Clearfield (CLFD) 10-Q 8 Aug 23 2023 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Jun. 30, 2023	Aug. 04, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	0-16106
Entity Registrant Name	Clearfield, Inc.
Entity Incorporation, State or Country Code	MN
Entity Tax Identification Number	41-1347235
Entity Address, Address Line One	7050 Winnetka Avenue North
Entity Address, Address Line Two	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	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		15,261,809
Entity Central Index Key	0000796505
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Jun. 30, 2023	Sep. 30, 2022
Current Assets
Cash and cash equivalents	$ 31,385,000	$ 16,650,000
Short-term investments	130,726,000	5,802,000
Accounts receivables, net	31,944,000	53,704,000
Inventories, net	105,003,000	82,208,000
Other current assets	4,084,000	1,758,000
Total current assets	303,142,000	160,122,000
Property, plant and equipment, net	21,318,000	18,229,000
Other Assets
Long-term investments	6,556,000	22,747,000
Goodwill	6,581,000	6,402,000
Intangible assets, net	6,344,000	6,376,000
Right-of-use lease assets	14,773,000	13,256,000
Deferred tax asset	998,000	1,414,000
Other	1,489,000	582,000
Total other assets	36,741,000	50,777,000
Total Assets	361,201,000	229,128,000
Current Liabilities
Current portion of lease liability	3,722,000	3,385,000
Debt	2,174,000	0
Accounts payable	11,641,000	24,118,000
Accrued compensation	7,319,000	13,619,000
Accrued expenses	3,335,000	6,181,000
Factoring liability	8,722,000	4,391,000
Total current liabilities	36,913,000	51,694,000
Other Liabilities
Long-term debt	0	18,666,000
Long-term portion of lease liability	11,572,000	10,412,000
Deferred tax liability	782,000	774,000
Total liabilities	49,267,000	81,546,000
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; 15,254,711 and 13,818,452 shares issued and outstanding as of March 31, 2023 and September 30, 2022, respectively	153,000	138,000
Additional paid-in capital	187,409,000	54,539,000
Accumulated other comprehensive loss	268,000	1,898,000
Retained earnings	124,640,000	94,803,000
Total shareholders’ equity	311,934,000	147,582,000
Total Liabilities and Shareholders’ Equity	$ 361,201,000	$ 229,128,000

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Jun. 30, 2023	Sep. 30, 2022	Jun. 30, 2022
Preferred Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized (in shares)	500,000	500,000
Preferred Stock, Shares Issued (in shares)	0	0
Preferred Stock, Shares Outstanding (in shares)		0	0
Common Stock, Shares Authorized (in shares)	50,000,000	50,000,000
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.01	$ 0.01
Common Stock, Shares, Issued (in shares)	15,262,409	13,818,452
Common Stock, Shares, Outstanding (in shares)	15,262,409	13,818,452

Consolidated Statements of Earn

Consolidated Statements of Earnings (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net sales	$ 61,284,000	$ 71,250,000	$ 219,035,000	$ 175,854,000
Cost of sales			145,750,000	100,411,000
Gross profit	19,074,000	29,307,000	73,285,000	75,443,000
Operating expenses
Selling, general and administrative	13,449,000	12,721,000	37,714,000	33,877,000
Income from operations	5,625,000	16,586,000	35,571,000	41,566,000
Net investment income	1,630,000	43,000	3,328,000	284,000
Interest expense	(195,000)	0	(551,000)	0
Income before income taxes	7,060,000	16,629,000	38,348,000	41,850,000
Income tax expense	1,842,000	3,884,000	8,511,000	9,480,000
Net income	$ 5,218,000	$ 12,745,000	$ 29,837,000	$ 32,370,000
Net income per share Basic (in dollars per share)	$ 0.33	$ 0.93	$ 2.01	$ 2.35
Net income per share Diluted (in dollars per share)	$ 0.33	$ 0.92	$ 2	$ 2.33
Weighted average shares outstanding:
Basic (in shares)	15,254,341	13,772,269	14,880,666	13,760,950
Diluted (in shares)	15,254,341	13,899,698	14,929,405	13,900,019

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net income	$ 5,218	$ 12,745	$ 29,837	$ 32,370
Other comprehensive income (loss), net of tax
Unrealized gain (loss) on available-for-sale investments	15	(235)	352	(960)
Unrealized gain on foreign currency translation	(49)	0	1,278	0
Total other comprehensive income (loss)	(34)	(235)	1,630	(960)
Total comprehensive income	$ 5,184	$ 12,510	$ 31,467	$ 31,410

Consolidated Statements of Shar

Consolidated 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, 2021	13,732
Balance at Sep. 30, 2021	$ 137	$ 58,246	$ 0	$ 45,442	$ 103,825
Stock-based compensation expense	$ 0	1,647	0	0	1,647
Issuance of common stock under equity compensation plans (in shares)	27
Exercise of stock options, net of shares exchanged for payment (in shares)	10
Exercise of stock options, net of shares exchanged for payment	$ 0	379	0	0	379
Employee stock purchase plan (in shares)	13
Employee stock purchase plan	$ 0	544	0	0	544
Other comprehensive income	0	0	(960)	0	(960)
Net income	$ 0	0	0	32,370	32,370
Issuance of common stock under equity compensation plans, net (in shares)	(27)
Issuance of common stock under equity compensation plans, net	$ 1	0	0	0	1
Balance (in shares) at Jun. 30, 2022	13,778
Balance at Jun. 30, 2022	$ 138	59,784	(960)	77,812	136,774
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)
Exercise of stock options, net of shares exchanged for payment	$ 0	(379)	0	0	(379)
Repurchase of shares for payment of withholding taxes for vested restricted stock grants (in shares)	(4)
Balance (in shares) at Mar. 31, 2022	13,773
Balance at Mar. 31, 2022	$ 138	58,949	(725)	65,067	123,429
Stock-based compensation expense	$ 0	638	0	0	638
Issuance of common stock under equity compensation plans (in shares)	3
Exercise of stock options, net of shares exchanged for payment (in shares)	2
Exercise of stock options, net of shares exchanged for payment	$ 0	(97)	0	0	(97)
Employee stock purchase plan (in shares)	6
Employee stock purchase plan	$ 0	294	0	0	294
Other comprehensive income	0	0	(235)	0	(235)
Net income	$ 0	0	0	12,745	12,745
Issuance of common stock under equity compensation plans, net (in shares)	(3)
Issuance of common stock under equity compensation plans, net	$ 0	0	0	0	0
Balance (in shares) at Jun. 30, 2022	13,778
Balance at Jun. 30, 2022	$ 138	59,784	(960)	77,812	136,774
Exercise of stock options, net of shares exchanged for payment	$ 0	97	0	0	97
Balance at Dec. 31, 2022			(733)
Balance (in shares) at Sep. 30, 2022	13,819
Balance at Sep. 30, 2022	$ 138	54,539	(1,898)	94,803	147,582
Stock-based compensation expense	$ 0	2,504	0	0	2,504
Issuance of common stock under equity compensation plans (in shares)	50
Exercise of stock options, net of shares exchanged for payment (in shares)	11
Exercise of stock options, net of shares exchanged for payment	$ 0	(493)	0	0	(493)
Employee stock purchase plan (in shares)	13
Employee stock purchase plan	$ 1	611	0	0	612
Other comprehensive income	0	0	1,630	0	1,630
Net income	$ 0	0	0	29,837	29,837
Issuance of common stock under equity compensation plans, net (in shares)	(50)
Issuance of common stock under equity compensation plans, net	$ 0	954	0	0	954
Balance (in shares) at Jun. 30, 2023	15,263
Balance at Jun. 30, 2023	$ 153	187,409	(268)	124,640	311,934
Repurchase of shares for payment of withholding taxes for vested restricted stock grants (in shares)	(10)
Repurchase of shares for payment of withholding taxes for vested restricted stock grants	$ 0	(954)	0	0	(954)
Issuance of common stock, net (in shares)	1,380
Issuance of common stock, net	$ 14	130,248	0	0	130,262
Exercise of stock options, net of shares exchanged for payment	$ 0	493	0	0	493
Repurchase of shares for payment of withholding taxes for vested restricted stock grants (in shares)	10
Balance at Dec. 31, 2022			(733)
Balance (in shares) at Jun. 30, 2023	15,263
Balance at Jun. 30, 2023	$ 153	187,409	(268)	124,640	311,934
Balance (in shares) at Mar. 31, 2023	15,255
Balance at Mar. 31, 2023	$ 153	186,058	(234)	119,422	305,399
Stock-based compensation expense	$ 0	1,059	0	0	1,059
Issuance of common stock under equity compensation plans (in shares)	(1)
Exercise of stock options, net of shares exchanged for payment (in shares)	1
Exercise of stock options, net of shares exchanged for payment	$ 0	(20)	0	0	(20)
Employee stock purchase plan (in shares)	8
Employee stock purchase plan	$ 0	312	0	0	312
Other comprehensive income	0	0	(34)	0	(34)
Net income	$ 0	0	0	5,218	5,218
Issuance of common stock under equity compensation plans, net (in shares)	1
Balance (in shares) at Jun. 30, 2023	15,263
Balance at Jun. 30, 2023	$ 153	187,409	(268)	124,640	311,934
Exercise of stock options, net of shares exchanged for payment	$ 0	$ 20	$ 0	$ 0	$ 20

