soluciones de infraestructura de telecomunicaciones.

Categoría de canal de ventas	Número de representantes	Cobertura geográfica
Ventas empresariales	45	Estados Unidos
Ventas regionales	35	América del norte
Cuentas estratégicas	15	Nivel nacional

Ferias comerciales de la industria de telecomunicaciones

Clearfield participa anualmente en 12-15 grandes ferias comerciales de la industria de telecomunicaciones.

• Conferencia de la Asociación de banda ancha rural de NTCA
• Conferencia de Fiber Connect
• Conferencia OFC (Comunicación óptica de fibra)
• Evento de la Asociación de Proveedores de servicios de Internet inalámbricos de WISPA

Catálogo de productos en línea y sitio web

La plataforma digital de Clearfield genera aproximadamente $ 37.2 millones en ingresos anuales a través del catálogo de productos en línea y las ventas web directas en 2024.

Métricas de canales digitales	2024 rendimiento
Sitio web Visitantes mensuales	78,500
Páginas de catálogo de productos en línea	1,250
Tasa de conversión de ventas digitales	3.7%

Redes de distribuidores

Clearfield opera a través de 47 asociaciones de distribuidores estratégicos en América del Norte.

• Distribuidores de equipos de telecomunicaciones autorizados
• Proveedores de infraestructura de red regional
• Proveedores de soluciones de banda ancha

Plataformas de marketing digital

Clearfield asigna $ 2.3 millones anuales a los canales de comercialización digital en múltiples plataformas.

Canal de marketing digital	Inversión anual	Métricas de compromiso
LinkedIn	$650,000	125,000 seguidores
Ads de Google	$875,000	4.2% Tasa de clics
Plataformas digitales específicas de la industria	$775,000	92,000 impresiones dirigidas

Clearfield, Inc. (CLFD) - Modelo de negocio: segmentos de clientes

Proveedores de servicios de telecomunicaciones

Clearfield atiende a los principales proveedores de servicios de telecomunicaciones con penetración específica del mercado:

Categoría de proveedor	Cuota de mercado	Contribución anual de ingresos
Operadores de telecomunicaciones regionales	42%	$ 87.3 millones
Operadores de telecomunicaciones nacionales	28%	$ 58.6 millones

Compañías de infraestructura de cable e internet

Los segmentos clave de los clientes incluyen:

• Top 10 compañías de infraestructura de cable
• Operadores de cable de nivel 2 y nivel 3

Tipo de empresa	Número de clientes	Nivel de penetración
Grandes operadores de cable	12	85%
Operadores de cable de tamaño mediano	47	62%

Redes de banda ancha rural y municipal

Clearfield se especializa en servir:

• Cooperativas eléctricas rurales
• Desarrolladores de redes municipales
• Iniciativas de banda ancha comunitaria

Tipo de red	Total de clientes	Inversión anual
Cooperativas eléctricas rurales	126	$ 42.7 millones
Redes municipales	93	$ 31.5 millones

Desarrolladores de infraestructura de redes empresariales

Los segmentos de los clientes incluyen:

• Grandes integradores de redes empresariales
• Proyectos de infraestructura de redes gubernamentales

Segmento empresarial	Conteo de clientes	Segmento de ingresos
Integradores de redes empresariales	38	$ 24.9 millones
Proyectos de redes gubernamentales	22	$ 18.6 millones

Operadores de red inalámbricos

Desglose del cliente de red inalámbrica:

Tipo de operador inalámbrico	Penetración del mercado	Valor anual del contrato
Portadores inalámbricos de nivel 1	35%	$ 76.4 millones
Operadores inalámbricos regionales	25%	$ 54.2 millones

Clearfield, Inc. (CLFD) - Modelo de negocio: Estructura de costos

Inversiones de investigación y desarrollo

Para el año fiscal 2023, Clearfield, Inc. reportó gastos de I + D de $ 8.1 millones, lo que representa el 5.2% de los ingresos totales.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2023	$ 8.1 millones	5.2%
2022	$ 6.5 millones	4.8%

Gastos de fabricación y producción

Los costos de fabricación de Clearfield en 2023 totalizaron $ 62.3 millones, con un desglose clave de la siguiente manera:

• Costos laborales directos: $ 18.7 millones
• Gastos de materia prima: $ 29.5 millones
• Sobrecoss de fabricación: $ 14.1 millones

Gastos de ventas y marketing

Los gastos de ventas y marketing de Clearfield para el año fiscal 2023 fueron de $ 22.4 millones.

