# EDGAR Filing Document

**Accession Number:** 0000796505
**File Stem:** 0001171843-26-003066
**Filing Date:** 2026-5
**Character Count:** 28795
**Document Hash:** 2a2ad391e2f0c8a4acc1435460f642b3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001171843-26-003066.hdr.sgml**: 20260506

**ACCESSION NUMBER**: 0001171843-26-003066

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20260506

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260506

**DATE AS OF CHANGE**: 20260506

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Clearfield, Inc.
- **CENTRAL INDEX KEY:** 0000796505
- **STANDARD INDUSTRIAL CLASSIFICATION:** TELEPHONE & TELEGRAPH APPARATUS [3661]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 411347235
- **STATE OF INCORPORATION:** MN
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-16106
- **FILM NUMBER:** 26948121

**BUSINESS ADDRESS:**
- **STREET 1:** 7050 WINNETKA AVE. N.
- **STREET 2:** SUITE 100
- **CITY:** BROOKLYN PARK
- **STATE:** MN
- **ZIP:** 55428
- **BUSINESS PHONE:** 763-476-6866

**MAIL ADDRESS:**
- **STREET 1:** 7050 WINNETKA AVE. N.
- **STREET 2:** SUITE 100
- **CITY:** BROOKLYN PARK
- **STATE:** MN
- **ZIP:** 55428

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** APA Enterprises, Inc.
- **DATE OF NAME CHANGE:** 20041116

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** APA OPTICS INC /MN/
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'? Form 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

### Washington, D.C. 20549
_________________

### FORM 8-K
_________________

#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported): May 6, 2026
_______________________________

#### CLEARFIELD, INC.
(Exact name of registrant as specified in its charter)

_______________________________

---

| | | |
|:---|:---|:---|
| **Minnesota** | **000-16106** | **41-1347235** |
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |

---

#### 7050 Winnetka Avenue North, Suite 100

#### Brooklyn Park, Minnesota 55428
(Address of Principal Executive Offices) (Zip Code)

(763) 476-6866

(Registrant's telephone number, including area code)

#### Not Applicable
(Former name or former address, if changed since last report)

_______________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | |
|:---|:---|
| Title of each class | Name of each exchange on which registered |
| Common Stock, $0.01 par value CLFD | The Nasdaq Stock Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 2.02. Results of Operations and Financial Condition.**

On May 6, 2026, Clearfield, Inc. (the "Company") issued a press release announcing the results of its second quarter of fiscal 2026 ended March 31, 2026. A copy of that press release is furnished hereto as Exhibit 99.1 and is hereby incorporated by reference.

The information in this Item 2.02, including Exhibit 99.1, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), nor shall it be deemed incorporated by reference into any Company filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

**Item 9.01. Financial Statements and Exhibits.**

(d) Exhibits.

The following exhibits are being furnished herewith:

[99.1](exh_991.htm) [Press release of Clearfield, Inc. dated May 6, 2026](exh_991.htm) <br> 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

#### SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **CLEARFIELD, INC.** | **CLEARFIELD, INC.** |
| Date: May 6, 2026 | By: | <u>/s/ Cheryl Beranek&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> |
|  |  | Cheryl Beranek |
|  |  | President and Chief Executive Officer |

---

## Exhibit 99.1

**EXHIBIT 99.1**

**Clearfield Reports Second Quarter Fiscal 2026 Results**

* *Net sales from continuing operations of $34.4 million and net loss per share from continuing operations of $0.04, both toward top end of guidance range*

* *Order backlog increased 39% from December 31, 2025, to $31.6 million*

* *Reiterates full year fiscal 2026 guidance of net sales from continuing operations in the range of $160 million to $170 million, which represents approximately 10% topline growth at the midpoint, and EPS of $0.48 to $0.62*

* *Share buybacks totaled $7.3 million with $15.9 million remaining available for repurchase*