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Net income	$ 29,837	$ 32,370
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	4,411	2,205
Amortization of discount on investments	(2,429)	(31)
Stock-based compensation	2,504	1,647
Changes in operating assets and liabilities, net of acquired amounts:
us-gaap_IncreaseDecreaseInAccountsReceivable	(24,519)	12,156
Inventories, net	(21,510)	(41,816)
Other assets	(3,525)	(185)
Accounts payable and accrued expenses	(20,326)	8,677
Net cash provided by (used in) operating activities	13,481	(9,289)
Cash flows from investing activities
Purchases of property, plant and equipment, and intangible assets	(6,529)	(6,764)
Purchases of investments	(210,923)	(248)
Proceeds from sales and maturities of investments	105,077	17,386
Net cash provided by (used in) investing activities	(112,375)	10,374
Cash flows from financing activities
Repayment of long-term debt	(16,700)	0
Proceeds from issuance of common stock under employee stock purchase plan	612	544
Repurchase of shares for payment of withholding taxes for stock grants	(954)	(274)
Withholding related to exercise of stock options	(493)	(379)
Issuance of stock under equity compensation plans	954	0
Net proceeds from issuance of common stock	130,262	0
Net cash provided by (used in) financing activities	113,681	(109)
Effect of exchange rates on cash	(52)	0
Increase in cash and cash equivalents	14,735	976
Cash and cash equivalents, beginning of year	16,650	13,216
Cash and cash equivalents, end of year	31,385	14,194
Supplemental disclosures for cash flow information
Cash paid for income taxes	12,589	9,913
Cash paid for interest expense	360	0
Non-cash financing activities
Cashless exercise of stock options	$ 566	$ 276

Note 1 - Summary of Significant

Note 1 - Summary of Significant Accounting Policies	9 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Significant Accounting Policies [Text Block]	Note 1. Summary of Significant Accounting Policies Unless the context otherwise requires, for purposes of this Quarterly Report on Form 10-Q, the words “we,” “us,” “our,” the “Company,” and “Clearfield,” refer to Clearfield, Inc. and subsidiaries. Basis of Presentation The accompanying (a) consolidated balance sheet as of September 30, 2022, which has been derived from audited financial statements, and (b) unaudited interim consolidated financial statements as of and for the three and nine months ended June 30, 2023 have been prepared by Clearfield in accordance with accounting principles generally accepted in the United States of America for interim financial information, pursuant to the rules and regulations of the Securities and Exchange Commission. In the opinion of management, the consolidated financial statements include all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the financial position, results of operations, and cash flows of the interim periods presented. Operating results for the interim periods presented are not necessarily indicative of results to be expected for the full year or for any other interim period, due to variability in customer purchasing patterns, seasonality and other factors. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2022. In preparation of the Company’s consolidated 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. Principles of Consolidation The consolidated financial statements include the accounts of Clearfield, Inc. and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. New Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2016-13, Measurement of Credit Losses on Financial Instruments. In November 2018, the FASB issued update ASU 2018-19 that clarifies the scope of the standard in the amendments in ASU 2016-13. This guidance introduces a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses. Financial instruments impacted include accounts receivable, trade receivables, other financial assets measured at amortized cost and other off-balance sheet credit exposures. The new guidance is effective for the Company beginning in the first quarter of fiscal 2024, with early adoption permitted. The Company is evaluating the impact of the adoption of ASU 2016-13 on its consolidated financial statements.

Note 2 - Net Income Per Share

Note 2 - Net Income Per Share	9 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Earnings Per Share [Text Block]	Note 2. Net Income Per Share 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 and nine months ended June 30, 2023, and 2022: Three Months Ended June 30, Nine Months Ended June 30, (In thousands, except for share data 2023 2022 2023 2022 Net income $ 5,218 $ 12,745 $ 29,837 $ 32,370 Weighted average common shares 15,254,341 13,772,269 14,880,666 13,760,950 Dilutive potential common shares - 127,429 48,739 139,069 Weighted average dilutive common shares outstanding 15,254,341 13,899,698 14,929,405 13,900,019 Net income per common share: Basic $ 0.33 $ 0.93 $ 2.01 $ 2.35 Diluted $ 0.33 $ 0.92 $ 2.00 $ 2.33

Note 3 - Cash and Cash Equivale

Note 3 - Cash and Cash Equivalents	9 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Cash and Cash Equivalents Disclosure [Text Block]	Note 3. Cash and Cash Equivalents We classify investments with original maturities of 90 days or less as cash equivalents. The following table presents the Company’s cash and cash equivalents balances: (In thousands) June 30, 2023 September 30, 2022 Cash and cash equivalents: Cash including money market accounts $ 6,750 $ 16,635 Money market funds 24,635 15 Total cash and cash equivalents $ 31,385 $ 16,650

Note 4 - Investments

Note 4 - Investments	9 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Investment [Text Block]	Note 4. Investments The Company invests in certificates of deposit (“CDs”) in amounts that are fully insured by the Federal Deposit Insurance Corporation (“FDIC”) and United States (“U.S.”) Treasury securities with terms of not more than five years, as well as money market funds. Historically, the Company’s investment portfolio had been classified as held-to-maturity and recorded at amortized cost. During the second quarter of fiscal 2022, the Company sold investments and reclassified its investment portfolio to available-for-sale, which is reported at fair value. The unrealized gain or loss on investment securities is recorded in other comprehensive income, net of tax. Realized gains and losses on available-for-sale securities are recognized upon sale and are included in net investment income in the consolidated statement of earnings. As of June 30, 2023, available-for-sale investments consisted of the following: June 30, 2023 (In thousands) Cost Unrealized Gains Unrealized Losses Fair Value Short-Term U.S. Treasury securities $ 121,458 $ - $ 278 $ 121,180 Certificates of deposit 9,750 - 204 9,546 Total investment securities – short-term $ 131,208 $ - $ 482 $ 130,726 Long-Term U.S Treasury securities $ 6,711 $ - $ 610 $ 6,101 Certificates of deposit 495 - 40 455 Total investment securities – long-term $ 7,206 $ - $ 650 $ 6,556 As of September 30, 2022, available-for-sale investments consisted of the following: September 30, 2022 (In thousands) Cost Unrealized Gains Unrealized Losses Fair Value Short-Term Certificates of deposit $ 5,945 $ - $ 143 $ 5,802 Total investment securities – short-term $ 5,945 $ - $ 143 $ 5,802 Long-Term U.S Treasury securities 16,178 - 1,085 15,093 Certificates of deposit 8,016 - 362 7,654 Total investment securities – long-term $ 24,194 $ - $ 1,447 $ 22,747 As of June 30, 2023, investments in debt securities in an unrealized loss position were as follows: 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 $ - $ 150 $ 15,464 $ 738 Certificates of deposit 340 1 9,660 244 Total investment securities $ 340 $ 151 $ 25,124 $ 982 As of June 30, 2023, there were 50 securities in an unrealized loss position which is due to the market paying a higher interest rate than the coupon rate on these securities. As of June 30, 2023, there are no As of September 30, 2022, investments in debt securities in an unrealized loss position were as follows: 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 $ - $ - $ 15,093 $ 1,085 Certificates of deposit 6,345 176 7,111 329 Total investment securities $ 6,345 $ 176 $ 22,204 $ 1,414 As of September 30, 2022, there were 62 securities in an unrealized loss position which was due to the securities paying lower interest rates than the market. As of September 30, 2022, there were no securities which were other than temporarily impaired as the Company intended to hold these securities until their value recovered and there was negligible credit risk due to the nature of the securities which were backed by the FDIC and US federal government.

