Clearfield (CLFD) 10-Q 2 Feb 22 2022 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Dec. 31, 2021	Jan. 17, 2022
Document Information [Line Items]
Entity Central Index Key	0000796505
Entity Registrant Name	Clearfield, Inc.
Amendment Flag	false
Current Fiscal Year End Date	--09-30
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2021
Document Transition Report	false
Entity File Number	0-16106
Entity Incorporation, State or Country Code	MN
Entity Tax Identification Number	41-1347235
Entity Address, Address Line One	7050 Winnetka Avenue North, Suite 100
Entity Address, City or Town	Brooklyn Park
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55428
City Area Code	763
Local Phone Number	476-6866
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	CLFD
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		13,762,463

Condensed Balance Sheets (Curre

Condensed Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021
Current Assets
Cash and cash equivalents	$ 12,682	$ 13,216
Short-term investments	10,373	10,374
Accounts receivables, net	16,330	19,438
Inventories, net	43,574	27,524
Other current assets	1,085	954
Total current assets	84,044	71,506
Property, plant and equipment, net	6,574	4,998
Other Assets
Long-term investments	35,192	36,913
Goodwill	4,709	4,709
Intangible assets, net	4,547	4,696
Right of use lease assets	1,761	2,305
Deferred tax asset	365	365
Other	572	419
Total other assets	47,146	49,407
Total Assets	137,764	125,911
Current Liabilities
Current portion of lease liability	702	915
Accounts payable	12,366	9,215
Accrued compensation	4,137	8,729
Accrued expenses	4,872	1,613
Total current liabilities	22,077	20,472
Other Liabilities
Long-term portion of lease liability	1,214	1,615
Total liabilities	23,291	22,087
Shareholders’ Equity
Preferred stock, $.01 par value; 500,000 shares; no shares issued or outstanding	0	0
Common stock, authorized 50,000,000, $.01 par value; 13,762,463 and 13,732,188 shares issued and outstanding as of December 31, 2021 and September 30, 2021	138	137
Additional paid-in capital	58,505	58,246
Retained earnings	55,830	45,441
Total shareholders’ equity	114,473	103,824
Total Liabilities and Shareholders’ Equity	$ 137,764	$ 125,911

Condensed Balance Sheets (Cur_2

Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Dec. 31, 2021	Sep. 30, 2021
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized shares (in shares)	500,000	500,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, authorized (in shares)	50,000,000	50,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	13,762,463	13,732,188
Common stock, shares outstanding (in shares)	13,762,463	13,732,188

Condensed Statements of Earning

Condensed Statements of Earnings (Unaudited) - USD ($)	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Net sales	$ 51,109,000	$ 27,092,000
Cost of sales	28,137,000	15,723,000
Gross profit	22,972,000	11,369,000
Operating expenses
Selling, general and administrative	9,923,000	7,656,000
Income from operations	13,049,000	3,713,000
Interest income	120,000	134,000
Income before income taxes	13,169,000	3,847,000
Income tax expense	2,780,000	684,000
Net income	$ 10,389,000	$ 3,163,000
Net income per share Basic (in dollars per share)	$ 0.76	$ 0.23
Net income per share Diluted (in dollars per share)	$ 0.75	$ 0.23
Weighted average shares outstanding:
Basic (in shares)	13,743,503	13,692,533
Diluted (in shares)	13,897,787	13,696,815

Condensed Statements of Shareho

Condensed Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Sep. 30, 2020	13,650
Balance at Sep. 30, 2020	$ 137	$ 57,503	$ 25,114	$ 82,754
Restricted stock issued (in shares)	37
Restricted stock issued	$ 0	0	0	0
Stock-based compensation expense	$ 0	289	0	289
Issuance of common stock under employee stock purchase plan (in shares)	15
Issuance of common stock under employee stock purchase plan	$ 0	179	0	179
Withholding related to exercise of stock options (in shares)	26
Withholding related to exercise of stock options	$ 0	(263)	0	(263)
Repurchase of shares for payment of withholding taxes for vested restricted stock grants (in shares)	0
Repurchase of shares for payment of withholding taxes for vested restricted stock grants	$ 0	(11)	0	(11)
Net income	$ 0	0	3,163	3,163
Balance (in shares) at Dec. 31, 2020	13,728
Balance at Dec. 31, 2020	$ 137	57,697	28,277	86,111
Balance (in shares) at Sep. 30, 2021	13,732
Balance at Sep. 30, 2021	$ 137	58,246	45,441	103,824
Restricted stock issued (in shares)	24
Restricted stock issued	$ 1	0	0	1
Stock-based compensation expense	$ 0	440	0	440
Issuance of common stock under employee stock purchase plan (in shares)	7
Issuance of common stock under employee stock purchase plan	$ 0	249	0	249
Withholding related to exercise of stock options (in shares)	3
Withholding related to exercise of stock options	$ 0	(156)	0	(156)
Repurchase of shares for payment of withholding taxes for vested restricted stock grants (in shares)	(4)
Repurchase of shares for payment of withholding taxes for vested restricted stock grants	$ 0	(274)	0	(274)
Net income	$ 0	0	10,389	10,389
Balance (in shares) at Dec. 31, 2021	13,762
Balance at Dec. 31, 2021	$ 138	$ 58,505	$ 55,830	$ 114,473

