Clearfield, Inc. (CLFD): Business Model Canvas [Dec-2025 Updated]

You're looking for the real story behind Clearfield, Inc.'s pivot to pure-play fiber, especially after they shed the Nestor Cables unit. Honestly, the numbers from late 2025 show a company laser-focused on winning the broadband buildout: they closed the fiscal year with $150.1 million in net sales and a war chest of $166 million in cash and investments. Their whole game is built on offering the lowest Total Cost of Ownership (TCO) through craft-friendly products, which is key when chasing those big government BEAD and RDOF dollars. Below, I've broken down their entire nine-block model-from their key partnerships with distributors to how they manage a cost structure where Q4 2025 operating expenses hit $13.3 million-so you can see exactly how they plan to execute this fiber-first strategy.

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

The Key Partnerships block for Clearfield, Inc. centers on distribution reach, industry accreditation for workforce enablement, and strategic alignment with major network builders.

Distribution partners like WireMasters, Inc. provide access to global defense markets for Clearfield, Inc.'s fiber-management platform and connectivity products. This arrangement supports system integrators and OEMs needing scalable fiber architectures for rapid-deploy communication systems.

For workforce development, Clearfield, Inc. leverages its relationship with the Fiber Optic Association (FOA). Clearfield College operates as FOA Approved School # 375. The Certified Fiber Optic Technician (CFOT®) course is accredited by the FOA. The CFOT exam fee is $60, and the certification is valid for 3 years.

Strategic alliances for workforce development include the Tribal Broadband Training Initiative, which offers no-cost, FOA-accredited CFOT training to enrolled Tribal members.

Collaboration with large service providers is a significant revenue driver. The Large Regional Service Provider market segment generated net sales of $11.3 million in the second quarter of fiscal 2025, representing a 255% year-over-year growth for that quarter.

Customer concentration shows reliance on key distribution channels; for the fiscal year ended September 30, 2025, two distributor customers accounted for approximately 18% and 13% of net sales.

Suppliers for raw materials and components are a noted operational risk area, with management highlighting reliance on single-source suppliers.

The following table summarizes key financial metrics relevant to the scale of operations supported by these partnerships as of late 2025:

Metric	Value (FY 2025 Ended Sep 30, 2025)	Value (Q4 2025)
Net Sales from Continuing Operations	$150.1 million	$41.1 million
Gross Profit Margin from Continuing Operations	33.7%	34.6%
Net Income (Loss) per Diluted Share from Continuing Operations	$0.45	$0.13
Revenue from Large Regional Service Provider Market (Q2 2025)	$11.3 million	N/A
Largest Distributor Customer Sales Concentration	18% of Net Sales	N/A

The company's board increased the stock repurchase program authorization to $85 million, reflecting confidence supported by the financial turnaround.

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

You're looking at the core engine driving Clearfield, Inc.'s performance as of late 2025. This is where the rubber meets the road, turning strategy into dollars and cents, and it's heavily focused on execution following a major portfolio streamlining.

Manufacturing and distributing fiber optic management products.

Clearfield, Inc.'s manufacturing and distribution activities are centered on its continuing operations, which reported significant financial improvement in fiscal year 2025. The company achieved net sales from continuing operations of $150.1 million for the full fiscal year 2025, representing a 20% increase over the $125.6 million reported in fiscal year 2024. This manufacturing scale supported a gross margin expansion from 20.6% in fiscal 2024 to 33.7% for the full year 2025. Specifically, the fourth quarter of fiscal 2025 saw net sales of $41.1 million, up 13% year-over-year, with a gross margin of 34.6%. This margin improvement was attributed to better manufacturing efficiencies and overhead absorption with higher volume.

Metric	FY 2025 (Continuing Ops)	Q4 2025	FY 2026 Guidance Range
Net Sales (Revenue)	$150.1 million	$41.1 million	$160 million - $170 million
Gross Margin	33.7%	34.6%	N/A
Net Income per Share	$0.45	$0.13	$0.48 to $0.62

The order backlog, representing purchase orders received but not yet fulfilled, stood at $24.7 million as of September 30, 2025, down from $30.7 million as of June 30, 2025.

Executing the Better Broadband and Beyond growth strategy.

The execution of the Better Broadband and Beyond strategy is evident in the strategic decision to divest the Nestor Cables business, which sharpens focus and improves the long-term margin profile. The strategy rests on three core pillars: protecting the core community broadband business, leveraging market position into new applications like next-generation wireless networks, and expanding into adjacent markets. The company is positioning itself as hyperscalers push compute workloads closer to the edge, utilizing its position with regional providers. Management anticipates that headwinds from the late start to the BEAD program and a recent government shutdown will pressure investments early in fiscal 2026, with normalization expected by the second quarter of calendar 2026.