MINNEAPOLIS, May 06, 2026 (GLOBE NEWSWIRE) -- **Clearfield, Inc. (NASDAQ: CLFD),** a leader in fiber connectivity, reported results for the fiscal second quarter of 2026. Additional commentary is provided in a letter to shareholders available in the Investor Relations section of the Company's website.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal Q2 2026 Financial Summary** | **Fiscal Q2 2026 Financial Summary** | **Fiscal Q2 2026 Financial Summary** | **Fiscal Q2 2026 Financial Summary** | |
| *(in millions except per share data and percentages)* | **Q2 2026** | **vs. Q2 2025** | **Change** |<br>**Change (%)** |
| **Net Sales from Continuing Operations** | $**34.4** | $40.6 | $(6.2) | -15% |
| **Gross Profit ($) from Continuing Operations** | $**11.2** | $14.0 | $(2.8) | -20% |
| **Gross Profit (%) from Continuing Operations** | **32.5%** | 34.4% | -1.9% | -6% |
| **(Loss) Income from Operations from Continuing Operations** | $**(2.1)** | $1.7 | $(3.8) | -223% |
| **Income Tax (Benefit) Expense from Continuing Operations** | $**(0.2)** | $0.7 | $(0.9) | -124% |
| **Net (Loss) Income from Continuing Operations** | $**(0.5)** | $2.5 | $(3.1) | -121% |
| **Net (Loss) Income per Diluted Share from Continuing Operations** | $**(0.04)** | $0.18 | $(0.22) | -122% |
| **Net Loss from Discontinued Operations, net of tax** | $**-** | $(1.2) | $1.2 | 100% |
| **Net Loss per Diluted Share from Discontinued Operations** | $**-** | $(0.09) | $0.09 | 100% |
| **Consolidated Net (Loss) Income Per Diluted Share** | $**(0.04)** | $0.09 | $(0.13) | -144% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal Q2 YTD 2026 Financial Summary** | **Fiscal Q2 YTD 2026 Financial Summary** | **Fiscal Q2 YTD 2026 Financial Summary** | **Fiscal Q2 YTD 2026 Financial Summary** | |
| *(in millions except per share data and percentages)* | **2026 YTD** | **vs. 2025 YTD** | **Change** |<br>**Change (%)** |
| **Net Sales from Continuing Operations** | $**68.7** | $70.3 | $(1.6) | -2% |
| **Gross Profit ($) from Continuing Operations** | $**22.5** | $22.6 | $(0.1) | -0% |
| **Gross Profit (%) from Continuing Operations** | **32.8%** | 32.2% | 0.6% | 2% |
| **Loss from Operations from Continuing Operations** | $**(3.9)** | $(0.4) | $(3.5) | 971% |
| **Income Tax (Benefit) Expense from Continuing Operations** | $**(0.2)** | $0.8 | $(1.0) | -123% |
| **Net (Loss) Income from Continuing Operations** | $**(0.8)** | $2.2 | $(3.0) | -137% |
| **Net (Loss) Income per Diluted Share from Continuing Operations** | $**(0.06)** | $0.16 | $(0.22) | -138% |
| **Net Loss from Discontinued Operations, net of tax** | $**(0.3)** | $(2.8) | $2.4 | 88% |
| **Net Loss per Diluted Share from Discontinued Operations** | $**(0.02)** | $(0.20) | $0.18 | 90% |
| **Consolidated Net Loss Per Diluted Share** | $**(0.08)** | $(0.04) | $(0.04) | -100% |

---

 **Management Commentary**

"We are focused on consistent execution while investing in Clearfield's next phase of growth. We continue to see an early engagement in adjacent markets, with a particularly strong reception for bringing our proven outside plant techniques and strategies to datacenter environments," said Company President and Chief Executive Officer, Cheri Beranek. "While these opportunities have yet to contribute meaningful revenue, they represent a compelling avenue for future expansion and early indications are encouraging."

"We are pleased to report revenue and earnings in-line with our guidance. While lumpy on a quarter-over-quarter basis, performance has been driven by a year-to-date revenue increase of 5% in our Community Broadband segment," said Chief Financial Officer, Dan Herzog. "With backlog up 39% from last quarter, the Company is positioned to achieve our annual guidance of 7% to 14% revenue growth and a return to profitability. We remain committed to our long-term strategy demonstrated by the continued execution of our stock buy-back program this past quarter."