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Net income	$ 10,389	$ 3,163
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	639	568
Amortization of discount on investments	(11)	0
Stock-based compensation	440	289
Changes in operating assets and liabilities:
Accounts receivable	3,108	699
Inventories, net	(16,049)	721
Other assets	(300)	136
Accounts payable and accrued expenses	1,750	(2,860)
Net cash (used in) provided by operating activities	(34)	2,716
Cash flows from investing activities
Purchases of property, plant and equipment and intangible assets	(2,051)	(379)
Purchases of investments	(248)	(3,968)
Proceeds from maturities of investments	1,980	4,426
Net cash (used in) provided by investing activities	(319)	79
Cash flows from financing activities
Proceeds from issuance of common stock under employee stock purchase plan	249	179
Tax withholding related to vesting of restricted stock grants	(274)	(11)
Withholding related to exercise of stock options	(156)	(262)
Net cash (used in) financing activities	(181)	(94)
(Decrease) Increase in cash and cash equivalents	(534)	2,701
Cash and cash equivalents, beginning of period	13,216	16,450
Cash and cash equivalents, end of period	12,682	19,151
Supplemental disclosures for cash flow information
Cash paid during the period for income taxes	0	17
Non-cash financing activities
Cashless exercise of stock options	$ 93	$ 996

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	3 Months Ended
	Dec. 31, 2021
Notes to Financial Statements
Basis of Accounting [Text Block]	Note 1. The accompanying (a) condensed balance sheet as of September 30, 2021, three December 31, 2021 not 10 September 30, 2021. In preparation of the Company’s financial statements, management is required to make estimates and assumptions that affect reported amounts of assets and liabilities and related revenues and expenses during the reporting periods. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. New Accounting Pronouncements In June 2016, 2016 13, November 2018, 2018 19 2016 13. first 2023, 2016 13

Note 2 - Net Income Per Share

Note 2 - Net Income Per Share	3 Months Ended
	Dec. 31, 2021
Notes to Financial Statements
Earnings Per Share [Text Block]	Note 2. Basic net income per common share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding for the reporting period. Diluted EPS equals net income divided by the sum of the weighted average number of shares of common stock outstanding plus all additional common stock equivalents, such as stock options, when dilutive. The following is a reconciliation of the numerator and denominator of the net income per common share computations for the three December 31, 2021 2020: Three Months Ended December 31, (In thousands, except for share information) 2021 2020 Net income $ 10,389 $ 3,163 Weighted average common shares 13,743,503 13,692,533 Dilutive potential common shares 154,284 4,282 Weighted average dilutive common shares outstanding 13,897,787 13,696,815 Net income per common share: Basic $ 0.76 $ 0.23 Diluted $ 0.75 $ 0.23

Note 3 - Cash, Cash Equivalents

Note 3 - Cash, Cash Equivalents, and Investments	3 Months Ended
	Dec. 31, 2021
Notes to Financial Statements
Cash and Cash Equivalents Disclosure [Text Block]	Note 3. The Company invests its excess cash in bank certificates of deposit (“CDs”) that are fully insured by the Federal Deposit Insurance Corporation (“FDIC”) as well as U.S. Treasury securities and money market accounts. CDs and US Treasuries with original maturities of more than three December 31, 2021 September 30, 2021 (In thousands) December 31, 2021 September 30, 2021 Less than one year $ 10,373 $ 10,374 1-5 years 35,192 36,913 Total $ 45,565 $ 47,287

