Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Jun. 30, 2022 | Jul. 19, 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 | Q3 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
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, $0.01 par value | |
Trading Symbol | CLFD | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 13,777,682 |
Condensed Balance Sheets (Curre
Condensed Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2022 | Sep. 30, 2021 |
Current Assets | ||
Cash and cash equivalents | $ 14,192 | $ 13,216 |
Short-term investments | 3,894 | 10,374 |
Accounts receivables, net | 31,594 | 19,438 |
Inventories, net | 69,341 | 27,524 |
Other current assets | 1,050 | 954 |
Total current assets | 120,071 | 71,506 |
Property, plant and equipment, net | 9,567 | 4,998 |
Other Assets | ||
Long-term investments | 24,994 | 36,913 |
Goodwill | 4,709 | 4,709 |
Intangible assets, net | 4,691 | 4,696 |
Right of use lease assets | 12,715 | 2,305 |
Deferred tax asset | 647 | 365 |
Other | 553 | 420 |
Total other assets | 48,309 | 49,408 |
Total Assets | 177,947 | 125,912 |
Current Liabilities | ||
Current portion of lease liability | 2,774 | 915 |
Accounts payable | 16,243 | 9,215 |
Accrued compensation | 8,918 | 8,729 |
Accrued expenses | 2,758 | 1,613 |
Total current liabilities | 30,693 | 20,472 |
Other Liabilities | ||
Long-term portion of lease liability | 10,480 | 1,615 |
Total liabilities | 41,173 | 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; 13,777,682 and 13,732,188 shares issued and outstanding as of June 30, 2022 and September 30, 2021 | 138 | 137 |
Additional paid-in capital | 59,784 | 58,246 |
Accumulated other comprehensive loss | 960 | 0 |
Retained earnings | 77,812 | 45,442 |
Total shareholders’ equity | 136,774 | 103,825 |
Total Liabilities and Shareholders’ Equity | $ 177,947 | $ 125,912 |
Condensed Balance Sheets (Cur_2
Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2022 | 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) | 13,777,682 | 13,732,188 |
Common stock, shares outstanding (in shares) | 13,777,682 | 13,732,188 |
Condensed Statements of Earning
Condensed Statements of Earnings (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net sales | $ 71,250,000 | $ 38,735,000 | $ 175,854,000 | $ 95,519,000 |
Cost of sales | 41,943,000 | 21,598,000 | 100,411,000 | 54,071,000 |
Gross profit | 29,307,000 | 17,137,000 | 75,443,000 | 41,448,000 |
Operating expenses | ||||
Selling, general and administrative | 12,721,000 | 9,435,000 | 33,877,000 | 25,581,000 |
Income from operations | 16,586,000 | 7,702,000 | 41,566,000 | 15,867,000 |
Net investment income | 43,000 | 121,000 | 284,000 | 378,000 |
Income before income taxes | 16,629,000 | 7,823,000 | 41,850,000 | 16,245,000 |
Income tax expense | 3,884,000 | 1,725,000 | 9,480,000 | 3,344,000 |
Net income | $ 12,745,000 | $ 6,098,000 | $ 32,370,000 | $ 12,901,000 |
Net income per share Basic (in dollars per share) | $ 0.93 | $ 0.44 | $ 2.35 | $ 0.94 |
Net income per share Diluted (in dollars per share) | $ 0.92 | $ 0.44 | $ 2.33 | $ 0.94 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 13,772,269 | 13,732,913 | 13,760,950 | 13,718,394 |
Diluted (in shares) | 13,899,698 | 13,812,510 | 13,900,019 | 13,762,897 |
Condensed Statements of Compreh
Condensed Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net income | $ 12,745 | $ 6,098 | $ 32,370 | $ 12,901 |
Other comprehensive loss before income taxes: | ||||
Unrealized losses on available-for-sale adjustments | (309) | 0 | (1,241) | 0 |
Total other comprehensive loss before income taxes | (309) | 0 | (1,241) | 0 |
Income tax benefit | (74) | 0 | (281) | 0 |
Total other comprehensive loss | (235) | 0 | (960) | 0 |
Total comprehensive income | $ 12,510 | $ 6,098 | $ 31,410 | $ 12,901 |
Condensed Statements of Shareho
Condensed Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Sep. 30, 2020 | 13,650 | ||||
Balances at September 30, 2021 at Sep. 30, 2020 | $ 137 | $ 57,503 | $ 0 | $ 25,114 | $ 82,754 |
Stock-based compensation expense | $ 0 | 966 | 0 | 0 | 966 |
Restricted stock issuance, net of forfeitures (in shares) | 37 | ||||
Restricted stock issuance, net of forfeitures | $ 0 | 0 | 0 | 0 | 0 |
Issuance of common stock under employee stock purchase plan (in shares) | 24 | ||||
Issuance of common stock under employee stock purchase plan | $ 0 | 383 | 0 | 0 | 383 |
Withholding related to exercise of stock options (in shares) | 34 | ||||
Withholding related to exercise of stock options | $ 0 | (456) | 0 | 0 | (456) |
Other comprehensive loss | 0 | (54) | 0 | 0 | (54) |
Net income | $ 0 | 0 | 0 | 12,901 | 12,901 |
Balance (in shares) at Jun. 30, 2021 | 13,743 | ||||