Note 5 - Fair Value Measurement

Note 5 - Fair Value Measurements	9 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Fair Value Disclosures [Text Block]	Note 5. Fair Value Measurements 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 that obtains the valuations from a variety of industry standard data providers. The Company’s investments are categorized according to the three-level fair value hierarchy which distinguishes between observable and unobservable inputs, in one of the following levels: Level 1- Quoted prices in active markets for identical assets or liabilities. Level 2- Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3- Unobservable inputs to the valuation methodology that are supported by little or no market activity and that are significant to the measurement of the fair value of the assets or liabilities. Level 3 assets and liabilities include those with fair value measurements that are determined using pricing models, discounted cash flow valuation or similar techniques, as well as significant management judgment or estimation. The following provides information regarding fair value measurements for the Company’s investment securities as of June 30, 2023, according to the three-level fair value hierarchy: Fair Value Measurements at June 30, 2023 ( In thousands Total Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 24,635 $ 24,635 $ - $ - Total cash equivalents $ 24,635 $ 24,635 $ - $ - Investment securities: Certificates of deposit $ 10,001 $ - $ 10,001 $ - U.S Treasury securities 127,281 - 127,281 - Total investment securities $ 137,282 $ - $ 137,282 $ - The following provides information regarding fair value measurements for the Company’s investment securities as of September 30, 2022, according to the three-level fair value hierarchy: Fair Value Measurements at September 30, 2022 (In thousands) Total Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 15 $ 15 $ - $ - Total cash equivalents $ 15 $ 15 $ - $ - Investment securities: Certificates of deposit $ 13,456 $ - $ 13,456 $ - U.S Treasury securities 15,093 - 15,093 - Total investment securities $ 28,549 $ - $ 28,549 $ - As of June 30, 2023, and September 30, 2022, and for the periods then ended, the Company owned no Level 3 securities and there were no transfers within the fair value level hierarchy. 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. The Company had no re-measurements of non-financial assets to fair value in the nine months ended June 30, 2023, and 2022.

Note 6 - Other Comprehensive In

Note 6 - Other Comprehensive Income (Loss)	9 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Comprehensive Income (Loss) Note [Text Block]	Note 6. Other Comprehensive Income (Loss) Changes in components of accumulated other comprehensive income (loss), net of tax, are as follows: (In thousands) Unrealized Gain (Loss) on Available-for-Sale Securities Foreign Currency Translation Gain (Loss) Accumulated Other Comprehensive Gain (Loss) Balances at September 30, 2022 $ (1,224 ) $ (674 ) $ (1,898 ) Other comprehensive income for the three months ended December 31, 2022 141 1,024 1,165 Balances at December 31, 2022 $ (1,083 ) $ 350 $ (733 ) Other comprehensive income for the three months ended March 31, 2023 197 302 499 Balances at March 31, 2023 $ (886 ) $ 652 $ (234 ) Other comprehensive income (loss) for the three months ended June 30, 2023 15 (49 ) (34 ) Balances at June 30, 2023 $ (871 ) $ 603 $ (268 )

Note 7 - Stock-based Compensati

Note 7 - Stock-based Compensation	9 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	Note 7. Stock-Based Compensation On February 23, 2023, the Company’s shareholders approved the Clearfield, Inc. 2022 Stock Compensation Plan (the “2022 Plan”). The 2022 Plan became effective on the date of shareholder approval, and no further awards may be made under the Clearfield, Inc. Amended and Restated 2007 Stock Compensation Plan (the “Prior Plan”) following the effective date of the 2022 Plan. The total number of shares of stock reserved and available for distribution under the 2022 Plan upon approval was 1,461,461 shares, which includes the number of shares remaining for grant and delivery under the Prior Plan, plus any shares subject to outstanding awards under the Prior Plan as of the effective date of the 2022 Plan that were forfeited, cancelled or settled for cash. The Company recorded $1,059,000 and $2,504,000 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 and nine months ended June 30, 2023. For the three months ended June 30, 2023, $1,016,000 of this expense is included in selling, general and administrative expense, and $43,000 is included in cost of sales. For the nine months ended June 30, 2023, $2,377,000 of this expense is included in selling, general and administrative expense, and $126,000 is included in cost of sales. 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 ESPP for the three and nine months ended June 30, 2022, respectively. For the three months ended June 30, 2022, $606,000 of this expense is included in selling, general and administrative expense, and $32,000 is included in cost of sales. For the nine months ended June 30, 2022, $1,552,000 of this expense is included in selling, general and administrative expense, and $95,000 is included in cost of sales. As of June 30, 2023, $5,385,000 of total unrecognized compensation expense related to non-vested restricted stock awards and stock options is expected to be recognized over a period of approximately 2.9 years. Stock Options The Company uses the Black-Scholes option pricing model to determine the fair value of options granted. During the nine months ended June 30, 2023, the Company granted employees non-qualified stock options to purchase an aggregate of 40,266 shares of common stock with a weighted average contractual term of five three The fair value of stock option awards during the nine months ended June 30, 2023, was estimated as of the respective grant dates using the assumptions listed below: Nine months ended June 30, 2023 Dividend yield 0 % Expected volatility 63.14 % Risk-free interest rate 3.75 % Expected life in years 3.5 Vesting period in 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-coupon U.S. governmental bonds with a remaining life similar to the expected option term. Options are granted with exercise prices 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 months ended June 30, 2023: Number of options Weighted average exercise price Outstanding as of September 30, 2022 236,509 $ 31.30 Granted 40,266 64.38 Exercised (21,630 ) 26.16 Forfeited or Expired (1,021 ) 18.18 Outstanding as of June 30, 2023 254,124 $ 37.04 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, 2023, the weighted average remaining contractual term for all outstanding and exercisable stock options was 2.53 years and their aggregate intrinsic value was $2,193,000. Restricted Stock The Company’s 2022 Stock Compensation Plan permits the Compensation Committee of the Board of Directors to grant stock-based awards, including stock options and restricted stock, to key employees and non-employee directors. The Company has made restricted stock grants that vest over one ten During the nine months ended June 30, 2023, the Company granted employees restricted stock awards totaling 34,674 shares of common stock, with a vesting term of approximately three one During the nine months ended June 30, 2022, the Company granted newly elected non-employee directors restricted stock awards totaling 318 and 2,758 shares of common stock, with a vesting term of approximately one year and a fair value of $62.77 and $63.35 per share, respectively. During the nine months ended June 30, 2022, the Company granted the non-employees directors restricted stock awards totaling 3,118 shares of common stock, with a vesting term of approximately one year and a fair value of $64.11 per share. During the nine months ended June 30, 2022, the Company also granted employees restricted stock awards totaling 23,318 shares of common stock, with a vesting term of approximately three years and a fair value of $66.48 per share. Restricted stock transactions during the nine months ended June 30, 2023, are summarized as follows: Number of shares Weighted average grant date fair value Unvested shares as of September 30, 2022 98,508 $ 31.51 Granted 41,492 70.50 Vested (25,759 ) 46.25 Forfeited (956 ) 17.12 Unvested as of June 30, 2023 113,285 $ 42.56 Bonus Stock During the nine months ended June 30, 2023, the Company granted employees an aggregate of 9,144 shares of common stock as a discretionary bonus for fiscal 2022 performance. The bonus stock consisted of common stock with no vesting period or restrictions. The fair value on the date of issuance was $104.36 per share. 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. The 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 purchase the Company’s common stock at a price that is no less than the lower of 85% of the fair market value of one share of common stock at the beginning or end of each stock purchase period or phase. The ESPP is carried out in six-month phases, with phases beginning on January 1 and July 1 of each calendar year. For the phase that ended on June 30, 2023, employees purchased 7,754 shares at a price of $40.25 per share. For the phase that ended on December 31, 2022, employees purchased 5,585 shares at a price of $53.52 per share. After the employee purchase on June 30, 2023, 168,251 shares of common stock were available for future purchase under the ESPP.