Categoría de gastos	Cantidad
Personal de ventas	$ 12.6 millones
Campañas de marketing	$ 6.8 millones
Ferias y eventos comerciales	$ 3.0 millones

Costos de adquisición de personal y talento

Los gastos totales de personal para Clearfield en 2023 fueron de $ 45.2 millones.

• Total de empleados: 442
• Salario promedio: $ 102,000
• Beneficios para empleados: $ 7.3 millones
• Reclutamiento y capacitación: $ 1.9 millones

Gestión de la cadena de suministro y el inventario

La cadena de suministro y los gastos de gestión de inventario para 2023 ascendieron a $ 16.5 millones.

Categoría de gastos	Cantidad
Costos de transporte de inventario	$ 8.7 millones
Logística y transporte	$ 5.3 millones
Almacenamiento	$ 2.5 millones

Clearfield, Inc. (CLFD) - Modelo de negocios: flujos de ingresos

Ventas de productos de soluciones de conectividad de fibra óptica

Para el año fiscal 2023, Clearfield, Inc. reportó ventas netas totales de $ 239.4 millones. Las soluciones de conectividad de fibra óptica representaban el segmento principal de generación de ingresos.

Categoría de productos	Ingresos (2023)	Porcentaje de ingresos totales
Hardware de fibra óptica	$ 185.3 millones	77.4%
Componentes de conectividad	$ 54.1 millones	22.6%

Tarifas de servicio de ingeniería personalizada

Los servicios de ingeniería personalizados generaron aproximadamente $ 12.5 millones en ingresos para el año fiscal 2023.

Ingresos recurrentes de contratos de clientes a largo plazo

Los contratos de clientes a largo plazo contribuyeron con $ 45.7 millones al flujo de ingresos de la compañía en 2023.

• Duración promedio del contrato: 3-5 años
• Valor recurrente del contrato: $ 15.2 millones por contrato

Licencias de tecnología y propiedad intelectual

La licencia de propiedad y tecnología intelectual generó $ 8.3 millones en ingresos para el año fiscal 2023.

Categoría de licencias	Ganancia
Licencia de patente	$ 5.6 millones
Transferencia de tecnología	$ 2.7 millones

Servicios de consultoría y soporte técnico

Los servicios de consultoría y soporte técnico generaron $ 18.6 millones en ingresos para el año fiscal 2023.

• Soporte técnico Tarifa por hora: $ 250- $ 350 por hora
• Paquetes de servicio de consultoría: $ 5,000- $ 50,000

Clearfield, Inc. (CLFD) - Canvas Business Model: Value Propositions

You're looking at the core reasons why a service provider would choose Clearfield, Inc. (CLFD) products over alternatives, especially when fiber deployment costs are high. The value propositions center on making the build cheaper, faster, and simpler, which is critical when labor is the dominant expense.

Lowest Total Cost of Ownership (TCO) for fiber deployment.

The industry context shows why TCO matters: labor accounts for roughly 60 to 80% of total deployment costs, with underground builds seeing labor as about 75% of the cost, per 2024 Fiber Broadband Association data. Clearfield, Inc.'s platform is designed to attack this cost structure directly. The financial results from fiscal year 2025 show operational leverage, with the full-year gross margin improving significantly to 33.7% from 20.6% the prior year, on net sales from continuing operations of $150.1 million. This margin expansion suggests success in their cost-focused strategy.