Balances at June 30, 2022 at Jun. 30, 2021 | $ 137 | 58,342 | 0 | 38,015 | 96,494 |
Balance (in shares) at Mar. 31, 2021 | 13,733 | ||||
Balances at September 30, 2021 at Mar. 31, 2021 | $ 137 | 57,794 | 0 | 31,917 | 89,848 |
Stock-based compensation expense | $ 0 | 343 | 0 | 0 | 343 |
Issuance of common stock under employee stock purchase plan (in shares) | 10 | ||||
Issuance of common stock under employee stock purchase plan | $ 0 | 205 | 0 | 0 | 205 |
Net income | $ 0 | 0 | 0 | 6,098 | 6,098 |
Balance (in shares) at Jun. 30, 2021 | 13,743 | ||||
Balances at June 30, 2022 at Jun. 30, 2021 | $ 137 | 58,342 | 0 | 38,015 | 96,494 |
Balance (in shares) at Sep. 30, 2021 | 13,732 | ||||
Balances at September 30, 2021 at Sep. 30, 2021 | $ 137 | 58,246 | 0 | 45,442 | 103,825 |
Stock-based compensation expense | $ 0 | 1,647 | 0 | 0 | 1,647 |
Restricted stock issuance, net of forfeitures (in shares) | 27 | ||||
Restricted stock issuance, net of forfeitures | $ 1 | 0 | 0 | 0 | 1 |
Issuance of common stock under employee stock purchase plan (in shares) | 13 | ||||
Issuance of common stock under employee stock purchase plan | $ 0 | 544 | 0 | 0 | 544 |
Withholding related to exercise of stock options (in shares) | 10 | ||||
Withholding related to exercise of stock options | $ 0 | (379) | 0 | 0 | (379) |
Other comprehensive loss | 0 | 0 | (960) | 0 | (960) |
Net income | $ 0 | 0 | 0 | 32,370 | 32,370 |
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 | 0 | (274) |
Balance (in shares) at Jun. 30, 2022 | 13,778 | ||||
Balances at June 30, 2022 at Jun. 30, 2022 | $ 138 | 59,784 | (960) | 77,812 | 136,774 |
Balance (in shares) at Mar. 31, 2022 | 13,773 | ||||
Balances at September 30, 2021 at Mar. 31, 2022 | $ 138 | 58,949 | (725) | 65,067 | 123,429 |
Stock-based compensation expense | $ 0 | 638 | 0 | 0 | 638 |
Restricted stock issuance, net of forfeitures (in shares) | (3) | ||||
Restricted stock issuance, net of forfeitures | $ 0 | 0 | 0 | 0 | 0 |
Issuance of common stock under employee stock purchase plan (in shares) | 6 | ||||
Issuance of common stock under employee stock purchase plan | $ 0 | 294 | 0 | 0 | 294 |
Withholding related to exercise of stock options (in shares) | 2 | ||||
Withholding related to exercise of stock options | $ 0 | (97) | 0 | 0 | (97) |
Other comprehensive loss | 0 | 0 | (235) | 0 | (235) |
Net income | $ 0 | 0 | 0 | 12,745 | 12,745 |
Balance (in shares) at Jun. 30, 2022 | 13,778 | ||||
Balances at June 30, 2022 at Jun. 30, 2022 | $ 138 | $ 59,784 | $ (960) | $ 77,812 | $ 136,774 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities | ||
Net income | $ 32,370 | $ 12,901 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 2,174 | 1,725 |
Change in allowance for doubtful accounts | 0 | 210 |
Stock-based compensation | 1,647 | 966 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (12,156) | (5,896) |
Inventories, net | (41,816) | (6,571) |
Other assets | (185) | (261) |
Accounts payable and accrued expenses | 8,677 | 5,043 |
Net cash (used in) provided by operating activities | (9,289) | 8,117 |
Cash flows from investing activities | ||
Purchases of property, plant and equipment and intangible assets | (6,764) | (1,275) |
Purchases of investments | (248) | (11,904) |
Proceeds from sales and maturities of investments | 17,386 | 10,044 |
Net cash provided by (used in) investing activities | 10,374 | (3,135) |
Cash flows from financing activities | ||
Proceeds from issuance of common stock under employee stock purchase plan | 544 | 383 |
Repurchase of shares for payment of withholding taxes for vested restricted stock grants | (274) | (54) |
Withholding related to exercise of stock options | (379) | (456) |
Net cash used in financing activities | (109) | (127) |
Increase in cash and cash equivalents | 976 | 4,855 |
Cash and cash equivalents, beginning of period | 13,216 | 16,450 |
Cash and cash equivalents, end of period | 14,192 | 21,305 |
Supplemental disclosures for cash flow information | ||
Cash paid during the year for income taxes | 9,913 | 3,560 |
Non-cash financing activities | ||
Cashless exercise of stock options | $ 276 | $ 1,269 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | Note 1. The accompanying (a) condensed balance sheet as of September 30, 2021, three nine June 30, 2022 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 | 9 Months Ended |
Jun. 30, 2022 | |
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 nine June 30, 2022 2021: Three Months Ended June 30, Nine Months Ended June 30, (In thousands, except for share data 2022 2021 2022 2021 Net income $ 12,745 $ 6,098 $ 32,370 $ 12,901 Weighted average common shares 13,772,269 13,732,913 13,760,950 13,718,394 Dilutive potential common shares 127,429 79,597 139,069 44,503 Weighted average dilutive common shares outstanding 13,899,698 13,812,510 13,900,019 13,762,897 Net income per common share: Basic $ 0.93 $ 0.44 $ 2.35 $ 0.94 Diluted $ 0.92 $ 0.44 $ 2.33 $ 0.94 |
