Core Insights - Clearfield, Inc. reported a strong financial performance for fiscal year 2025, with net sales from continuing operations increasing by 20% to $150.1 million and gross profit margin improving significantly from 20.6% to 33.7% [3][10][11] - The company achieved a net income from continuing operations of $6.3 million, translating to earnings per share of $0.45, a substantial recovery from a net loss per share of $(0.58) in fiscal 2024 [4][12] - Clearfield anticipates continued growth in fiscal 2026, projecting revenue from continuing operations between $160 million and $170 million, and earnings per share in the range of $0.48 to $0.62 [3][13] Financial Performance - In Q4 2025, net sales from continuing operations reached $41.1 million, a 13% increase from $36.2 million in Q4 2024 [2][7] - Gross profit for Q4 2025 was $14.2 million, with a gross margin of 34.6%, up from 26.6% in the same quarter last year [2][8] - Operating expenses for Q4 2025 were $13.3 million, representing 32.3% of sales, a decrease from 33.4% in Q4 2024 [9][12] Strategic Developments - The company divested its European Nestor Cables business to focus on higher-return opportunities in North America, which aligns with its "Better Broadband and Beyond" strategy [5][6] - Clearfield's order backlog as of September 30, 2025, was $24.7 million, reflecting a decrease of 20% from the previous quarter but a 9% increase year-over-year [7] - The Board of Directors increased the share repurchase program authorization from $65 million to $85 million, indicating confidence in the company's market position [3][5] Outlook - For Q1 fiscal 2026, Clearfield expects net sales from continuing operations to be between $30 million and $33 million, with operating expenses remaining consistent with Q4 2025 [14] - The company does not foresee significant impacts from the results of discontinued operations on net income per share for the upcoming quarter [14] - Clearfield's management remains committed to disciplined growth and operational efficiency, despite potential pressures from external factors such as government funding delays [13][14]

Core Insights - Uniti Group Inc. announced that its CFO Paul Bullington and SVP Bill DiTullio will present at the BofA Securities 2025 Leveraged Finance Conference on December 2, 2025 [1] - The presentation will be accessible via a live webcast on Uniti's Investor Relations website, with a replay available for a limited time [2] Company Overview - Uniti is a leading fiber provider in the United States, focused on delivering mission-critical connectivity [3] - The company serves over a million consumers and businesses, offering a wide range of fast and reliable communication services through various brands, including Uniti Wholesale, Kinetic, Uniti Fiber, and Uniti Solutions [3]

Market Overview - The stock market experienced volatility, with the Dow Jones Industrial Average reaching an all-time high before a pullback occurred [1] - The S&P 500 increased by 0.3% for the week, while the Nasdaq fell nearly 0.5%, marking its second consecutive week of losses [1] - The Dow saw weekly gains of 0.3%, closing above 48,000 for the first time on Wednesday before ending lower on Friday [1] Sector Performance - Wall Street shifted investments from Big Tech to defensive sectors like health care and financials [1] - The financial sector benefited from investors seeking safety amid high valuations in AI-related trades [1] Notable Company Performances - Wells Fargo and Goldman Sachs reached all-time highs during the week [1] - DuPont's stock rose after its split from Qnity Electronics, although it lost some momentum later in the week [1] - Eli Lilly's shares hit a record high, closing above $1,000 for the first time, with a market cap of over $969 billion [1] - The stock's gains are attributed to a recent GLP-1 deal with the Trump administration, expected to lower prices for certain weight-loss treatments [1] Investment Recommendations - Jim Cramer identified Nike, Boeing, and Linde as buying opportunities, emphasizing their potential outside the data center boom [1] - Linde received a buy rating upgrade from UBS, forecasting earnings growth in 2026 [1] - Nike's turnaround strategy under CEO Elliott Hill is viewed positively, while Boeing's cash flow is expected to improve [1] Trade Activities - The Club executed six trades, including trimming Cisco Systems and purchasing more Corning and Meta Platforms [1] - Cisco reported a strong quarter with double-digit order growth, leading to a price target increase to $85 from $78 [2] - Disney's earnings report was disappointing, with revenue missing estimates, prompting a downgrade of the stock [2]

Core Viewpoint - Clearfield, Inc. has divested its Nestor Cables business through a management buyout, allowing the company to sharpen its focus on its core operations and pursue higher-return opportunities [1][3]. Company Overview - Clearfield, Inc. is a leader in Community Broadband fiber connectivity, designing, manufacturing, and distributing fiber optic management, protection, and delivery products for various communication networks [5]. - The company is headquartered in Minneapolis, MN, and deploys over a million fiber ports annually [5]. Nestor Cables Business - Nestor Cables specializes in designing and manufacturing fiber optic cables and connectivity accessories, serving the European market with complete solutions for fiber optic networks [2]. - The business employs approximately 100 individuals in Finland and Estonia and will continue to supply certain products to Clearfield [2]. Transaction Details - The sale of Nestor Cables is expected to result in a one-time charge in Clearfield's fiscal fourth quarter of 2025, but it will have minimal cash impact [3]. - The transaction is anticipated to be accretive to Clearfield's operating margin and profitability moving forward [3]. Management Commentary - Clearfield's President and CEO, Cheri Beranek, emphasized that the divestiture allows the company to streamline its manufacturing process and reduce costs, aligning with the Build America, Buy America (BABA) requirements [3]. Advisory Role - Oaklins Finland Ltd acted as the financial advisor to Clearfield during this transaction [4].

