克利尔菲尔德通讯：2024年度报告

☒Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934For the fiscal year ended September 30, 2025 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.☐Yes☒No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act.☐Yes☒No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such ☒Yes Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that ☒Yes☐No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller Large accelerated filer☐Non-accelerated filer☐ Accelerated filer☒Smaller Reporting Company☐Emerging Growth Company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of theeffectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D- Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). ☐Yes☒No The aggregate market value of the voting and non-voting equity held by non-affiliates of the registrant as of March 31,2025, the last business day of the registrant’s most recently completed second fiscal quarter, was approximately $347,399,785 As of November 14, 2025, there were 13,839,096shares of the issuer’s common stock outstanding. Documents Incorporated by Reference: Portions of our proxy statement for the 2026 Annual Meeting of Shareholders, to be filed within 120 days after the end ofthe fiscal year covered by this report, are incorporated by reference into Part III. CLEARFIELD, INC. ANNUAL REPORT ON FORM 10-K PART I.ITEM 1.BUSINESSITEM 1A. RISK FACTORSITEM 1B. UNRESOLVED STAFF COMMENTSITEM 1C. CYBERSECURITYITEM 2.PROPERTIESITEM 3.LEGAL PROCEEDINGS PART I Cautionary Note Regarding Forward-Looking Statements Clearfield, Inc., together with its subsidiaries, is referred to in this report as “we,” “us,” “our,” and the “Company.” We makestatements from time to time regarding our business and prospects, such as projections of future performance, statements ofmanagement’s plans and objectives, forecasts of market trends, and other matters that are forward-looking statements within themeaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the SecuritiesExchange Act of 1934, as amended (the “Exchange Act”). Statements containing the words or phrases “will likely result,” “areexpected to,” “will continue,” “is anticipated,” “estimates,” “projects,” “believes,” “expects,” “anticipates,” “intends,” “target,” Our future results, including results expressed in or implied by forward-looking statements, involve a number of risks anduncertainties. Forward-looking statements are not guarantees of future actions, outcomes, results, or performance. Any forward-looking statement made by us or on our behalf speaks only as of the date on which such statement is made. We do not undertake In addition to the factors identified or described by us from time to time in filings with the SEC, there are many important factorsthat could cause our future results to differ materially from historical results or trends, results anticipated or planned by us, or theresults expressed in or implied by any forward-looking statements. These important factors are described below under Part I, Item ITEM 1. Company Overview We design, manufacture, and distribute fiber protection, fiber management, and fiber delivery solutions to enable rapid and cost-effective fiber-fed deployment throug