Note 4 - Stock-based Compensati

Note 4 - Stock-based Compensation	3 Months Ended
	Dec. 31, 2021
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	Note 4. The Company recorded $440,000 of compensation expense related to current and past restricted stock grants, non-qualified stock options and the Company’s Employee Stock Purchase Plan (“ESPP”) for the three December 31, 2021. three December 31, 2021, three December 31, 2020. three December 31, 2020, December 31, 2021, Stock Options The Company uses the Black-Scholes option pricing model to determine the fair value of options granted. During the three December 31, 2021, five three three December 31, 2020, five three The fair value of stock option awards during the three December 31, 2021 Three months ended December 31, 2021 Dividend yield 0 % Expected volatility 52.02 % Risk-free interest rate 0.97 % Expected life (years) 3.5 Vesting period (years) 3 The expected stock price volatility is based on the historical volatility of the Company’s stock for a period approximating the expected life. The expected life represents the period of time that options are expected to be outstanding after their grant date. The risk-free interest rate reflects the interest rate as of the grant date on zero Options are granted at fair market values determined on the date of grant and vesting normally occurs over a three five The following is a summary of stock option activity during the three December 31, 2021: Number of options Weighted average exercise price Outstanding as of September 30, 2021 301,514 $ 16.25 Granted 62,730 66.48 Exercised (6,826 ) 13.57 Forfeited or Expired - - Outstanding as of December 31, 2021 357,418 $ 25.12 The intrinsic value of an option is the amount by which the fair value of the underlying stock exceeds its exercise price. As of December 31, 2021, Restricted Stock The Company’s 2007 one ten During the three December 31, 2021, one three December 31, 2021, three During the three December 31, 2020, three Restricted stock transactions during the three December 31, 2021 Number of shares Weighted average grant date fair value Unvested shares as of September 30, 2021 108,839 $ 17.14 Granted 23,636 66.43 Vested (12,264 ) 23.74 Forfeited - - Unvested as of December 31, 2021 120,211 $ 26.16 Employee Stock Purchase Plan The Company’s ESPP allows participating employees to purchase shares of the Company’s common stock at a discount through payroll deductions. The ESPP is available to all employees subject to certain eligibility requirements. Terms of the ESPP provide those participating employees the ability to purchase the Company’s common stock on a voluntary after-tax basis. Employees may no one six January 1 July 1 December 31, 2021, December 31, 2021,

Note 5 - Revenue

Note 5 - Revenue	3 Months Ended
	Dec. 31, 2021
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	Note 5. Revenue Recognition Net sales include products and shipping and handling charges. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products. All revenue is recognized when the Company satisfies its performance obligations under the contract. The Company recognizes revenue by transferring the promised products to the customer, with substantially all revenue recognized at the point in time the customer obtains control of the products. The Company recognizes revenue for shipping and handling charges at the time the products are delivered to or picked up by the customer. The majority of the Company’s contracts have a single performance obligation and are short term in nature. Sales taxes and value added taxes in foreign jurisdictions that are collected from customers and remitted to governmental authorities are accounted for on a net basis and therefore are excluded from net sales. Disaggregation of Revenue The Company allocates sales from external customers to geographic areas based on the location to which the product is transported. Sales outside the United States are principally to countries in the Caribbean, Canada, Central and South America. Revenues related to the following geographic areas were as follows for the three Three Months Ended December 31, (In thousands) 2021 2020 United States $ 49,118 $ 26,032 All other countries 1,991 1,060 Total Net Sales $ 51,109 $ 27,092 The Company manufactures and sells a proprietary product line designed for the Broadband Service Provider marketplace. In addition, the Company’s Legacy business provides build-to-print services for original equipment manufacturers requiring copper and fiber cable assemblies built to their specification. The percentages of our sales by markets were as follows for the three Three Months Ended December 31, 2021 2020 Broadband service providers 99 % 98 % Legacy customers 1 % 2 % Total Net Sales 100 % 100 % Broadband Service Providers are made up of Community Broadband, which includes local and regional telecom companies, utilities, municipalities and alternative carriers, multiple system operators (“MSO’s, or Cable TV”), which are also referred to as Tier 2 3 1’s; Accounts Receivable Credit is extended based on the evaluation of a customer’s financial condition, and collateral is generally not December 31, 2021 September 30, 2021, $79,000. See Note 7,