Core Viewpoint - Uniti Group Inc. is scheduled to present at the Wells Fargo 9th Annual TMT Summit, highlighting its commitment to mission-critical connectivity in the digital economy [1]. Company Overview - Uniti Group Inc. (NASDAQ: UNIT) is a leading fiber provider in the United States, focusing on delivering fast and reliable communications services to over a million consumers and businesses [3]. - The company operates through various brands, including Uniti Wholesale, Kinetic, Uniti Fiber, and Uniti Solutions, showcasing a broad portfolio of services [3]. Event Details - The presentation will take place on November 18, 2025, at 9:30 AM PST / 12:30 PM EST in Rancho Palos Verdes, CA [1]. - A live webcast of the event will be available on Uniti's Investor Relations website, with a replay option for a limited time after the presentation [2].

Core Insights - Uniti has been recognized by the Military Friendly® program for its commitment to recruiting, employing, and retaining military veterans [1][2] - The company ranked second on the Military Friendly® Employer list and first on the Military Spouse Friendly list for companies with annual revenue between $1 billion and $5 billion [2] - Over 2,900 organizations compete annually for the Military Friendly® designation, which evaluates institutions based on public data and proprietary survey responses [3] Methodology and Evaluation - The Military Friendly® Employers designation is determined by VIQTORY with input from the Military Friendly® Advisory Council, focusing on recruitment, retention, turnover, and advancement of veterans [4] - Final ratings combine an organization's survey score with its ability to meet specific thresholds in various categories [4] Company Overview - Uniti is a premier insurgent fiber provider in the U.S., offering fast and reliable communications services to over a million consumers and businesses [6] - The company operates under several brands, including Uniti Wholesale, Kinetic, Uniti Fiber, and Uniti Solutions [6] - Uniti will be featured in the 2026 Military Friendly® Employers Guide in the Winter issue of G.I. Jobs® magazine and on MilitaryFriendly.com [5]

Financial Data and Key Metrics Changes - Uniti reported a consolidated pro forma revenue decline of approximately 6% year over year, primarily due to the continued decline in legacy TDM services and Uniti Solutions [20] - Fiber infrastructure revenue grew 3% year over year, while Kinetic fiber-based revenue, including consumer, business, and wholesale services, grew 17% year over year [20][21] - The company expects consolidated revenue and adjusted EBITDA of $2.2 billion and $1.1 billion, respectively, at the midpoint of their 2025 outlook [25] Business Line Data and Key Metrics Changes - Kinetic expanded its fiber network to pass an additional 56,000 homes, ending the quarter with 1.8 million homes passed, and added 24,000 net new fiber subscribers, marking a 17% year-over-year growth [16] - Kinetic consumer fiber revenue grew 26% year over year, driven by strong adoption of the fiber-to-the-home product [16] - Fiber penetration at Kinetic reached almost 29%, up 50 basis points sequentially and 130 basis points year over year [18] Market Data and Key Metrics Changes - The company reported strong fiber revenue growth of 13%, with the highest number of fiber gross adds ever and the highest net adds in two years at Kinetic [9] - The hyperscaler funnel grew approximately 13% since the second quarter, with hyperscaler activity now representing around 30% of the total monthly recurring revenue (MRR) funnel [13] - The total addressable market for AI and hyperscalers for fiber providers is now estimated to be approximately 50% higher than originally estimated at the beginning of the year [14] Company Strategy and Development Direction - Uniti's strategy focuses on building fiber into unique locations, providing operational excellence, and maintaining a customer-centric approach, which has led to industry-leading churn and net promoter scores [6] - The company aims to transition from legacy services to fiber revenue, expecting fiber to overtake legacy services as the majority of revenue by 2026 [22] - Uniti is also focused on cross-selling Unity Solutions products into its enterprise base and capturing a larger share of the wavelength market [28][55] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory of the fiber business, emphasizing the importance of transitioning out of legacy networks and services [70] - The company anticipates that the next few quarters will bring the largest deals seen to date, with clear visibility into at least three years of strong value-accretive deal flow [14] - Management acknowledged the challenges posed by legacy services but emphasized the strong cash flow generated from the core fiber business [73] Other Important Information - The company has improved its cost of capital significantly over the past two years, with debt yielding around 8% on a blended basis [26] - Uniti is working to establish a separate ABS program with fiber assets at Kinetic, which is expected to play a growing role in its capital structure [27] - The integration of Uniti and Windstream is progressing smoothly, with no significant disruptions reported [28] Q&A Session Summary Question: What is the outlook for the hyperscale opportunity and deal mechanics? - Management noted that the total addressable market for fiber is booming, with demand outpacing supply, and they expect to see larger deals in the coming quarters [32][36] Question: What is the plan for Kinetic's ABS and funding for fiber builds? - Management indicated that they expect to raise additional capital for Kinetic's fiber build plan and that ABS will play a role in financing due to its cost advantages [43][46] Question: How does the company plan to take more share in the wavelength market? - Management highlighted the importance of unique routes and reliability over price competition, and they believe they can capture more share in less trafficked markets [50][55] Question: What is the strategy to reduce churn in Kinetic's fiber business? - Management outlined a multi-faceted approach to reduce churn, including targeted pricing strategies, improved customer service, and fixing broken customer experiences [87][95]