**Financial Results for the Three Months Ended March 31, 2026**

Net sales from continuing operations for the second quarter of fiscal 2026 decreased 15% to $34.4 million from $40.6 million in the same year-ago quarter partially due to a pull-in by a large customer into last year's second quarter from our fiscal year 2025 third quarter.

As of March 31, 2026, order backlog (defined as purchase orders received but not yet fulfilled) was $31.6 million, an increase of $8.9 million, or 39%, compared to $22.8 million as of December 31, 2025, and an increase of $3.5 million, or 12%, from March 31, 2025.

Gross margin from continuing operations for the second quarter of fiscal 2026 was 32.5%, down from 34.4% in the prior year's second quarter and down slightly from 33.2% in the first quarter of fiscal 2026.

Operating expenses from continuing operations for the second quarter of fiscal 2026 increased 8% to $13.2 million, or 38.5% of net sales, from $12.3 million, or 30.2% of net sales, in the same year-ago quarter.

Net loss from continuing operations for the second quarter of fiscal 2026 totaled $0.5 million, or a net loss of $0.04 per diluted share, compared to net income of $2.5 million, or $0.18 per diluted share, in the same year-ago quarter. The Company repurchased 237,000 shares for $7.3 million during the 3-month period ended March 31, 2026. There is approximately $15.9 million remaining for future repurchases as of March 31, 2026.

**Outlook**

The Company reiterates its annual revenue guidance for fiscal 2026 in the range of $160 million to $170 million. For the third quarter of fiscal 2026, Clearfield expects net sales to be in the range of $42 million to $46 million and net income per share to be in the range of $0.17 to $0.21. The net income per share ranges are based on the number of shares outstanding at the end of the second quarter of fiscal 2026 and do not reflect potential additional share repurchases completed in fiscal 2026. Our guidance reflects the potential supply chain constraints of optical fiber mentioned in last quarter's letter to shareholders, as well as our current understanding of the impact of the evolving tariff situation, which could contribute to uncertainty in our business and in the macroeconomic environment.

**Conference Call**

Management will hold a conference call today, May 6, 2026, at 5:00 p.m. Eastern Time (4:00 p.m. Central Time) to discuss these results and provide an update on business conditions.

Clearfield's President and Chief Executive Officer, Cheri Beranek, and Chief Financial Officer, Dan Herzog, will host the presentation, followed by a question-and-answer period.

U.S. dial-in: 1-844-826-3033

International dial-in: 1-412-317-5185

Conference ID: 10207981

The live webcast of the call can be accessed at the Clearfield Investor Relations website along with the company's earnings press release and presentation.

A replay of the call will be available after 8:00 p.m. Eastern Time on the same day through May 20, 2026, while an archived version of the webcast will be available on the Investor Relations website for 90 days.

U.S. replay dial-in: 1-844-512-2921

International replay dial-in: 1-412-317-6671

Replay ID: 10207981

**About Clearfield, Inc.** 

Clearfield, Inc. (NASDAQ: CLFD) designs, manufactures, and distributes fiber optic management, protection, and delivery solutions that play a critical role in enabling broadband operators to close the digital divide. Our labor lite, craft-friendly platform is leveraged by community broadband, MSOs, incumbent service providers, ISPs, data centers, military, municipalities, and coops - from homes passed to homes connected faster and more efficiently. Headquartered in Minneapolis, MN, Clearfield deploys more than a million fiber ports each year. For more information, visit www.SeeClearfield.com.

