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Clearfield (CLFD) designs and manufactures fiber optic management products used by telecom service providers to build and manage their fiber networks.

• Like a more specialized CommScope, focused on providing the physical infrastructure for fiber optic networks to homes and businesses.
• Think of them as a Panduit for telecom fiber optic infrastructure, providing the physical components to manage and deploy fiber optic cables.

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• FieldSmart Fiber Management Solutions: A comprehensive platform of enclosures, frames, panels, and cassettes designed to protect, organize, and manage fiber optic connections across various network environments.
• FiberDeep Cabling Systems: A range of high-performance fiber optic cables, including patch cords, jumpers, and feeder cables, optimized for robust and efficient network deployments.
• Passive Optical Components: Essential connectors, adapters, and other accessories used for terminating and linking fiber optic connections within a network.

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Clearfield (CLFD) Major Customers

• Broadband Service Providers (Telecommunications Carriers): This category includes large national carriers, regional incumbent local exchange carriers (ILECs), competitive local exchange carriers (CLECs), and other internet service providers (ISPs) that are building out or upgrading their fiber optic networks. Examples of public companies that fit this customer profile (though not explicitly named as Clearfield's specific major customers) include:
  • AT&T (T)
  • Verizon Communications (VZ)
  • Lumen Technologies (LUMN)
  • Frontier Communications (FYBR)
• Cable Multiple System Operators (MSOs): Cable companies are increasingly deploying fiber-to-the-home (FTTH) and extending fiber deeper into their networks to enhance service delivery. Examples include:
  • Comcast Corporation (CMCSA)
  • Charter Communications (CHTR)
• Utilities and Municipalities: Electric cooperatives, public power utilities, and local governments are investing in and deploying their own fiber optic broadband networks, often supported by government funding initiatives aimed at expanding broadband access. These entities are typically smaller, regional, and generally not publicly traded companies with readily available stock symbols.

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Cheri Beranek, President and Chief Executive Officer

Cheri Beranek is the founding CEO of Clearfield, leading the company since its inception in 2008. She transformed what was once a failing tech spin-off into an industry leader, guiding Clearfield to 14 years of profitability and recognition multiple times by Forbes as one of America's Best Small Companies. Beranek holds a Bachelor's degree in Business Administration and Management and a Master's degree in Telecommunications. Prior to Clearfield, she held executive roles at emerging high-growth technology companies including Americable, Transition Networks, Tricord Systems, and Digi International. Americable, where she held an executive role, was acquired by Clearfield's precursor, APA Cables & Networks, in 2003. Her contributions have been recognized with numerous accolades, including the 2023 EY National Entrepreneur of the Year award and induction into the Minnesota Business Hall of Fame in 2021.

Daniel Herzog, Chief Financial Officer

Daniel Herzog has served as Chief Financial Officer of Clearfield since August 2011, having joined the company in 2003. Before becoming CFO, he held positions as the company's Comptroller and principal accounting officer, and later as Vice President of Administration. Herzog's career includes 13 years at Americable, which was acquired by Clearfield's precursor in 2003, where he held roles as Controller and Chief Financial Officer. He also has financial leadership experience in both publicly and privately held manufacturing and software industries, with companies such as Schwing America and Computer Designed Systems, Inc. Herzog earned his Bachelor of Arts degree in Accounting from Gustavus Adolphus College in 1986.

Johnny Hill, Chief Operating Officer

Johnny Hill is a founding member of Clearfield and was appointed Chief Operating Officer in 2008. He possesses approximately 25 years of strategic and hands-on experience within the telecommunications networking industry. Hill began his career in 1996 at Americable Inc., where he served as national sales manager until its acquisition by Clearfield's precursor, APA Cables & Networks, in 2003. Before his COO appointment, he held positions at Clearfield as Vice President of Product Management and Development (2006) and Vice President of Engineering and Product Management (2007). He holds degrees from Macalester College and the University of Minnesota-Twin Cities.

Anis Khemakhem, Chief Commercial Officer

Anis Khemakhem was appointed Chief Commercial Officer of Clearfield in October 2025, taking on expanded responsibilities that include global sales in addition to marketing. He initially joined Clearfield earlier in 2024 as Vice President of Global Technology Platforms and subsequently served as Chief Marketing Officer. Khemakhem is noted for his strong background in business strategy and sales leadership.

