Clearfield(CLFD) - 2024 Q4 - Annual Results

Revenue Performance - Q4 2024 revenue was $46.8 million, a decrease of 5.9% compared to$ 49.7 million in Q4 2023[7] - Full-year 2024 revenue was $166.7 million, a decrease of 38% compared to$ 268.7 million in 2023[3] - Net sales for the year ended September 30, 2024 were $166.7 million, down 38.0% from$ 268.7 million in 2023[21] - Revenue guidance for fiscal year 2025 is $170 million to$ 185 million[6] - Q1 2025 revenue is expected to be in the range of $33 million to$ 38 million, with a net loss per share of $0.28 to$ 0.35[10] Profitability and Loss - Q4 2024 net loss per share was $(0.06), compared to net income of$ 0.17 per share in Q4 2023[2] - Net loss for the year was $12.5 million in 2024, compared to a net income of$ 32.5 million in 2023[21] - Gross margin for Q4 2024 was 22.8%, down from 24.1% in Q4 2023 but improved from 21.9% in the previous quarter[8] - Gross profit for the year decreased by 66.1% to $28.9 million in 2024 from$ 85.3 million in 2023[21] Cash Flow and Financial Position - Positive cash flow from operations for the full year was approximately $22.2 million[6] - Operating cash flow increased by 20.6% to$ 22.2 million in 2024 from $18.4 million in 2023[22] - Cash and cash equivalents dropped significantly from$ 37.8 million in 2023 to $16.2 million in 2024, a 57.2% decrease[19] - The company repurchased$ 33.4 million worth of common stock in 2024[22] Operating Expenses and Costs - Operating expenses for Q4 2024 increased 33.1% to $13.7 million, primarily due to higher variable compensation and professional fees[9] Assets and Investments - Total assets decreased from$ 355.5 million in 2023 to $315.3 million in 2024, a decline of 11.3%[19] - Long-term investments increased significantly from$ 6.3 million in 2023 to $24.5 million in 2024, a 286.3% rise[19] - Inventory levels decreased by 31.9% from$ 98.1 million in 2023 to $66.8 million in 2024[19] - Accounts receivable decreased by 24.9% from$ 28.4 million in 2023 to $21.3 million in 2024[19] Backlog and Market Opportunities - Order backlog as of September 30, 2024, was$ 25.1 million, a decrease of 56.1% compared to $57.3 million in September 2023[7] - The company achieved BABA self-certification recognition from the NTIA, positioning it for opportunities in the BEAD Program[1]