Note 6 - Inventories

Note 6 - Inventories	3 Months Ended
	Dec. 31, 2021
Notes to Financial Statements
Inventory Disclosure [Text Block]	Note 6. Inventories consist of the following as of: (In thousands) December 31, 2021 September 30, 2021 Raw materials $ 35,216 $ 23,072 Work-in-process 3,629 2,482 Finished goods 6,238 3,361 Inventories, gross 45,083 28,915 Inventory reserve (1,509 ) (1,391 ) Inventories, net $ 43,574 $ 27,524

Note 7 - Major Customer Concent

Note 7 - Major Customer Concentration	3 Months Ended
	Dec. 31, 2021
Notes to Financial Statements
Concentration Risk Disclosure [Text Block]	Note 7. For the three December 31, 2021, 15%, 11%, three December 31, 2020, not As of December 31, 2021, September 30, 2021,

Note 8 - Goodwill and Intangibl

Note 8 - Goodwill and Intangibles	3 Months Ended
	Dec. 31, 2021
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	Note 8. The Company analyzes its goodwill for impairment annually or at an interim period when events occur or changes in circumstances indicate potential impairment. The result of the analysis performed as of September 30, 2021 not three December 31, 2021, no The Company capitalizes legal costs incurred to obtain patents. Once accepted by either the U.S. Patent Office or the equivalent office of a foreign country, these legal costs are amortized using the straight-line method over the remaining estimated lives, not December 31, 2021, In addition, the Company has various finite lived intangible assets, most of which were acquired as a result of the acquisition of the active cabinet product line from Calix, Inc. during fiscal year 2018. September 30, 2021 not three December 31, 2021, no

Note 9 - Income Taxes

Note 9 - Income Taxes	3 Months Ended
	Dec. 31, 2021
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 9. For the three December 31, 2021, $2,780,000, 21.1%. three December 31, 2021 162 three December 31, 2020, Deferred taxes recognize the impact of temporary differences between the amounts of the assets and liabilities recorded for financial statement purposes and these amounts measured in accordance with tax laws. The Company’s realization of deferred tax temporary differences is contingent upon future taxable earnings. The Company reviewed its deferred tax asset for expected utilization using a “more likely than not” December 31, 2021 September 30, 2021 not As of December 31, 2021, not not 12

Note 10 - Leases

Note 10 - Leases	3 Months Ended
	Dec. 31, 2021
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	Note 10. The Company leases an 85,000 square foot facility at 7050 ten two February 28, 2025 one eighth not not On October 9, 2020, three July 31, 2020. three 12 not not On February 12, 2020, February 12, 2020. two three October 28, 2021, February 28, 2022, In July 2021, March 2022. two second 2022. not not $9.4 not December 31, 2021, not On November 19, 2021, five March 1, 2022 February 28, 2027, five not not $3.3 not December 31, 2021, not Right-of-use lease assets and lease liabilities are recognized as of the commencement date based on the present value of the remaining lease payments over the lease term which includes renewal periods the Company is reasonably certain to exercise. The Company’s leases do not Operating lease expense included within cost of goods sold and selling, general and administrative expense was as follows for the three Operating lease expense within: Three Months Ended December 31, (In thousands) 2021 2020 Cost of sales $ 285 $ 253 Selling, general and administrative 55 55 Total lease expense $ 340 $ 308 Future maturities of lease liabilities were as follows as of December 31, 2021 ( FY2022 $ 578 FY2023 703 FY2024 517 FY2025 218 FY2026 - Thereafter - Total lease payments 2,016 Less: Interest (99 ) Present value of lease liabilities $ 1,916 The weighted average term and weighted average discount rate for the Company’s leases as of December 31, 2021 December 31, 2020. three December 31, 2021, $312,000, $240,000 three December 31, 2020.

Note 2 - Net Income Per Share (

Note 2 - Net Income Per Share (Tables)	3 Months Ended
	Dec. 31, 2021
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended December 31, (In thousands, except for share information) 2021 2020 Net income $ 10,389 $ 3,163 Weighted average common shares 13,743,503 13,692,533 Dilutive potential common shares 154,284 4,282 Weighted average dilutive common shares outstanding 13,897,787 13,696,815 Net income per common share: Basic $ 0.76 $ 0.23 Diluted $ 0.75 $ 0.23