Note 3 - Investments
Note 3 - Investments | 9 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Investment [Text Block] | Note 3. The Company invests in certificates of deposit (“CDs”) that are fully insured by the Federal Deposit Insurance Corporation (“FDIC”) as well as U.S. Treasury and money market securities. Historically, the Company’s investment portfolio had been classified as held-to-maturity and recorded at amortized cost. During the second 2022, At June 30, 2022, June 30, 2022 (In thousands) Cost Unrealized Gains Unrealized Losses Fair Value Short-Term Certificates of deposit 3,962 1 69 3,894 Investment securities – short-term $ 3,962 $ 1 $ 69 $ 3,894 Long-Term U.S treasury securities $ 16,167 $ - $ 825 $ 15,342 Certificates of deposit 10,000 1 348 9,652 Investment securities – long-term $ 26,167 $ 1 $ 1,173 $ 24,994 At June 30, 2022, In Unrealized Loss Position For Less Than 12 Months In Unrealized Loss Position For Greater Than 12 Months (In thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses U.S treasury securities $ 15,342 $ 825 $ - $ - Certificates of deposit 9,637 267 3,569 151 Investment securities $ 24,979 $ 1,092 $ 3,569 $ 151 As of June 30, 2022, June 30, 2022, |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 9 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 4. The Company determines the fair value of its assets and liabilities based on the market price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company determines the fair value of U.S. treasury securities, and certificates of deposit based on valuations provided by an external pricing service, who obtains them from a variety of industry standard data providers. The Company’s investments are categorized according to the three one Level 1 Level 2 1, not Level 3 no 3 The following provides information regarding fair value measurements for our investment securities as of June 30, 2022 three Fair Value Measurements at June 30, 2022 (In thousands) Total Level 1 Level 2 Level 3 Investment securities: U.S treasury securities $ 15,342 $ - $ 15,342 $ - Certificates of deposit 13,546 - 13,546 - Total investment securities $ 28,888 $ - $ 28,888 $ - During the nine June 30, 2022 September 30, 2021, 3 no Non-financial assets such as equipment and leasehold improvements, goodwill and intangible assets and right-of-use assets for operating leases are subject to non-recurring fair value measurements if they are deemed impaired. We had no three nine June 30, 2022. |
Note 5 - Other Comprehensive Lo
Note 5 - Other Comprehensive Loss | 9 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 5. Changes in components of other comprehensive loss and taxes related to items of other comprehensive income (loss) are as follows: Three Months Ended June 30, 2022 (In thousands) Before Tax Tax Effect Net of Tax Amount Unrealized losses on available-for-sale securities $ (309 ) $ (74 ) $ (235 ) Other comprehensive loss $ (309 ) $ (74 ) $ (235 ) Nine Months Ended June 30, 2022 (In thousands) Before Tax Tax Effect Net of Tax Amount Unrealized losses on available-for-sale securities $ (1,241 ) $ (281 ) $ (960 ) Other comprehensive loss $ (1,241 ) $ (281 ) $ (960 ) At June 30, 2022 (In thousands) Available-for-Sale Securities Accumulated Other Comprehensive Loss Balances at September 30, 2021 $ - $ - Other comprehensive loss for the nine months ended June 30, 2022 (960 ) (960 ) Balances at June 30, 2022 $ (960 ) $ (960 ) |
Note 6 - Stock-based Compensati
Note 6 - Stock-based Compensation | 9 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 6. The Company recorded $638,000 and $1,647,000 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 nine June 30, 2022, three June 30, 2022, nine June 30, 2022, three nine June 30, 2021, three June 30, 2021, nine June 30, 2021, June 30, 2022, Stock Options The Company uses the Black-Scholes option pricing model to determine the fair value of options granted. During the nine June 30, 2022, five three nine June 30, 2021, five three The fair value of stock option awards during the nine June 30, 2022 Nine months ended June 30, 2022 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 nine June 30, 2022: Number of options Weighted average exercise price Outstanding as of September 30, 2021 301,514 $ 16.25 Granted 62,730 66.48 Exercised (20,169 ) 13.70 Forfeited or Expired (2,084 ) 19.94 Outstanding as of June 30, 2022 341,991 $ 25.59 The intrinsic value of an option is the amount by which the fair value of the underlying stock exceeds its exercise price. As of June 30, 2022, Restricted Stock The Company’s 2007 one ten During the nine June 30, 2022, one nine June 30, 2022, one nine June 30, 2022, three During the nine June 30, 2021, 2021 one nine June 30, 2021, three Restricted stock transactions during the nine June 30, 2022 Number of shares Weighted average grant date fair value Unvested shares as of September 30, 2021 108,839 $ 17.14 Granted 29,512 65.90 Vested (14,384 ) 25.02 Forfeited (2,749 ) 16.84 Unvested as of June 30, 2022 121,218 $ 28.08 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 June 30, 2022 December 31, 2021, June 30, 2022, |