Note 8 - Revenue

Note 8 - Revenue	9 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	Note 8. Revenue 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 applicable sales 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 sales 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 Europe, the Caribbean, Canada, Central America and South America. Revenues related to the following geographic areas were as follows for the three and nine months ended: Three Months Ended June 30, Nine Months Ended June 30, (In thousands) 2023 2022 2023 2022 United States $ 47,098 $ 68,788 $ 181,508 $ 170,010 All other countries 14,186 2,462 37,527 5,844 Total Net Sales $ 61,284 $ 71,250 $ 219,035 $ 175,854 The Company manufactures and sells proprietary product lines 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 specifications. The percentages of the Company’s sales by markets were as follows for the three and nine months ended: Three Months Ended June 30, Nine Months Ended June 30, 2023 2022 2023 2022 Broadband service providers 97 % 99 % 96 % 99 % Other customers 3 % 1 % 4 % 1 % 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 and Tier 3 customers; National Carriers, which includes large national and global wireline and wireless providers, also referred to as Tier 1’s; Large Regional Service Providers, which are independent local exchange carriers (ILECs) with footprints of 500,000 subscribers and above; and international customers. Other customers include sales of copper cable, build-to-print copper assemblies and other contract manufacturing. Accounts Receivable Credit is extended based on the evaluation of a customer’s financial condition, and collateral is generally not required. Accounts that are outstanding longer than the contractual payment terms are considered past due. The Company writes off accounts receivable when they become uncollectible; payments subsequently received on such receivables are credited to the allowance for doubtful accounts. As of both June 30, 2023, and September 30, 2022, the balance in the allowance for doubtful accounts was $79,000. See Note 9 “Major Customer Concentration” for further information regarding accounts receivable and net sales.

Note 9 - Major Customer Concent

Note 9 - Major Customer Concentration	9 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Concentration Risk Disclosure [Text Block]	Note 9. Major Customer Concentration For the three months ended June 30, 2023, Customer A, a distributor, comprised 17% of the Company’s net sales. For the nine months ended June 30, 2023, Customer A comprised 16% of the Company’s net sales. For the three months ended June 30, 2022, Customers A and B, both distributors, comprised 18% and 11% of the Company’s net sales, respectively. For the nine months ended June 30, 2022, Customer A comprised 15% of the Company’s net sales. These major customers, like our other customers, purchase our products from time to time through purchase orders, and the Company does not have any agreements that obligate these major customers to purchase products from us in the future. As of June 30, 2023, Customer C, a distributor, comprised 16% of the Company’s accounts receivable. As of September 30, 2022, Customer D, a distributor, comprised 20% of accounts receivable.

Note 10 - Inventories

Note 10 - Inventories	9 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Inventory Disclosure [Text Block]	Note 10. Inventories Inventories consist of the following as of: (In thousands) June 30, 2023 September 30, 2022 Raw materials $ 77,386 $ 69,142 Work-in-process 3,501 4,592 Finished goods 29,197 10,803 Inventories, gross 110,084 84,537 Inventory reserve (5,081 ) (2,329 ) Inventories, net $ 105,003 $ 82,208

Note 11 - Goodwill and Intangib

Note 11 - Goodwill and Intangibles	9 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	Note 11. Goodwill and Intangibles 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, 2022, did not 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 of the patents, not exceeding 20 years. As of June 30, 2023, the Company has 47 patents granted and multiple pending applications both inside and outside the United States. 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 and the acquisition of Nestor Cables in fiscal year 2022. The Company analyzes its intangible assets for impairment annually or at interim periods when events occur or changes in circumstances indicate potential impairment. The result of the analysis performed as of September 30, 2022, did not

Note 12 - Segment Reporting

Note 12 - Segment Reporting	9 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	Note 12. Segment Reporting The Company’s reportable segments are based on the Company’s method of internal reporting. These results are not necessarily indicative of the results of operations that would have occurred had each segment been an independent, stand-alone entity during the periods presented. The internal reporting of these operating segments is defined based, in part, on the reporting and review process used by the Company’s Chief Executive Officer. Upon closing of the acquisition of Nestor Cables on July 26, 2022, the Company reassessed its operating segments as defined under Accounting Standards Codification (“ASC”) 280, Segment Reporting For the third quarter of fiscal 2023, the Company has two Financial results for the reportable segments are prepared on a basis consistent with the internal disaggregation of financial information to assist the CODM in making internal operating decisions. For consolidated reporting, the Company eliminates transactions between reportable segments. The following table summarizes the amounts between the two Three months ended June 30, 2023 Clearfield Nestor Cables Eliminations Consolidated (In thousands Revenue from external customers $ 47,856 $ 13,428 $ - $ 61,284 Revenue from internal customers (Clearfield, Inc.) - 1,869 (1,869 ) - Net investment income 1,685 1 (56 ) 1,630 Interest expense - 252 (56 ) 195 Depreciation and amortization 1,208 371 - 1,579 Stock based compensation 1,041 18 - 1,059 Income taxes 1,659 183 - 1,842 Net income (loss) 5,150 781 (713 ) 5,218 Capital expenditures 1,472 258 - 1,729 Nine months ended June 30, 2023 Clearfield Nestor Cables Eliminations Consolidated (In thousands Revenue from external customers $ 186,662 $ 32,373 $ - $ 219,035 Revenue from internal customers (Clearfield, Inc.) - 4,792 (4,792 ) - Net investment income 3,379 5 (56 ) 3,328 Interest expense 170 437 (56 ) 551 Depreciation and amortization 3,316 1,096 - 4,411 Stock based compensation 2,486 18 - 2,504 Income taxes 8,305 206 - 8,511 Net income (loss) 30,263 873 (1,299 ) 29,837 Capital expenditures 5,961 570 - 6,531 The following table summarizes the amounts between the two reportable segments as of June 30, 2023, and September 30, 2022: June 30, 2023 Clearfield Nestor Cables Eliminations Consolidated (In thousands Goodwill $ 4,709 $ 1,872 $ - $ 6,581 Total assets $ 336,935 $ 49,598 $ (25,332 ) $ 361,201 September 30, 2022 Clearfield Nestor Cables Eliminations Consolidated (In thousands Goodwill $ 4,709 $ 1,693 $ - $ 6,402 Total assets $ 214,785 $ 31,023 $ (16,680 ) $ 229,128

Note 13 - Financing Receivables

Note 13 - Financing Receivables	9 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Financing Receivables [Text Block]	Note 13. Financing Receivables Nestor Cables factors certain of its accounts receivable, with recourse provisions that are accounted for as a secured borrowing. Nestor Cables has a total factoring liability of $8,722,000 as of June 30, 2023. Nestor Cables receives cash for 80% of the receivable balance from the bank initially and the remaining 20% when the invoice is paid up to a limit of € 12.5 zero one

Note 14 - Income Taxes

Note 14 - Income Taxes	9 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 14. Income Taxes For the three and nine months ended June 30, 2023, the Company recorded income tax expense of $1,842,000 and $8,511,000 reflecting an effective tax rate of 26.1% and 22.2%, respectively. The difference between the effective tax rate and the statutory tax rate for the three and nine months ended June 30, 2023, was primarily related to excess tax benefits from non-qualified stock option exercises and vesting of restricted stock, Section 162(m) compensation deduction limitations, foreign derived intangibles income (FDII) deduction, and research and development credits. For the three and nine months ended June 30, 2022, the Company recorded income tax expense of $3,884,000 and $9,480,000, reflecting an effective tax rate of 23.4% and 22.7%, respectively. The difference between the effective tax rate and the statutory tax rate for the three and nine months ended June 30, 2022, was primarily related to Section 162(m) compensation deduction limitations, nondeductible acquisition costs, foreign derived intangibles income deduction, and research and development credits. 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” criteria by assessing the available positive and negative factors surrounding its recoverability and determined that as of June 30, 2023, and September 30, 2022, a valuation allowance against the deferred tax assets is not required. The Company will continue to assess the need for a valuation allowance based on changes in assumptions of estimated future income and other factors in future periods. As of June 30, 2023, the Company does not