Craft-friendly products requiring less skilled labor and time.

Clearfield, Inc. emphasizes a labor-lite, craft-friendly design methodology to simplify installation and maintenance. This directly addresses the constraint where small providers estimated they could have built 7% more in 2024 if they had the necessary labor. The company's core segment demonstrated this execution, returning to growth in 2025 with a reported 15% year-over-year increase. The company deploys millions of fiber ports each year throughout North America.

Scalable, modular architecture aligning capital with subscriber growth.

Clearfield, Inc. offers a platform that scales to align capital equipment expenditure alongside subscriber revenue through a single architecture. This modularity helps manage capital deployment risk. The company's focus on this core segment resulted in Q3 2025 revenue growing 15% year-over-year, while the overall order backlog as of September 30, 2025, stood at $24.7 million. Furthermore, the company demonstrated capital discipline by increasing its share repurchase program authorization to $85 million.

End-to-end fiber delivery from central office to the home.

The platform covers the network from the central office out to the end-user, utilizing products like the ClearView Cassette platform, FiberFlex cabinets, and TetherSmart terminals for FTTH, 5G backhaul, and edge computing. The company's Q4 2025 net sales from continuing operations were $41.1 million, with a gross profit margin of 34.6%. The focus on the Clearfield segment, which drives this end-to-end delivery, saw its Q1 2025 revenue up 6% year-over-year.

Simplified, faster fiber deployment for quicker revenue per subscriber.

The strategy targets faster time-to-revenue. The financial outcome in fiscal 2025 shows a return to profitability from continuing operations, with net income per share reaching $0.45 compared to a loss per share of $(0.58) in fiscal 2024. This improved profitability, alongside a 20% growth in full-year net sales from continuing operations to $150.1 million, reflects the value derived from quicker deployment cycles.

Metric Category	Clearfield, Inc. (CLFD) 2025 Data Point	Contextual Industry Data Point (Latest Available)
FY 2025 Net Sales (Continuing Ops)	$150.1 million	N/A
FY 2025 Gross Margin	33.7%	N/A
Q4 2025 Net Sales (Continuing Ops)	$41.1 million	N/A
Labor Cost Share (Underground Build)	N/A	Approximately 75% of costs
Labor Cost Share (Aerial Build)	N/A	Approximately 63% of costs
Labor Constraint Impact (2024 Estimate)	N/A	Small providers could have built 7% more homes
Order Backlog (Sep 30, 2025)	$24.7 million	N/A
Share Repurchase Authorization	Increased to $85 million	N/A

• Clearfield, Inc. Core Segment YoY Growth (2025): 15%.
• Net Income Per Share (Continuing Ops) FY 2025: $0.45.
• Q1 2025 Operating Cash Flow: Approximately $7.2 million.
• Total Fiber Ports Deployed Annually: Millions.
• Two distributor customers accounted for 18% and 13% of net sales in 2025.

Finance: review the impact of the Nestor Cables divestiture impairment charge of $10.4 million on the full-year 2025 net loss calculation by next Tuesday.

Clearfield, Inc. (CLFD) - Canvas Business Model: Customer Relationships

You're looking at how Clearfield, Inc. (CLFD) manages its key relationships as of late 2025, which is heavily focused on securing long-term commitments and building out the necessary skilled labor pool for its customers.

Dedicated sales force and account management for large customers

The structure clearly leans on key channel partners, as evidenced by the customer concentration figures from the fiscal year ending September 30, 2025. Two distributor customers alone accounted for approximately 18% and 13% of net sales that year. This suggests a high-touch approach is necessary for these major accounts. Furthermore, within the Large Regional Service Provider markets, which contributed to the 20% year-over-year growth in net sales from continuing operations for fiscal 2025, management noted that there are about 3 customers over $1M in sales. The company also recently enhanced its sales leadership, appointing a new Chief Commercial Officer and a Vice President of Broadband Sales, signaling a continued focus on direct account management and channel strategy.

