Clearfield (NASDAQ:CLFD) held its 2026 annual meeting of shareholders in an online format, with President and CEO Cheri Beranek and Chief Financial Officer Dan Herzog leading the proceedings and answering submitted questions. The company said proxies representing more than a majority of the outstanding common shares were received, establishing a quorum.
Shareholder votes and meeting outcomes
Shareholders voted on three proposals: the election of directors, an advisory vote on executive compensation, and the ratification of the company’s independent auditor. Beranek said the board recommended votes in favor of all three proposals.
- Director elections: Shareholders elected eight directors to serve until the next annual meeting (or until successors are elected). The nominees listed at the meeting were Cheri Beranek, Walter Jones, Jr., Kate Kelly, Ronald G. Roth, Ademir Sarcevic, Rebecca Seidel, Kathleen Skarvan, and Carol Wirsbinski.
- Say-on-pay: Shareholders approved, on an advisory basis, the compensation paid to the company’s named executive officers.
- Auditor ratification: Shareholders ratified the appointment of Deloitte & Touche LLP as Clearfield’s independent registered public accounting firm.
Question on virtual meeting format
During the formal portion of the meeting, one shareholder question addressed whether investors found the online format unsatisfactory or would prefer not to use it. Beranek responded that Clearfield remains open to shareholder and investor outreach and has historically made itself available for in-person engagement, including visits to its facility in Brooklyn Park. She added that virtual annual meetings are common among public companies and peers in the industry, and said the company expects to continue using this format going forward.
Management commentary on fiscal 2025
After the voting items were addressed, Herzog provided what he described as a short summary of fiscal 2025, calling it a “transformational year” characterized by “strategic focus, leadership, investment, and a return to focus” on Clearfield’s core segment for growth and profitability.
Herzog said the company made a decision to divest a business, describing the move as a way to sharpen strategic focus, remove an underperforming asset, and improve the company’s long-term margin profile for its manufacturing platforms. He also said the company invested in sales and marketing leadership during fiscal 2025, and noted that Clearfield’s “healthy balance sheet” supports its ability to execute strategic initiatives intended to strengthen its market position and support profitable growth.
Fiscal 2026 outlook themes and product focus
Beranek said the company is moving into fiscal 2026 focused on core markets while expanding into adjacent opportunities intended to enhance long-term shareholder value. She discussed demand for fiber connectivity “at the edge,” citing high bandwidth and low-latency requirements associated with emerging technologies and shifting network architectures. Beranek also referenced constraints from limited skilled labor, emphasizing solutions designed to reduce labor and operational complexity.
Beranek pointed to the company’s recently announced NOVA product line as an example of its approach, describing it as “high-density” with work performed at the front of the rack. She also characterized Clearfield’s solutions as modular and “craft-friendly,” designed to minimize deployment complexity. She said investors should expect Clearfield to continue expanding its footprint in broadband and to introduce additional high-density modular offerings aimed at supporting AI-driven architectures and growing fiber demands.
Q&A: data center positioning and revenue expectations
In response to a question about evidence of demand from data center customers, Beranek said NOVA was newly introduced and that product lines typically go through proof and testing cycles. She said the company did not anticipate data center business being part of its fiscal 2026 build when NOVA was announced, but viewed the product line as positioning Clearfield further in that area. Beranek added that Clearfield is not aiming to compete directly with larger competitors inside hyperscale data centers; instead, she said Clearfield expects NOVA to fit “at the edge of the network” as consumers increasingly use AI-related applications. She also said Clearfield’s relationships with community broadband providers position the company to participate in that part of the market.
Beranek also addressed a question about whether the company can “materially” advance in its market, discussing Clearfield’s history serving incumbent local exchange carriers and community broadband carriers. She said Clearfield had opportunities during the COVID period to “prove” itself and suggested the company may have further chances as larger regional operators become part of Tier 1 providers, though she noted that such opportunities may not occur in fiscal 2026.
On expected performance, Beranek said the company’s current forecast for fiscal 2026 revenue is about $160 million to $170 million, and referenced a figure of about $170 million for the year. She said the company is committed to that outlook and believes it could support raising guidance for fiscal 2028, 2029, and beyond.
Beranek thanked shareholders for their continued support and said the company looks forward to providing quarterly updates on its progress.
About Clearfield (NASDAQ:CLFD)
Clearfield, Inc (NASDAQ: CLFD) is a Minneapolis-based company specializing in fiber management products for broadband network deployments. The company’s core offerings include fiber distribution hubs, enclosures, splice trays, patching panels and connectivity accessories designed to simplify installation and maintenance of fiber-optic networks. Clearfield’s modular FieldSmart™ platform provides a scalable approach for service providers, utilities and enterprise organizations looking to expand or upgrade their fiber infrastructure.
Clearfield serves a diverse customer base that includes cable and internet service providers, telecommunications operators, wireless carriers, utilities and municipalities.
