CleanSpark Inc (CLSK)
Fixed asset turnover
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (ttm) | US$ in thousands | 537,401 | 467,488 | 378,968 | 342,808 | 284,080 | 214,827 | 168,860 | 141,918 | 127,566 | 122,218 | 131,524 | 132,496 | 113,384 | 84,306 | 49,439 | 24,249 | 15,772 | 11,310 | 10,029 | 10,397 |
| Property, plant and equipment | US$ in thousands | — | — | — | — | — | — | — | 483,159 | 440,253 | 434,777 | 376,781 | 323,471 | 276,330 | 198,490 | 137,593 | 65,312 | 60,350 | 6,484 | 159 | 182 |
| Fixed asset turnover | — | — | — | — | — | — | — | 0.29 | 0.29 | 0.28 | 0.35 | 0.41 | 0.41 | 0.42 | 0.36 | 0.37 | 0.26 | 1.74 | 63.08 | 57.13 |
March 31, 2025 calculation
Fixed asset turnover = Revenue (ttm) ÷ Property, plant and equipment
= $537,401K ÷ $—K
= —
The fixed asset turnover ratios for CleanSpark Inc. from June 30, 2020, through March 31, 2023, exhibit significant fluctuations over this period. Initially, the ratio was notably high at 57.13 on June 30, 2020, suggesting that the company generated a substantial amount of revenue relative to its fixed assets at that time. During the subsequent quarter ending September 30, 2020, the ratio increased further to 63.08, indicating an even more efficient utilization of fixed assets.
However, starting from December 31, 2020, there was a dramatic decline. The ratio plummeted to 1.74, and continued to decrease sharply, reaching 0.26 by March 31, 2021. This sharp reduction suggests that the company’s ability to generate revenue from its fixed assets diminished significantly during this period, which may be attributable to asset impairments, decreased sales, or a change in the asset base.
From June 30, 2021, to March 31, 2022, the ratio stabilized at low levels, fluctuating narrowly between 0.37 and 0.41. This stability at relatively low ratios indicates a period of subdued efficiency in asset utilization, possibly reflecting operational adjustments, asset base restructuring, or shifts in business focus.
Subsequently, over the period ending December 31, 2022, the ratio continued to decline modestly, reaching 0.28, and remained relatively stable through March 31, 2023, at 0.29. The persistent low ratios over this extended timeframe suggest that the company’s fixed assets contribute comparatively less to revenue generation than during the initial periods.
Overall, the pattern reflects a transition from an initially high fixed asset turnover, indicating highly efficient utilization, to a prolonged period of low ratios, indicating decreased efficiency or changes in the company’s operational structure. The data beyond March 2023 are not available, which limits further analysis of subsequent trends.
In summary, the fixed asset turnover ratio for CleanSpark Inc. experienced an early peak, followed by a substantial decline and subsequent stabilization at low levels, signaling a potential shift in business dynamics, asset base, or operational efficiency over the analyzed period.
Peer comparison
Mar 31, 2025