Note 7 - Revenue
Note 7 - Revenue | 9 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 7. 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 nine Three Months Ended June 30, Nine Months Ended June 30, (In thousands) 2022 2021 2022 2021 United States $ 68,788 $ 35,810 $ 170,010 $ 89,586 All other countries 2,462 2,925 5,844 5,933 Total Net Sales $ 71,250 $ 38,735 $ 175,854 $ 95,519 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 nine Three Months Ended June 30, Nine Months Ended June 30, 2022 2021 2022 2021 Broadband service providers 99 % 98 % 99 % 98 % Legacy customers 1 % 2 % 1 % 2 % Total Net Sales 100 % 100 % 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 June 30, 2022 September 30, 2021, See Note 9, |
Note 8 - Inventories
Note 8 - Inventories | 9 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 8. Inventories consist of the following as of: (In thousands) June 30, 2022 September 30, 2021 Raw materials $ 58,456 $ 23,072 Work-in-process 6,437 2,482 Finished goods 6,131 3,361 Inventories, gross 71,023 28,915 Inventory reserve (1,683 ) (1,391 ) Inventories, net $ 69,341 $ 27,524 |
Note 9 - Major Customer Concent
Note 9 - Major Customer Concentration | 9 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | Note 9. For the three June 30, 2022, nine June 30, 2022, three June 30, 2021, 18% nine June 30, 2021, not As of June 30, 2022, September 30, 2021, |
Note 10 - Goodwill and Intangib
Note 10 - Goodwill and Intangibles | 9 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 10. 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 nine June 30, 2022, 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 June 30, 2022, 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 nine June 30, 2022, |
Note 11 - Income Taxes
Note 11 - Income Taxes | 9 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 11. For the three nine June 30, 2022, three nine June 30, 2022 162 For the three nine June 30, 2021, three nine June 30, 2021 to excess tax benefits from non-qualified stock options exercised during the period, research and development credits, and foreign derived intangibles income deduction (FDII). 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” June 30, 2022 September 30, 2021 not As of June 30, 2022, not not 12 |
Note 12 - Leases
Note 12 - Leases | 9 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 12. The Company leases an 85,000 square foot facility at 7050 ten two February 28, 2025 not not In July 2021, March 2022. two not not On November 19, 2021, five March 2022 February 28, 2027, five not not second 2022. 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 nine Operating lease expense within: Three Months Ended June 30, Nine Months Ended June 30, (in thousands) 2022 2021 2022 2021 Cost of sales $ 797 $ 242 $ 1,521 $ 748 Selling, general and administrative 54 51 166 162 Total lease expense $ 851 $ 293 $ 1,687 $ 910 Future maturities of lease liabilities were as follows as of June 30, 2022 ( FY2022 (Remaining) $ 778 FY2023 3,158 FY2024 3,233 FY2025 2,997 FY2026 2,844 Thereafter 1,196 Total lease payments 14,206 Less: Interest (951 ) Present value of lease liabilities $ 13,255 The weighted average term and weighted average discount rate for the Company’s leases as of June 30, 2022 June 30, 2021. three nine June 30, 2022, three nine June 30, 2021. |
Note 13 - Line of Credit
Note 13 - Line of Credit | 9 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 13. On April 27, 2022, April 27, 2025 one not not 1 not 1 twelve 12 June 30, 2022, no 14. |
Note 14 - Subsequent Events
Note 14 - Subsequent Events | 9 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 14. On July 26, 2022, May 17, 2022. €7.9 €7.6 805 - Business Combinations |
Note 2 - Net Income Per Share (
Note 2 - Net Income Per Share (Tables) | 9 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, Nine Months Ended June 30, (In thousands, except for share data 2022 2021 2022 2021 Net income $ 12,745 $ 6,098 $ 32,370 $ 12,901 Weighted average common shares 13,772,269 13,732,913 13,760,950 13,718,394 Dilutive potential common shares 127,429 79,597 139,069 44,503 Weighted average dilutive common shares outstanding 13,899,698 13,812,510 13,900,019 13,762,897 Net income per common share: Basic $ 0.93 $ 0.44 $ 2.35 $ 0.94 Diluted $ 0.92 $ 0.44 $ 2.33 $ 0.94 |
