CLFD earnings analysis
What we found in CLFD's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Clearfield, Inc. reported Q2 2026 net sales of $34.4 million, a decline of 15% year-over-year, coupled with a net loss of $0.04 per share. Despite the decrease in revenue and margins, the company indicated a strong order backlog worth $31.6 million. Management anticipates total revenue for fiscal 2026 to fall between $160 million and $170 million, aligning with previous guidance, but reflects ongoing challenges in the market.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Exceeds Estimates
- Actual revenue of $34.4 million surpassed estimates of $33.6 million, indicating a 2.4% revenue surprise.
- Significant Order Backlog Growth
- Order backlog as of March 31, 2026, increased by 39% to $31.6 million compared to $22.8 million in December 2025.
- Operating Margin Retention
- Despite revenue decline, operating margin showed retention at 3.0% compared to 0.6% in the previous quarter.
- International Sales Up
- International sales doubled to $2.4 million, or 4% of total sales, from $1.1 million in the prior year.
- Decreased Production Costs
- Cost of sales decreased by 13% year-over-year, due to optimized inventory consumption.
- Improved Tax Benefits
- Income tax benefit rose to $176,000 in Q2 2026 from expense of $722,000 in Q2 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Escalating Operating Losses
- Loss from continuing operations climbed to $3.9 million for six months ended Mar 2026 from a loss of $364,000 a year earlier.
- Declining Revenue from Key Segments
- Year-over-year revenue from MSOs fell by 38% to $16.5 million, impacting sales negatively.
- High SG&A Expense Growth
- Selling, general and administrative expenses rose by 15% to $26.4 million versus $23 million in the prior year's six-month period.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.04
- Gross margin
- 32.5%
- Operating margin
- 3%
- Segment
- Broadband Service Providers
- Segment
- International Sales
- Segment
- Legacy Sales
What they said about what is next.
Fiscal guidance for revenue remains unchanged at $160 million to $170 million.
The filing reads worse than the one before it.
What came before.
- 10-Q · August 7, 2025
- Clearfield reported a modest revenue increase to $49,903 (in thousands) for the quarter ended June 30, 2025, with gross margin expanding to ~30.5% and operating income turning positive at $1,496 (in thousands). GAAP…
- 10-Q · February 7, 2023
- Clearfield reported strong top-line and EPS versus the prior-year quarter with net sales of $85,942 (thousands) and diluted EPS of $1.00 for the three months ended December 31, 2022, driven by the integration of the…
- 10-K · November 23, 2022
- Clearfield completed the strategic acquisition of Nestor Cables on July 26, 2022, creating a second reportable segment and materially increasing backlog to $164,914,000 (from $66,365,000 in 2021). The company emphasizes…
- 10-Q · August 3, 2022
- Clearfield reported a strong quarter with net sales of $71,250,000 (up from $38,735,000 a year ago, +$32,515,000) and diluted EPS of $0.92 (vs $0.44 prior year). Gross margin contracted slightly to 41.1% while operating…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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