Kevin Morgan, Executive Advisor to the CEO

Kevin Morgan joined Clearfield in August 2016 as Chief Marketing Officer and transitioned to Executive Advisor to the CEO in 2024. He brought over 20 years of experience from various senior marketing positions at ADTRAN, Inc., a networking and communications equipment provider. Prior to ADTRAN, he spent nearly a decade at BellSouth (now part of AT&T) as a network engineer and manager of broadband planning and implementation. Morgan has held leadership roles, including Chairman of the Board, with the Fiber-to-the-Home Council Americas (now Fiber Broadband Association). He earned a B.S. in Electrical Engineering from Auburn University and an MBA from the University of Alabama.

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The key risks for the public company Clearfield (CLFD) primarily revolve around its dependence on the capital spending of broadband service providers, intense market competition, and vulnerabilities within its supply chain.

1. Reliance on Capital Spending by Broadband Service Providers and BEAD Program Delays: Clearfield's business is heavily influenced by the capital expenditures of broadband service providers, particularly for fiber-to-the-home (FTTH) infrastructure rollouts, especially in rural areas. Delays in government funding initiatives, such as the Broadband Equity, Access, and Deployment (BEAD) program, have directly impacted the company's bookings and revenue forecasts. Additionally, an existing inventory overhang among major customers, who accumulated excess stock during previous high-demand periods, has contributed to a slowdown in orders. This cyclical and often unpredictable capital spending environment presents a significant challenge to Clearfield's revenue stability and growth projections.

2. Market Competition: Clearfield operates in a highly competitive market for fiber management, protection, and delivery products. The company faces considerable competition from larger firms that often possess greater financial resources and scale, which can impact Clearfield's ability to procure components at competitive prices and maintain its market share.

3. Supply Chain Risks: The company's reliance on a limited number of suppliers for certain critical components creates inherent supply chain vulnerabilities. Disruptions in this supply chain, potentially exacerbated by geopolitical tensions or other global events, could lead to increased costs and affect Clearfield's ability to consistently deliver products.

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The rapid expansion and adoption of Fixed Wireless Access (FWA) technology, primarily leveraging 5G networks, presents a clear emerging threat to Clearfield (CLFD). Major telecommunication providers are aggressively deploying and marketing FWA as a viable and often more affordable alternative to traditional wireline broadband, including fiber-to-the-home connections. While fiber generally offers superior bandwidth and lower latency, FWA provides a "good enough" service for a growing segment of residential and small business customers, which could potentially reduce the overall addressable market for new fiber optic infrastructure builds and slow the pace of fiber deployment in certain areas, directly impacting demand for Clearfield's products.

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Clearfield, Inc. (CLFD) primarily manufactures and sells fiber connectivity products and fiber management solutions for communications networks. Their main products and services include FieldSmart panels, cabinets, wall boxes, and other enclosures; WaveSmart optical components; CraftSmart FiberFirst pedestals; YOURx access terminals; SeeChange terminal and hardened connector systems; and FieldShield fiber pathway and protection methods. These products are crucial for "fiber to anywhere" deployments, serving community broadband, large regional service providers, multiple system operators (MSOs)/cable TV companies, wireline/wireless national telco carriers, utility/municipality, enterprise, data center, and military markets. A significant focus for Clearfield is on Fiber to the Home (FTTH) and 5G backhaul solutions.