**Cautionary Statement Regarding Forward-Looking Information**

*Forward-looking statements contained herein and in any related presentation or in the related Earnings Presentation are made pursuant to the safe harbor provisions of the Private Litigation Reform Act of 1995. Words such as "may," "plan," "expect," "aim," "believe," "project," "target," "anticipate," "intend," "estimate," "will," "should," "could," "outlook," or "continue" or comparable terminology are intended to identify forward-looking statements. Such forward looking statements include, for example, statements about the Company's future revenue and operating performance, the development and marketing of new products, the impact of recent trade policy changes, including new and increased tariffs, retaliatory tariffs, trade disputes, and market and economic reactions to such changes, expected customer ordering patterns and future supply agreements with customers, expectations regarding the impact on our business of M&A activity among our customers, anticipated shipping on backlog and future lead times, future availability of components and materials from the Company's supply chain, compliance with Build America Buy America (BABA) Act requirements, the impact of the Broadband Equity, Access, and Deployment (BEAD) Program, Rural Digital Opportunity Fund (RDOF) or other government programs on the demand for the Company's products or timing of customer orders, the Company's ability to match capacity to meet demand, expansion into new markets and trends in and growth of the FTTx markets, market segments or customer purchases, and other statements that are not historical facts. These statements are based upon the Company's current expectations and judgments about future developments in the Company's business. Certain important factors could have a material impact on the Company's performance, including, without limitation: we depend on the availability of sufficient supply of certain materials and global disruptions in the supply chain for these materials could prevent us from meeting customer demand for our products; we rely on single-source suppliers, which could cause delays, increase costs or prevent us from completing customer orders; changes in trade policy in the U.S. and other countries may adversely affect our business and results of operations; inflationary price pressures and uncertain availability of components, raw materials, labor and logistics used by us and our suppliers could negatively impact our profitability; a significant percentage of our sales in the last three fiscal years have been made to a small number of customers, and the loss of these major customers could adversely affect us; further consolidation among our customers may result in the loss of some customers and may reduce sales during the pendency of business combinations and related integration activities; our business is dependent on interdependent management information systems; we may be subject to risks associated with acquisitions, and the risks could adversely affect future operating results; adverse global economic conditions and geopolitical issues could have a negative effect on our business, and results of operations and financial condition; product defects or the failure of our products to meet specifications could cause us to lose customers and sales or to incur unexpected expenses; we are dependent on key personnel; cyber-security incidents, including ransomware, data breaches or computer viruses, could disrupt our business operations, damage our reputation, result in increased expense, and potentially lead to legal proceedings; natural disasters, extreme weather conditions or other catastrophic events could negatively affect our business, financial condition, and operating results; to compete effectively, we must continually improve existing products and introduce new products that achieve market acceptance; our business is dependent upon capital spending by broadband service providers, and any delay, reduction or cancellation in capital spending by broadband service providers could adversely affect our business; if the telecommunications market does not continue to expand, our business may not grow as fast as we expect, which could adversely impact our business, financial condition and operating results; changes in U.S. government funding programs may cause our customers and prospective customers to delay, reduce, or accelerate purchases, leading to unpredictable and irregular purchase cycles; intense competition in our industry may result in price reductions, lower gross profits and loss of market share; our success depends upon adequate protection of our patent and intellectual property rights; we face risks associated with expanding our sales outside of the United States*; *our operating results may fluctuate significantly from quarter to quarter, which may make budgeting for expenses difficult and may negatively affect the market price of our common stock; our stock price has been volatile historically and may continue to be volatile - the price of our common stock may fluctuate significantly; anti-takeover provisions in our organizational documents, Minnesota law and other agreements could prevent or delay a change in control of our Company; and other factors set forth in Part I, Item IA. Risk Factors of Clearfield's Annual Report on Form 10-K for the year ended September 30, 2025 as well as other filings with the Securities and Exchange Commission. The Company undertakes no obligation to update these statements to reflect actual events unless required by law.*