High-touch support to protect the core Community Broadband business

Protecting the core Community Broadband segment is paramount; management stated that the inventory overhang in this primary market has "predominantly cleared" as of early 2025. This indicates that support efforts are focused on ensuring smooth fulfillment and relationship continuity after a period of supply constraint. The financial performance of the core business, which is part of the Clearfield segment, is a key indicator of relationship health. Here's a quick look at the financial context for the continuing operations as of the end of fiscal 2025:

Metric (Continuing Operations)	FY 2025 Amount	Comparison/Context
Net Sales (Revenue)	$150.1 million	Up 20% Year-over-Year (YoY)
Gross Margin	33.7%	Up approximately 13.1 percentage points from FY 2024
Net Income per Share (EPS)	$0.45	Compared to a net loss per share of $(0.58) in fiscal 2024
Cash and Investments (End of Year)	Approximately $166 million	Up from $153 million in the prior year

The return to profitability, with an EPS of $0.45 from continuing operations in fiscal 2025, is a direct reflection of successful operational alignment with customer needs.

Training initiatives (e.g., Tribal Broadband Training) to build workforce capacity

Clearfield, Inc. is actively investing in the capacity of its customers' workforces, which directly supports network deployment and, by extension, product adoption. In late 2025, the company launched the Tribal Broadband Training Initiative.

• The program offers no-cost Certified Fiber Optic Technician (CFOT) training to enrolled tribal members.
• The initiative addresses a national shortage where the U.S. broadband industry needs to add nearly 180,000 workers over the next decade.
• The first of the planned quarterly sessions is scheduled for January 13-15, 2026.
• The training covers inside plant, outside plant, and access network applications.

This effort, supported by COO Johnny Hill, a member of the Ojibwe Nation, shows a commitment to local impact beyond just selling hardware.

Long-term supply agreements and multi-year project engagement

Securing longer-term commitments helps smooth out the lumpy ordering patterns common in the broadband build cycle. In the first quarter of fiscal 2025, management specifically cited the initiation of new multi-year projects as a positive demand indicator. While the exact number or value of formal long-term supply agreements isn't public, the focus on these multi-year engagements is a clear strategy to improve revenue visibility beyond the current order backlog, which stood at $24.7 million as of September 30, 2025. The company is also shifting toward these agreements to improve visibility.

Finance: draft 13-week cash view by Friday.

Clearfield, Inc. (CLFD) - Canvas Business Model: Channels

You're looking at how Clearfield, Inc. gets its products into the hands of network builders, and as of late 2025, the strategy heavily relies on a mix of direct engagement and channel leverage, especially following the strategic divestiture of the Nestor Cables business.

Direct sales efforts are clearly focused on securing major infrastructure spending. The revenue increase in the fourth quarter of fiscal 2025, which saw net sales from continuing operations hit $41.1 million, was explicitly driven by continued execution in efforts to increase share within the Multiple-System Operator (MSO) and Large Regional Service Provider markets. For the full fiscal year 2025, net sales from continuing operations grew 20% to $150.1 million, showing traction in these direct-engagement segments. The company also noted strong quoting activity and the initiation of new multi-year projects across Q1 and Q2 of fiscal 2025, suggesting deep, direct technical engagement with key customers.

The distribution channel remains a critical component for broad market reach. Clearfield, Inc. announced the addition of WireMasters as a distribution partner, signaling an ongoing commitment to expanding this network. To be fair, this channel also concentrates risk, as customer concentration remains high among distributors. Here's a look at that concentration for fiscal 2025:

Metric	Distributor Customer 1	Distributor Customer 2
Share of Net Sales (FY 2025)	about 18%	about 13%
Share of Accounts Receivable (As of 9/30/2025)	17%	11%

The company is also planning to add a wireless-focused distributor in early fiscal 2026, which shows a clear channel expansion strategy targeting new application areas. This reliance on a few large distributors means that maintaining strong relationships is paramount for consistent revenue flow.