Note 3 - Investments (Tables)
Note 3 - Investments (Tables) | 9 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Available-for-Sale Securities Reconciliation [Table Text Block] | June 30, 2022 (In thousands) Cost Unrealized Gains Unrealized Losses Fair Value Short-Term Certificates of deposit 3,962 1 69 3,894 Investment securities – short-term $ 3,962 $ 1 $ 69 $ 3,894 Long-Term U.S treasury securities $ 16,167 $ - $ 825 $ 15,342 Certificates of deposit 10,000 1 348 9,652 Investment securities – long-term $ 26,167 $ 1 $ 1,173 $ 24,994 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value [Table Text Block] | In Unrealized Loss Position For Less Than 12 Months In Unrealized Loss Position For Greater Than 12 Months (In thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses U.S treasury securities $ 15,342 $ 825 $ - $ - Certificates of deposit 9,637 267 3,569 151 Investment securities $ 24,979 $ 1,092 $ 3,569 $ 151 |
Note 4 - Fair Value Measureme_2
Note 4 - Fair Value Measurements (Tables) | 9 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Fair Value Measurements at June 30, 2022 (In thousands) Total Level 1 Level 2 Level 3 Investment securities: U.S treasury securities $ 15,342 $ - $ 15,342 $ - Certificates of deposit 13,546 - 13,546 - Total investment securities $ 28,888 $ - $ 28,888 $ - |
Note 5 - Other Comprehensive _2
Note 5 - Other Comprehensive Loss (Tables) | 9 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Comprehensive Income (Loss) [Table Text Block] | Three Months Ended June 30, 2022 (In thousands) Before Tax Tax Effect Net of Tax Amount Unrealized losses on available-for-sale securities $ (309 ) $ (74 ) $ (235 ) Other comprehensive loss $ (309 ) $ (74 ) $ (235 ) Nine Months Ended June 30, 2022 (In thousands) Before Tax Tax Effect Net of Tax Amount Unrealized losses on available-for-sale securities $ (1,241 ) $ (281 ) $ (960 ) Other comprehensive loss $ (1,241 ) $ (281 ) $ (960 ) |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | (In thousands) Available-for-Sale Securities Accumulated Other Comprehensive Loss Balances at September 30, 2021 $ - $ - Other comprehensive loss for the nine months ended June 30, 2022 (960 ) (960 ) Balances at June 30, 2022 $ (960 ) $ (960 ) |
Note 6 - Stock-based Compensa_2
Note 6 - Stock-based Compensation (Tables) | 9 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Nine months ended June 30, 2022 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 (20,169 ) 13.70 Forfeited or Expired (2,084 ) 19.94 Outstanding as of June 30, 2022 341,991 $ 25.59 |
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 29,512 65.90 Vested (14,384 ) 25.02 Forfeited (2,749 ) 16.84 Unvested as of June 30, 2022 121,218 $ 28.08 |
Note 7 - Revenue (Tables)
Note 7 - Revenue (Tables) | 9 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended June 30, Nine Months Ended June 30, (In thousands) 2022 2021 2022 2021 United States $ 68,788 $ 35,810 $ 170,010 $ 89,586 All other countries 2,462 2,925 5,844 5,933 Total Net Sales $ 71,250 $ 38,735 $ 175,854 $ 95,519 Three Months Ended June 30, Nine Months Ended June 30, 2022 2021 2022 2021 Broadband service providers 99 % 98 % 99 % 98 % Legacy customers 1 % 2 % 1 % 2 % Total Net Sales 100 % 100 % 100 % 100 % |
Note 8 - Inventories (Tables)
Note 8 - Inventories (Tables) | 9 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | (In thousands) June 30, 2022 September 30, 2021 Raw materials $ 58,456 $ 23,072 Work-in-process 6,437 2,482 Finished goods 6,131 3,361 Inventories, gross 71,023 28,915 Inventory reserve (1,683 ) (1,391 ) Inventories, net $ 69,341 $ 27,524 |
Note 12 - Leases (Tables)
Note 12 - Leases (Tables) | 9 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Lessee, Operating Lease Expense [Table Text Block] | Operating lease expense within: Three Months Ended June 30, Nine Months Ended June 30, (in thousands) 2022 2021 2022 2021 Cost of sales $ 797 $ 242 $ 1,521 $ 748 Selling, general and administrative 54 51 166 162 Total lease expense $ 851 $ 293 $ 1,687 $ 910 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | FY2022 (Remaining) $ 778 FY2023 3,158 FY2024 3,233 FY2025 2,997 FY2026 2,844 Thereafter 1,196 Total lease payments 14,206 Less: Interest (951 ) Present value of lease liabilities $ 13,255 |
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 | 9 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net income | $ 12,745 | $ 6,098 | $ 32,370 | $ 12,901 |
