What Clearfield, Inc. told the SEC could break it.

A single unnamed customer ('Customer B') accounted for 16% of accounts receivable as of Sept 30, 2024, indicating receivables concentration.

“As of September 30, 2024, Customer B accounted for 16% of accounts receivable.”

All of Clearfield's non-US manufacturing is concentrated in a single Tijuana, Mexico Maquiladora facility, exposing production to cross-border logistics and Mexico-specific disruption.

“As of September 30, 2025, and 2024, the Company had property, plant, and equipment with a net book value of $ 4,507,000 and $ 5,395,000 , respectively, located in Mexico. All other property, plant, and equipment is located within the United States.”

Some components and third-party contract manufacturing services are purchased from a single or limited number of suppliers; loss of access could impair timely product delivery.

“However, some components and third-party contract manufacturing services are purchased from a single or limited number of suppliers. The loss of access to some components and third-party contract manufacturing services could have an adverse effect on our ability to deliver products on a timely basis and on our financial performance.”

Rising, unhedged commodity and raw-material prices have outpaced the company's ability to reduce its cost structure, pressuring margins.

“We are subject to market risk from fluctuating market prices of certain purchased commodities and raw materials which has outpaced our ability to reduce the cost structure and manufacturability. We do not hedge commodity prices.”