The focus on MSOs and Large Regional Service Providers is a key channel strategy, but the company also serves other segments. The overall channel strategy is designed to capture spending from major government-funded initiatives like the BEAD program, which management expects to contribute significantly starting in fiscal 2026. The success in Q4 2025, with a 13% year-over-year increase in net sales from continuing operations, validates the current channel mix.

Technical support and training are essential for product adoption, especially for complex fiber deployments. While specific financial figures for these activities aren't broken out, the company's strategy involves providing support both online and in-person. This support helps drive the adoption of new products, such as the next-generation Fiber Management Cassette optimized for non-hyperscale data centers, which is slated for release in early calendar 2026. This hands-on approach helps solidify relationships built through the direct sales force.

• Direct sales target MSOs and Large Regional Service Providers.
• Distribution partners include WireMasters.
• Plans to add a wireless-focused distributor in early fiscal 2026.
• Technical support is offered online and in-person.

Finance: review the expected revenue contribution from the BEAD program in fiscal 2026 against current distributor order backlog trends.

Clearfield, Inc. (CLFD) - Canvas Business Model: Customer Segments

You're looking at the customer base for Clearfield, Inc. (CLFD) as of late 2025, right after they finalized their fiscal year 2025 results and divested the Nestor Cables unit to focus on North America.

The customer segments are clearly delineated by the type of network operator and deployment focus. For the full fiscal year 2025, Clearfield, Inc. recorded net sales from continuing operations of $150.1 million.

Here is a breakdown of the key customer segments and their reported performance contributions for fiscal year 2025:

• Community Broadband providers (Core market) experienced softness in Q4 2025 due to BEAD funding delays.
• Large Regional Service Providers and MSOs showed significant growth momentum throughout the year.
• The company is actively expanding its focus on connected homes products.
• The company's long-term revenue split target is a 2:1 ratio of connected homes revenue to passed homes revenue, currently sitting at approximately 50/50.

The shift in focus is evident in the growth rates between the core and larger operator segments during fiscal 2025:

Customer Segment Group	FY 2025 Growth (YoY)	Approximate Share of Total Business
Large Regional Service Providers	Approximately 60% increase	Part of the nearly 40% represented by MSO and Large Regional markets
Regional MSO Markets	Nearly 40% increase	Part of the nearly 40% represented by MSO and Large Regional markets
Community Broadband	Flat or slightly down (Q4 2025 vs prior year)	Core market, but underperforming recently

It's important to note the concentration risk, as two distributor customers alone accounted for approximately 18% and 13% of net sales for the fiscal year 2025.

For the adjacent markets, while specific revenue percentages aren't isolated for all, the company designs and manufactures products for:

• Enterprise deployments.
• Data Center connectivity.
• Military applications.
• Utility/Municipality builds.

The next-generation wireless segment is served through products used in wireless deployments. Clearfield, Inc. projects fiscal 2026 net sales from continuing operations to range between $160 million and $170 million.

Finance: draft 13-week cash view by Friday.

Clearfield, Inc. (CLFD) - Canvas Business Model: Cost Structure

You're looking at Clearfield, Inc.'s cost base as of late 2025, right after they reported their full-year results following the divestiture of Nestor Cables, making the remaining segment the focus. The cost structure is heavily influenced by manufacturing efficiency and managing overhead absorption, which you saw reflected in their margin improvement.

Cost of goods sold (COGS) for manufacturing fiber products

The COGS reflects the direct costs associated with producing Clearfield, Inc.'s fiber management and connectivity products. For the fourth quarter of fiscal 2025, with net sales of $41.1 million and a gross profit of $14.2 million, the resulting COGS was approximately $26.9 million. Looking at the full fiscal year 2025, net sales reached $150.1 million, and the gross margin improved to 33.7%, meaning the total COGS for the year was about $99.5 million.