Weighted average common shares (in shares) | 13,772,269 | 13,732,913 | 13,760,950 | 13,718,394 |
Dilutive potential common shares (in shares) | 127,429 | 79,597 | 139,069 | 44,503 |
Weighted average dilutive common shares outstanding (in shares) | 13,899,698 | 13,812,510 | 13,900,019 | 13,762,897 |
Basic (in dollars per share) | $ 0.93 | $ 0.44 | $ 2.35 | $ 0.94 |
Diluted (in dollars per share) | $ 0.92 | $ 0.44 | $ 2.33 | $ 0.94 |
Note 3 - Investments (Details T
Note 3 - Investments (Details Textual) $ in Thousands | 3 Months Ended |
Jun. 30, 2022 USD ($) | |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 60 |
Debt Securities, Available for Sale, Other than temporary impairment | $ 0 |
Note 3 - Investments - Availabl
Note 3 - Investments - Available-for-sale Investments (Details) | Jun. 30, 2022 USD ($) |
Fair value | $ 28,888 |
Short-term Investment [Member] | |
Gross unrealized gains | 1,000 |
Gross unrealized losses | 69,000 |
Long-term Investment [Member] | |
Gross unrealized gains | 1,000 |
Gross unrealized losses | 1,173,000 |
Short-term Certificates of Deposit [Member] | |
Amortized cost | 3,962,000 |
Gross unrealized gains | 1,000 |
Gross unrealized losses | 69,000 |
Fair value | 3,894,000 |
Short-term Investment [Member] | |
Amortized cost | 3,962,000 |
Fair value | 3,894,000 |
US Treasury Securities [Member] | |
Amortized cost | 16,167,000 |
Gross unrealized gains | 0 |
Gross unrealized losses | 825,000 |
Fair value | 15,342,000 |
Long-term Certificates of Deposit [Member] | |
Amortized cost | 10,000,000 |
Gross unrealized gains | 1,000 |
Gross unrealized losses | 348,000 |
Fair value | 9,652,000 |
Long-term Investment [Member] | |
Amortized cost | 26,167,000 |
Fair value | $ 24,994,000 |
Note 3 - Investments - Securiti
Note 3 - Investments - Securities in a Continuous Unrealized Loss Position (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Less than 12 months, fair value | $ 24,979 |
Less than 12 months, gross unrealized losses | 1,092 |
12 months or greater, fair value | 3,569 |
12 months or greater, gross unrealized losses | 151 |
US Treasury Securities [Member] | |
Less than 12 months, fair value | 15,342 |
Less than 12 months, gross unrealized losses | 825 |
12 months or greater, fair value | 0 |
12 months or greater, gross unrealized losses | 0 |
Certificates of Deposit [Member] | |
Less than 12 months, fair value | 9,637 |
Less than 12 months, gross unrealized losses | 267 |
12 months or greater, fair value | 3,569 |
12 months or greater, gross unrealized losses | $ 151 |
Note 4 - Fair Value Measureme_3
Note 4 - Fair Value Measurements (Details Textual) - USD ($) | Jun. 30, 2022 | Sep. 30, 2021 |
Debt Securities, Available-for-Sale, Total | $ 28,888 | |
Fair Value, Inputs, Level 3 [Member] | ||
Debt Securities, Available-for-Sale, Total | $ 0 | $ 0 |
Note 4 - Fair Value Measureme_4
Note 4 - Fair Value Measurements - Fair Value Measurements (Details) - USD ($) | Jun. 30, 2022 | Sep. 30, 2021 |
Fair value | $ 28,888 | |
Fair Value, Inputs, Level 1 [Member] | ||
Fair value | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Fair value | 28,888 | |
Fair Value, Inputs, Level 3 [Member] | ||
Fair value | 0 | $ 0 |
US Treasury Securities [Member] | ||
Fair value | 15,342,000 | |
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair value | 0 | |
US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair value | 15,342,000 | |
US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair value | 0 | |
Certificates of Deposit [Member] | ||
Fair value | 13,546,000 | |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair value | 0 | |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair value | 13,546,000 | |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair value | $ 0 |
Note 5 - Other Comprehensive In
Note 5 - Other Comprehensive Income (Loss) - Changes in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Unrealized losses on available-for-sale securities before tax | $ (309) | $ 0 | $ (1,241) | $ 0 |
Unrealized losses on available-for-sale securities | (74) | (281) | ||
Unrealized losses on available-for-sale securities net of tax | (235) | (960) | ||
Other comprehensive loss before tax | (309) | 0 | (1,241) | 0 |
Other comprehensive loss | (74) | 0 | (281) | 0 |
Other comprehensive loss net of tax | $ (235) | $ 0 | $ (960) | $ 0 |
Note 5 - Other Comprehensive _3
Note 5 - Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Balances at September 30, 2021 | $ 123,429 | $ 89,848 | $ 103,825 | $ 82,754 |
Other comprehensive loss for the nine months ended June 30, 2022 | (235) | 0 | (960) | 0 |
Balances at June 30, 2022 | 136,774 | 96,494 | 136,774 | 96,494 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | ||||
Balances at September 30, 2021 | 0 | |||