**Investor Relations Contact:**

Greg McNiff

The Blueshirt Group

773-485-7191

clearfield@blueshirtgroup.com

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CLEARFIELD, INC.** | **CLEARFIELD, INC.** | **CLEARFIELD, INC.** | **CLEARFIELD, INC.** | **CLEARFIELD, INC.** |
| **CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS** | **CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS** | **CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS** | **CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS** | **CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS** |
| (UNAUDITED) | (UNAUDITED) | (UNAUDITED) | (UNAUDITED) | (UNAUDITED) |
| (IN THOUSANDS, EXCEPT PER SHARE DATA) | (IN THOUSANDS, EXCEPT PER SHARE DATA) | (IN THOUSANDS, EXCEPT PER SHARE DATA) | (IN THOUSANDS, EXCEPT PER SHARE DATA) | (IN THOUSANDS, EXCEPT PER SHARE DATA) |
|  | Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended |
|  | March 31, | March 31, | March 31, | March 31, |
|  | 2026 | 2025 | 2026 | 2025 |
| Net sales | $34391 | $40621 | $68732 | $70319 |
| Cost of sales | 23230 | 26660 | 46183 | 47683 |
| &nbsp;&nbsp;Gross profit | 11161 | 13961 | 22549 | 22636 |
| Operating expenses |  |  |  |  |
| &nbsp;&nbsp;Selling, general and administrative | 13230 | 12279 | 26442 | 23000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Loss) income from continuing operations | (2069) | 1682 | (3893) | (364) |
| Net investment income | 1365 | 1588 | 2911 | 3332 |
| (Loss) income from continuing operations before income taxes | (704) | 3270 | (982) | 2968 |
| Income tax (benefit) expense | (176) | 722 | (177) | 775 |
| (Loss) income from continuing operations, net of tax | (528) | 2548 | (805) | 2193 |
| Loss from discontinued operations, net of tax |  | (1221) | (337) | (2772) |
| Net (loss) income | $(528) | $1327 | $(1142) | $(579) |
| (Loss) income per share |  |  |  |  |
| &nbsp;&nbsp;Basic |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Continuing operations | $(0.04) | $0.18 | $(0.06) | $0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Discontinued operations | - | (0.09) | (0.02) | (0.20) |
| &nbsp;&nbsp;Basic (loss) income per share | $(0.04) | $0.09 | $(0.08) | $(0.04) |
| &nbsp;&nbsp;Diluted |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Continuing operations | $(0.04) | $0.18 | $(0.06) | $0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Discontinued operations | - | (0.09) | (0.02) | (0.20) |
| &nbsp;&nbsp;Diluted (loss) income per share | $(0.04) | $0.09 | $(0.08) | $(0.04) |
| Weighted average shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;Basic | 13670470 | 14095341 | 13771086 | 14154830 |
| &nbsp;&nbsp;Diluted | 13670470 | 14095341 | 13771086 | 14154830 |

---

---

| | | |
|:---|:---|:---|
| **CLEARFIELD, INC.** | **CLEARFIELD, INC.** | **CLEARFIELD, INC.** |
| **CONDENSED CONSOLIDATED BALANCE SHEETS** | **CONDENSED CONSOLIDATED BALANCE SHEETS** | **CONDENSED CONSOLIDATED BALANCE SHEETS** |
| (IN THOUSANDS, EXCEPT PER SHARE DATA) | (IN THOUSANDS, EXCEPT PER SHARE DATA) | (IN THOUSANDS, EXCEPT PER SHARE DATA) |
|  | March 31, 2026 (Unaudited) | September 30, 2025 |
| **Assets** |  |  |
| Current assets |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $9404 | $21493 |
| &nbsp;&nbsp;Short-term investments | 81665 | 84484 |
| &nbsp;&nbsp;Accounts receivables, net | 20865 | 17991 |
| &nbsp;&nbsp;Inventories, net | 36920 | 42031 |
| &nbsp;&nbsp;Prepaid and other current assets | 14148 | 11152 |
| &nbsp;&nbsp;Current assets held for sale | - | 21337 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 163002 | 198488 |
| &nbsp;&nbsp;Property, plant and equipment, net | 9453 | 9682 |
| &nbsp;&nbsp;Long-term investments | 56004 | 59822 |
| &nbsp;&nbsp;Goodwill | 4709 | 4709 |
| &nbsp;&nbsp;Intangible assets, net | 8398 | 9353 |
| &nbsp;&nbsp;Right-of-use lease assets | 10640 | 8420 |
| &nbsp;&nbsp;Deferred tax asset | 10852 | 10263 |
| &nbsp;&nbsp;Other non-current assets | 489 | 608 |
| &nbsp;&nbsp;Non-current assets held for sale | - | 4828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $263547 | $306173 |
| **Liabilities and Shareholders' Equity** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;Current portion of lease liability | $2892 | $2823 |
| &nbsp;&nbsp;Accounts payable | 3678 | 7028 |
| &nbsp;&nbsp;Accrued compensation | 5015 | 6598 |
| &nbsp;&nbsp;Accrued expenses | 1108 | 2197 |
| &nbsp;&nbsp;Current liabilities held for sale | - | 17957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 12693 | 36603 |
| Other liabilities |  |  |
| &nbsp;&nbsp;Long-term portion of lease liability | 8047 | 5934 |
| &nbsp;&nbsp;Non-current liabilities held for sale | - | 7473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 20740 | 50010 |
| Shareholders' equity |  |  |
| &nbsp;&nbsp;Preferred stock, $0.01 par value; 500,000 shares; no shares issued or outstanding |  |  |
| &nbsp;&nbsp;Common stock, authorized 50,000,000, $0.01 par value; 13,618,216 and 13,839,675 shares issued and outstanding as of March 31, 2026 and September 30, 2025, respectively | 136 | 138 |
| &nbsp;&nbsp;Additional paid-in capital | 137045 | 147382 |
| &nbsp;&nbsp;Accumulated other comprehensive (loss) income | (144) | 1731 |
| &nbsp;&nbsp;Retained earnings | 105770 | 106912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 242807 | 256163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities and Shareholders' Equity** | $263547 | $306173 |