Note 3 - Cash, Cash Equivalen_2

Note 3 - Cash, Cash Equivalents, and Investments (Tables)	3 Months Ended
	Dec. 31, 2021
Notes Tables
Investments Classified by Contractual Maturity Date [Table Text Block]	(In thousands) December 31, 2021 September 30, 2021 Less than one year $ 10,373 $ 10,374 1-5 years 35,192 36,913 Total $ 45,565 $ 47,287

Note 4 - Stock-based Compensa_2

Note 4 - Stock-based Compensation (Tables)	3 Months Ended
	Dec. 31, 2021
Notes Tables
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Three months ended December 31, 2021 Dividend yield 0 % Expected volatility 52.02 % Risk-free interest rate 0.97 % Expected life (years) 3.5 Vesting period (years) 3
Share-based Payment Arrangement, Option, Activity [Table Text Block]	Number of options Weighted average exercise price Outstanding as of September 30, 2021 301,514 $ 16.25 Granted 62,730 66.48 Exercised (6,826 ) 13.57 Forfeited or Expired - - Outstanding as of December 31, 2021 357,418 $ 25.12
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block]	Number of shares Weighted average grant date fair value Unvested shares as of September 30, 2021 108,839 $ 17.14 Granted 23,636 66.43 Vested (12,264 ) 23.74 Forfeited - - Unvested as of December 31, 2021 120,211 $ 26.16

Note 5 - Revenue (Tables)

Note 5 - Revenue (Tables)	3 Months Ended
	Dec. 31, 2021
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended December 31, (In thousands) 2021 2020 United States $ 49,118 $ 26,032 All other countries 1,991 1,060 Total Net Sales $ 51,109 $ 27,092 Three Months Ended December 31, 2021 2020 Broadband service providers 99 % 98 % Legacy customers 1 % 2 % Total Net Sales 100 % 100 %

Note 6 - Inventories (Tables)

Note 6 - Inventories (Tables)	3 Months Ended
	Dec. 31, 2021
Notes Tables
Schedule of Inventory, Current [Table Text Block]	(In thousands) December 31, 2021 September 30, 2021 Raw materials $ 35,216 $ 23,072 Work-in-process 3,629 2,482 Finished goods 6,238 3,361 Inventories, gross 45,083 28,915 Inventory reserve (1,509 ) (1,391 ) Inventories, net $ 43,574 $ 27,524

Note 10 - Leases (Tables)

Note 10 - Leases (Tables)	3 Months Ended
	Dec. 31, 2021
Notes Tables
Lessee, Operating Lease Expense [Table Text Block]	Operating lease expense within: Three Months Ended December 31, (In thousands) 2021 2020 Cost of sales $ 285 $ 253 Selling, general and administrative 55 55 Total lease expense $ 340 $ 308
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	FY2022 $ 578 FY2023 703 FY2024 517 FY2025 218 FY2026 - Thereafter - Total lease payments 2,016 Less: Interest (99 ) Present value of lease liabilities $ 1,916

Note 2 - Net Income Per Share -

Note 2 - Net Income Per Share - Weighted Average Common Shares Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Net income	$ 10,389	$ 3,163
Weighted average common shares (in shares)	13,743,503	13,692,533
Dilutive potential common shares (in shares)	154,284	4,282
Weighted average dilutive common shares outstanding (in shares)	13,897,787	13,696,815
Basic (in dollars per share)	$ 0.76	$ 0.23
Diluted (in dollars per share)	$ 0.75	$ 0.23

Note 3 - Cash, Cash Equivalen_3

Note 3 - Cash, Cash Equivalents, and Investments - Maturity Date of CDs (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021
Less than one year	$ 10,373	$ 10,374
1-5 years	35,192	36,913
Total	$ 45,565	$ 47,287

Note 4 - Stock-based Compensa_3

Note 4 - Stock-based Compensation (Details Textual) - USD ($)	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Payment Arrangement, Expense	$ 440,000	$ 289,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 4,935,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	2 years 10 months 24 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)	62,730	105,089
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)	5 years	5 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	3 years	3 years
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share)	$ 66.48	$ 23.74
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year)	2 years 3 months 25 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value	$ 10,911,000
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Market Price Percentage, Offering Date	85.00%
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares)	7,678
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price (in dollars per share)	$ 32.43
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)	187,195
Share-based Payment Arrangement, Option [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	3 years
Share-based Payment Arrangement, Option [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	5 years
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	23,636
Restricted Stock [Member] | Stock Compensation Plan 2007 [Member] | Share-based Payment Arrangement, Nonemployee [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	1 year
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	318
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share (in dollars per share)	$ 62.77
Restricted Stock [Member] | Stock Compensation Plan 2007 [Member] | Share-based Payment Arrangement, Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	3 years	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	23,318	37,687
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share (in dollars per share)	$ 66.48	$ 23.74
Restricted Stock [Member] | Minimum [Member] | Stock Compensation Plan 2007 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	1 year
Restricted Stock [Member] | Maximum [Member] | Stock Compensation Plan 2007 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	10 years
Selling, General and Administrative Expenses [Member]
Share-based Payment Arrangement, Expense	$ 409,000	$ 281,000
Cost of Sales [Member]
Share-based Payment Arrangement, Expense	$ 32,000	$ 8,000

