CLFD · CIK 0000796505
What Clearfield, Inc. told the SEC could break it.
Clearfield's disclosures cluster on a concentrated, cost-exposed supply chain. All of its non-U.S. manufacturing runs through a single Tijuana, Mexico maquiladora, leaving production reliant on that one cross-border facility, and some components and contract-manufacturing services come from a single or limited number of suppliers whose loss could delay product delivery. On cost, it buys commodities and raw materials it does not hedge, and rising prices have outpaced its ability to cut its cost structure, pressuring margins. On the demand side it has some receivables concentration, with one unnamed customer accounting for 16% of accounts receivable as of September 30, 2024.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- Customer B (unnamed)medium
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.”
SEC filing →As of 2025
Geographic concentration
- Mexicomedium
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.”
Supplier concentration
- single/limited-source components and contract manufacturingmedium
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.”
SEC filing →As of 2025
Commodity & input dependence
- purchased commodities and raw materials (unhedged)low
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.”
SEC filing →As of 2025
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