---

---

| | | |
|:---|:---|:---|
| **CLEARFIELD, INC.** | **CLEARFIELD, INC.** | **CLEARFIELD, INC.** |
| **CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS** | **CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS** | **CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS** |
| (UNAUDITED) | (UNAUDITED) | (UNAUDITED) |
| (IN THOUSANDS) | (IN THOUSANDS) | (IN THOUSANDS) |
|  | Six Months Ended | Six Months Ended |
|  | March 31, | March 31, |
|  | 2026 | 2025 |
| **Cash flows from operating activities (continuing)** |  |  |
| Net loss | $(1142) | $(579) |
| Loss from discontinued operations, net of tax | 337 | 2772 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash (used in) provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 3190 | 3061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of premium and discount on investments, net | (270) | (1202) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred taxes | (536) | (188) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 2589 | 2221 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities, net of acquired amounts: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (2874) | (4543) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories, net | 5111 | 11980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | (2876) | (3240) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | (6041) | 2168 |
| &nbsp;&nbsp;Net cash (used in) provided by operating activities (continuing) | (2512) | 12450 |
| **Cash flows from investing activities (continuing)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of property, plant and equipment and intangible assets | (2007) | (3074) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | (52009) | (59234) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from maturities of investments | 58660 | 75176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid on disposal of business | (1012) | - |
| &nbsp;&nbsp;Net cash provided by investing activities (continuing) | 3632 | 12868 |
| **Cash flows from financing activities (continuing)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock under employee stock purchase plan | 239 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase of shares for payment of withholding taxes for vested restricted stock grants | (1001) | (494) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withholding related to exercise of stock options | (63) | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common stock | (12597) | (11015) |
| &nbsp;&nbsp;Net cash used in financing activities (continuing) | (13422) | (11220) |
| **Cash flows from discontinued operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | 1380 | (2252) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities |  | (1648) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash (used in) provided by financing activities | (1196) | 2465 |
| &nbsp;&nbsp;Net cash provided by (used in) discontinued operations | 184 | (1435) |
| Effect of exchange rates on cash and cash equivalents | (13) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (decrease) increase in cash and cash equivalents | (12131) | 12681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in cash held for sale | 42 | 806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents, beginning of period | 21493 | 14148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents, end of period | $9404 | $27635 |
| **Supplemental disclosures for cash flow information** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash (refunded) paid for income taxes, net | $(21) | $403 |
| &nbsp;&nbsp;&nbsp;&nbsp;Right of use assets obtained through lease liabilities | $3553 | $- |
| **Non-cash financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cashless exercise of stock options | $2388 | $97 |

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