Note 4 - Stock-based Compensa_4

Note 4 - Stock-based Compensation - Valuation Assumptions (Details)	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Dividend yield	0.00%
Expected volatility	52.02%
Risk-free interest rate	0.97%
Expected life (years) (Year)	3 years 6 months
Vesting period (years) (Year)	3 years	3 years

Note 4 - Stock-based Compensa_5

Note 4 - Stock-based Compensation - Option Transaction Summary (Details) - $ / shares	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Options, outstanding (in shares)	301,514
Weighted-average exercise price, outstanding (in dollars per share)	$ 16.25
Granted (in shares)	62,730	105,089
Weighted-average exercise price, Granted (in dollars per share)	$ 66.48	$ 23.74
Exercised (in shares)	(6,826)
Weighted-average exercise price, Exercised (in dollars per share)	$ 13.57
Forfeited or Expired (in shares)	0
Weighted-average exercise price, Forfeited or Expired (in dollars per share)	$ 0
Options, outstanding (in shares)	357,418
Weighted-average exercise price, outstanding (in dollars per share)	$ 25.12

Note 4 - Stock-based Compensa_6

Note 4 - Stock-based Compensation - Restricted Stock Transactions (Details) - Restricted Stock [Member]	3 Months Ended
	Dec. 31, 2021$ / sharesshares
Balance, unvested shares (in shares) | shares	108,839
Balance, weighted-average grant date fair value (in dollars per share) | $ / shares	$ 17.14
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares	23,636
Granted, weighted-average grant date fair value (in dollars per share) | $ / shares	$ 66.43
Vested (in shares) | shares	(12,264)
Vested, weighted-average grant date fair value (in dollars per share) | $ / shares	$ 23.74
Forfeited (in shares) | shares	0
Forfeited, weighted-average grant date fair value (in dollars per share) | $ / shares	$ 0
Balance, unvested shares (in shares) | shares	120,211
Balance, weighted-average grant date fair value (in dollars per share) | $ / shares	$ 26.16

Note 5 - Revenue (Details Textu

Note 5 - Revenue (Details Textual) - USD ($)	Dec. 31, 2021	Sep. 30, 2021
Accounts Receivable, Allowance for Credit Loss, Current	$ 79,000	$ 79,000

Note 5 - Revenue - Disaggregati

Note 5 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Total Net Sales	$ 51,109	$ 27,092
Percent of net sales	100.00%	100.00%
Broadband Service Providers [Member]
Percent of net sales	99.00%	98.00%
Legacy Customers [Member]
Percent of net sales	1.00%	2.00%
UNITED STATES
Total Net Sales	$ 49,118	$ 26,032
Non-US [Member]
Total Net Sales	$ 1,991	$ 1,060

Note 6 - Inventories - Componen

Note 6 - Inventories - Components of Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021
Raw materials	$ 35,216	$ 23,072
Work-in-process	3,629	2,482
Finished goods	6,238	3,361
Inventories, gross	45,083	28,915
Inventory reserve	(1,509)	(1,391)
Inventories, net	$ 43,574	$ 27,524

Note 7 - Major Customer Conce_2

Note 7 - Major Customer Concentration (Details Textual) - Customer Concentration Risk [Member]	3 Months Ended		12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2021
Revenue Benchmark [Member] | Customer A [Member]
Concentration Risk, Percentage	15.00%
Revenue Benchmark [Member] | Customer B [Member]
Concentration Risk, Percentage	11.00%	19.00%
Revenue Benchmark [Member] | Customer C [Member]
Concentration Risk, Percentage	10.00%
Revenue Benchmark [Member] | Customer D [Member]
Concentration Risk, Percentage		12.00%
Accounts Receivable [Member] | Customer A [Member]
Concentration Risk, Percentage			17.00%
Accounts Receivable [Member] | Customer D [Member]
Concentration Risk, Percentage	11.00%