Note 15 - Leases

Note 15 - Leases	9 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	Note 15. Leases The Company leases an 85,000 square foot facility in Brooklyn Park, Minnesota consisting of corporate offices, manufacturing and warehouse space. The lease term is ten In July 2021, the Company entered into an indirect lease arrangement for an approximately 318,000 square foot manufacturing facility in Tijuana, Mexico that operates as a Maquiladora. The lease term is for seven years, of which five years are mandatory, commencing in March 2022. The lease contains written options to renew for two On November 19, 2021, the Company signed a lease for a 105,000 square foot warehouse in Brooklyn Park, Minnesota. The lease term is five five Nestor Cables leases an approximately 25,000 square foot manufacturing facility in Oulu, Finland, which is utilized for the operations of Nestor Cables. The original lease term ended on October 31, 2022, but auto renews indefinitely until terminated with two years written notice. It is not reasonably certain that Nestor Cables will not exercise the termination option. The lease calls for monthly rental payments of approximately $40,000. Rent is increased each year on January 1st based upon the cost-of-living index published by the Finnish government. On May 11, 2023, Nestor Cables signed a lease for an approximately 49,000 square foot manufacturing facility in Tabasalu, Estonia, to be utilized for the operations of Nestor Cables Baltics. The lease is without a fixed term and requires two years’ written notice to terminate the lease. Additionally, the lease grants to Nestor Cables the option to lease an expansion facility that is to be constructed no later than August 31, 2024. The expansion facility will be constructed on the same premises as the existing facility. Once the expansion option is exercised and the expansion facility is made available for use, the lease term of the existing facility will become a minimum of 60 months. The Company evaluated the terms of the lease and concluded that Nestor Cables is reasonably certain that it will exercise the expansion option, therefore the lease term being applied by the Company under ASC842 is at least 60 months. The lease calls for monthly rental payments of approximately €20,400 until April 2024 and €25,000 afterwards. Rent is increased each year on May 1st based upon the cost-of-living index published by the Finnish government and capped at 5%. 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 contain any material residual value guarantees or material restrictive covenants. Operating lease expense included within cost of goods sold and selling, general and administrative expense was as follows for the three months ended: Operating lease expense within: (in thousands) Three Months Ended June 30, Nine Months Ended June 30, 2023 2022 2023 2022 Cost of sales $ 1,029 $ 797 $ 2,991 $ 1,521 Selling, general and administrative 63 54 182 166 Total lease expense $ 1,092 $ 851 $ 3,173 $ 1,687 Future maturities of lease liabilities were as follows as of June 30, 2023 (in thousands): FY2023(Remaining) $ 1,302 FY2024 4,217 FY2025 3,433 FY2026 3,253 FY2027 1,583 Thereafter 3,097 Total lease payments 16,885 Less: Interest (1,591 ) Present value of lease liabilities $ 15,294 The weighted average term and weighted average discount rate for the Company’s leases as of June 30, 2023, were 5.10 years and 3.58%, respectively, compared to 4.47 years and 3.05%, respectively, as of June 30, 2022. For the three and nine months ended June 30, 2023, the operating cash outflows from the Company’s leases were $1,012,000 and $2,910,000, respectively, compared to $617,000 and $1,167,000 respectively, for the three and nine months ended June 30, 2022.

Note 16 - Debt

Note 16 - Debt	9 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Debt Disclosure [Text Block]	Note 16. Debt On April 27, 2022, the Company entered into a loan agreement and a security agreement with a bank that provides the Company with a $40,000,000 revolving line of credit that is secured by certain of the Company’s U.S. assets. The line of credit matures on April 27, 2025, and borrowed amounts will bear interest at a variable rate of the CME Group one-month term Secured Overnight Financing Rate (“SOFR”) plus 1.85%, but not less than 1.80% per annum. As of September 30, 2022, the Company had outstanding debt of $16,700,000 against its line of credit. During the quarter ended December 31, 2022, the Company paid the outstanding balance of the revolving line of credit. As of June 30, 2023, the outstanding balance on the revolving line of credit was zero During March 2021, Nestor Cables entered into a loan agreement, providing a $2 million senior loan with a term of three

Item 5 - Other Information

Item 5 - Other Information	9 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Issuer Rule 10b5-1, Material Terms [Text Block]	During the quarter ended June 30, 2023, none of our directors or officers informed us of the adoption, modification or termination of a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Regulation S-K, Item 408(a).

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The accompanying (a) consolidated balance sheet as of September 30, 2022, which has been derived from audited financial statements, and (b) unaudited interim consolidated financial statements as of and for the three and nine months ended June 30, 2023 have been prepared by Clearfield in accordance with accounting principles generally accepted in the United States of America for interim financial information, pursuant to the rules and regulations of the Securities and Exchange Commission. In the opinion of management, the consolidated financial statements include all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the financial position, results of operations, and cash flows of the interim periods presented. Operating results for the interim periods presented are not necessarily indicative of results to be expected for the full year or for any other interim period, due to variability in customer purchasing patterns, seasonality and other factors. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2022. In preparation of the Company’s consolidated 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.
Consolidation, Policy [Policy Text Block]	Principles of Consolidation The consolidated financial statements include the accounts of Clearfield, Inc. and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.
New Accounting Pronouncements, Policy [Policy Text Block]	New Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2016-13, Measurement of Credit Losses on Financial Instruments. In November 2018, the FASB issued update ASU 2018-19 that clarifies the scope of the standard in the amendments in ASU 2016-13. This guidance introduces a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses. Financial instruments impacted include accounts receivable, trade receivables, other financial assets measured at amortized cost and other off-balance sheet credit exposures. The new guidance is effective for the Company beginning in the first quarter of fiscal 2024, with early adoption permitted. The Company is evaluating the impact of the adoption of ASU 2016-13 on its consolidated financial statements.

Note 2 - Net Income Per Share (

Note 2 - Net Income Per Share (Tables)	9 Months Ended
	Jun. 30, 2023
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 2023 2022 2023 2022 Net income $ 5,218 $ 12,745 $ 29,837 $ 32,370 Weighted average common shares 15,254,341 13,772,269 14,880,666 13,760,950 Dilutive potential common shares - 127,429 48,739 139,069 Weighted average dilutive common shares outstanding 15,254,341 13,899,698 14,929,405 13,900,019 Net income per common share: Basic $ 0.33 $ 0.93 $ 2.01 $ 2.35 Diluted $ 0.33 $ 0.92 $ 2.00 $ 2.33

Note 3 - Cash and Cash Equiva_2

Note 3 - Cash and Cash Equivalents (Tables)	9 Months Ended
	Jun. 30, 2023
Notes Tables
Schedule of Cash and Cash Equivalents [Table Text Block]	(In thousands) June 30, 2023 September 30, 2022 Cash and cash equivalents: Cash including money market accounts $ 6,750 $ 16,635 Money market funds 24,635 15 Total cash and cash equivalents $ 31,385 $ 16,650

Note 4 - Investments (Tables)

Note 4 - Investments (Tables)	9 Months Ended
	Jun. 30, 2023
Notes Tables
Schedule of Available-for-Sale Securities Reconciliation [Table Text Block]	June 30, 2023 (In thousands) Cost Unrealized Gains Unrealized Losses Fair Value Short-Term U.S. Treasury securities $ 121,458 $ - $ 278 $ 121,180 Certificates of deposit 9,750 - 204 9,546 Total investment securities – short-term $ 131,208 $ - $ 482 $ 130,726 Long-Term U.S Treasury securities $ 6,711 $ - $ 610 $ 6,101 Certificates of deposit 495 - 40 455 Total investment securities – long-term $ 7,206 $ - $ 650 $ 6,556 September 30, 2022 (In thousands) Cost Unrealized Gains Unrealized Losses Fair Value Short-Term Certificates of deposit $ 5,945 $ - $ 143 $ 5,802 Total investment securities – short-term $ 5,945 $ - $ 143 $ 5,802 Long-Term U.S Treasury securities 16,178 - 1,085 15,093 Certificates of deposit 8,016 - 362 7,654 Total investment securities – long-term $ 24,194 $ - $ 1,447 $ 22,747
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 $ - $ 150 $ 15,464 $ 738 Certificates of deposit 340 1 9,660 244 Total investment securities $ 340 $ 151 $ 25,124 $ 982 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 $ - $ - $ 15,093 $ 1,085 Certificates of deposit 6,345 176 7,111 329 Total investment securities $ 6,345 $ 176 $ 22,204 $ 1,414

Note 5 - Fair Value Measureme_2

Note 5 - Fair Value Measurements (Tables)	9 Months Ended
	Jun. 30, 2023
Notes Tables
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]	Fair Value Measurements at June 30, 2023 ( In thousands Total Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 24,635 $ 24,635 $ - $ - Total cash equivalents $ 24,635 $ 24,635 $ - $ - Investment securities: Certificates of deposit $ 10,001 $ - $ 10,001 $ - U.S Treasury securities 127,281 - 127,281 - Total investment securities $ 137,282 $ - $ 137,282 $ - Fair Value Measurements at September 30, 2022 (In thousands) Total Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 15 $ 15 $ - $ - Total cash equivalents $ 15 $ 15 $ - $ - Investment securities: Certificates of deposit $ 13,456 $ - $ 13,456 $ - U.S Treasury securities 15,093 - 15,093 - Total investment securities $ 28,549 $ - $ 28,549 $ -