Financial Highlights - Total Fiber Year-over-Year Revenue Growth of 13%[6] - Kinetic Consumer Fiber Gross Adds of 36K Were Highest Ever[6] - Kinetic Consumer Fiber Net Adds of 24K Were Highest in 2 Years[6] - Fiber Infrastructure New Bookings MRR of $1.6 Million Were Highest in Over 2 Years[6] - Strong Fiber Infrastructure Adjusted EBITDA YoY Growth of ~11%[47] Kinetic Fiber Performance - Kinetic Consumer Fiber Revenue grew ~26% YoY in 3Q25[38] - Consumer Fiber ARPU of $75.81 up 10% YoY in 3Q25[38] - Fiber penetration of 28.6% in 3Q25, ~50 Bps Improvement Sequentially[38] Future Growth and Targets - The company aims to shift fiber mix to ~75% of total revenue by 2029[51] - Hyperscalers are a Growing Contributor to Uniti's Sales Funnel with a ~5x Increase from 3Q24 Levels[25] - Total Standalone Uniti Sales Funnel MRR is up ~45% YoY in 3Q25[25]

Core Insights - Uniti Group Inc. reported strong growth in its fiber businesses driven by increasing demand from hyperscalers, large enterprises, and residential customers [1][2] - The company has a comprehensive plan to expand its fiber-to-the-home initiative, targeting 3.5 million homes by 2029 [1] - Uniti's consolidated revenue for Q3 2025 was $722.6 million, with an Adjusted EBITDA of $327.8 million, achieving a margin of approximately 45% [3][7] Financial Performance - Consolidated net income for Q3 2025 was $1.609 billion, which includes a one-time gain of $1.685 billion from the merger with Windstream [3][7] - Kinetic contributed $360.3 million in revenue with a contribution margin of $155.4 million, while Fiber Infrastructure generated $226.6 million in revenue with a margin of $157.7 million [4] - Uniti Solutions reported revenues of $135.7 million and a contribution margin of $72.2 million [5] Growth Metrics - Consolidated fiber revenue grew by 13% year-over-year in Q3 2025, with Kinetic Consumer Fiber revenue increasing by 26% [8] - Kinetic Consumer Fiber subscribers grew by 17% year-over-year, with gross adds of approximately 36,000, the highest on record [8] Financing Activities - Uniti completed a $1.4 billion offering of 7.500% Senior Secured Notes due 2033 and a new $1.0 billion term loan facility [9][10] - The company also closed a $250 million fiber securitization notes offering, with proceeds intended for general corporate purposes [11] Liquidity Position - At the end of the quarter, Uniti had approximately $604.0 million in unrestricted cash and cash equivalents, along with undrawn borrowing availability [12] Updated Outlook - The company updated its 2025 outlook, projecting consolidated revenue between $2.215 billion and $2.265 billion, with Adjusted EBITDA expected to be between $1.110 billion and $1.160 billion [14][15]

Core Insights - Clearfield, Inc. has announced the election of Rebecca Seidel and Kathleen Skarvan to its Board of Directors, effective December 10, 2025 [1][2] - The new board members are expected to enhance the board's collective strength and support Clearfield's long-term growth [2] Board Member Contributions - Rebecca Seidel brings over 20 years of experience in MedTech, currently serving as Senior Vice President and President of Cardiac Ablation Solutions at Medtronic, overseeing a $1 billion revenue business [3] - Kathleen Skarvan has extensive experience as a Board Director and CEO, previously serving as President and CEO of Electromed, Inc., and has a strong background in high technology executive roles [3] Company Overview - Clearfield, Inc. specializes in designing, manufacturing, and distributing fiber optic management solutions, playing a critical role in enabling broadband operators to close the digital divide [4] - The company is headquartered in Minneapolis, MN, and deploys over a million fiber ports each year [4]