Other comprehensive loss for the nine months ended June 30, 2022 | (960) | |||
Balances at June 30, 2022 | (960) | (960) | ||
AOCI Attributable to Parent [Member] | ||||
Balances at September 30, 2021 | (725) | 0 | 0 | 0 |
Other comprehensive loss for the nine months ended June 30, 2022 | (960) | |||
Balances at June 30, 2022 | $ (960) | $ 0 | $ (960) | $ 0 |
Note 6 - Stock-based Compensa_3
Note 6 - Stock-based Compensation (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-Based Payment Arrangement, Expense | $ 638,000 | $ 343,055 | $ 1,647,000 | $ 966,290 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 4,020,000 | $ 4,020,000 | $ 4,020,000 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 4 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) | 1 year 10 months 28 days | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value | $ 6,824,000 | $ 6,824,000 | $ 6,824,000 | |||
Employee Stock Purchase Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Market Price Percentage, Offering Date | 85% | |||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares) | 5,605 | 7,678 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price (in dollars per share) | $ 52.66 | $ 32.43 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 181,590 | 181,590 | 181,590 | |||
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) | 29,512 | |||||
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) | 3,118 | |||||
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) | $ 64.11 | |||||
Restricted Stock [Member] | Stock Compensation Plan 2007 [Member] | Share-Based Payment Arrangement, Nonemployee [Member] | Director [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | 1 year | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 318 | 2,758 | 2,120 | |||
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 | $ 63.35 | $ 32.41 | |||
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 | $ 606,000 | 328,710 | $ 1,552,000 | $ 923,256 | ||
Cost of Sales [Member] | ||||||
Share-Based Payment Arrangement, Expense | $ 32,000 | $ 14,345 | $ 95,000 | $ 43,034 |
Note 6 - Stock-based Compensa_4
Note 6 - Stock-based Compensation - Valuation Assumptions (Details) | 9 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Dividend yield | 0% | |
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 6 - Stock-based Compensa_5
Note 6 - Stock-based Compensation - Option Transaction Summary (Details) - $ / shares | 9 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
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) | (20,169) | |
Weighted-average exercise price, Exercised (in dollars per share) | $ 13.70 | |
Forfeited or Expired (in shares) | (2,084) | |
Weighted-average exercise price, Forfeited or Expired (in dollars per share) | $ 19.94 | |
Options, outstanding (in shares) | 341,991 | |
Weighted-average exercise price, outstanding (in dollars per share) | $ 25.59 |
Note 6 - Stock-based Compensa_6
Note 6 - Stock-based Compensation - Restricted Stock Transactions (Details) - Restricted Stock [Member] | 9 Months Ended |
Jun. 30, 2022 $ / shares shares | |
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 | 29,512 |
Granted, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 65.90 |
Vested (in shares) | shares | (14,384) |
Vested, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 25.02 |
Forfeited (in shares) | shares | (2,749) |
Forfeited, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 16.84 |
Balance, unvested shares (in shares) | shares | 121,218 |
Balance, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 28.08 |
Note 7 - Revenue (Details Textu
Note 7 - Revenue (Details Textual) - USD ($) | Jun. 30, 2022 | Sep. 30, 2021 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 79,000 | $ 79,000 |
Note 7 - Revenue - Disaggregati
Note 7 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Total Net Sales | $ 71,250 | $ 38,735 | $ 175,854 | $ 95,519 |
Percent of net sales | 100% | 100% | 100% | 100% |
Broadband Service Providers [Member] | ||||
Percent of net sales | 99% | 98% | 99% | 98% |
Legacy Customers [Member] | ||||
Percent of net sales | 1% | 2% | 1% | 2% |
UNITED STATES | ||||
Total Net Sales | $ 68,788 | $ 35,810 | $ 170,010 | $ 89,586 |
Non-US [Member] | ||||
Total Net Sales | $ 2,462 | $ 2,925 | $ 5,844 | $ 5,933 |
Note 8 - Inventories - Componen
Note 8 - Inventories - Components of Inventory (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Sep. 30, 2021 |
Raw materials | $ 58,456 | $ 23,072 |
Work-in-process | 6,437 | 2,482 |
Finished goods | 6,131 | 3,361 |
Inventories, gross | 71,023 | 28,915 |
Inventory reserve | (1,683) | (1,391) |
Inventories, net | $ 69,341 | $ 27,524 |
Note 9 - Major Customer Conce_2