Note 6 - Other Comprehensive _2

Note 6 - Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Jun. 30, 2023
Notes Tables
Comprehensive Income (Loss) [Table Text Block]	(In thousands) Unrealized Gain (Loss) on Available-for-Sale Securities Foreign Currency Translation Gain (Loss) Accumulated Other Comprehensive Gain (Loss) Balances at September 30, 2022 $ (1,224 ) $ (674 ) $ (1,898 ) Other comprehensive income for the three months ended December 31, 2022 141 1,024 1,165 Balances at December 31, 2022 $ (1,083 ) $ 350 $ (733 ) Other comprehensive income for the three months ended March 31, 2023 197 302 499 Balances at March 31, 2023 $ (886 ) $ 652 $ (234 ) Other comprehensive income (loss) for the three months ended June 30, 2023 15 (49 ) (34 ) Balances at June 30, 2023 $ (871 ) $ 603 $ (268 )

Note 7 - Stock-based Compensa_2

Note 7 - Stock-based Compensation (Tables)	9 Months Ended
	Jun. 30, 2023
Notes Tables
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Nine months ended June 30, 2023 Dividend yield 0 % Expected volatility 63.14 % Risk-free interest rate 3.75 % Expected life in years 3.5 Vesting period in years 3
Share-Based Payment Arrangement, Option, Activity [Table Text Block]	Number of options Weighted average exercise price Outstanding as of September 30, 2022 236,509 $ 31.30 Granted 40,266 64.38 Exercised (21,630 ) 26.16 Forfeited or Expired (1,021 ) 18.18 Outstanding as of June 30, 2023 254,124 $ 37.04
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, 2022 98,508 $ 31.51 Granted 41,492 70.50 Vested (25,759 ) 46.25 Forfeited (956 ) 17.12 Unvested as of June 30, 2023 113,285 $ 42.56

Note 8 - Revenue (Tables)

Note 8 - Revenue (Tables)	9 Months Ended
	Jun. 30, 2023
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended June 30, Nine Months Ended June 30, (In thousands) 2023 2022 2023 2022 United States $ 47,098 $ 68,788 $ 181,508 $ 170,010 All other countries 14,186 2,462 37,527 5,844 Total Net Sales $ 61,284 $ 71,250 $ 219,035 $ 175,854 Three Months Ended June 30, Nine Months Ended June 30, 2023 2022 2023 2022 Broadband service providers 97 % 99 % 96 % 99 % Other customers 3 % 1 % 4 % 1 % Total Net Sales 100 % 100 % 100 % 100 %

Note 10 - Inventories (Tables)

Note 10 - Inventories (Tables)	9 Months Ended
	Jun. 30, 2023
Notes Tables
Schedule of Inventory, Current [Table Text Block]	(In thousands) June 30, 2023 September 30, 2022 Raw materials $ 77,386 $ 69,142 Work-in-process 3,501 4,592 Finished goods 29,197 10,803 Inventories, gross 110,084 84,537 Inventory reserve (5,081 ) (2,329 ) Inventories, net $ 105,003 $ 82,208

Note 12 - Segment Reporting (Ta

Note 12 - Segment Reporting (Tables)	9 Months Ended
	Jun. 30, 2023
Notes Tables
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	Three months ended June 30, 2023 Clearfield Nestor Cables Eliminations Consolidated (In thousands Revenue from external customers $ 47,856 $ 13,428 $ - $ 61,284 Revenue from internal customers (Clearfield, Inc.) - 1,869 (1,869 ) - Net investment income 1,685 1 (56 ) 1,630 Interest expense - 252 (56 ) 195 Depreciation and amortization 1,208 371 - 1,579 Stock based compensation 1,041 18 - 1,059 Income taxes 1,659 183 - 1,842 Net income (loss) 5,150 781 (713 ) 5,218 Capital expenditures 1,472 258 - 1,729 Nine months ended June 30, 2023 Clearfield Nestor Cables Eliminations Consolidated (In thousands Revenue from external customers $ 186,662 $ 32,373 $ - $ 219,035 Revenue from internal customers (Clearfield, Inc.) - 4,792 (4,792 ) - Net investment income 3,379 5 (56 ) 3,328 Interest expense 170 437 (56 ) 551 Depreciation and amortization 3,316 1,096 - 4,411 Stock based compensation 2,486 18 - 2,504 Income taxes 8,305 206 - 8,511 Net income (loss) 30,263 873 (1,299 ) 29,837 Capital expenditures 5,961 570 - 6,531
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	June 30, 2023 Clearfield Nestor Cables Eliminations Consolidated (In thousands Goodwill $ 4,709 $ 1,872 $ - $ 6,581 Total assets $ 336,935 $ 49,598 $ (25,332 ) $ 361,201 September 30, 2022 Clearfield Nestor Cables Eliminations Consolidated (In thousands Goodwill $ 4,709 $ 1,693 $ - $ 6,402 Total assets $ 214,785 $ 31,023 $ (16,680 ) $ 229,128

Note 15 - Leases (Tables)

Note 15 - Leases (Tables)	9 Months Ended
	Jun. 30, 2023
Notes Tables
Lessee, Operating Lease Expense [Table Text Block]	Operating lease expense within: (in thousands) Three Months Ended June 30, Nine Months Ended June 30, 2023 2022 2023 2022 Cost of sales $ 1,029 $ 797 $ 2,991 $ 1,521 Selling, general and administrative 63 54 182 166 Total lease expense $ 1,092 $ 851 $ 3,173 $ 1,687
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]	FY2023(Remaining) $ 1,302 FY2024 4,217 FY2025 3,433 FY2026 3,253 FY2027 1,583 Thereafter 3,097 Total lease payments 16,885 Less: Interest (1,591 ) Present value of lease liabilities $ 15,294

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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net income	$ 5,218	$ 12,745	$ 29,837	$ 32,370
Weighted average common shares (in shares)	15,254,341	13,772,269	14,880,666	13,760,950
Dilutive potential common shares (in shares)	0	127,429	48,739	139,069
Weighted average dilutive common shares outstanding (in shares)	15,254,341	13,899,698	14,929,405	13,900,019
Basic (in dollars per share)	$ 0.33	$ 0.93	$ 2.01	$ 2.35
Diluted (in dollars per share)	$ 0.33	$ 0.92	$ 2	$ 2.33

Note 3. Cash and Cash Equivalen

Note 3. Cash and Cash Equivalents - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Sep. 30, 2022
Cash including money market accounts	$ 6,750	$ 16,635
Money market funds	24,635	15
Total cash and cash equivalents	$ 31,385	$ 16,650

Note 4 - Investments (Details T

Note 4 - Investments (Details Textual) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions	50
Debt Securities, Available for Sale, Other than Temporary Impairment	$ 0

Note 4 - Investments - Availabl

Note 4 - Investments - Available-for-sale Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Sep. 30, 2022	Sep. 09, 2022
Fair value	$ 137,282	$ 28,549
Short-term Certificates of Deposit [Member]
Amortixed cost	9,750	5,945
Unrealized gains	0	0
Unrealized losses	204	143
Fair value	9,546		$ 5,802
Short-term US Treasury Securities [Member]
Amortixed cost	121,458
Unrealized gains	0
Unrealized losses	278
Fair value	121,180
Short-term Investment [Member]
Amortixed cost	131,208	5,945
Unrealized gains	0	0
Unrealized losses	482	143
Fair value	130,726		5,802
US Treasury Securities [Member]
Amortixed cost		16,178
Unrealized gains		0
Unrealized losses		1,085
Fair value			15,093
Long-term Certificates of Deposit [Member]
Amortixed cost	495	8,016
Unrealized gains	0	0
Unrealized losses	40	362
Fair value	455		7,654
Long-term Investment [Member]
Amortixed cost	7,206	24,194
Unrealized gains	0	0
Unrealized losses	650	$ 1,447
Fair value	6,556		$ 22,747
Long-term US Treasury Securities [Member]
Amortixed cost	6,711
Unrealized gains	0
Unrealized losses	610
Fair value	$ 6,101