Research and development of new products (e.g., next-gen cassettes).

Research and development efforts are focused on launching new product lines to extend reach beyond traditional broadband markets. Clearfield, Inc. plans to introduce two significant new product lines in early 2026.

• Launch in the first quarter of calendar 2026: A complete line of splice cases.
• Following that: A next-generation fiber management cassette, specifically optimized for fast-growing non-hyperscale data centers.

This innovation is part of the company's commitment to being a comprehensive portfolio supplier, having already seen increased revenue from connected homes products in Q1 2025.

Managing a global supply chain with U.S./Mexico redundancy.

Managing the supply chain involves navigating constraints while optimizing North American facilities. The company cited fiber supply constraints from Corning as a near-term risk to product availability. To counter this, Clearfield, Inc. has focused on improving overhead absorption and production efficiency at its North American facilities, which contributed to the gross margin increase in Q3 2025. The divestiture of the European-focused Nestor Cables business also streamlined operations away from global complexities. The company is investing in programs that will drive long-term value creation, supported by a share repurchase authorization increased from $65 million to $85 million.

Sales and marketing to large regional service providers and MSOs.

Sales and marketing activities are heavily weighted toward key customer segments. The increase in Q4 2025 net sales of $41.1 million was driven by continued strength across the MSO (Multiple System Operator) and Large Regional Service Provider markets. The company is actively expanding its distribution channels, announcing the addition of WireMasters as a distribution partner and planning to add a wireless-focused distributor in early fiscal 2026. Further investment in the fiber workforce is a key marketing/support activity, demonstrated by the launch of the Tribal Broadband Training Initiative, with the first no-cost Certified Fiber Optic Technician (CFOT®) training session scheduled for January 13-15, 2026.

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

You're looking at the core assets Clearfield, Inc. (CLFD) relies on to execute its strategy as of late 2025. These aren't just line items; they are the actual engines driving the business.

The financial foundation is solid, which is a key resource in this capital-intensive sector. Clearfield, Inc. ended the quarter with approximately $166 million in cash and investments. This compares favorably to the $153 million held in the prior year, showing continued balance sheet strength. This liquidity position is a direct resource enabling investment in innovation and market expansion.

Operationally, the manufacturing footprint is a critical asset, especially given current regulatory environments. Clearfield, Inc. maintains U.S. manufacturing facilities, which directly supports Build America Buy America (BABA) compliance requirements. This capability was highlighted as a key mitigant against potential tariff impacts, such as those concerning China tariffs effective February 4, 2025, and possible Mexico tariffs. Furthermore, the company has manufacturing redundancy across the U.S. and Mexico.

The proprietary platforms are the heart of the value proposition. This includes the FieldSmart and FieldShield fiber management platforms. The success of these products is evident in the financial performance of the continuing operations. For the full fiscal year 2025, net sales from continuing operations grew 20% to $150.1 million. The gross margin from continuing operations also saw a significant jump, improving from 20.6% in fiscal 2024 to 33.7% in fiscal 2025, partly due to production efficiency gains and better overhead absorption from higher volume.

The design philosophy itself acts as a resource. The patented, craft-friendly product designs aim for labor-lite installation, a major selling point in the field. The focus on higher labor content products also aids factory absorption and the gross profit trajectory.

The leadership team is another non-tangible but vital resource. Key figures include Cheri Beranek, President and CEO, and Dan Herzog, CFO. To broaden addressable markets, Clearfield, Inc. has been actively enhancing its commercial capabilities, adding a new CCO, new sales hires, and securing distribution partners like WireMasters, plus planning a wireless-focused distributor.

Here's a quick look at the scale of the core business segment as of the latest reported quarter and fiscal year:

Metric	Q4 2025 Value	Fiscal Year 2025 Value
Net Sales from Continuing Operations	$41.1 million	$150.1 million
Gross Profit (%) from Continuing Operations	34.6%	33.7%
Net Income (Loss) per Diluted Share from Continuing Operations	$0.13	$0.45
Cash and Investments (End of Quarter)	$166 million	N/A

The company also actively manages its capital structure using this resource base. The Board of Directors increased the share repurchase program authorization from $65 million to $85 million. During fiscal year 2025, Clearfield, Inc. invested $16.5 million in repurchasing 551,000 shares.

The strength in the core Clearfield segment versus the divested Nestor segment also defines the resource allocation strategy. You can see the segment revenue breakdown from Q1 2025:

• Clearfield Segment Revenue (Q1 2025): $29.7 million.
• Nestor Segment Revenue (Q1 2025): $5.8 million.
• Backlog at Quarter End (Q4 2025): $25.1 million.

The executive team is focused on future product development as well. Clearfield, Inc. is launching two new product lines in 2026.

Finance: draft 13-week cash view by Friday.

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.