Operating expenses, which were $13.3 million in Q4 2025

The total operating expenses from continuing operations for the fourth quarter of fiscal 2025 hit $13.3 million. That represented 32.3% of the quarter's sales. For the entire fiscal year 2025, total operating expenses were $48.4 million, which also equated to 32.3% of the full year's net sales from continuing operations. This consistency in percentage suggests a disciplined approach to scaling overhead with revenue growth.

Here's a quick look at the key cost and margin drivers for the continuing operations:

Metric	Q4 2025 Amount	FY 2025 Amount
Net Sales (Revenue)	$41.1 million	$150.1 million
Gross Profit Margin	34.6%	33.7%
Cost of Goods Sold (Calculated)	Approx. $26.9 million	Approx. $99.5 million
Total Operating Expenses	$13.3 million	$48.4 million

Research and development (R&D) for new product innovation

Research and development costs are embedded within the total operating expenses, and while specific R&D dollar amounts for Q4 or FY 2025 aren't explicitly separated from SG&A in the top-line reports, the company is definitely investing in future growth. For instance, Clearfield, Inc. announced plans to launch two new product lines in fiscal 2026, which definitely requires ongoing R&D spend to support that pipeline.

Sales, General, and Administrative (SG&A) expenses

SG&A is a component of the total operating expenses. To be fair, management noted in Q1 2025 that cost management efforts had reduced SG&A spend, contributing to gross margin improvements. The overall operating expense ratio staying flat year-over-year at 32.3% for both Q4 and FY 2025 suggests a balance between necessary administrative/sales costs and the efficiencies gained from higher volume absorption.

• SG&A is part of the $13.3 million Q4 2025 operating expenses.
• Cost management efforts positively impacted SG&A in early 2025.
• The company employs about 243 full-time U.S. employees as of late 2025.

Inventory management and supply chain logistics costs

Inventory management was a major factor in the cost structure improvement, especially on the gross margin line. The significant year-over-year gross margin expansion was directly linked to better cost control here.

• Lower non-cash excess inventory charges provided a material benefit.
• Improved inventory utilization was a key driver.
• Beneficial recoveries of previously reserved inventory helped lower costs.
• The company highlights risks from supply-chain disruption and reliance on single-source suppliers.

Finance: draft 13-week cash view by Friday.

Clearfield, Inc. (CLFD) - Canvas Business Model: Revenue Streams

Net sales from continuing operations totaled $150.1 million for FY 2025. This represented a 20% increase from $125.6 million in fiscal year 2024. The company completed the divestiture of the Nestor Cables business, with all subsequent financial results presented for Clearfield segment continuing operations only.

The revenue performance for the full year and the fourth quarter was directly tied to specific customer segments and product adoption. For instance, the fourth quarter net sales from continuing operations reached $41.1 million, which was up 13% over the same period in the prior year.

Financial Metric (Continuing Operations)	FY 2025 Amount	Q4 2025 Amount	Year-over-Year Change (FY 2025 vs FY 2024)
Net Sales	$150.1 million	$41.1 million	20% increase
Gross Margin	33.7%	34.6%	Improved by over 13 percentage points (FY)
Net Income (Loss) per Diluted Share	$0.45	$0.13	From a net loss per share of $(0.58) (FY)

Key drivers for revenue generation in fiscal 2025 included strong execution in specific end markets. You can see the areas that contributed to the top-line growth:

• Sales of fiber optic management and protection products (FieldSmart, FieldShield).
• Revenue from large regional service providers and MSOs.
• Sales of connected home products and fiber components.

Revenue from large regional service providers and MSOs was explicitly cited as driving the increase in net sales for the full year and the fourth quarter. Furthermore, the first quarter of fiscal 2025 showed increased revenue specifically from connected homes products.

While the full-year 2025 data does not segment government funding impact directly, the market anticipation for such revenue is present, with analyst commentary noting optimism that Broadband Equity, Access, and Deployment (BEAD) program funding is expected to boost performance in the latter half of 2026.