Note 4 - Investments - Securiti

Note 4 - Investments - Securities in a Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Sep. 30, 2022
Fair value unrealized loss, less than 12 months	$ 340	$ 6,345
Gross unrealized loss, less than 12 months	151	176
Fair value unrealized loss, greater than 12 months	25,124	22,204
Gross unrealized loss, greater than 12 months	982	1,414
US Treasury Securities [Member]
Fair value unrealized loss, less than 12 months	0	0
Gross unrealized loss, less than 12 months	150	0
Fair value unrealized loss, greater than 12 months	15,464	15,093
Gross unrealized loss, greater than 12 months	738	1,085
Certificates of Deposit [Member]
Fair value unrealized loss, less than 12 months	340	6,345
Gross unrealized loss, less than 12 months	1	176
Fair value unrealized loss, greater than 12 months	9,660	7,111
Gross unrealized loss, greater than 12 months	$ 244	$ 329

Note 5 - Fair Value Measureme_3

Note 5 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	Jun. 30, 2023	Sep. 30, 2022
Investment securities:	$ 137,282	$ 28,549
Fair Value, Inputs, Level 3 [Member]
Investment securities:	$ 0	$ 0

Note 5 - Fair Value Measureme_4

Note 5 - Fair Value Measurements - Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Sep. 30, 2022
cash equivalents	$ 24,635	$ 15
Investment securities:	137,282	28,549
Fair Value, Inputs, Level 1 [Member]
cash equivalents	24,635	15
Investment securities:	0	0
Fair Value, Inputs, Level 2 [Member]
cash equivalents	0	0
Investment securities:	137,282	28,549
Fair Value, Inputs, Level 3 [Member]
cash equivalents	0	0
Investment securities:	0	0
Money Market Funds [Member]
cash equivalents	24,635	15
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member]
cash equivalents	24,635	15
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member]
cash equivalents	0	0
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member]
cash equivalents	0	0
Certificates of Deposit [Member]
Investment securities:	10,001	13,456
Certificates of Deposit [Member] | Fair Value, Inputs, Level 1 [Member]
Investment securities:	0	0
Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member]
Investment securities:	10,001	13,456
Certificates of Deposit [Member] | Fair Value, Inputs, Level 3 [Member]
Investment securities:	0	0
US Treasury Securities [Member]
Investment securities:	127,281	15,093
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Investment securities:	0	0
US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Investment securities:	127,281	15,093
US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Investment securities:	$ 0	$ 0

Note 6 - Other Comprehensive _3

Note 6 - Other Comprehensive Income (Loss) - Changes in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Balance	$ 305,399		$ 147,582	$ 123,429	$ 147,582	$ 103,825
Other comprehensive income	(34)			(235)	1,630	(960)
Balance	311,934	$ 305,399		136,774	311,934	136,774
Balance	311,934	305,399		136,774	311,934	136,774
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member]
Balance	(886)	(1,083)	(1,224)		(1,224)
Other comprehensive income	15	197	141
Balance	(871)	(886)	(1,083)		(871)
Balance	(871)	(886)	(1,083)		(871)
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Balance	652	350	(674)		(674)
Other comprehensive income	(49)	302	1,024
Balance	603	652	350		603
Balance	603	652	350		603
AOCI Attributable to Parent [Member]
Balance	(234)	(733)	(1,898)	(725)	(1,898)	0
Other comprehensive income	(34)	499	1,165
Balance	(268)	(234)	(733)	(960)	(268)	(960)
Balance	$ (268)	$ (234)	$ (733)	$ (960)	$ (268)	$ (960)

Note 7 - Stock-based Compensa_3

Note 7 - Stock-based Compensation (Details Textual) - USD ($)	3 Months Ended		6 Months Ended			9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Feb. 23, 2023
Share-Based Payment Arrangement, Expense	$ 1,059,000	$ 638,000				$ 2,504,000	$ 1,647,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	5,385,000		$ 5,385,000			$ 5,385,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition						2 years 10 months 24 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross						40,266	62,730
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year)						5 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)						3 years
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share)						$ 64.38	$ 66.48
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year)						2 years 6 months 10 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value	2,193,000		$ 2,193,000			$ 2,193,000
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)						41,492
Bonus Stock Award [Member] | Share-Based Payment Arrangement, Employee [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)						9,144
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)						$ 104.36
Selling, General and Administrative Expenses [Member]
Share-Based Payment Arrangement, Expense	1,016,000	606,000				$ 2,377,000	$ 1,552,000
Cost of Sales [Member]
Share-Based Payment Arrangement, Expense	$ 43,000	$ 32,000				$ 126,000	$ 95,000
The 2022 Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)								1,461,461
The 2022 Plan [Member] | Restricted Stock [Member] | Share-Based Payment Arrangement, Employee [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)						3 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)						34,674	23,318
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)						$ 72.26	$ 66.48
The 2022 Plan [Member] | Restricted Stock [Member] | Share-Based Payment Arrangement, Nonemployee [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)						3 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)						6,818	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)						$ 61.56	$ 64.11
The 2022 Plan [Member] | Restricted Stock [Member] | Share-Based Payment Arrangement, Nonemployee [Member] | Director [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)					318		2,758
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
The 2022 Plan [Member] | Restricted Stock [Member] | Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)						1 year
The 2022 Plan [Member] | Restricted Stock [Member] | Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)						10 years
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			7,754	5,585
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price			$ 40.25	$ 53.52
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant	168,251		168,251			168,251

Note 7 - Stock-based Compensa_4

Note 7 - Stock-based Compensation - Valuation Assumptions (Details)	9 Months Ended
	Jun. 30, 2023
Dividend yield	0%
Expected volatility	63.14%
Risk-free interest rate	3.75%
Expected life in years (Year)	3 years 6 months
Vesting period in years (Year)	3 years

Note 7 - Stock-based Compensa_5

Note 7 - Stock-based Compensation - Option Transaction Summary (Details) - $ / shares	9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Options, outstanding (in shares)	236,509
Weighted-average exercise price, outstanding (in dollars per share)	$ 31.30
Granted (in shares)	40,266	62,730
Granted (in dollars per share)	$ 64.38	$ 66.48
Exercised (in shares)	(21,630)
Exercised (in dollars per share)	$ 26.16
Forfeited or Expired (in shares)	(1,021)
Forfeited or Expired (in dollars per share)	$ 18.18
Options, outstanding (in shares)	254,124
Weighted-average exercise price, outstanding (in dollars per share)	$ 37.04

Note 7 - Stock-based Compensa_6

Note 7 - Stock-based Compensation - Restricted Stock Transactions (Details)	9 Months Ended
	Jun. 30, 2023 $ / shares shares
Forfeited (in dollars per share)	$ 18.18
Weighted-average exercise price, outstanding (in dollars per share)	$ 37.04
Restricted Stock [Member]
Unvested shares as of September 30, 2022 (in shares) | shares	98,508
Unvested shares as of September 30, 2022 (in dollars per share)	$ 31.51
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares	41,492
Granted (in dollars per share)	$ 70.50
Vested (in shares) | shares	(25,759)
Vested (in dollars per share)	$ 46.25
Forfeited (in shares) | shares	(956)
Forfeited (in dollars per share)	$ 17.12
Unvested as of June 30, 2023 (in shares) | shares	113,285
Weighted-average exercise price, outstanding (in dollars per share)	$ 42.56

Note 8 - Revenue (Details Textu

Note 8 - Revenue (Details Textual) - USD ($)	Jun. 30, 2023	Sep. 30, 2022
Accounts Receivable, Allowance for Credit Loss, Current	$ 79,000	$ 79,000

Note 8 - Revenue - Disaggregati

Note 8 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Total Net Sales	$ 61,284	$ 71,250	$ 219,035	$ 175,854
Total Net Sales	100%	100%	100%	100%
Broadband Service Providers [Member]
Total Net Sales	97%	99%	96%	99%
Legacy Customers [Member]
Total Net Sales	3%	1%	4%	1%
UNITED STATES
Total Net Sales	$ 47,098	$ 68,788	$ 181,508	$ 170,010
Non-US [Member]
Total Net Sales	$ 14,186	$ 2,462	$ 37,527	$ 5,844

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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2022
Revenue Benchmark [Member] | Customer A [Member]
Concentration Risk, Percentage	17%	18%	16%	15%
Revenue Benchmark [Member] | Customer B [Member]
Concentration Risk, Percentage		11%
Accounts Receivable [Member] | Customer D [Member]
Concentration Risk, Percentage					20%

