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- **Strategic Restructuring**: Divested Nestor to focus on core North America, with FY25 continuing ops revenue up 220%, gross margin +13ppts to 33.7%.
- **Growth Drivers**: Large Regional/MSO segments grew 40%+ FY25, offsetting BEAD delays.
- **New Product Pipeline**: FY26 launches position for FY27+ data center/cassette growth, targeting 4-5% of BEAD deployment costs.
- **Risk Management**: Navigating Corning fiber shortages and government shutdowns with stable cash ($166M) and $85M buyback authorization.


**【CEO Summary Section】**
- **Nestor Divestiture**: Sold Nestor Cables for $10.4M noncash write-down, freeing resources for core North American operations. Nestor's European expansion was low-margin, but U.S. manufacturing integration improved vertical integration and BAA compliance.
- **FY25 Results**: Continuing ops revenue $150.1M (+20% YoY), gross margin 33.7% (vs 20.6% prior). Q4 revenue $41.1M (+13% YoY), gross margin 34.6%.
- **Strategic Focus**: 
  - **Better Broadband & Beyond**: Protecting core Community Broadband, expanding into wireless/metro networks, and adjacent markets (e.g., defense/aerospace via WireMasters).
  - **New Products**: Q1 2026 splice case launch and Q2 2026 next-gen cassette for non-hyperscale data centers.
  - **Sales Leadership**: New CCO, VP Broadband Sales, and VP Distribution to strengthen Tier 1 and channel sales.
- **BEAD Program**: 18/52 proposals approved; delays in BEAD and government shutdown (Q1 2026) pressure Community Broadband, but expect normalization by Q2 2026.
- **Fiber Supply Constraints**: Corning allocation affecting broadband deployments; actively sourcing alternatives.

**【CFO Financial Commentary】**
- **FY25 Cash Position**: $166M (vs $153M prior), with $16.5M share buybacks and $85M repurchase authorization.
- **FY26 Outlook**: 
  - Sales $160-170M (FY26), driven by Large Regional/MSO growth (+40%+ YoY) and disciplined new product roll.
  - EPS guidance $0.48-0.62, with Q1 2026 sales $30-33M (soft start due to BEAD delays).
  - Gross margin expansion tied to scale, with FY26 operating expenses stable as % of revenue.

**【Q&A Highlights】**
- **BEAD Impact**: Q4 2025 Community Broadband flat YoY, but Large Regional/MSO segments grew 40%+.
- **New Products**: Splice case and cassette launches targeting 2027+ revenue, with FY26 contribution minimal.
- **Fiber Supply Chain**: Industry-wide fiber shortages affecting smaller ISPs and BEAD deployments.
- **Market Share**: 4-5% of BEAD deployment costs addressable, but cautious on timing (FY27+).


Clearfield, Inc. (CLFD) Q4 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

CLFD

CLFD fundamentals

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