Note 9 - Major Customer Concentration (Details Textual) - Customer Concentration Risk [Member] | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Sep. 30, 2021 | |
Revenue Benchmark [Member] | Customer A [Member] | ||||
Concentration Risk, Percentage | 18% | 15% | 20% | |
Revenue Benchmark [Member] | Customer B [Member] | ||||
Concentration Risk, Percentage | 11% | |||
Revenue Benchmark [Member] | Customer C [Member] | ||||
Concentration Risk, Percentage | 12% | 11% | ||
Accounts Receivable [Member] | Customer A [Member] | ||||
Concentration Risk, Percentage | 13% | |||
Accounts Receivable [Member] | Customer D [Member] | ||||
Concentration Risk, Percentage | 11% | |||
Accounts Receivable [Member] | Customer E [Member] | ||||
Concentration Risk, Percentage | 16% |
Note 10 - Goodwill and Intang_2
Note 10 - Goodwill and Intangibles (Details Textual) $ in Thousands | 9 Months Ended | 12 Months Ended |
Jun. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | |
Goodwill, Impairment Loss | $ 0 | $ 0 |
Number of Patents Granted | 31 | |
Impairment of Intangible Assets (Excluding Goodwill), Total | $ 0 | $ 0 |
Patents [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 20 years |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Expense (Benefit), Total | $ 3,884,000 | $ 1,725,000 | $ 9,480,000 | $ 3,344,000 |
Effective Income Tax Rate Reconciliation, Percent, Total | 23.40% | 22.10% | 22.70% | 20.60% |
Unrecognized Tax Benefits, Ending Balance | $ 0 | $ 0 |
Note 12 - Leases (Details Textu
Note 12 - Leases (Details Textual) | 3 Months Ended | 9 Months Ended | ||||
Jul. 31, 2021 USD ($) ft² | Jun. 30, 2022 USD ($) ft² | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) ft² | Jun. 30, 2021 USD ($) | Nov. 19, 2021 ft² | |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 4 years 5 months 19 days | 3 years 1 month 2 days | 4 years 5 months 19 days | 3 years 1 month 2 days | ||
Operating Lease, Weighted Average Discount Rate, Percent | 3.05% | 3.41% | 3.05% | 3.41% | ||
Operating Lease, Payments | $ | $ 617,000 | $ 243,000 | $ 1,167,000 | $ 723,000 | ||
7050 Winnetka Avenue North, Brooklyn Park, Minnesota [Member] | ||||||
Area of Real Estate Property (Square Foot) | 85,000 | 85,000 | ||||
Lessee, Operating Lease, Term of Contract (Year) | 10 years 2 months 1 day | 10 years 2 months 1 day | ||||
Tijuana, Mexico 3 [Member] | ||||||
Area of Real Estate Property (Square Foot) | 318,000 | |||||
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract (Year) | 7 years | |||||
Lessee, Operating Lease, Number of Options to Renew | 2 | |||||
Lessee, Operating Lease, Lease Not yet Commenced, Renewal Term (Year) | 5 years | |||||
Operating Lease, Monthly Payment | $ | $ 162,000 | |||||
Operating Lease, Payments, Increase, Percentage | 2% | |||||
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) | 105,000 | |||||
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract (Year) | 5 years | |||||
Lessee, Operating Lease, Number of Options to Renew | 5 |
Note 12 - Leases - Operating Le
Note 12 - Leases - Operating Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Total lease expense | $ 851 | $ 293 | $ 1,687 | $ 910 |
Cost of Sales [Member] | ||||
Total lease expense | 797 | 242 | 1,521 | 748 |
Selling, General and Administrative Expenses [Member] | ||||
Total lease expense | $ 54 | $ 51 | $ 166 | $ 162 |
Note 12 - Leases - Maturities o
Note 12 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
FY2022 (Remaining) | $ 778 |
FY2023 | 3,158 |
FY2024 | 3,233 |
FY2025 | 2,997 |
FY2026 | 2,844 |
Thereafter | 1,196 |
Total lease payments | 14,206 |
Less: Interest | (951) |
Present value of lease liabilities | $ 13,255 |
Note 13 - Line of Credit (Detai
Note 13 - Line of Credit (Details Textual) - Revolving Credit Facility [Member] - Loan and Security Agreement With Bremer Bank, National Association [Member] $ in Millions | Apr. 27, 2022 USD ($) |
Line of Credit Facility, Maximum Borrowing Capacity | $ 40 |
Debt Instrument, Minimum Interest Rate Required | 1.80% |
Debt Instrument, Covenant, Minimum Debt Service Coverage Ratio | 1.20 |
Debt Instrument, Covenant, Maximum Debt to Cash Flow Ratio | 2 |
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |
Debt Instrument, Basis Spread on Variable Rate | 1.85% |
Note 14 - Subsequent Events (De
Note 14 - Subsequent Events (Details Textual) - Jul. 26, 2022 - Subsequent Event [Member] - Nestor Cables Oy [Member] € in Millions, $ in Millions | USD ($) | EUR (€) |
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | € 7.9 | |
Business Combination, Consideration Transferred, Liabilities Incurred | € 7.6 | |
Revolving Credit Facility [Member] | ||
Proceeds from Lines of Credit, Total | $ | $ 16.7 |