Note 10 - Inventories - Compone

Note 10 - Inventories - Components of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Sep. 30, 2022
Raw materials	$ 77,386	$ 69,142
Work-in-process	3,501	4,592
Finished goods	29,197	10,803
Inventories, gross	110,084	84,537
Inventory reserve	(5,081)	(2,329)
Inventories, net	$ 105,003	$ 82,208

Note 11 - Goodwill and Intang_2

Note 11 - Goodwill and Intangibles (Details Textual) $ in Thousands	12 Months Ended
	Sep. 30, 2022 USD ($)	Jun. 30, 2023	Dec. 31, 2022
Goodwill, Impairment Loss	$ 0
Number of Patents Granted		47
Impairment of Intangible Assets (Excluding Goodwill), Total	$ 0
Patents [Member]
Finite-Lived Intangible Asset, Useful Life			20 years

Note 12 - Segment Reporting (De

Note 12 - Segment Reporting (Details Textual)	3 Months Ended	9 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Number of Reportable Segments	2	2

Note 12 - Segment Reporting - R

Note 12 - Segment Reporting - Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue from external customers	$ 61,284,000	$ 71,250,000	$ 219,035,000	$ 175,854,000
Revenue from internal customers (Clearfield, Inc.)	0		0
Net investment income	1,630,000		3,328,000
Interest expense	195,000		551,000
Depreciation and amortization	1,579,000		4,411,000	2,205,000
Stock based compensation	1,059,000	638,000	2,504,000	1,647,000
Income taxes	1,842,000	3,884,000	8,511,000	9,480,000
Net income (loss)	5,218,000	$ 12,745,000	29,837,000	$ 32,370,000
Capital expenditures	1,729,000		6,531,000
Intersegment Eliminations [Member]
Revenue from external customers	0		0
Revenue from internal customers (Clearfield, Inc.)	(1,869,000)		(4,792,000)
Net investment income	(56,000)		(56,000)
Interest expense	(56,000)		(56,000)
Depreciation and amortization	0		0
Stock based compensation	0		0
Income taxes	0		0
Net income (loss)	(713,000)		(1,299,000)
Capital expenditures	0		0
Clearfield [Member] | Operating Segments [Member]
Revenue from external customers	47,856,000		186,662,000
Revenue from internal customers (Clearfield, Inc.)	0		0
Net investment income	1,685,000		3,379,000
Interest expense	0		170,000
Depreciation and amortization	1,208,000		3,316,000
Stock based compensation	1,041,000		2,486,000
Income taxes	1,659,000		8,305,000
Net income (loss)	5,150,000		30,263,000
Capital expenditures	1,472,000		5,961,000
Nestor Cables [Member] | Operating Segments [Member]
Revenue from external customers	13,428,000		32,373,000
Revenue from internal customers (Clearfield, Inc.)	1,869,000		4,792,000
Net investment income	1,000		5,000
Interest expense	252,000		437,000
Depreciation and amortization	371,000		1,096,000
Stock based compensation	18,000		18,000
Income taxes	183,000		206,000
Net income (loss)	781,000		873,000
Capital expenditures	$ 258,000		$ 570,000

Note 12 - Segment Reporting -_2

Note 12 - Segment Reporting - Reconciliation of Assets from Segments to Consolidated (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022
Goodwill		$ 6,581	$ 6,402
Total assets	$ 361,201	361,201	229,128
Operating Segments [Member] | Clearfield [Member]
Goodwill		4,709	4,709
Total assets		336,935	214,785
Operating Segments [Member] | Nestor Cables [Member]
Goodwill		1,872	1,693
Total assets		49,598	31,023
Intersegment Eliminations [Member]
Goodwill		0	0
Total assets		$ (25,332)	$ (16,680)

Note 13 - Financing Receivabl_2

Note 13 - Financing Receivables (Details Textual) € in Millions	3 Months Ended	9 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2023 EUR (€)	Sep. 30, 2022 USD ($)
Factoring Liabilities	$ 8,722,000	$ 8,722,000		$ 4,391,000
Financing Receivables, Percentage of Cash Initially Received	80%	80%	80%
Financing Receivable, Percentage of Balance Received When Invoice is Paid	20%	20%	20%
Financing Receivable, Limit	$ 13,600,000	$ 13,600,000	€ 12.5
Financing Receivable, Average Interest Rate During Period	4.29%	349%
Minimum [Member]
Agreement Termination Period (Month)	0 months
Maximum [Member]
Agreement Termination Period (Month)	1 month
Euribor [Member] | Minimum [Member]
Financing Receivable, Interest Rate, Basis Spread on Variable Rate		0.75%
Euribor [Member] | Maximum [Member]
Financing Receivable, Interest Rate, Basis Spread on Variable Rate		1.30%

Note 14 - Income Taxes (Details

Note 14 - Income Taxes (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Expense (Benefit)	$ 1,842,000	$ 3,884,000	$ 8,511,000	$ 9,480,000
Effective Income Tax Rate Reconciliation, Percent, Total	26.10%	23.40%	22.20%	22.70%
Unrecognized Tax Benefits, Ending Balance	$ 0		$ 0

Note 15 - Leases (Details Textu

Note 15 - Leases (Details Textual)		3 Months Ended		9 Months Ended
	Jul. 31, 2021 USD ($) ft²	Jun. 30, 2023 USD ($) ft²	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) ft²	Jun. 30, 2022 USD ($)	Nov. 19, 2021 ft²	Jan. 01, 2015
Operating Lease, Weighted Average Remaining Lease Term		5 years 1 month 6 days	4 years 5 months 19 days	5 years 1 month 6 days	4 years 5 months 19 days
Operating Lease, Weighted Average Discount Rate, Percent		3.58%	3.05%	3.58%	3.05%
Operating Lease, Payments | $		$ 1,012,000	$ 617,000	$ 2,910,000	$ 1,167,000
Tabasalu, Estonia [Member]
Area of Real Estate Property		49,000		49,000
7050 Winnetka Avenue North, Brooklyn Park, Minnesota [Member]
Area of Real Estate Property		85,000		85,000
Lessee, Operating Lease, Term of Contract (Year)							10 years 2 months 1 day
Tijuana, Mexico 3 [Member]
Area of Real Estate Property	318,000
Lessee, Operating Lease, Number of Options to Renew	2
Operating Lease, Monthly Payment | $	$ 162,000
Operating Lease, Payments, Annual Increase, Percentage	2%
Brooklyn Part, MN [Member]
Area of Real Estate Property						105,000
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract (Year)						5 years
Lessee, Operating Lease, Lease Not yet Commenced, Renewal Term (Year)						5 years
Oulu, Finland [Member]
Area of Real Estate Property		25,000		25,000
Operating Lease, Monthly Payment | $				$ 40,000

Note 15 - Leases - Operating Le

Note 15 - Leases - Operating Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Total lease expense	$ 1,092	$ 851	$ 3,173	$ 1,687
Cost of Sales [Member]
Total lease expense	1,029	797	2,991	1,521
Selling, General and Administrative Expenses [Member]
Total lease expense	$ 63	$ 54	$ 182	$ 166

Note 15 - Leases - Maturities o

Note 15 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands	Jun. 30, 2023 USD ($)
FY2023(Remaining)	$ 1,302
FY2024	4,217
FY2025	3,433
FY2026	3,253
FY2027	1,583
Thereafter	3,097
Total lease payments	16,885
Less: Interest	(1,591)
Present value of lease liabilities	$ 15,294

Note 16 - Debt (Details Textual

Note 16 - Debt (Details Textual) - USD ($)		1 Months Ended	9 Months Ended
	Apr. 27, 2022	Mar. 31, 2021	Jun. 30, 2023	Sep. 30, 2022
Senior Loans [Member]
Debt Instrument, Face Amount		$ 2,000,000
Debt Instrument, Term (Year)		3 years
Debt Instrument, Covenant, Interest Payment Cap		5%
Debt Instrument, Covenant, Interest Penalty		2%
Revolving Credit Facility [Member] | Loan and Security Agreement With Bremer Bank, National Association [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 40,000,000
Debt Instrument, Minimum Interest Rate Required	1.80%
Long-Term Line of Credit			$ 0	$ 16,700,000
Debt Instrument, Interest Rate During Period			7.01%
Debt Instrument, Covenant, Minimum Debt Service Coverage Ratio	1.20
Debt Instrument, Covenant, Maximum Debt to Cash Flow Ratio	2
Revolving Credit Facility [Member] | Loan and Security Agreement With Bremer Bank, National Association [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	1.85%