Note 8 - Goodwill and Intangi_2

Note 8 - Goodwill and Intangibles (Details Textual) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2021USD ($)	Sep. 30, 2021USD ($)
Goodwill, Impairment Loss	$ 0	$ 0
Number of Patents Granted	31
Impairment of Intangible Assets (Excluding Goodwill), Total		$ 0
Patents [Member]
Finite-Lived Intangible Asset, Useful Life (Year)	20 years

Note 9 - Income Taxes (Details

Note 9 - Income Taxes (Details Textual) - USD ($)	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Expense (Benefit), Total	$ 2,780,000	$ 684,000
Effective Income Tax Rate Reconciliation, Percent, Total	21.10%	17.80%
Unrecognized Tax Benefits, Ending Balance	$ 0

Note 10 - Leases (Details Textu

Note 10 - Leases (Details Textual)	Oct. 28, 2021USD ($)	Jul. 31, 2021USD ($)ft²	Dec. 31, 2021USD ($)ft²	Dec. 31, 2020USD ($)	Mar. 01, 2022USD ($)	Nov. 19, 2021ft²	Sep. 30, 2021USD ($)	Oct. 09, 2020ft²	Feb. 12, 2020ft²	Aug. 01, 2017
Operating Lease, Right-of-Use Asset			$ 1,761,000				$ 2,305,000
Operating Lease, Liability, Total			$ 1,916,000
Operating Lease, Weighted Average Remaining Lease Term (Year)			2 years 9 months 25 days	3 years 6 months 21 days
Operating Lease, Weighted Average Discount Rate, Percent			3.41%	3.40%
Operating Lease, Payments			$ 312,000	$ 240,000,000
7050 Winnetka Avenue North, Brooklyn Park, Minnesota [Member]
Area of Real Estate Property (Square Foot) | ft²			85,000
Lessee, Operating Lease, Term of Contract (Year)			10 years 2 months 1 day
Operating Lease Termination Fee			$ 249,000
Tijuana, Mexico [Member]
Area of Real Estate Property (Square Foot) | ft²								46,000
Lessee, Operating Lease, Term of Contract (Year)								3 years		3 years
Tijuana, Mexico 2 [Member]
Area of Real Estate Property (Square Foot) | ft²									52,000
Lessee, Operating Lease, Term of Contract (Year)									42 months
Operating Lease Termination Fee	$ 92,000
Lessee, Operating Lease, Number of Options to Renew									2
Lessee, Operating Lease, Renewal Term (Year)									3 years
Tijuana, Mexico 3 [Member]
Area of Real Estate Property (Square Foot) | ft²		318,000
Lessee, Operating Lease, Number of Options to Renew		2
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract (Year)		7 years
Lessee, Operating Lease, Lease Not yet Commenced, Renewal Term (Year)		5 years
Operating Lease, Monthly Payment		$ 162,000
Operating Lease, Payments, Increase, Percentage		2.00%
Tijuana, Mexico 3 [Member] | Forecast [Member]
Operating Lease, Right-of-Use Asset					$ 9,400,000
Operating Lease, Liability, Total					9,400,000
Tijuana, Mexico 3 [Member] | Lease Mandatory Contractual Term [Member]
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract (Year)		5 years
Brooklyn Part, MN [Member]
Area of Real Estate Property (Square Foot) | ft²						105,000
Lessee, Operating Lease, Number of Options to Renew						5
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract (Year)						5 years
Brooklyn Part, MN [Member] | Forecast [Member]
Operating Lease, Right-of-Use Asset					3,300,000
Operating Lease, Liability, Total					$ 3,300,000

Note 10 - Leases - Operating Le

Note 10 - Leases - Operating Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Total lease expense	$ 340	$ 308
Cost of Sales [Member]
Total lease expense	285	253
Selling, General and Administrative Expenses [Member]
Total lease expense	$ 55	$ 55

Note 10 - Leases - Maturities o

Note 10 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands	Dec. 31, 2021USD ($)
FY2022	$ 578
FY2023	703
FY2024	517
FY2025	218
FY2026	0
Thereafter	0
Total lease payments	2,016
Less: Interest	(99)
Present value of lease liabilities	$ 1,916