The addressable markets for Clearfield's main products and services can be estimated within the broader fiber optics, Fiber to the Home (FTTH), and networking equipment markets:

• Global Fiber to the Home (FTTH) Market: The global FTTH market was valued at approximately USD 62.64 billion in 2024 and is projected to grow to USD 199.40 billion by 2034, exhibiting a Compound Annual Growth Rate (CAGR) of 12.3% from 2025 to 2034.
• U.S. Fiber to the Home (FTTH) Market: In the United States, the FTTH market generated approximately USD 10.73 billion (USD 10,726.5 million) in revenue in 2024. This market is expected to reach around USD 21.55 billion (USD 21,545.1 million) by 2030, with a CAGR of 12.7% from 2025 to 2030. Nearly 80 million U.S. homes had access to fiber by the end of 2024.
• Global Fiber Optics Market (including cables, components, and related equipment): The global fiber optics market was valued at USD 8.22 billion in 2024 and is projected to grow from USD 8.96 billion in 2025 to USD 17.84 billion by 2032, at a CAGR of 10.3% during the forecast period.
• U.S. Fiber Optics Market (including cables, components, and related equipment): The U.S. fiber optics market reached USD 3.1 billion in 2024 and is expected to reach USD 7.8 billion by 2033, exhibiting a CAGR of 10.8% from 2025 to 2033. The U.S. fiber-optic cable market specifically was valued at USD 2.9 billion in 2024 and is projected to reach USD 5.3 billion by 2032, growing at a CAGR of 8.3% from 2025–2032.
• U.S. Networking Equipment Market: The U.S. Networking Equipment Market is valued at USD 45 billion, driven by strong demand for high-speed connectivity and increased data traffic due to the adoption of advanced technologies like 5G and cloud computing.

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Clearfield (CLFD) is expected to experience future revenue growth over the next 2-3 years, driven by several key factors in the evolving telecommunications landscape:

1. Government Funding for Broadband Expansion: Major government initiatives such as the Broadband Equity, Access, and Deployment (BEAD) program, the Enhanced Alternative Connect America Cost Model (E-ACAM) program, and the Rural Digital Opportunity Fund (RDOF) are anticipated to be significant catalysts. These programs aim to increase broadband access in rural and underserved areas, directly fueling demand for Clearfield's fiber optic products and solutions. Clearfield is actively realigning its portfolio to capitalize on BEAD funding and has achieved BABA (Build America Buy America) self-certification.
2. Continued Growth in Fiber Optic Network Deployment (FTTH & Beyond): The overarching trend of expanding fiber optic networks, particularly Fiber-to-the-Home (FTTH), and the increasing demand for high-bandwidth connectivity are expected to drive sustained growth. The fiber industry is projected to grow at a 12.5% compound annual growth rate, and Clearfield is well-positioned to benefit from this expansion. Additionally, AI-driven network demand is anticipated to require more fiber connections to homes, data centers, edge nodes, and 5G backhaul.
3. Strong Demand from Key End Markets: Clearfield is experiencing healthy traction and growth in specific end markets. The Community Broadband market, Large Regional Service Providers, and Multiple System Operators (MSOs), which include cable TV companies, have shown significant revenue growth and are expected to continue as primary drivers of future sales.
4. Product Innovation and Portfolio Alignment: The company's focus on developing new and enhanced fiber optic solutions and strategically aligning its product portfolio to meet evolving market needs and capitalize on government programs is a key growth driver. This approach helps Clearfield maintain a competitive edge and capture new market opportunities.
5. 5G Market Penetration: Clearfield is strategically positioned to capture market share in the rapidly expanding 5G market. The demand for 5G infrastructure is expected to create durable growth opportunities for the company's fiber connectivity solutions.

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Share Repurchases

• In November 2023, Clearfield's Board of Directors authorized an increase to the company's common stock share repurchase program from $22 million to $40 million.
• For fiscal year 2024, Clearfield repurchased approximately $33.06 million of common stock.
• As of June 30, 2025, approximately $8.4 million remained available for future share repurchases under the program.

Share Issuance

• In December 2022, Clearfield announced and subsequently priced a public offering to sell $120 million of its common stock.
• The net proceeds from this offering were intended for working capital and general corporate purposes.

Outbound Investments

• Clearfield acquired Nestor Cables during the fourth quarter of fiscal year 2022.

Capital Expenditures

• In Q1 fiscal year 2024, Clearfield reported $2.4 million in capital expenditures, primarily allocated to its manufacturing operations.
• The company aims to align capital equipment expenditure with subscriber revenue through its scalable fiber management and delivery platform.
• Capital expenditure is focused on customer-focused designs and simplicity to reduce costs associated with deploying, managing, protecting, and scaling fiber optic networks.